wuzimu
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Post by wuzimu on Feb 14, 2019 23:31:53 GMT
This is for forum members with loans for wind energy, specifically the i*** loans and gew* loan and stonyp**h loan.
These loans have been the subject of some debate on this forum in recent months since lenders stand to loose potentially all their investment
* these 6 loans are all to the same borrower; the promoter and Agent for lenders being AC.
* the loans were offered and promoted on the platform structured with a number of key conditions.
* it appears the loans were fully extended in circumstances outside of the loan conditions.
* a number of lenders have complained to AC and some elements of these complaints habe been upheld by AC. However no offer has yet been forthcoming from AC, the reason given being AC are seeking guidance from FOS/FCA in the matter.
This thread is to inform all lenders in these loans that a group of lenders is forming who are concerned in the first instance that FOS/FCA are being briefed and entreated by AC as to the way AC (in their negligence) consider this matter might be fairly addressed. However this discussion between AC and FOS/FCA is proceeding without any input or opinion from lenders. As such any 'FCA' approved offer by AC to lenders would naturally be the result of a biased process.
In that case the initial group members now invite any other lenders interested in adding their support to a group approach to the FCA to convey our position on the 6 wind energy loans in question to make themselves known ASAP.
You can do this by PM to me and I will reply with further detail of the group intentions and next step. To be clear this is not a legal action and no money or financial commitment is required from you, but you must be a genuine lender in at least one of the 6 loans mentioned.
Regards, Wuzimu
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shimself
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Post by shimself on Feb 28, 2019 19:16:00 GMT
Email now received. I'm ok with this proposal at first sight
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keith
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Post by keith on Feb 28, 2019 20:16:57 GMT
First reaction here too is positive. Need to sleep on it though.
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Post by geoffrey on Mar 1, 2019 11:20:10 GMT
The proposal seems fair to me, though I haven't drilled down into the details.
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sl75
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Post by sl75 on Mar 1, 2019 14:18:10 GMT
So are wuzimu and his group going to claim credit for the proposal received, or was this the result of the allegedly "biased process"? |
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Post by geoffrey on Mar 1, 2019 17:36:50 GMT
I don't think we need to wrangle over precisely why Assetz have made the offer they have. I'm sure they realized perfectly well the risks of reputational loss, lender discontent, possible legal wrangling, and took the right decision. Hindsight is always 20/20.
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jlend
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Post by jlend on Mar 11, 2019 18:00:01 GMT
I have asked what happens to the offer if a lender decides to continue with the complaint to the FOS and the FOS rule a higher level of compensation is appropriate in a Final Decision. For example a higher interest rate for all or part of the period.
In this case will AC make the offer to all lenders or do we all need to complain indivudually to the FOS to try and get the same offer.
AC have said they cannot provide any more infornation until the 31st March.
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pikestaff
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Post by pikestaff on Mar 11, 2019 18:42:13 GMT
I have asked what happens to the offer if a lender decides to continue with the complaint to the FOS and the FOS rule a higher level of compensation is appropriate in a Final Decision. For example a higher interest rate for all or part of the period. In this case will AC make the offer to all lenders or do we all need to complain indivudually to the FOS to try and get the same offer. AC have said they cannot provide any more infornation until the 31st March. Compensation should make you whole, no more. The rate offered, and the reason given for that rate, seem to be the FCA standard and are perfectly fair. I would be astonished if the FOS were to rule for a higher rate.
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jlend
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Post by jlend on Mar 11, 2019 19:50:52 GMT
I have asked what happens to the offer if a lender decides to continue with the complaint to the FOS and the FOS rule a higher level of compensation is appropriate in a Final Decision. For example a higher interest rate for all or part of the period. In this case will AC make the offer to all lenders or do we all need to complain indivudually to the FOS to try and get the same offer. AC have said they cannot provide any more infornation until the 31st March. Compensation should make you whole, no more. The rate offered, and the reason given for that rate, seem to be the FCA standard and are perfectly fair. I would be astonished if the FOS were to rule for a higher rate. It is a fair comment. I can only add that in a case outside of p2p I have had a higher rate in a ruling from the FOS, regarding a mini bond, published on the FOS website in a Final Decision. I am not saying that the FOS would offer more in this case. I can only say in my personal experience the rate is lower than I have had in the past. It may or may not be fair in this case as you say. Have you got some examples?
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pikestaff
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Post by pikestaff on Mar 12, 2019 7:32:58 GMT
...Have you got some examples? An example, yes. But not one that I can disclose.
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wuzimu
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Post by wuzimu on Mar 12, 2019 12:57:14 GMT
Different routes of dispute resolution adopt slightly different approaches to compensation for deprivation of capital.
- Small money claims at court allow 8% simple interest on awarded claims.
- FSCS allow CPI less 0.5% on awarded claims (ie S.F.A.).
- FOS and larger claims at law attempt to put the claimant back in the position they would have been 'but for...the naughty deeds of the defendant'. So in Court the interest rate is argued out w/ref to the level of return the claimant was expecting vs the risk they thought they were accepting etc. FOS also attempt to do this in a quasi legal way but the sophistication of the Ombudsmans decision varies.
This process inevitably produces a different 'interest' rate for each claimant and claim.
AC have offered <confidential information redacted> that being equivalent to approximately the return from a high interest term savings account. Of course that was not the investment I** wind lenders made. They accepted more risk in return for a promise of higher return.
A legally consistent offer would be an offer of the net return from this type of wind loan if AC had extended the loans to the borrower entirely within the loan conditions. Of course that cannot be known, so fairly the gross return advertised by AC for the loans should be discounted by a loss rate that could be demonstrated over a wide portfolio of these sorts of loans. That might also be difficult to objectively quantify. So that I think is why <confidential information redacted> has been offered for simplicity and AC affordability, and I will accept that as fair, as long as I get the offered money back soon.*
* If AC let the matter drag so complaints arrive at FOS or the Courts, they will find the process I mention in play.
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Post by hammertime on Mar 26, 2019 16:10:58 GMT
Any news yet.
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Esmeralda
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Post by Esmeralda on Mar 26, 2019 16:54:01 GMT
An update is due by 31st March ...
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angrysaveruk
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Post by angrysaveruk on Mar 29, 2019 10:49:23 GMT
I will be happy to get any money back on these loans since I viewed P2P as gambling/investing not saving and expected losses. P2P was very profitable for me and these were my only significant loss(about £500) , if I can get most of my principal back I would be over the moon  |
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Post by hammertime on Mar 29, 2019 13:10:00 GMT
It might be better than you think.
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