michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Feb 11, 2020 19:06:59 GMT
As at 24/10/19 Recovered today £600 cap £600 cap £110.99 int £102.04 int Not sure whether interest was still accruing but frankly to get a result like that, im not going to bitch. A monkey of the capital was in IFISA too, so all in all a bloody good result.  I might as well enjoy the moment cos I know what's yet to come  p.s..im guessing the offer for a FAFS was a bluff then ? Apart from issues around whether or not we are going to be repaid according to our investments, I'm more cheerful than I was. The administrators seem to be running (down) the ship far more competently than the previous directors although that is not hard.
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Post by overthehill on Feb 11, 2020 21:04:11 GMT
Money in investor's ifisa /main accounts is safe and ring-fenced, although I don't know the reason why we are not allowed to withdraw yet. There is no way the creditors or Administrators can touch that. If they could then the P2P industry would be dead overnight, total collapse of every company, as investor's capital and interest in the loans would be at the mercy of directors and creditors.
The Administrators are keeping a percentage of every completed loan, isn't it 3%, in order to pay their fees.
All other excess recovered money from completed loans is going into a pot which I imagine the creditors will divide at the end.
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michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,725
Likes: 2,988
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Post by michaelc on Feb 11, 2020 21:17:14 GMT
Money in investor's ifisa /main accounts is safe and ring-fenced, although I don't know the reason why we are not allowed to withdraw yet. There is no way the creditors or Administrators can touch that. If they could then the P2P industry would be dead overnight, total collapse of every company, as investor's capital and interest in the loans would be at the mercy of directors and creditors.
The Administrators are keeping a percentage of every completed loan, isn't it 3%, in order to pay their fees.
All other excess recovered money from completed loans is going into a pot which I imagine the creditors will divide at the end.
I very much hope you're right. Anyone else care to confirm?
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Feb 11, 2020 21:33:42 GMT
I have a theory why we are not allowed access to our money. It goes like this.
When we receive money FS also receives money. So is there a chance that the CC wants to keep FS from this money so they can sue FS for all the failures - which there are many ??
If this money is released then FS's money has to be released ??
Just a theory mind you.
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rogerthat
Member of DD Central
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Post by rogerthat on Feb 11, 2020 22:18:15 GMT
I have a theory why we are not allowed access to our money. It goes like this.
When we receive money FS also receives money. So is there a chance that the CC wants to keep FS from this money so they can sue FS for all the failures - which there are many ??
If this money is released then FS's money has to be released ??
Just a theory mind you.
Interesting theory..have you forgotten though that FS no longer exist as a trading company so im unclear as to how your theory would pan out
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Post by defaultinator5000 on Feb 11, 2020 22:22:02 GMT
Money in investor's ifisa /main accounts is safe and ring-fenced, although I don't know the reason why we are not allowed to withdraw yet. There is no way the creditors or Administrators can touch that. If they could then the P2P industry would be dead overnight, total collapse of every company, as investor's capital and interest in the loans would be at the mercy of directors and creditors. That is how it should have been and what was advertised on the FS website with their FCA-approved logo, but reality is nothing like it. The trusts for the majority of loanbook have not been set up properly (aka, the investors were not designated as beneficiaries of loans) and until definite ruling is given on that matter, nobody will be allowed to touch the funds.
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arby
Member of DD Central
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Post by arby on Feb 11, 2020 22:48:19 GMT
Money in investor's ifisa /main accounts is safe and ring-fenced, although I don't know the reason why we are not allowed to withdraw yet. There is no way the creditors or Administrators can touch that. If they could then the P2P industry would be dead overnight, total collapse of every company, as investor's capital and interest in the loans would be at the mercy of directors and creditors.
The Administrators are keeping a percentage of every completed loan, isn't it 3%, in order to pay their fees.
All other excess recovered money from completed loans is going into a pot which I imagine the creditors will divide at the end.
I very much hope you're right. Anyone else care to confirm? If there is excess then that should come back to the lenders first to pay back the 3%, with the excess to that going to creditors. I doubt that will happen though, or that there will be enough left over to even necessitate the question.
