huxs
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Post by huxs on Apr 17, 2024 15:17:36 GMT
I have lost track of what is happening here. What's the next step that might provide us with some of our money back?
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huxs
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Post by huxs on Dec 12, 2023 13:03:53 GMT
Sickening that Money thing takes 390k in fees for such a terrible loan !!
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huxs
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Post by huxs on Sept 23, 2022 16:48:35 GMT
Which reads to me like: You have to be an autoinvest lender if you want a VAT loan Exhibiting the deep pessissism of my inner eeyore, I read it as the opposite: - the take-up of the VAT loans has been so low and/or slow that forcing the VAT loans on locked-in AlwaysOn lenders was the obvious path... Of course, as an ignorant old donkey who's never even tried to invest in a Self-Select VAT loan, I wouldn't know if there been a problem with filling the previous VAT loans.
But having had a particularly tasty thistle for lunch, maybe the reason is there in the text of the email - if AlwaysOn lenders invest in VAT loans at 9%, then the overall interest income will improve. Are Proplend now worried about fund withdrawals if the interest rate environment changes? AlwaysOn lenders do seem to be Proplend's core market. Dumb (and I don't mean lacking intelligence) investors are always the best investors
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huxs
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Post by huxs on Sept 23, 2022 13:50:29 GMT
It would have been better if they had let you go auto lending only for VAT loans as Self selectors will definitely lose out for most of these loans now.
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huxs
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Post by huxs on Sept 13, 2022 15:53:09 GMT
New 36-month commercial term loan for Northants L*** I*** has been announced. Total loan: £850,000 LTV: 30% Tranche A: £85k @ 5.6% gross (Cap: £5k) The purpose of the loan is to raise capital for the borrower. The security is an industrial building. There is no FLR nor valuation visible to me on the Proplend web-site! This post will be updated when something appears... Allocation of TrancheA funds for Always-On lenders has already taken place (Tuesday 13-Sep). Tranche A will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Wednesday 14th.5.6% you are having a laugh !!
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huxs
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Post by huxs on Jul 22, 2022 11:21:15 GMT
I should probably know this by now but how do you see the latest comments about overdue loans, I am sitting with about 25% of my loans now overdue , my oldest going back to Apr 2021. Surely I don't have to trawl through my inbox looking for an update do I ?
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huxs
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Post by huxs on Jul 12, 2022 11:42:23 GMT
"though first they need to clear up who & who isnt affected ie I have zero funds in the client account but funds outstanding from recoveries"This is precisely what is driving me up the wall. What is the difference between funds in the client account and funds outstanding from recoveries? Are outstanding recoveries not in the client account? I have £28k recovered from the tower block, is this in the client account or elsewhere and is it subject to the claim? The limited info from the administrators is a disgrace. Evidence would suggest not ... suspect they are in the trust account given the last stated value of that account Client account 1 ... funds in e-wallets ie your cash balance on the platform Client account 2 ... general client account holding funds from redemptions & any other funds considered to be client money Trust account ... the administrators account to hold money relating to trust assets recoveries Unclear at the moment whether the claim relates to CA1 or CA2 or both. The tower block was in a different account entirely ... a bespoke suspense account to keep money ringfenced due to legal claims. I doubt it is subject to the claim as those funds are technically outside the administration until the claim is resolved (Not in the loan so dont know current status of claim) The suggestion is that the claim relates to CA1 (the e-wallet), though CA2 would seem more logical ... perhaps the money was put in the wrong account. (We know FS contaminated the CA) I wouldn't be surprised if the claim covered all accounts (and any future money received), the aim of the claim is to get back the money lent by the underwriter and how that money was / is spread around different accounts is probably of little importance to them. Their argument I assume is that they lent their money on the basis that P2P lender money would replace theirs as and when it arrives not only if it arrives in a specific account. Saying that I know none of this for fact.
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huxs
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Post by huxs on Jul 1, 2022 10:34:25 GMT
I'm carrying out a detailed check against my spreadsheet ........... and I am noticing something that doesn't appear to be correct On my spreadsheet COLBBO639 is 18 Carat White Gold Rolex with Diamond Bezel yet on the BDO spreadsheet the borrower is Me****o who were of course property developers. Same for COLBB00641 and others. Anybody else doing a similar check and finding similar issues? I don't have records that let me check what the loan was for but on both this list and the previous one received 639 was and still is against Me****o, on the first list it was down as under investigations - company in administration. So at least the lists are consistent.
