adrian77
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Post by adrian77 on Feb 7, 2020 12:10:47 GMT
I am not in this one but curious as to what has actually happened - we have another potentially situation later in the month when the industrial unit connect to the house near Bristol goes to auction
Am I right in think that in essence the charge on the farmhouse was not perfected properly always a first time - not and FS have been outsmarted by the first charge holder who was due to repay FS but didn't again this is not the first time!
So even less FS money to repay the loan holders - you could not make this farce up - don't forget
"organic growth - it's a process!"
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foolsgold
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Post by foolsgold on Feb 7, 2020 12:23:25 GMT
Its all vague just now but FS bought out the first charge holder and I presume gave someone the money for it probably the first charge holders but they might not have discharged the debt and just pocketed the money but we have not got the benefit.....but their again could be completely wrong its all smoke and mirrors just now.....so dont hold me to it as its just my thoughts
We need a statement from the administrators on this one as this sets a precedence but I would think that we have a fraud at the heart of it and hope the administrators have passed it to the Police.
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Post by defaultinator5000 on Feb 7, 2020 12:49:01 GMT
My thoughts and prayers are with the investors who are in this one. Luckily I am not one of them, but ultimately we are all in the same boat as there are dozens of loans exactly like this one. It is apparent that FS was nothing more than a FCA-sponsored fraud and that the majority of the loanbook was deliberately lent against criminally inflated valuations.
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bernard
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Post by bernard on Feb 7, 2020 13:35:07 GMT
If they have not properly managed the removal of the previous first charge holder whilst advancing all funds, or just lied, then this feels like fraud. It may not get investors money back, but the incumbent directors at the time should face charges. I guess we are all scratching our heads as to from where and how these charges are to be brought.
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Post by spareapennyor2 on Feb 7, 2020 15:03:35 GMT
e mail update
didn`t pay all monies due to lenders
pennies from heaven
at least the Admin better than the Directors?
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kielbasa
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Post by kielbasa on Feb 7, 2020 15:17:33 GMT
You couldn't make this stuff up. When the sale completed in November, the solicitor supposedly sent £252k to the original first charge holder by mistake and nobody realised this until today (or didn't disclose it until today).
What a shambles!
Is NH still running things?
What are the chances that the first charge holder doesn't want to give the £252k back? I wouldn't want to. Would you?
Let's hope it's a bank and not a mate of the borrower.
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jcm9000
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Post by jcm9000 on Feb 7, 2020 15:19:32 GMT
Urgh! What are they doing, as that just smacks of "have not got a scooby doo" as all of this should have been checked and communicated.
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Post by waryinvestor on Feb 7, 2020 15:30:31 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 ................
Try this link: www.fundingsecure.com/myaccount/loan/1536925083You can do this for any of the loans, past or present, but I think it may only work for loans in which you are or have been invested. Just substitute the relevant loan number which you can get from your page of Account Information. Great - thanks a lot and it works for my other Loans too.
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Post by waryinvestor on Feb 7, 2020 15:39:00 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". There's no 'Investments history' for Primary Market, only for Secondary Market.
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taffy
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Post by taffy on Feb 7, 2020 15:55:21 GMT
My Investments is identical on both Main Account and Innovative Finance ISA. That is, three Tabs - My Current Investments, Investments Waiting Activation and Investment History. Completed Investments appear under The Investment History Tab in both accounts. They can be grouped by Repaid, Recovered and Defaulted. They can also be sorted by End Date, Rate, Title, etc.
I assumed everyone's Account Display would be the same, but could be wrong.
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adrian77
Member of DD Central
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Post by adrian77 on Feb 7, 2020 16:42:34 GMT
not sure I buy this - if the solicitor made a mistake then he is liable and that is one reason why they have liability insurance! Also how the hell did this happen - are FS telling us he was told where the money was due to go but he ignored their instructions or is it more likely FS made a complete Horlicks of it ? Surely the solicitor would have checked the deeds and satisfied the charge so he is not to blame - sounds to me there was a bit of far too clever financial hanky-panky engineering by FS in order to finalise the deal and they screwed up (and that is being generous) Well however much would this cost if it went to court with legal counsel being needed to sure a solicitor!
There are many other and bigger loans that also have doubts about their legal status so goodness know how those are going to end up!
If I were in this one I might just be a tad annoyed...
What property geniuses FS are!
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Post by overthehill on Feb 7, 2020 16:45:01 GMT
I notified the Administrators this morning about the missing payments from the sale of the Farmhouse but I wasn't aware of the cock up with the payment to the wrong first charge holder. You can't blame the Administrators, it's their solicitor that should have realised the mistake, surely they don't just assume the other solicitor is competent and right! I guess the administrator's solicitor is busy at the moment but it's hardly an excuse. Everyone should get approx. another 1.5x their previous payment.
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Post by waryinvestor on Feb 7, 2020 16:56:59 GMT
My Investments is identical on both Main Account and Innovative Finance ISA. That is, three Tabs - My Current Investments, Investments Waiting Activation and Investment History. Completed Investments appear under The Investment History Tab in both accounts. They can be grouped by Repaid, Recovered and Defaulted. They can also be sorted by End Date, Rate, Title, etc. I assumed everyone's Account Display would be the same, but could be wrong. Ah I see what you mean about horizontal tabs under 'my investments', thanks.
I was talking about the links on the left hand side.
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Post by chris42 on Feb 7, 2020 20:42:28 GMT
In the normal course of event money accidentally paid into someones account must be paid back, the privacy laws make it difficult but it happens.
In this case it is known where the money went, if they keep it must be illegal?
No solicitor is going to risk being struck off for £225K.
Who were the receiving sols, we could all write to them demanding our funds back pro-rata. Go thru the 8 week stalling process and on to the SRA.
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kielbasa
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Post by kielbasa on Feb 8, 2020 8:22:38 GMT
Looking at the figures for the F**mh**s*, notwithstanding the massive gap between the valuation and the sale price of this "excellent" property:
It sold for £425,000. Let's say the auction fees were 3% (I haven't checked). That would leave £412,250.
The earlier update stated that the net figure (after paying the "first charge holder") was £138,299.44.
The later update stated that once the money erroneously sent to the "first charge holder" comes back, this will yield another £252,462.48.
So, the total net figure back to FS (just for the F**mh**s*) should be £390,761.92.
If the net auction figure of £412,250 is in the right ballpark, then £21,488.08 goes in other fees and costs, mainly to the LPA receiver for doing such a brilliant job.
Nice work if you can get it. I wonder of there are any jobs going at T*m*l*t*n* LPA.
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