ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 24, 2019 10:57:36 GMT
I think it is a question of liquidating these assets now for sale at 80% loss rather than waiting a year for 90% loss as I just don't believe this mysterious sponsor is going to come up with any money - there is the other boat loan (round the world) who is also waiting for a sponsor (was last time I looked) and of the 2 I would he have thought he has a much better chance- at least his boat is brand new and not nearly 5 years old! I agree liquidating now is a risk whilst waiting for the sponsor to cough up but I would put more money on ChangeUK getting more votes than the Brexit party in the EU elections... Nowt so blind as those who will not see. Why not also just buy FS a vat of vaseline, whilst you insist on listening to & believing FS' oh so informative & encouraging updates. SELL the fornicating tub/s!!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 23, 2019 11:35:36 GMT
Mousey Disclaimer: If you rely on the notes of an unknown person called ‘Mousey’ on some internet forum to give technical and accurate details of a legal case then you are very naive! If you wish to rely on these notes then please don’t – go to the court and obtain the transcripts. Do not make ANY assumptions or speculations with regards what I’ve said. The Rolls Buildings, Hearing Room 2 Before DEPUTY MASTER A***** On behalf of CHIEF MASTER M**** Wednesday 22 May 2019 At 02:00 PM Application Hearing etc etc etc ............................................... You're a diamond Mousey, " Thank you." Collect your free pint when yer next in West London.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 20, 2019 10:05:39 GMT
I deal with some very dodgy people in my line of work and that is why I am very careful when parting with my money let alone that of other people. This was not a sophisticated fraud and should never have happened in the first place . As I see it FS were wined and dined given a load of flannel about future leads and they were stupid enough to fall for it hook line and sinker - the old ones are the "best" or rather worst ... If this one goes pear shaped which I think is inside the realms of possibility then that is £2.3m down the swanny at a single stroke and considering it was 7 or 8 loans then how many of us are going to take a hit? Ref defaulted loans - it is not only the number which is important to me but the size of them and there sure are some real biggies which are looking a tad problematical e.g. Gainsborough. You are absolutely correct adrian77 . Even by FS' low standards this is an even newer low. The items should always have been in FS' possession, under lock & key, as per their Ts & Cs. And people still invest with this lot? Incredible.
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ozboy
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Post by ozboy on May 20, 2019 10:00:58 GMT
Thanks. A request not a demand. The information provided by FS is rather lacking in detail. So if it defaulted & took 5 years to finalise,the £2.75 million at 12% compounded ends up at £5 million. The GDV is £8.1 million, So there is £3 million to play with, for over valuation, forced selling & liquidation costs. So is that a fair risk ? Is FS a fair risk?
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ozboy
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Post by ozboy on May 18, 2019 12:29:30 GMT
I've been ignoring this for a while. I haven't had any emails about it since last year. I thought I'd catch up today.
I've skim read a few threads and had a look on the bdo website but it's not clear what's going to happen. Limited loan recovery minus a lot of fees for the people trying to unpick this mess? What's going to be left? Should I prepare for nothing?
The FCA is completely, utterly and totally 100% responsible for the mess, which they actually created, by their ineptitude & in/actions .If The FCA didn't consist mostly of ineffective & incompetent commercial sector rejects a proper business like and correct solution and course of actions would have been undertaken. The FCA will be held accountable, it may take time, but it will happen
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 18, 2019 12:19:29 GMT
What I want to know is why FS didn't apply their own T&Cs to this loan. Because the person who introduced the borrower to FS was a wealthy person connected to the entertainment industry and promised lots more introductions. The borrower is from quite a wealthy family so the expectation was there was no way the loans would default. One would assume the director who agreed loans 1 - 3 over boozy lunches quite enjoyed the idea of further lunches and wealthy clients - in fact I have recently obtained CCTV footage of Mr Lux from the first lunch time meeting:
GO Mousey !!! [ MASSIVE thumbs up emoticonS here.] United we stand!!!!!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 17, 2019 10:07:24 GMT
Most on here are quite savvy (by no means referring to moi!) and market sentiment is usually quite obvious, but some may find this a useful tool in their financial planning toolbox:- money.cnn.com/data/fear-and-greed/
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,830
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Post by ozboy on May 15, 2019 12:46:07 GMT
I knew I shouldn't have popped my head above the parapet on this Topic, I'm ducking down back out of sight again. Just chat among yourselves...............
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 15, 2019 9:27:04 GMT
All the about workers rights and human rights being lost is a just crazy. We would most likely keep in line with EU changes as they will be the best for everyone. No point in leaving, then... Yes there is, we will have the option to not be forced to adopt any rules & regulations we don't agree with.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 12, 2019 19:46:51 GMT
still available for funding more than a month after it was due for actlvation. been stuck on 86% for a good while now come on FS use your underwriter if you really have one silly enough to fund 2 million on a 80% LTV second charge scheme.many lenders are now used to the strokes/stories that you come up with so the rush to get it activated by 3rd April was all BS. Couldn't have put it better myself rocky1. [Thumbs up emoticon here ]
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on May 12, 2019 19:35:21 GMT
'He who panics first, panics best'. Perhaps fundingsecure could give ABL a tinkle to ask what I mean by that. I would also have to ask ABL to understand what you mean by that, but that doesn't seem fair on ABL for me to take up their time that way! Could I ask you to explain please? Allow me to translate/guess, "These damn boats should have been sold over two years ago!" joI await to see if I am correct or not.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,830
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Post by ozboy on May 11, 2019 18:03:07 GMT
A serious reality check is needed here. These tubs are now worth Football Association, and if you think the Borrower or anyone else is still going to, and has any intention of, parting with good money of over a £Million, including interest, then you are beyond delusional. I will say it again, there is MUCH more to this Loan than we are being, and never will be, told. Invest via FS at your peril, but it will be fine if you have a brain the size of a planet and yer mega smart. PS / EDIT: Oh, and if you trust FS.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on May 10, 2019 12:55:01 GMT
This loan was the final nail in the FS coffin for me. Not so much the actual loan - I have only a nominal amount at risk - but the total ineptitude manifested in not putting the loan into administration much earlier than will eventually be the case. This delay has reduced the chance of any meaningful recovery to zero as depreciation on boats such as these is severe. I hope anyone thinking of investing via FS takes note of the miserable performance of this loan and thinks again before wasting their hard earned money in such an ineffectual outfit. It gives me a feeling of relief that I am virtually out of FS. I will leave it to those who follow a policy of churning before loans hit the buffers to enjoy the fruits of their labours. Yes, unfortunately FS are smart businessmen and know much better than us. I draw attention again to the first posting in this Topic, which I kicked off on Mar 30, 2017 at 5:09pm I am now off to the quack, I think my gonads have turned crystal.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on May 10, 2019 12:45:06 GMT
Nothing. FSCS protection does not cover P2P, you're on yer we're on our own. benaj
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,830
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Post by ozboy on May 8, 2019 15:28:24 GMT
All true cwah . And I'll bet London To a Brick that littleoldlady has organised:- Receiving 10X more paper. - Register for Paperless Login is usually a pain due to security - Very rarely, if ever, do you need to login after you setup the Standing Orders paying IN from your "Core" account and the Standing Orders paying back OUT to your Core account. And you need to keep track for when the plan change - Alerts can be setup to Notify you. And fees - Just go for the "Fee-less" and utilise multiple relatives as I'm sure canny littleoldlady does. I'm sure you and most readers on here are aware of all the foregoing anyway, sorry for teaching you how to suck eggs. Just feels like load of hassle for this. But yeah if I was retired and had time I could consider - Horses for courses I suppose!
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