archie
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Post by archie on Nov 9, 2020 7:50:53 GMT
I'm currently in 20 different loans, 2 of those are in default. I'm not in this loan.
I had another default a couple of years ago but that was fully recovered.
I'm in profit overall.
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Post by hugoarchover on Nov 13, 2020 12:44:41 GMT
Hi overthehill and stevepn Thank you for your comments and I can certainly share your frustration with the time taken and the seemingly lack of repayments made. With regards to chances of a recovering funds, we are and will continue to do all we can to ensure there is a positive outcome in a timely manner and as ever we will only keep the recovery cases open where we believe we have a very good chance of recovery. We certainly do not keep the cases open to satisfy the FCA, and we remain confident that the time and resources put in to the recovery efforts will see recoveries made. As you will be aware there are various legal cases on going which has restricted the information we can put in the public domain but also we are tied to following the strict legal processes - which often means giving relevant parties X number of days to consider information which can then be appealed, extended, denied etc - incredibly frustrating but progress is being made. Our Parent company, Hampden, has also invested in these loans and they are right behind us in ensuring that there is a positive outcome to these cases and have supported the cases from a financial point of view. If you have any specific questions that you would like to ask, feel free to contact myself on here or at ArchOver or any other member of the team.
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liso
Member of DD Central
Posts: 389
Likes: 394
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Post by liso on Sept 16, 2021 17:54:06 GMT
It seems that AO have settled with the borrowers for 50% capital recovery, no interest, to be paid to us in stages. An improvement on the 20% we were originally told to expect, but 50% is still a miserable outcome for a recovery that has taken 3 years, and from a loan that was pitched to us as 'secured and insured'.
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Post by overthehill on Sept 16, 2021 19:13:34 GMT
It seems that AO have settled with the borrowers for 50% capital recovery, no interest, to be paid to us in stages. An improvement on the 20% we were originally told to expect, but 50% is still a miserable outcome for a recovery that has taken 3 years, and from a loan that was pitched to us as 'secured and insured'.
So much easier to make money this way than earn it. No insurance payout is a big clue to what happened here.
Not recorded as fraud or included in any fraud statistics like other financial crimes.
It will actually be a 55% recovery as we had 5% returned some time ago.
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