jonno
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nil satis nisi optimum
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Post by jonno on Feb 11, 2020 14:08:21 GMT
Has everyone had the extra money paid into your accounts yet? I received my extra £3 odd over an hour ago but nothing yet for my partner's IFISA account.
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arby
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Post by arby on Feb 11, 2020 14:19:53 GMT
Has everyone had the extra money paid into your accounts yet? I received my extra £3 odd over an hour ago but nothing yet for my partner's IFISA account. Had the email telling me the money's there, but no money yet. I assume it is just the c.£130k part of the farmhouse and they haven't recovered the additional c.£250k yet?
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Post by overthehill on Feb 11, 2020 20:28:56 GMT
It's the lack of clarity in the Administrators comments that are confusing an already complicated situation.
The money paid back today was the proceeds of the farmhouse sale sent by the solicitor for borrower's Administrator and forgotten about by our Administrators.
There is still 252k give or take to be paid back to investors for this loan, namely the amount of money that was sent in error by the solicitor for borrower's Administrator to the wrong 1st charge holder instead of FS.
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arby
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Post by arby on Feb 11, 2020 22:45:30 GMT
It's the lack of clarity in the Administrators comments that are confusing an already complicated situation.
The money paid back today was the proceeds of the farmhouse sale sent by the solicitor for borrower's Administrator and forgotten about by our Administrators.
There is still 252k give or take to be paid back to investors for this loan, namely the amount of money that was sent in error by the solicitor for borrower's Administrator to the wrong 1st charge holder instead of FS.
You are assuming the first charge holder was actually paid off in the first place. I'd say that is less than guaranteed, but hopefully the money does make its way back and turns last weeks 75% loss into a 30% loss.
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Post by overthehill on Feb 12, 2020 10:39:56 GMT
Not 100% sure what point you're making. If the money wasn't paid to the wrong 1st charge holder then we should get it back quicker, right ? I hardly think the other Administrator/Solicitor is going to falsely keep it unless they have wind down wish.
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arby
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Post by arby on Feb 12, 2020 11:21:57 GMT
Not 100% sure what point you're making. If the money wasn't paid to the wrong 1st charge holder then we should get it back quicker, right ? I hardly think the other Administrator/Solicitor is going to falsely keep it unless they have wind down wish. There was an original first charge holder. FS issued a new loan and declared the first charge holder would be repaid with those funds and FS would take over this first charge. I hope this happened. There are instances where FS have not perfected the charge they said they would. If they haven't in this case then the money was not erroneously sent to the wrong party, it would have in fact been sent to the true 1st charge holder. As said before, this is hopefully the least likely outcome, but just encouraging you not to count your chickens yet.
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Post by mikeyb999 on May 8, 2020 13:38:45 GMT
So here we are, another couple of months down the line, and unless I've missed it there has been no further update on the funds sent to the first / not first charge holder?
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Post by overthehill on May 9, 2020 9:59:56 GMT
I've got 42 loans left and not a single update since 14 april including this one.
I'm pretty confident we will get this money unless the solicitor at fault is bent and doesn't have any indemnity insurance. No doubt they will challenge it in the hope it survives the administration period.
Like most of the fundingsecure borrowers and probably the lender who has erroneously received our money, they see and use Covid19 and any other plausible or legal delay and excuse as a good thing to get a better final outcome, our justice system provides a platform for this behaviour. Most professional borrowers think the opposite and try to expedite everything.
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Post by spareapennyor2 on May 26, 2020 13:13:54 GMT
email / update on site
got monies back yippee
23% capital return
61% capital recovered
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arby
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Post by arby on May 26, 2020 14:36:28 GMT
email / update on site got monies back yippee 23% capital return 61% capital recovered Very pleasantly surprised by this. I'd assumed it wasn't an error and was FS not being honest whem declaring they'd fulfilled the earlier first charge. Makes the result on this one less terrible, which is unfortunately about as good as can be hoped for...
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adrian77
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Post by adrian77 on May 26, 2020 15:53:12 GMT
Is this in effect a 39% loss? I agree could have been a lot worse - would be interested to know just what actually happened here e.g. did the borrower settle by buyng his own property for less than he borrowed - oh well if we don't find out we have Lytham St Annes etc to look forward to...
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