sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 6, 2020 17:54:17 GMT
According to FSDD the Farmhouse was auctioned with a guide price of £425k and sold for £425k. So in total that's c£700k returned to lenders, or am I missing something.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 6, 2020 17:56:01 GMT
Is any action being taken against the Valuer??? If not - it's time to get rid of CG&Co In my opinion there is no way an administrator would take on this sort of speculative, high risk and potentially lengthy legal minefield. Administrators are about winding up a business in a quick and simple way. Yes they should act in the interest of creditors as a whole but this will only go as far as flogging off the assets quickly. Don't forget that their hourly rate is £400-500, so a 3 month legal trial could result in a great victory only for it to be Pyrrhic for creditors as the administrators extra fees will wipe out the proceeds. The can always pss it over to a law firm to deal on no win no fee if incompetance is so obvious. 
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adrian77
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Post by adrian77 on Feb 6, 2020 18:05:19 GMT
When I first read Pips posts about this being a mega disaster I thought he was being a bit pessimistic but as time goes one I think he is going to be spot one and we will be lucky for a 25% recovery of the loan book.
As I see it we have been shafted by FS who are beneath contempt and should be charged with fraud from misselling loans to having sticky fingers regarding how they have handled our money which possible includes lending to not so unrelated 3rd parties and not setting up wind-down procedure despite stating they had done this,
Granted the administrators are only interested in lining their pockets as quickly as possible but I guess they are all the same and we are stuck with them. Suing the incompetent gravy train known as the FCA is a non starter and simply be a waste of money.
We have been had - to me it is that simple - Ozboy and I did try to warn others - only good thing about the situation is that these muppets are on the internet and nobody with 1/2 a brain will never lend them money to set-up any other dubious venture.
Today all investors in the Liverpool business centre will lose money - those in the 2/3/4 charges will be completely wiped out - I wonder if these FS muppets give a flying fig - answers on a digital postcard..
I think we have 2 more auctions this month - can't wait!
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paulb
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Post by paulb on Feb 6, 2020 18:07:34 GMT
'My investments' doesn't show this loan anymore ? So, how to get the details ? I'm beginning to think that CG&Co and the Auction Buyers have some sort of ................
Once the investment is complete (which it sounds like this one is), it moves from the "My current investments" tab to "Investment history".
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pip
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Post by pip on Feb 6, 2020 19:01:18 GMT
In my opinion there is no way an administrator would take on this sort of speculative, high risk and potentially lengthy legal minefield. Administrators are about winding up a business in a quick and simple way. Yes they should act in the interest of creditors as a whole but this will only go as far as flogging off the assets quickly. Don't forget that their hourly rate is £400-500, so a 3 month legal trial could result in a great victory only for it to be Pyrrhic for creditors as the administrators extra fees will wipe out the proceeds. The can always pss it over to a law firm to deal on no win no fee if incompetance is so obvious.
Very unlikely last thing administrators will want is to have finalised the sale of all assets and the legal positions of the different parties and be left with 200 legal cases ongoing where the administrators will need to stick around in case any more proceeds come in which need distribution. Only hope would be if somebody bought the right to the proceeds from potential cases. Either that or send angry letters to the valuers and see if any (or their insurers) make an out of court offer. Still think a lot of people here are way overstating how easy negligence claims for valuations are. I have looked into they are possible but hard and lengthy.
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crazi
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Post by crazi on Feb 7, 2020 0:15:37 GMT
There has already been multiple loans handed over to Lawyers on a 70/30 basis. This one should also be handed over and any others as well. Don't just give up as then FS and their cronies/Valuers all win!
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crazi
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Post by crazi on Feb 7, 2020 0:27:50 GMT
According to FSDD the Farmhouse was auctioned with a guide price of £425k and sold for £425k. So in total that's c£700k returned to lenders, or am I missing something. Where exactly does it say this??
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
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Post by sqh on Feb 7, 2020 0:43:24 GMT
According to FSDD the Farmhouse was auctioned with a guide price of £425k and sold for £425k. So in total that's c£700k returned to lenders, or am I missing something. Where exactly does it say this?? I have PM'd you.
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chris88
New Member
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Post by chris88 on Feb 7, 2020 2:09:10 GMT
According to FSDD the Farmhouse was auctioned with a guide price of £425k and sold for £425k. So in total that's c£700k returned to lenders, or am I missing something. I too would be grateful if you'd let me know where to find this information.
Thanks! - Chris
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Feb 7, 2020 4:48:59 GMT
According to FSDD the Farmhouse was auctioned with a guide price of £425k and sold for £425k. So in total that's c£700k returned to lenders, or am I missing something. I too would be grateful if you'd let me know where to find this information.
Thanks! - Chris
PM'd
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jcm9000
Member of DD Central
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Post by jcm9000 on Feb 7, 2020 9:49:03 GMT
Email just received from FS with more explanation and what the properties were marketed / auctioned as. A lot of it points back to the valuers! Couldn't organise a p1ss up in a brewery this RCIS lot!
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Post by spareapennyor2 on Feb 7, 2020 9:49:47 GMT
new update on site
not shared information on loan
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Post by overthehill on Feb 7, 2020 11:34:18 GMT
According to the update they haven't returned the net capital from the Farmhouse sale yet they've completed the loan. They have only returned capital from the Granary sale minus 22k.
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kielbasa
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Post by kielbasa on Feb 7, 2020 11:49:21 GMT
Loan missold.
Supposed to be a first charge on two properties but on sale of the Farmhouse, the "first charge holder" got a load of money.
That first charge holder was supposed to have been paid off when the loan started.
Thanks, FS. Another fine mess.
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foolsgold
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Post by foolsgold on Feb 7, 2020 11:59:34 GMT
Loan missold. Supposed to be a first charge on two properties but on sale of the Farmhouse, the "first charge holder" got a load of money. That first charge holder was supposed to have been paid off when the loan started. Thanks, FS. Another fine mess. Again this is fraud and someone has to be held accountable....could we please have a statement from the administrators clarifying if the Police are being informed of this fraud?
The FCA who supposedly regulated FS havnt done their job properly and should be held accountable
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