adrian77
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Post by adrian77 on Mar 26, 2018 15:28:53 GMT
I never invested in this one as it did not smell right to me
However interesting one to follow - I note FS have appointed an LPA receiver unlike an administrator for the world famous hotel farce on a circular rival platform
I think FS have done the right thing here as recovery will be quicker and cheaper by this route?
Hopefully this will be resolved vastly quicker than the hotel farce which seems to be going on forever and clocking up fees quicker than D Trump is pumping out Tweets.
I have no idea what the final figure will be but hopefully 50-75% recovery?
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rs
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Post by rs on Apr 19, 2018 16:28:13 GMT
It appears borrower has disappeared or extended holiday without telling FS. A whole story behind this one which I will not include on public forum but it would be nice if FS could give an update as to the latest position and if borrower is in contact with FS. Seems like a firesale of property will take at least a year at reduced price (sitting tenants on property who could be related to borrower!) so lucky if 70% of capital is recovered. Unfortunately I'm in this loan for a small figure.
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rogerthat
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Post by rogerthat on Apr 19, 2018 16:36:16 GMT
It appears borrower has disappeared or extended holiday without telling FS. A whole story behind this one which I will not include on public forum but it would be nice if FS could give an update as to the latest position and if borrower is in contact with FS. Seems like a firesale of property will take at least a year at reduced price (sitting tenants on property who could be related to borrower!) so lucky if 70% of capital is recovered. Unfortunately I'm in this loan for a small figure. well you're a member of DD central..you can vent your spleen there within reason ?..just home so catching up on todays developments..im into this for a medium figure which I'm guessing is bigger than yours...nah na na na nah
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lucky
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Post by lucky on Apr 19, 2018 17:49:44 GMT
It appears borrower has disappeared or extended holiday without telling FS. A whole story behind this one which I will not include on public forum but it would be nice if FS could give an update as to the latest position and if borrower is in contact with FS. Seems like a firesale of property will take at least a year at reduced price (sitting tenants on property who could be related to borrower!) so lucky if 70% of capital is recovered. Unfortunately I'm in this loan for a small figure. well you're a member of DD central..you can vent your spleen there within reason ?..just home so catching up on todays developments..im into this for a medium figure which I'm guessing is bigger than yours...nah na na na nah nah na na nah yeah yeah yeah— goodbye
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adrian77
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Post by adrian77 on Apr 19, 2018 18:49:06 GMT
I have read the excellent DD in t'other forum. This looks worrying to me and I wonder if the legal work was done properly and there is possibly a bit of hanky-panky going on here?
What is worrying is the below
What does this mean - the building can't be repossessed without a huge legal bill and hassle which would need to prove "proper pre-planned naughtyness" (legal term).
The applicant seems to have bought the house from his father so it is not impossible part of the loan from FS has been passed back to the borrower and now FS have the mega problem of how to get their (OUR) money back! Is the applicant's family now living in the property ?
Well this seems a right dog's breakfast - I really can't see 100% recovery and any recovery seems a very way long off.
Seems to be similarities with the infamous London Hotel on t'other platform...
However much time is it costing FS in time and money to deal with all these problematic loans.
I had a nibble in the Wakefield loan today but now I give most property loans a miss.
As the existential philosopher Jean-Paul Sartre said - Gordon le Bennett!
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james21
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Post by james21 on May 23, 2018 16:09:06 GMT
Latest update 23rd May
"""The receiver has been in contact with solicitors acting on behalf of the borrower and the tenants. Despite demands (and promises made) the receivers have not received any rental payments. They have therefore commenced forfeiture and possesion proceedings.
As this stage involves court action it will likely take some time before additional information is available. We will provide an update as soon as any further details are available"""
Tenants not paying. What a shambles
My guess the tenants are family members
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adrian77
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Post by adrian77 on May 24, 2018 5:31:49 GMT
I seem to recall the tenant is the owner's son - why would he indirectly give the rental payment to the receivers? Well done FS another fine mess you have got into...
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rogerthat
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Post by rogerthat on Jul 31, 2018 9:48:57 GMT
14 mins ago (31/07/18) The possession hearing was due to take place today. However, the defendant emailed the court yesterday requesting an adjournment for medical reasons. The judge agreed to the adjournment - the new hearing will be relisted on the first available date after 3rd September. In the meantime, the defendant has to file and serve both a signed defence and a copy of the medical evidence within 14 days. The defendant has also been ordered to pay our costs for the aborted hearing. A further update will be added when additional information is available. No surprise I suppose
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adrian77
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Post by adrian77 on Jul 31, 2018 11:16:17 GMT
you suppose right.....solcitor's having family bereavements when due to complete - valuer (in a partnership) for a late loan invoved in a car accident - people falling sick as here as soon as he returns from holiday.
What a dangerous world P2P is!
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rs
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Post by rs on Jul 31, 2018 11:24:13 GMT
This loan will continue for another 24 mo this and sorry to say but it might not be the borrowers fault.
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mjc
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Post by mjc on Jul 31, 2018 14:29:47 GMT
14 mins ago (31/07/18) The possession hearing was due to take place today. However, the defendant emailed the court yesterday requesting an adjournment for medical reasons. The judge agreed to the adjournment - the new hearing will be relisted on the first available date after 3rd September. In the meantime, the defendant has to file and serve both a signed defence and a copy of the medical evidence within 14 days. The defendant has also been ordered to pay our costs for the aborted hearing. A further update will be added when additional information is available. No surprise I suppose But not Ordered to pay all past and future interest? Not even into an Escrow account? This was requested in Court wasn’t it?
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rogerthat
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Post by rogerthat on Jul 31, 2018 14:39:49 GMT
14 mins ago (31/07/18) The possession hearing was due to take place today. However, the defendant emailed the court yesterday requesting an adjournment for medical reasons. The judge agreed to the adjournment - the new hearing will be relisted on the first available date after 3rd September. In the meantime, the defendant has to file and serve both a signed defence and a copy of the medical evidence within 14 days. The defendant has also been ordered to pay our costs for the aborted hearing. A further update will be added when additional information is available. No surprise I suppose But not Ordered to pay all past and future interest? Not even into an Escrow account? This was requested in Court wasn’t it? I think you need to be asking FS on that..good luck
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rogerthat
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Post by rogerthat on Oct 9, 2018 13:17:13 GMT
31/07/2018 The possession hearing was due to take place today. However, the defendant emailed the court yesterday requesting an adjournment for medical reasons. The judge agreed to the adjournment - the new hearing will be relisted on the first available date after 3rd September. Any news since the last update ? fundingsecure
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jcm9000
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Post by jcm9000 on Nov 5, 2018 13:42:07 GMT
Still nowt.
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Post by portlandbill on Nov 29, 2018 13:18:40 GMT
I have contacted Funding Secure several times for an update on this "unredeemed" loan which has now gone 4 months without an update.
I keep being promised an update will be issued "by the end of the week". still waiting.
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