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Post by Gisele on Feb 23, 2024 9:36:57 GMT
I've have a request to withdraw my "Available Funds" sitting idle in "Pending Bank Transfers" since 8th February ... that's over two weeks already. Is there some Administration Scam rule that bank transfers only happen once per month (or something)? I thought Available Funds Withdrawals were supposed to happen every Friday. Perhaps our scammers are using frustration to manoeuvre us into a position where we'll thankfully accept paying them a 25% fee to process the withdrawal of our own money. It's really hard for me to tell who the biggest villains are, FundingSecure or their Administrators, guidance gratefully received!
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Post by Gisele on Feb 23, 2024 9:56:26 GMT
I'm clearly backward ... 4+ years down the road and I still haven't figured out how to make sense of Administrator communications and Loan Updates. 2867890404 - C***** C**** Quarry, Cheddar - Base This loan still shows in "my current investments" and the last update is dated 24/02/2022. Given that there have been no updates for almost 2 years, do I assume that this is one of the "dead loans" that are no longer being pursued for recovery? If this loan is "dead", why is it not moved to the "Investment History" tab (or the "Quistclose" tab if it is subject to that scam)? Sorry to be so thick.
You can't get clearer proof the administrators don't know what they are doing and are unfit. They can't even add a few words in nearly 2 years.
Send them a direct email for clarification. None of us are thick we're just being treated like we are thick because it is free money with no regulation, no accountability, no compensation, no penalties.
Still waiting for a response from the administrators about this loan that was reportedly sold for £1million in September 2021 but for which not even a penny has yet been returned to investors (least not me anyway). Sent them a "reminder" this morning. From anyone's previous experience trying to communicate with our Scam Masters, for how long should I expect to wait for a reply?
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Post by gaspilot on Feb 23, 2024 10:14:26 GMT
My 'Active and Past Loans' tab says it is down for maintenance. This has been for quite a while now. Anyone else got this?
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Post by overthehill on Feb 23, 2024 10:21:59 GMT
You can't get clearer proof the administrators don't know what they are doing and are unfit. They can't even add a few words in nearly 2 years.
Send them a direct email for clarification. None of us are thick we're just being treated like we are thick because it is free money with no regulation, no accountability, no compensation, no penalties.
Still waiting for a response from the administrators about this loan that was reportedly sold for £1million in September 2021 but for which not even a penny has yet been returned to investors (least not me anyway). Sent them a "reminder" this morning. From anyone's previous experience trying to communicate with our Scam Masters, for how long should I expect to wait for a reply?
Are you sending the email to fundingsecure@cg-recovery.com ?
It's totally unacceptable the way people are treated in administrations but hardly surprising as they seem to be outside, above, under any scrutiny or accountability and the kicker is any dick, tom or harry can setup themselves up for this line of work.
I wasn't in that loan but I remember it and not in a good way. Can't see the updates obviously but there will be very little happening in the background apart from increasing charges. They will have to produce a payment and expenses report eventually, I think the last bi-annual report said there were 30 loans still outstanding of which I still have 8.
It could be worse, I've had loans where they start repeating the same updates from 2 years before e.g. borrower has made an offer, submitted possession order, borrower has a buyer etc etc !
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Post by overthehill on Feb 23, 2024 10:35:57 GMT
I've have a request to withdraw my "Available Funds" sitting idle in "Pending Bank Transfers" since 8th February ... that's over two weeks already. Is there some Administration Scam rule that bank transfers only happen once per month (or something)? I thought Available Funds Withdrawals were supposed to happen every Friday. Perhaps our scammers are using frustration to manoeuvre us into a position where we'll thankfully accept paying them a 25% fee to process the withdrawal of our own money. It's really hard for me to tell who the biggest villains are, FundingSecure or their Administrators, guidance gratefully received!
Don't know what's going here either. I made 2 withdrawals on the 8feb , received the emails and the money next day or day after.
The withdrawals are supposed to happen weekly so why has there been no email communication saying there is a problem, the reality is we are just plebs at the end of the line.
They did have a 'technical' problem on the 8feb which resolved itself so I'm guessing it might have manifested again.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 23, 2024 13:32:01 GMT
You can't get clearer proof the administrators don't know what they are doing and are unfit. They can't even add a few words in nearly 2 years.
Send them a direct email for clarification. None of us are thick we're just being treated like we are thick because it is free money with no regulation, no accountability, no compensation, no penalties.
Still waiting for a response from the administrators about this loan that was reportedly sold for £1million in September 2021 but for which not even a penny has yet been returned to investors (least not me anyway). Sent them a "reminder" this morning. From anyone's previous experience trying to communicate with our Scam Masters, for how long should I expect to wait for a reply? Probably quicker/cheaper to go on FB group & ask there.
