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Post by beepbeepimajeep on Aug 4, 2018 12:04:18 GMT
Agree with the first para, but I invested on the grounds that the security was validated and available. It's beginning to sound as if recovery will be more down to luck than judgment, involving a significant amount of effort (and cost?) which should have been avoided. This would appear to be within FS's core experience of straight pawn, so if that's flakey what hope is there? I agree, the loans were sold on the fact they were secured on these assets. If it turns out later down the line there was nothing actually secured on these assets then they were mis-sold. If there is not a full recovery and interest I will be straight to the Ombudsman. I am in several of these loans and will be doing the same. I also won't let FS drag it out for 2 years+ given we already know there was not the security on our money that was advertised.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 4, 2018 14:06:44 GMT
fundingsecure : given the above, would you like to provide some update on here or direct email to investors with an explanation to pre-empt a slew of complaints about this highly irregular situation? My supposition: heir(ess) with access to family valuables which are actually held within a trust
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adrian77
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Post by adrian77 on Aug 4, 2018 14:51:35 GMT
exactly my thoughts and yes it could be an heiress who had some modest fame in the 70s....
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adrian77
Member of DD Central
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Post by adrian77 on Aug 4, 2018 15:32:36 GMT
bg - I have been following your comments for a while because they interest me as they seem to be at variance to most people who post on this forum. Can I ask how you actually know FS are working hard behind the scenes? I hope they are but they must be very busy with all these defaulted loans. Also I don't see what they can do as this one is in the hands of the solicitors - a lot of us forum members have seen disputed final settlements etc and know just how much our legal parasites friends milk it for. Also one part of the family could be ganging up on another - very unpleasant but c'est la vie as we don't say in Burnley. This must have caused the Mother of all family rows...
If this art can't be sold then where is the lender going to get £2.3m readies from! Will the family agree to a distressed sale which may well bring in less than the loan - what a mess!
I wish I could share your confidence but I can't - in fact your post (which I am sure is correct) is making me even more depressed and completely destroying any optimism I had.
Also I can't see any Big Hitters taking this one laying down so maybe the best form of recovery is a class action against FS - I'm in!
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locutus
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Post by locutus on Aug 4, 2018 16:13:09 GMT
I fear the amateur sleuthing runs a very real risk of jeopardising a sensitive legal situation and robbing FS and their lenders of vital ammunition in any upcoming court cases. I suggest those who have posted identifying info should retract it for the benefit of lenders in this loan. rogerthat dan1 bg kielbasa
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r1200gs
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Post by r1200gs on Aug 4, 2018 16:27:39 GMT
Darned if I can find it. Anyone want to give me a clue, discretion assured of course?
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r1200gs
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Post by r1200gs on Aug 4, 2018 16:28:29 GMT
I fear the amateur sleuthing runs a very real risk of jeopardising a sensitive legal situation and robbing FS and their lenders of vital ammunition in any upcoming court cases. I suggest those who have posted identifying info should retract it for the benefit of lenders in this loan. rogerthat dan1 bg kielbasa Actually, you're right.
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kielbasa
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Post by kielbasa on Aug 4, 2018 16:34:50 GMT
I fear the amateur sleuthing runs a very real risk of jeopardising a sensitive legal situation and robbing FS and their lenders of vital ammunition in any upcoming court cases. I suggest those who have posted identifying info should retract it for the benefit of lenders in this loan. rogerthat dan1 bg kielbasa If the mods want to delete my post if they feel it is appropriate, that's fine by me. My partner was attending a case at the High Court which involved a family member and was checking the listings each day (for the next day's cases). I saw the listings and noticed a case involving FundingSecure. I came across it by chance - it was not amateur sleuthing. I still have no idea which loan(s), if any, the case relates to.
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debaura
Member of DD Central
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Post by debaura on Aug 4, 2018 17:45:11 GMT
I fear the amateur sleuthing runs a very real risk of jeopardising a sensitive legal situation and robbing FS and their lenders of vital ammunition in any upcoming court cases. I suggest those who have posted identifying info should retract it for the benefit of lenders in this loan. rogerthat dan1 bg kielbasa Actually, you're right. Why? Surely that was the point of all the earlier secrecy, now the injunction has been granted and it is public knowledge pray tell me why it matters?
