james21
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Post by james21 on Jul 12, 2019 13:01:01 GMT
Looks to me like first charge with another; FS has a second charge £334k and a supplemental of £100k (effectively a 3rd charge) Hope holders are feeling lucky
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rogerthat
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Post by rogerthat on Jul 12, 2019 13:23:15 GMT
This was 'nearing completion' more than a year ago..£1.5m 1st charge (FC ?) + £334K 2nd + £100K Supplementary with FS (in effect 3rd Charge)...ditched mine long ago..one of my very few correct decisions.
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adrian77
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Post by adrian77 on Jul 12, 2019 20:18:56 GMT
yeah right - only over 7 months later...
yet another one who has done a Chuka!
Not being able to contact this and other borrowers seems a tad unfortunate to me - maybe they all collapsed in the heat and at the same time severed all family and business connections...
Total first charge is £1.5m well if that one is not being repaid then ,if not already done, I guess only a question of time before this development is called in (not that FS could or possibly should already have done this)
So first charge to repay, FS second and third charge to repay - I just hope this house sells for the valuation and quickly!
The position looks fairly clear to me FS !
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Post by mrclondon on Nov 12, 2019 17:37:14 GMT
Loans have been defaulted on the website.
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Post by overthehill on May 19, 2020 14:15:51 GMT
Adminstrator update basically saying both these loans are going to be a total write off because the first charge holder will also have a shortfall.
In addition to the dire outcomes of most loans the quality of the updates continue to be p1ss poor for a professional company dealing with people who have lost lots of money to fraudsters, why, no mention whatsoever of the second property which is supposed to be part of the security, or has FS just made that up again and the administrators are hoping nobody questions it?
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adrian77
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Post by adrian77 on May 19, 2020 14:41:03 GMT
well done FS another mega c*ck up and one to add to your proud list of 100% losses - this one was down in my top 10....
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taffy
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Post by taffy on May 20, 2020 7:52:13 GMT
Where's Godanus? He's been quiet recently. I suspect there will be a lot of angry investors who would relish the opportunity to join a class action against the FS directors. Directors have a duty of care. It is patently obvious this has not been the case. Luxmore and Our Nige belong in jail. IMHO. Relax! They are all being investigated by the Financial Conduct Authority and at great haste.
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Post by mikeyb999 on May 20, 2020 10:46:14 GMT
I had resigned myself to only getting about 50% of my capital back across all investments, but with the number of 100% losses I think that's optimistic
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ozboy
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Post by ozboy on May 20, 2020 18:53:28 GMT
Luxmore and Our Nige belong in jail. IMHO. Relax! They are all being investigated by the Financial Conduct Authority and at great haste. THAT, is what concerns me even more now.
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Post by overthehill on Aug 28, 2020 16:38:42 GMT
definitely looks like a 100% loss if the 1st charge holder is owed 2M and it is being marketed for 1.2M. Another virtuous circle of crooks, you can't do it without help from so called professionals.
According to FS, we had a 2nd charge on the other property as well (value 500k) so I don't know why C&G are continuing recovery of that security unless the FS notes were wrong and we have a 1st charge security, that would certainly make more sense but C&G still haven't confirmed that.
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ozboy
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Post by ozboy on Aug 28, 2020 17:36:15 GMT
definitely looks like a 100% loss if the 1st charge holder is owed 2M and it is being marketed for 1.2M. Another virtuous circle of crooks, you can't do it without help from so called professionals.
According to FS, we had a 2nd charge on the other property as well (value 500k) so I don't know why C&G are continuing recovery of that security unless the FS notes were wrong and we have a 1st charge security, that would certainly make more sense but C&G still haven't confirmed that.
Yes. Precisely.
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adrian77
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Post by adrian77 on Aug 28, 2020 17:43:50 GMT
I will be corrected if wrong but I am sure the second charge hold can effect repossesion - granted the first charge holder still needs paying but if CG are doing this then I support them 100% - it may possibly kick the borrower into action and I think now is a good time to put foreclosed property on the market as I think the market may well go into decline in 6 months time due to the effects of C19.
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Post by overthehill on Aug 29, 2020 17:39:58 GMT
I will be corrected if wrong but I am sure the second charge hold can effect repossesion - granted the first charge holder still needs paying but if CG are doing this then I support them 100% - it may possibly kick the borrower into action and I think now is a good time to put foreclosed property on the market as I think the market may well go into decline in 6 months time due to the effects of C19. I'm still struggling to see how it benefits FS investors. Won't the 1st charge holder just take all the proceeds from the 2nd property as it's worth less than the likely outstanding debt from the 1st property sale?
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Post by sirpercyblakeney on Aug 29, 2020 20:11:53 GMT
FS is terminal, anything outstanding stops it happening. Boxes need ticking.
Anyway, you might see something stupid happen, like a borrower cough up!
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adrian77
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Post by adrian77 on Aug 30, 2020 9:04:41 GMT
yes you are correct (as I understand it) the first charge holder comes first but the thought of being repossessed may just prompt this chap into action...besides he has renegaded on his contract so if he loses the house then tough...
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