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huxs
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Post by huxs on Jul 1, 2022 10:28:25 GMT
Just received a payment so hopefully all sorted and back on track ?
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huxs
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Post by huxs on Jun 28, 2022 15:21:50 GMT
I & F seems to get a lot of praise from 4th way but no recent comments on here ? Does anyone know how frequent new loans are and how quickly an initial investment would get spread across 10 loans ? Also any words of caution (apart from the usual).
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huxs
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Post by huxs on May 11, 2022 7:15:59 GMT
The problem with P2P insolvencies is the law hasn't caught up yet and Administrators work for the creditors. In translation, the unprotected and unrepresented investors get screwed over.
It's time the Administrators and the Courts came to some agreement about releasing investor's money that is sitting in ringfenced client bank accounts. Client money has nothing to do with the constantly growing list of litigation claims. These grievances and claims are against Fundingsecure and its directors and creditors.
They have already paid out on several recovered loans since the start of administration so any deviation in payouts now would mean individual investors being treated differently and unfairly, opening up the floodgates of more counter claims.
Has this fiasco not caused investors enough stress and financial loss ? Are the Administrators and Courts going to freeze investor's money indefinitely while more vultures keep appearing sensing an easy feast.
Do these claimants think ringfenced clients money is within the grabs of litigation or has FS got an undisclosed pile of cash somewhere which make these claims worthwhile ?
There are multiple different issues here. The current legal action would appear to be a counterclaim against the recovery of the specific loan. Therefore it will impact the specific lenders in that loan as the claim will be against the validity of the loan contract and FS conduct as the lenders agent not FS itself or its creditors. Litigation claims that relate to trust assets ie loan security are not to do with client money. I doubt the claimants think ringfenced client money is within the grabs of litigation, nor are they targeting it. Quistclose specifically relates to client money. Client money is pooled so if there is a question about any of it that affects all of it. Unfortunately there is nothing they can do about distributions made before the Quistclose claim (assuming they arent going to claw money back), unlikely to be any comeback and any claims would be unsecured creditors. There is as you say a wider problem with P2P Insolvency but it isnt specifically one of the law but more one of structure and terms. The fundamental issue is that creditors are not the beneficiaries of any work to recover loans for lenders so why should they bear the cost of that work being done by the platform (and the administrators) The right to recovery loans lies with the security trustee but they have no resources & no income so they have to get the platform to do it and pay them, fees & costs. The only source of money to pay them are trust assets. If the terms are correctly written then the cost will be factored in, fees & recovery costs will take priority and therefore there will be income to pay the platform (or potentially a third party) to do the work. The problem is that the platform dont have terms to allow the costs of recovery to be taken so the Courts have to give them permission. Ultimately thats Berkeley Applegate, which is law that allows protection of trust assets to be penetrated. So are you suggesting that platforms should set-up a specific recovery fund which is held within the trust to cover the cost of recovery should they go into administration, if so that does sound very sensible ? I assume there are no platforms out there with this ?
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huxs
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General P2x Discussion
Nester
May 6, 2022 12:30:21 GMT
Post by huxs on May 6, 2022 12:30:21 GMT
Interest rates on Nester, are they good enough ??
I know this is very subjective depending on your risk appetite but I am on the fence on if they are really good enough, would be good to get other views.
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huxs
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Post by huxs on May 6, 2022 10:48:34 GMT
Sounds like OnStep are giving up on their current product, which is no surprise as they only ever hand one borrower. It is a real shame none the less as I really liked the ideal of it. Lets see what they come up with next, it would be nice to see a similar product that mix's monthly returns with equity growth but who knows.
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huxs
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Post by huxs on Apr 29, 2022 11:17:19 GMT
Do the loans repay only interest every month or capital + interest ? Just interest, capital gets returned at the end of the loan, so you don't get the same uptick in rates that you do on the Qardus loans
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huxs
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General P2x Discussion
Nester
Apr 29, 2022 9:28:58 GMT
Post by huxs on Apr 29, 2022 9:28:58 GMT
Yes just seen there are now 8 loans, I wish they would email to tell me they are launched !!
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