09dolphin
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Post by 09dolphin on Jan 29, 2020 19:51:42 GMT
Contrary to the information given by FS when this loan was first offered my understanding is that the loan was actually against a secured loan that had already been taken against the land by a director of the company which already owned the land.
Chances of any return whatsoever are minimal
I
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Godanubis
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Post by Godanubis on Jan 29, 2020 23:21:09 GMT
Contrary to the information given by FS when this loan was first offered my understanding is that the loan was actually against a secured loan that had already been taken against the land by a director of the company which already owned the land. Chances of any return whatsoever are minimal I For this loan and others from this borrower I would have to agree with your assessment. I would still however like a detailed explanation of the actions of the administrators in concluding this is the best and not just the quickest solution.
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smee
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Post by smee on Jan 30, 2020 10:25:20 GMT
Half of my FS funds are tied up in this loan as the LTV suggested it was a “couldn’t go wrong”. This is clearly a case of mis-selling and my emailed complaint to the FCA about their regulation and monitoring of FS in general mentioned this loan in particular, together with a claim for compensation. Whether the chances of compensation are greater than the proverbial flying pig sighting remains to be seen, but this is one loan the the FCA definitely need to be made aware of.
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Post by brightspark on Jan 30, 2020 10:37:15 GMT
One has to come to the conclusion that anything in a 30 miles radius of Liverpool merits bargepole status. Time and again this area has featured in loss-making investments. The financial community around there seem to work together against the interests of lenders.
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Godanubis
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Post by Godanubis on Jan 30, 2020 13:53:23 GMT
One has to come to the conclusion that anything in a 30 miles radius of Liverpool merits bargepole status. Time and again this area has featured in loss-making investments. The financial community around there seem to work together against the interests of lenders. You could be correct the exception is that for buy to let investors there will be some bargains. Perhaps a separate management company set up by administrators could be set up to rent out property that suddenly is undervalued. Rents could be collected and distributed until regeneration promised by Boris kicks in at which time the properties could be sold. I think most investors would rather retain their interest in a property with small consistent return and final bigger return than accept a pittance now.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 30, 2020 15:08:08 GMT
One has to come to the conclusion that anything in a 30 miles radius of Liverpool merits bargepole status. Time and again this area has featured in loss-making investments. The financial community around there seem to work together against the interests of lenders. You could be correct the exception is that for buy to let investors there will be some bargains. Perhaps a separate management company set up by administrators could be set up to rent out property that suddenly is undervalued. Rents could be collected and distributed until regeneration promised by Boris kicks in at which time the properties could be sold. I think most investors would rather retain their interest in a property with small consistent return and final bigger return than accept a pittance now. No chance. That would be far too common sensible and obvious a decision for Administrators, and would mean they actually do have our best interests at heart and want to see us get absolutely maximum funds back. Much easier, for them, to get shot of Assets at any price, and then move on and gorge on the next distressed company. After all, they can now sell themselves as " P2P Insolvency, Administration & Receivership Experts", having known nothing about P2P before and now learned at our vast expense. Great isn't it.
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Post by brightspark on Jan 30, 2020 18:22:15 GMT
One has to come to the conclusion that anything in a 30 miles radius of Liverpool merits bargepole status. Time and again this area has featured in loss-making investments. The financial community around there seem to work together against the interests of lenders. You could be correct the exception is that for buy to let investors there will be some bargains. Perhaps a separate management company set up by administrators could be set up to rent out property that suddenly is undervalued. Rents could be collected and distributed until regeneration promised by Boris kicks in at which time the properties could be sold. I think most investors would rather retain their interest in a property with small consistent return and final bigger return than accept a pittance now. Not for me. By the time meaningful return might just might come along I shall have fallen off this mortal coil. Likewise many other pension age investors. We are in the lending business to try to generate a bit more income rather than leaving something to our grand-children. Jam tomorrow is out of fashion.
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jj
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Post by jj on Jan 30, 2020 21:33:27 GMT
One has to come to the conclusion that anything in a 30 miles radius of Liverpool merits bargepole status. Time and again this area has featured in loss-making investments. The financial community around there seem to work together against the interests of lenders.
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Godanubis
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Post by Godanubis on Jan 30, 2020 22:02:47 GMT
With a nice new Quarantine Centre just outside Liverpool that should increase property values ....Not
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Post by defaultinator5000 on Jan 30, 2020 22:16:12 GMT
You could be correct the exception is that for buy to let investors there will be some bargains. Perhaps a separate management company set up by administrators could be set up to rent out property that suddenly is undervalued. Rents could be collected and distributed until regeneration promised by Boris kicks in at which time the properties could be sold. I think most investors would rather retain their interest in a property with small consistent return and final bigger return than accept a pittance now. No chance. That would be far too common sensible and obvious a decision for Administrators, and would mean they actually do have our best interests at heart and want to see us get absolutely maximum funds back. Much easier, for them, to get shot of Assets at any price, and then move on and gorge on the next distressed company. After all, they can now sell themselves as " P2P Insolvency, Administration & Receivership Experts", having known nothing about P2P before and now learned at our vast expense. Great isn't it. The administrators have clearly taken a leaf out of Funding Secure's book, and are merely carrying on with many sensible business practices set up by them. One of them was kicking out a £125,000 pa tenant from Liverpool's business centre to then flog the property on an auction at 3x the annual rent, wiping out the 2nd and 3rd charge and losing a considerable portion of the first charge's capital.
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kielbasa
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Post by kielbasa on Jan 31, 2020 9:27:48 GMT
No chance. That would be far too common sensible and obvious a decision for Administrators, and would mean they actually do have our best interests at heart and want to see us get absolutely maximum funds back. Much easier, for them, to get shot of Assets at any price, and then move on and gorge on the next distressed company. After all, they can now sell themselves as " P2P Insolvency, Administration & Receivership Experts", having known nothing about P2P before and now learned at our vast expense. Great isn't it. The administrators have clearly taken a leaf out of Funding Secure's book, and are merely carrying on with many sensible business practices set up by them. One of them was kicking out a £125,000 pa tenant from Liverpool's business centre to then flog the property on an auction at 3x the annual rent, wiping out the 2nd and 3rd charge and losing a considerable portion of the first charge's capital. The auction info says refers to rent of £82,000 p.a. (still not a bad rental income). Auction 6 February: <link removed by mod>
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iRobot
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Post by iRobot on Dec 17, 2020 15:10:38 GMT
Updated to say 3rd party litigation ongoing; hearing due to take place Q1 2021.
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aj
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Post by aj on Dec 18, 2020 9:20:29 GMT
Good News: My exposure to this particular alleged fraud is only £600 on this loan. It seems the litigation is going to be pursued vigorously to attempt prosecution/recovery.
Bad News: The 'security' is fictional and I have to rely on the alleged fraudsters failing to hide/spend their ill gotten gains in the 3 years they've had it to get anything back.
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rogerthat
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Post by rogerthat on Jul 30, 2021 15:45:57 GMT
Update 30/07/21
Land in Lytham St Annes.."The litigation in this matter is ongoing"
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adrian77
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Post by adrian77 on Jul 31, 2023 15:54:18 GMT
Had a so-called update
This is pathetic - of course the bankrupt is not co-operating as he does not give a stuff about anybody else and if it is the bloke I think it is he has a very problematic past and linked to a high powered lawyer
This whole damn affair has been going on since 2018!
Looked at the valuation of my loan £5.6m and 17.7% LTV - yeah right!
We have clearly been scammed here and I suspect by several people trying to scam the scammers Yet another 100% write off - why worry it is only few millions into the pockets of crooks from decent people and this should never have happened...
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