james21
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Post by james21 on Aug 23, 2019 11:34:49 GMT
What an interesting one this one is. I think FS are being more pro-active than before but I am puzzled why the buyer has not been hit with an instant daily fine for not completing as per the contract eg base +4%. Glad FS have taken 10% deposit (more than we got back for Whitehaven etc!) so what is the buyer playing at? Either he is being stupid and about to lose over £22K or a clever clogs and I suspect the latter. Maybe the final price has been unilaterally reduced in order to try and prevent ever more legal action? I can't see how the latest offer price is going to repay the capital plus recovery costs let alone repay any interest. The bottom line is that this one is 16 months late and we are still waiting for the readies... Agreed but I think the reason is as simple as they need longer to raise the dosh, this is extended family, they already tried to stop the process a while back and failed, they need the upstairs to live in and dont want to be turfed out and the downstairs as a business, for once FS are in a strong position but might agree a delay on proof of funds clearing with 2 months. No interest on this one
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Post by spareapennyor2 on Sept 19, 2019 11:06:46 GMT
update on site no surpise didn`t pay back to bailiffs then
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bg
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Post by bg on Sept 19, 2019 12:56:29 GMT
update on site no surpise didn`t pay back to bailiffs then Well hopefully they have actually snaffled the 10% deposit they said they received.
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Post by spareapennyor2 on Jan 28, 2020 12:48:28 GMT
update on site
sold / costs high about 42%
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adrian77
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Post by adrian77 on Jan 28, 2020 13:21:23 GMT
This one was in my top 40 - so can I ask is this a 58% return on capital
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Post by spareapennyor2 on Jan 28, 2020 13:37:43 GMT
payment on account in discussions with Receivers completing a final account. adrian77 forfeited deposits included about 22% loss on capital
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 28, 2020 13:41:25 GMT
update on site sold / costs high about 42% The payment received is a round figure and not the final payment. The receivers costs are being scrutinised so we could and should get more capital returned.
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crazi
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Post by crazi on Jan 28, 2020 16:51:12 GMT
Receivers costs £124,550 on a £245k sale !!! WOW - What a rip off!
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adrian77
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Post by adrian77 on Jan 28, 2020 17:30:34 GMT
how bloody much - I am clearly in the wrong job!
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rogerthat
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Post by rogerthat on Mar 10, 2020 13:08:27 GMT
Mixed Use Property Coventry - Renewal - Loan Update Loan Reference: 3934175822 An update has just been added to a loan that you have an investment in. UPDATE: We anticipate a further distribution of c£33,500. The costs of the receivership have amounted to c£91,000, of this, the receivers fees amount to £27,000, the remainder relates to legal fees and the receivers expenses. We have agreed a significant reduction in what the receivers initially wanted to charge. Nice work if you can get it
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adrian77
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Post by adrian77 on Mar 10, 2020 14:31:21 GMT
fair dues to the creditors - £33.5K is a good discount and a step in the right direction...
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 10, 2020 15:00:06 GMT
Receivers are seasoned professionals and no fools, so, it depends, of course, if the ole "Inflate the Bill with some 'discountable fat' and if we get away with it, great, if not, it's only the real bill anyway" trick was employed?
I know I have my opinion.
A sort of silver lining I suppose that the Reduction was even requested, let alone achieved, and that we didn't unnecessarily overpay.
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rogerthat
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Post by rogerthat on Mar 10, 2020 15:11:52 GMT
28/01/2020 A sale of the property by Receivers completed on 6 December 2019. The sale price was £245,000, and with forfeited deposits from previous failed sales, total receipts are £299,550. Given the litigious nature of the case with the borrowers, costs incurred by the Receivers are significant, and we are currently in discussions over these prior to the Receivers completing a final account. A payment on account of £175,000 has been received. Ok so dumb question...with the reduction in 'costs' of a further £33500 can someone confirm what the total realisation to investors will be ? £299,550 - £91,000 = £208,550 ? Erm..am I correct in thinking that represents a 93% return of capital ? Makes one wonder how the total fees were arrived at in the first place if a reduction of near 27% can be waived but well done the Administrators
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p2ploser
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Post by p2ploser on Apr 3, 2020 16:11:17 GMT
Did anyone get any payment from this one? Sounds like the money was received by receivers in January but doesn’t seem to have made it to investors yet?
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Post by overthehill on Apr 3, 2020 18:14:35 GMT
This hasn't been paid yet.
As said previously 208550 minus the usual 8% to CG + FS gives a capital return of 86%
Original receipts 299950, 27k of lawful standard receiver fees just within the 10% limit + another black box of 64k of receiver expenses+legal fees. Have I missed any other fees or expenses ? Receivers laughing all the way to the pub, well not at the moment but they will be.
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