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Post by Gisele on Feb 24, 2024 11:36:24 GMT
Still waiting for a response from the administrators about this loan that was reportedly sold for £1million in September 2021 but for which not even a penny has yet been returned to investors (least not me anyway). Sent them a "reminder" this morning. From anyone's previous experience trying to communicate with our Scam Masters, for how long should I expect to wait for a reply?
Are you sending the email to fundingsecure@cg-recovery.com ?
Yes, this is the email address I used and yesterday afternoon I received the following reply from lisaeden@fundingsecure.com (I share the response for the interest of other lenders in the 2867890404 loan) ...
Dear Gisele
C****s C***e Quarry is part of the Post April 2019 loans held funds as there are tranches both Pre and Post April 2019.
We have been advised that whilst JC S***r has reserved its position regarding its ability to look beyond the funds held in the client account, then we should hold the entire of the sale proceeds from this settlement (given it includes post 12 April 2019 monies) in the same way as other loans which include aspects made after 12 April 2019.
We would hope that funds will be able to be released at some point in the future but given the ongoing claim it is not possible to give accurate timescales or any assurance as to the quantum at this stage.
Kind Regards
Lisa Eden
T: 0118 324 3190
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adrian77
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Post by adrian77 on Feb 24, 2024 12:20:32 GMT
Is it just me but I really don't buy this - surely there is no chance whatsoever of JC S***r having a claim on this (surely totally unconnected loan)?
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Post by overthehill on Feb 24, 2024 14:32:21 GMT
Is it just me but I really don't buy this - surely there is no chance whatsoever of JC S***r having a claim on this (surely totally unconnected loan)?
Legislation, regulation and everybody connected with P2P administrations have been in catch up and make up mode because in a true P2P model lenders are not creditors. I'm not sure if there are other business parallels where there is this ambiguity or conflict. It has always seemed crystal clear to me from the start that lenders money does not belong to the company in administration so why would any creditor, administrator or lawyer believe or act otherwise.
IMO, no money in any of the suspended payment loans is in danger of being handed to a claimant.
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adrian77
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Post by adrian77 on Feb 24, 2024 23:56:53 GMT
Totally agree - as I said before this is a legal trick by the borrower JS Star and FS failed to secure our money - what the hell is difficult about secure a charge on a property!
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Post by overthehill on Feb 25, 2024 12:15:34 GMT
Totally agree - as I said before this is a legal trick by the borrower JS Star and FS failed to secure our money - what the hell is difficult about secure a charge on a property! As a layman the last report seems to show roughly a balance of 5M (payments in - expenses out - liabilities - suspended loan payments).
So if the 500k wasn't allocated to any loan(s), the money is there if the claim is successful.
If the 500k was allocated to loan(s), presumably bad loan(s) with a likely 0%->50% capital return, how could any judgement decide that the claimant should be repaid in priority and disproportionately to all the other lenders in those loans ? Not going to happen.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 25, 2024 12:58:16 GMT
Totally agree - as I said before this is a legal trick by the borrower JS Star and FS failed to secure our money - what the hell is difficult about secure a charge on a property! As a layman the last report seems to show roughly a balance of 5M (payments in - expenses out - liabilities - suspended loan payments).
So if the 500k wasn't allocated to any loan(s), the money is there if the claim is successful.
If the 500k was allocated to loan(s), presumably bad loan(s) with a likely 0%->50% capital return, how could any judgement decide that the claimant should be repaid in priority and disproportionately to all the other lenders in those loans ? Not going to happen.
The £500k isnt included in the accounts, none of the creditor claims are. If the £500k is in the client account then that £500k comes from lenders funds held in the frozen account, if its not then it would have to come from loan redemptions for specific loans (if that can be traced) or all loans that originated after apr 19 or that rank pari passu with such loans. (Thats why payments are suspended on loans beyond those made after apr 19)
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adrian77
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Post by adrian77 on Feb 26, 2024 0:09:03 GMT
why the hell are we having conversations like this - if FS did their job properly or even legally (?) then we wouldn't! Sadly I don't have undisclosed sums of £500K in my accounts!
I am no lawyer but I will be very surprised if there is any legal case whatsoever for the above - this is so complicated and legally unproven it will cost a mega fortune in legal fees to sort out and get a judgement let alone a court order for the funds. I just don't see how any investor can lend against a secured asset and then have part of the interest/capital deducted because FS entered or did not enter into a Quistclose agreement
A Quistclose trust is a method by which a creditor can hold a security interest in loans, through inserting a clause into the contract which limits the purposes for which the borrower can use the money Surely if there is a case here it is for FS to repay the loan from its assets which (I don't think) are investor funds
Whole thing is a bloody farce gping to bed now - I can sleep quite easily without reading about Quistclose
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