Mikeme
Member of DD Central
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Post by Mikeme on Jan 31, 2020 7:29:12 GMT
Some thoughts
1 Don't let borrowers refinance at lenders cost.
2 As lenders we trusted FS and valuations which turned out fictitious and high. Don't allow borrowers to use low fictitious valuations.
3 For close rather than accept low valuation refinance and risk the margin between loan and valuations. At least that stops the borrowers from profiting again
4 Let us lenders see all the old and new valuations. Not much extra work but of great value to us lenders.
5 Prosecute the directors for what seems to be obvious fraud
6 Investers visit all the physical assets where possible and report back
Don't let thieves off the hook
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pfffill
Member of DD Central
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Post by pfffill on Dec 31, 2020 11:10:33 GMT
And....fittingly, 2020 ends the year with the faint fizzle of a damp squib. An optimistic New Year to all FS 'investors'; may our outstanding loans miraculously come good (even leaky boats, dusty books and dodgy plots), and the FCA hang its head in shame with a comprehensive mea culpa, before offering us compensation for its gross incompetence.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 31, 2020 17:49:44 GMT
The FCA and the Police need to move on this, NOW, they have a mountain of evidence of numerous "activities", nothing less than prosecutions and jailings will be acceptable.
Oh, getting your money back is acceptable of course, but I'll let you decide if it's achievable.
I thank you.
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bugs4me
Member of DD Central
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Post by bugs4me on Oct 29, 2021 9:01:17 GMT
The FCA and the Police need to move on this, NOW, they have a mountain of evidence of numerous "activities", nothing less than prosecutions and jailings will be acceptable. Oh, getting your money back is acceptable of course, but I'll let you decide if it's achievable. I thank you. ozboy - agreed but we all know that's not going to happen. The very best you'll achieve is (yet another) enquiry which will kick the can down the road for several blue moons and maybe a couple of disqualified directors. That's how the system operates and if there is any return of lenders funds it will be pennies in the pound.
Was mention a while back that the Administrators costs should be subject to a forensic audit. These guys - the Administrators that is - have everything covered regarding their costs/actions and only when they see the bucket of cash running out will they suddenly and conveniently wind everything down and move on.
Most knew that P2P was a risk but that risk was mentally reduced once the 'seal of approval' was given out like confetti by those FCA authorisations. And what exactly did the FCA bring to the party - their involvement encouraged folks to invest and the result has been financial hardship and a great deal of mental distress in my opinion.
Rant over.
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mah
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Post by mah on Oct 29, 2021 13:37:35 GMT
Most knew that P2P was a risk but that risk was mentally reduced once the 'seal of approval' was given out like confetti by those FCA authorisations. And what exactly did the FCA bring to the party - their involvement encouraged folks to invest and the result has been financial hardship and a great deal of mental distress in my opinion. FCA never highlighted the risk that "although Firms would have a winddown plan, the costs would actually have to be borne by Lenders" :-(
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Post by lostinspace on Apr 5, 2022 15:50:17 GMT
Each day I check on the funding secure website to see if any of my pension savings have been returned but it never is.
I am a victim of an FCA backed fraud. The FCA appear to have washed their hands of this
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Post by overthehill on Apr 5, 2022 16:21:09 GMT
Each day I check on the funding secure website to see if any of my pension savings have been returned but it never is. I am a victim of an FCA backed fraud. The FCA appear to have washed their hands of this
Updates of every loan are quarterly and administrators report is every 6 months. I would guess the FCA are still involved but I'm not sure what powers or desire they have to improve the situation for any investor. The returns of investors money from loans which have been recovered are of course being withheld because of a court case which may have merit or is just lawfare and tactical.
As of 22 oct 2021, still 82 outstanding loans at 40M, not very good is it regardless of all the sideshows. But it was a soiled loanbook from a toxic environment.
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r1200gs
Member of DD Central
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Post by r1200gs on Apr 8, 2022 8:35:31 GMT
Each day I check on the funding secure website to see if any of my pension savings have been returned but it never is. I am a victim of an FCA backed fraud. The FCA appear to have washed their hands of this
Updates of every loan are quarterly and administrators report is every 6 months. I would guess the FCA are still involved but I'm not sure what powers or desire they have to improve the situation for any investor. The returns of investors money from loans which have been recovered are of course being withheld because of a court case which may have merit or is just lawfare and tactical.
As of 22 oct 2021, still 82 outstanding loans at 40M, not very good is it regardless of all the sideshows. But it was a soiled loanbook from a toxic environment.
Is there a court case? The whole thing seems to be shrouded in secrecy.
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Post by overthehill on Apr 8, 2022 8:46:08 GMT
Updates of every loan are quarterly and administrators report is every 6 months. I would guess the FCA are still involved but I'm not sure what powers or desire they have to improve the situation for any investor. The returns of investors money from loans which have been recovered are of course being withheld because of a court case which may have merit or is just lawfare and tactical.
As of 22 oct 2021, still 82 outstanding loans at 40M, not very good is it regardless of all the sideshows. But it was a soiled loanbook from a toxic environment.
Is there a court case? The whole thing seems to be shrouded in secrecy.
Is there not more info in DD central? They might still be doing pre-court theatre then. Opportunistic and desperate, justice will prevail.
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adrian77
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Post by adrian77 on Apr 8, 2022 11:09:11 GMT
,
Have just checked this outfit entered administration in October 2019 i.e. 2.5 years ago - well it strikes me we have had very little returned in this time
during which lawyers have made thier fees and the administration costs have constantly been pushed up
.
As I said at the time I would have preferred it if this loanbook had been sold (if possible) so at least we would have had some money - at this rate I worry there is
not going to be much left - totally bloody appalling behaviour from everybody except the decent investors
nailing G***N (art spiv) would be justice but that would only be because of legal action by wealthy investors...
Wish I had never heard of FS - at least I got out of Funding Circle before they changed their model.
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Post by overthehill on Apr 8, 2022 11:29:48 GMT
, Have just checked this outfit entered administration in October 2019 i.e. 2.5 years ago - well it strikes me we have had very little returned in this time during which lawyers have made thier fees and the administration costs have constantly been pushed up . As I said at the time I would have preferred it if this loanbook had been sold (if possible) so at least we would have had some money - at this rate I worry there is not going to be much left - totally bloody appalling behaviour from everybody except the decent investors nailing G***N (art spiv) would be justice but that would only be because of legal action by wealthy investors... Wish I had never heard of FS - at least I got out of Funding Circle before they changed their model.
I was only referring to the quistclose case of course, who knows what his lawyers are up to but a standard lawfare tactic is to use the spectre of huge legal fees to force a settlement. Investor's funds are ringfenced and not fair game for any claimant who has a grudge against FS , there will be extra fees but who pays for them, creditors or investors ?
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