keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on May 18, 2021 9:44:05 GMT
My Understanding is
somehow he convinced FC to take a small payoff, went bankrupt but was then able to repurchase the property ( raises the question why did the receiver not say "oh you've got £1 million, that needs to go to creditors"), and he appears to be continuing his "money no object"attitude. He also can't understand why suppliers and contractors won't give him credit
I'm glad i'm not involved in this
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Post by gramsky on Oct 24, 2021 11:45:00 GMT
On 18 Oct 2021 there was an update for tranches 5 & 18 of this loan stating:-
"Property development in N**** D**** 5 & 18 - defaulted 18 Oct 2021.
Please accept our apologies for the admin error that occurred on this particular loan tranche. A loan comment was provided in December 2019 for this loan however did not successfully upload as expected. I can confirm the following update should have been posted on 20th December 2019: We have received funds from the refinance. The recoveries equate to 30% of the original debt, as anticipated. We have defaulted the loan tranches so that these funds can be distributed "pari passu" amongst all investors. We have instructed a trace to be conducted to ensure that the borrower has no further assets and the trace came back negative. As such, we do not anticipate there being further recoveries due to the financial position of the borrower. We thank investors for their patience throughout this matter".
Q1) How have FC managed to not realise that these funds have not been repaid to investors for the past 20 months?
Q2) Why are these funds being used to repay tranches 5 & 18 only and not distributed to repay a portion of all the 20+ tranches (what was special about these tranches? not that it will make a lot of difference to me)?
Anyone know answers to these questions? There is little hope of getting a response from FC.
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Post by Admin on Jan 11, 2022 18:22:04 GMT
I've just moved one post (an update to here) and redacted the name of the TV show along with some "hints" as to the property's location. I know this is a really old one and may no longer be an FC loan - but please try to not post details that id the people or their "assets"
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Post by Ton ⓉⓞⓃ on Aug 25, 2022 13:18:44 GMT
I've just moved one post (an update to here) and redacted the name of the TV show along with some "hints" as to the property's location.
I know this is a really old one and may no longer be an FC loan - but please try to not post details that id the people or their "assets"
Yet again I've moved several posts to DD
Please don't post links to media articles about this defaulted FC loan
Thanks
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adrian77
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Post by adrian77 on Aug 25, 2022 13:38:31 GMT
Well this is an interesting one!
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Post by mostlywrong on Aug 27, 2022 11:14:16 GMT
Well this is an interesting one!
Oh come on!
You cannot leave that comment dangling in the wind.
MW
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Post by gramsky on Nov 6, 2022 17:16:47 GMT
Does anyone know why FC are not chasing this borrower to recover more of our money now they seem to have recovered financially?
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 6, 2022 20:22:33 GMT
because that's not how bankruptcy or an IVA works.
If I go bust next week owing £1million. I get made bankrupt and after sale of my assets the creditors recover £100,000. 12 months later I am discharged from bankruptcy at which point any remaining debts are written off, at this point creditors are legally barred from ever chasing these debts.
2 weeks later I win £20 million on the lotto, or my grandmother dies and leaves me £5 million, it matters not a jot the former creditors can't chase me.
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adrian77
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Post by adrian77 on Nov 13, 2023 10:48:20 GMT
This is now down to £6.5m i.e reduced by £3.5m- I can see this falling to £2-3m - hasn't even got a kitchen!
Anybody interested the deposit is £650K and the mortgage £38K per month
Myself (in this business) and many others said it would be a disaster so how did FC get into this mess?
The mother of all c*ck-ups....amazing
Can't see how this bloke is going to prevent going bust (again?)
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,581
Likes: 2,615
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Post by keitha on Nov 17, 2023 17:25:05 GMT
the way it went last time when he went bust and was allowed to retain or repurchase the property ( not sure which )
he will probably pull the same scam again and keep the house but lose the debts.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jan 31, 2024 23:04:32 GMT
latest is that the creditors have taken it over and put it up for sale for £5.25 million, he claims at that he will lose a lot of money. He now claims he has a lender prepared to lend him £2 million to finish it and that he's talking to creditors to get it back.
The creditors if they have taken it over would be stupid to let him have it back again
What sort of mug would lend him another £2 million
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adrian77
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Post by adrian77 on Feb 1, 2024 13:43:35 GMT
A really stupid mug - not sure but I guess these people are the people that bailed him out - I guess they repaid the FC loan after hard negotiation
and let him keep it in case they got this dream price. Well it is clearly not going to sell for the desired price so maybe these creditors
are simply cutting their losses. If the house has been repossessed then it is not his house so he is unable to invest in it unless he buys it
off the creditors and I think the chance of that one is slim...
Wonder if he has still got the very tasty fiancee - I hope he has but....
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morris
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Post by morris on Aug 18, 2024 10:17:08 GMT
There is a property in Cornwall in a million pound house draw from omaze which I have seen on facebook. It may not be the property referred to in this thread, but there are many similarities.
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adrian77
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Post by adrian77 on Aug 19, 2024 7:47:53 GMT
It is not the same house although very similar - same architect?
It is further in-land and seems to have luxury items such as a kitchen etc
This is "valued" at £4.5m which is lot less than the original asking price for this one.
This seems steep to me but a much better buy than the this one from Mr S or rather his administrators - for a start
there is not a mega problem of a problematic raised road which may need totally rebuilding...
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