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adrian77
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Post by adrian77 on Aug 4, 2018 18:10:09 GMT
absolutely - maybe FS could try being open and honest with the lenders that they seem to have very badly let down. All we are asking for is the truth not supposition! It looks to me that FS failed to validate ownership of this art and are trying to "spin" this salient fact and hiding between a smokescreen of alleged confidentiality and sensitivity...not impressed! And very angry as I have a lot of money in these loans which I did not realise were related.
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Post by charliebrown on Aug 5, 2018 2:32:51 GMT
Agree with the first para, but I invested on the grounds that the security was validated and available. It's beginning to sound as if recovery will be more down to luck than judgment, involving a significant amount of effort (and cost?) which should have been avoided. This would appear to be within FS's core experience of straight pawn, so if that's flakey what hope is there? I agree, the loans were sold on the fact they were secured on these assets. If it turns out later down the line there was nothing actually secured on these assets then they were mis-sold. If there is not a full recovery and interest I will be straight to the Ombudsman. I am in several of these loans and will be doing the same. I also won't let FS drag it out for 2 years+ given we already know there was not the security on our money that was advertised. It’s worrying that we’ve invested millions in this mess and our greatest and most fearsome weapon is to say we’ll tell the ombudsman. A bit like telling a delinquent bully you’re going to tell the teacher after he stole your lunch money.
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Post by thegrumbler on Aug 5, 2018 7:54:51 GMT
I fear the amateur sleuthing runs a very real risk of jeopardising a sensitive legal situation and robbing FS and their lenders of vital ammunition in any upcoming court cases. I suggest those who have posted identifying info should retract it for the benefit of lenders in this loan. rogerthat dan1 bg kielbasa Not sure what is the problem with pointing out the dishonest person who stole took our money and is not giving it back.... In any case, for the avoidance of any doubt, can a moderator move the whole thread under DD FS section, so details can be discussed without problems? EDIT: part of this thread was already moved to DD. I added the details of that court case on DD.
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debaura
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Post by debaura on Aug 5, 2018 9:42:21 GMT
I have to say that this whole episode reveals another weakness in the P2P model for me. When my fellow investors are merrily sabotaging recovery prospects of their own loans or loans of fellow investors and are too short-sighted to recognise the damage that they're causing, it makes me realise that it isn't only borrowers and platforms that I need to be wary of. If you need to ask how this can jeopardise recovery, then secured lending is not the right business for you to be in. So you manage to say nothing. What a waste!
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Post by thegrumbler on Aug 5, 2018 9:57:52 GMT
I have to say that this whole episode reveals another weakness in the P2P model for me. When my fellow investors are merrily sabotaging recovery prospects of their own loans or loans of fellow investors and are too short-sighted to recognise the damage that they're causing, it makes me realise that it isn't only borrowers and platforms that I need to be wary of. If you need to ask how this can jeopardise recovery, then secured lending is not the right business for you to be in. It is very offensive for anyone attempting to help others to get accused as you did above. Exactly who sabotaged the recovery and how? If the issues arrived to a PUBLIC court case wit an injunction (and it was FS to reveal that to everyone), I fail to see who is sabotaging what. Instead of accusing others, try and contribute actively with your ideas within DD, which was created for the purpose to be able to speak openly without too many restrictions.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 5, 2018 10:14:23 GMT
I fear the amateur sleuthing runs a very real risk of jeopardising a sensitive legal situation and robbing FS and their lenders of vital ammunition in any upcoming court cases. I suggest those who have posted identifying info should retract it for the benefit of lenders in this loan. rogerthat dan1 bg kielbasa Actually, you're right. Possibly, but to date an exacerbating factor has been FS's ineptitude at doing their job properly! If that had been done, and communicated effectively, there would be no reason for conjecture on here. TBH I doubt that the outcome of this fiasco will be much affected by what appears on here, and it certainly shouldn't be necessary!
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