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Post by overthehill on Nov 2, 2022 12:38:28 GMT
Curiously no update on this loan last Friday... I wonder what's going on here... Spoke too soon..came in 09.41 today ...£87,278..less of course you know what ..not sure I'll even waste my time looking..Charter house stuff...Barnoldswick..and Garvery Farm but that thread seems to have dropped off the list..cant find it atm Co Tyrone...borrowed £260K 5/1/18..you couldn't make it up...almost reached a milestone...just under £30K owed across the board...that is in interest alone..doubt I'll see a single penny. 
This one will be a full capital recovery, maybe 30% of interest due, not even tried to work it out. Remember there were 2 properties, one sold yonks ago.
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rogerthat
Member of DD Central
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Post by rogerthat on Nov 2, 2022 14:16:58 GMT
Spoke too soon..came in 09.41 today ...£87,278..less of course you know what ..not sure I'll even waste my time looking..Charter house stuff...Barnoldswick..and Garvery Farm but that thread seems to have dropped off the list..cant find it atm Co Tyrone...borrowed £260K 5/1/18..you couldn't make it up...almost reached a milestone...just under £30K owed across the board...that is in interest alone..doubt I'll see a single penny.
This one will be a full capital recovery, maybe 30% of interest due, not even tried to work it out. Remember there were 2 properties, one sold yonks ago.
Good point.
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Post by lostinspace on Jan 26, 2023 11:08:38 GMT
Am I reading the update right?!
The loan was £260,000.00
They made a settlement of £87,728
Minus cost means a disbursement of £34,304??
But then an earlier post states another receipt of £276k. Totally confused (and ripped off!)
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Post by overthehill on Jan 26, 2023 11:48:03 GMT
Am I reading the update right?! The loan was £260,000.00 They made a settlement of £87,728 Minus cost means a disbursement of £34,304?? But then an earlier post states another receipt of £276k. Totally confused (and ripped off!)
security is 2 properties, one was sold ages ago.
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Brainer
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Post by Brainer on Jan 26, 2023 16:59:13 GMT
As I've mentioned on here a few times, it is in the administrators' and FS' interest for loans to be settled rather than the security sold. We have court directions saying investors' capital and interest come before FS' admin fee when the security is sold. When the security isn't sold, the administrators appear to have made up their own fee structure that takes significantly more of the return.
Interesting then on this loan that the administrators somehow failed to appoint receivers to get the second property sold for literally years and instead opted for accepting a reduced settlement. End result: FS win. Administrators win. Borrower wins. Investors lose.
And there's apparently still further fees to be deducted to "fund the ongoing expenses of the Administration", because the £37k for FS and £10.7k for C&G already taken isn't enough it seems.
One could even argue that FS' admin fee shouldn't be taken on this loan at all given the bulk of the repayment came from selling part of the security and the court directions state that when security is sold FS' admin fee rank below investors.
And where they've plucked some of those numbers from I've got no idea, these breakdowns need to contain a lot more detail.
Whole thing is a mess.
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keitha
Member of DD Central
2023 defaults = repayments, Good job I have some recoveries
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Post by keitha on Jan 27, 2023 14:53:03 GMT
I've been looking at an administrators report for an unrelated matter the charges are eye watering
Director £490 per hour
Manager £380 per hour
Administrator £195
Secretarial £155
Porter £35
plus expenses !
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Post by ron on Jan 27, 2023 15:28:07 GMT
Let’s not forget that there are additional £10,000 that the borrower paid in 2018, and that should be added to the amount available to investors.
At the moment, there should be c. £320k available for distribution (10+276+34), whilst the loan was £260k.
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adrian77
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Post by adrian77 on Jan 27, 2023 23:58:54 GMT
Director £490 per hour
Manager £380 per hour
Administrator £195
Secretarial £155
Porter £35
plus expenses !
How bloody much - I can get a structural engineer for about the Adminstrator rate and a skilled artisan for the Porter!
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Post by overthehill on Jan 28, 2023 8:59:16 GMT
Director £490 per hour Manager £380 per hour Administrator £195 Secretarial £155 Porter £35 plus expenses ! How bloody much - I can get a structural engineer for about the Adminstrator rate and a skilled artisan for the Porter!
Mind boggling. Not restricted to this property (although has many warnings) , I learnt so much from the Fundingsecure scandal that has/will protect my P2P capital and maximise my returns.
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Post by ron on May 26, 2023 14:24:04 GMT
Can the Administrators explain why the GBP 10k that the borrower previously paid in interest has not been included in the amount distributed to investors? This is extremely serious
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Post by overthehill on May 26, 2023 14:46:08 GMT
Can the Administrators explain why the GBP 10k that the borrower previously paid in interest has not been included in the amount distributed to investors? This is extremely serious
send an email to [email protected] and let us know. I emailed an unrelated query and they responded the following day.
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Post by ron on May 26, 2023 18:41:38 GMT
Can the Administrators explain why the GBP 10k that the borrower previously paid in interest has not been included in the amount distributed to investors? This is extremely serious
send an email to [email protected] and let us know. I emailed an unrelated query and they responded the following day. I've just done so, and I will let you know. The fact that funds have "disappeared" and are unaccounted for is very serious. I hope that those funds will be returned, that a formal explanation be given for this, and that no further action is needed (there's easily ground for a lawsuit here).
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rogerthat
Member of DD Central
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Post by rogerthat on May 27, 2023 22:58:59 GMT
Can the Administrators explain why the GBP 10k that the borrower previously paid in interest has not been included in the amount distributed to investors? This is extremely serious Off the top of my head..there was definitely another loan where the borrower made (possibly several ? interest repayments )..that being the 6 bedroomed house in Cov**try. I hope someone somewhere, is keeping a careful eye on these 'easily' unintentionally' long forgotten instances like this.
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Post by ron on May 31, 2023 21:20:21 GMT
This is FS' reply:
The £10,000 which was received from the borrower was received prior to the commencement of the Administration (which was October 2019). At the present time there are insufficient funds in that account (and were as on the date of the Administration) and this will need to be reconciled at the end of the Administration.
Astonishing! How is it possible that funds are unaccounted for? If the Administration is claiming that previous management stole those funds, then it should promptly report this to the appropriate authorities, because it would constitute a crime. This nonchalant attitude is truly concerning.
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r1200gs
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Post by r1200gs on Jun 1, 2023 11:01:04 GMT
This is FS' reply: The £10,000 which was received from the borrower was received prior to the commencement of the Administration (which was October 2019). At the present time there are insufficient funds in that account (and were as on the date of the Administration) and this will need to be reconciled at the end of the Administration.
Astonishing! How is it possible that funds are unaccounted for? If the Administration is claiming that previous management stole those funds, then it should promptly report this to the appropriate authorities, because it would constitute a crime. This nonchalant attitude is truly concerning. They don't care, Ron. As long as they are making a mint they simply don't give a feck. I love their new "settlement fee" (new to me at least) scam which when queried seems to have been answered with " so what are you going to do about it?"
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