adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 30, 2022 22:53:23 GMT
I can't believe this one has still not been settled - I was in it but came out so interested to know the final results whenever we get them - it was sold in Feb 2021
At least this is finished - It is on google and looks OK to me but totally souless without a garage (unless I am missing it)
yet another total shambles
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Feb 17, 2023 23:47:30 GMT
There's an email update just in on Beresford Road...but im not sure if it's relevant or even worth the time of day looking at. Development property Beresford Road, Wirral - Renewal - Loan Update Loan Reference: 3222209939 UPDATE: The balance of funds were received from the borrower in April 2022. An indicative breakdown will follow The breakdown of funds has now been posted on the loan dated 18/1/2023. (no email update that I'm aware of). You can only see this loan under "My investments" "Investment History". The FS admin fees are obnoxious, 39% fees for FS Admin, that's after all the other costs and CG's fees..
|
|
|
Post by overthehill on Feb 18, 2023 9:24:57 GMT
There's an email update just in on Beresford Road...but im not sure if it's relevant or even worth the time of day looking at. Development property Beresford Road, Wirral - Renewal - Loan Update Loan Reference: 3222209939 UPDATE: The balance of funds were received from the borrower in April 2022. An indicative breakdown will follow The breakdown of funds has now been posted on the loan dated 18/1/2023. (no email update that I'm aware of). You can only see this loan under "My investments" "Investment History". The FS admin fees are obnoxious, 39% fees for FS Admin, that's after all the other costs and CG's fees..
The 1st charge loans were repaid with 3% interest some time ago. It wouldn't surprise me if the 2nd,3rd,supplemental charges for every loan left to administration repay nothing. You don't have to be a forensic financial investigator to figure out what was going on. What FCA doing ?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Feb 18, 2023 13:50:08 GMT
The breakdown of funds has now been posted on the loan dated 18/1/2023. (no email update that I'm aware of). You can only see this loan under "My investments" "Investment History". The FS admin fees are obnoxious, 39% fees for FS Admin, that's after all the other costs and CG's fees..
The 1st charge loans were repaid with 3% interest some time ago. It wouldn't surprise me if the 2nd,3rd,supplemental charges for every loan left to administration repay nothing. You don't have to be a forensic financial investigator to figure out what was going on. What FCA doing ?
Most lenders were in the first charge loans and they were owed much more than 3% interest when this loan closed in 24/3/21. I have no idea why FS Admin and taking 39%, and closing the loan early just makes the calculations more complicated. Need to watch this one when it finally pays out. One of very few good loans to make up for the cataclysmic majority of other loans.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 19, 2023 14:27:29 GMT
As I said I was in this one but came out but for interest can I ask
1) Do we know what has happened to the company loans made to the directors - have they actually repaid these ?
2) Also I don't have the time to look in great detail but I really think something is not right here ref the 2 charges etc - am I the only one?
3) I note the massive sum of £29,100 goes to FS - do we know where it will go from there - to creditors etc - hopefully not to CG or am I being cynical and it is too early to say
What a total farce and even worse than I predicted with all the supplementary loans probably taking a 100% haircut
I thank you
|
|
aj
Member of DD Central
Posts: 343
Likes: 451
|
Post by aj on Feb 22, 2023 15:37:31 GMT
Most lenders were in the first charge loans and they were owed much more than 3% interest when this loan closed in 24/3/21. I have no idea why FS Admin and taking 39%, and closing the loan early just makes the calculations more complicated. Need to watch this one when it finally pays out. One of very few good loans to make up for the cataclysmic majority of other loans. "The Joint Administrators and the Creditors’ Committee are currently finalising a sum to be deducted from all loans in order to fund the ongoing expenses of the Administration for the benefit of all Investors and Creditors which will be applied to the above calculation. The final sum available to Investors will be confirmed in due course, once both the position is resolved with the Creditors’ Committee and funds are able to be released back to Investors" I'm reading the 39% as C&G are not content with their 2.5% of recoveries and want an additional 39%? Why would they post this little snippet in an update of a closed loan where no one is likely to see it? If a builder quoted you £250 for a job then demanded £3900 after doing 10% of the work, they'd be reported to trading standards. Something tells me this might not be the case in the world of insolvency practitioners....
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 23, 2023 14:12:57 GMT
Sounds to me this is really saying "in addition to our 2.5% fee we want all expenses to come out of the maximum we can extract from all recoveries".
In effect this 2.5% figure is misleading because when this farce is finished we will have the total recoveries with a massive tranche taken out and end-up getting very little back
Am I being thick or perceptive ?
|
|