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Post by ron on Feb 15, 2020 14:59:58 GMT
This loan paid 9.2% p.a. interest, and was outstanding almost 2 years (671 days = c. 1.84 yrs). Given that interest was supposed to be 12% p.a., it seems to me that the administrator has taken almost 3% PER ANNUM in fees, instead of 3% in total... Does anyone have any explanation for this?
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Post by Jack Barlow on Feb 15, 2020 18:23:18 GMT
I have noticed from my payments that the same quantum of interest (£17.00) has been paid out per £100 for each of the 3 tranches despite tranche 2 running for significantly less time. So FS has certainly messed up somewhere in the distribution calculation.
I calculate that for loans 1, 2 and 3, FS have deducted c.4.18%, 1.76% and 4.15% of total capital plus interest that was owed to lenders prior to deductions. That's total %, not per annum. For the 3 loans combined I calculate c.3.63%. The latter figure seems plausible to me if it's 2.5%+VAT fee + 0.63% disbursements.
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Post by ron on Feb 15, 2020 19:33:32 GMT
I have noticed from my payments that the same quantum of interest has been paid out per £100 for each of the 3 tranches despite tranche 2 running for significantly less time. So FS has certainly messed up somewhere in the distribution calculation. I calculate that for loans 1, 2 and 3, FS have deducted c.4.18%, 1.76% and 4.15% of total capital plus interest that was owed to lenders prior to deductions. That's total, not per annum. For the 3 loans combined I calculate c.3.63%. The latter figure seems plausible to me if it's 2.5%+VAT fee + 0.63% disbursements. Thanks Jack, that's interesting. So the reason that charges are so high on tranches 1 and 3 is that they have been undercharged on tranche 2. That's a gross mistake on the administrators' part.
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Post by Jack Barlow on Feb 15, 2020 19:41:02 GMT
So the reason that charges are so high on tranches 1 and 3 is that they have been undercharged on tranche 2. Yes, that would appear to be the case. It's still possible that FS may have also deducted too much overall but impossible for us to prove with the data we have.
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Post by overthehill on Feb 15, 2020 21:19:35 GMT
I was only in Tranche 1 - Renewal (3061058249) and the return was also 9.2% pa. So if the Adminstrators take 3% incl VAT, that leaves 1.4% pa unaccounted for. I've only had one other full payment to compare but aren't they putting a slice of every completed loan into a pot for unexpected charges, not the creditors, for later disbursement if not needed.
OR
the loan is showing as DEFAULTED not RECOVERED so does it not just mean the full interest due wasn't covered by the borrower's best offer.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Apr 8, 2020 20:37:28 GMT
I have a theory why we are not allowed access to our money. It goes like this.
When we receive money FS also receives money. So is there a chance that the CC wants to keep FS from this money so they can sue FS for all the failures - which there are many ??
If this money is released then FS's money has to be released ??
Just a theory mind you.
Interesting theory..have you forgotten though that FS no longer exist as a trading company so im unclear as to how your theory would pan out & yet they get 5% of the loans that are recovered.
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adrian77
Member of DD Central
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Post by adrian77 on Apr 9, 2020 8:13:11 GMT
I may well be wrong but this is not how I understand it although granted it is being run by the administrators - could some legal beagle comment - it just strikes me as plain wrong if these muppets can be rewarded for lamently failing to act in our interests and what looks to me totally in breach of contract in numerous places...if they do get this 5% then put me down for a contribution towards legal action against the directors.
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Post by overthehill on Apr 9, 2020 8:31:21 GMT
That certainly explains the 1.4% pa discrepency as I didn't realise at that time FS was taking 5% of every loan, I assume the loan length must have been just under 3 years. This wasn't even a recovery, the borrower just repaid with a bit of prompting !
I don't know what will happen to this 5% for FS at the end or if it can be deemed illegal or against the rules. The administrators are still taking legal advice and speaking to the FCA about it. If the FCA won't step in after what they know already about FS behaviour then what chance of legal recourse, no idea? A company in administration is still a company legally and even if someone doesn't buy it (okay that was a joke) and it gets dissolved, it still doesn't preclude legal action, that would be a convenient loophole for criminals, again depends if any future case is criminal or civil.
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I might as well enjoy the moment cos I know what's yet to come 
