hazellend
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Post by hazellend on May 19, 2019 10:12:37 GMT
The FCA is completely, utterly and totally 100% responsible for the mess, which they actually created, by their ineptitude & in/actions .If The FCA didn't consist mostly of ineffective & incompetent commercial sector rejects a proper business like and correct solution and course of actions would have been undertaken. The FCA will be held accountable, it may take time, but it will happen In the meantime, unless I have missed an update somewhere, it's becoming increasing clear, in my head at least, that in the event of any return we're looking at pennies in the pound. All very convenient that lenders/investors were deemed to be creditors and moved out of 'protected' investor status. Hence there was and is little incentive for BDO to tidy the mess up in a timely manner when there is a honeypot sitting in front of them.
There may be recourse against the FCA but you can bet your bottom dollar that they will wiggle like a caught fish. Undoubtedly there will be a committee set up, then another. This thing will drag on for years IMO unfortunately.
Not really sure what they were thinking when they established the FCA. Wasn't it the same staff, same address as the old discredited FSA!!!
Doesn’t look clear to me at all. Chattels may be heavily marked down and later tranches of DFls but property recovered so far has gotten capital plus interest. Don’t be so pessimistic. Chattels were always going to be junk as evidenced by the fact not one borrower wanted them back
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squid
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Post by squid on May 19, 2019 10:22:16 GMT
I'm not sure that this is evidence of anything - perhaps the chattels borrowers did not have available funds to buy back the items.
ozboy - I am in complete agreement with you regarding the FCA, and in my opinion whatever can be done must be done in order to ensure that lenders get a fair outcome.
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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 May 19, 2019 11:47:22 GMT
I think most of us Collateral investors have a Brexit leavers point of view “Just get on with it “
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duck
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Post by duck on May 19, 2019 11:53:36 GMT
...
There may be recourse against the FCA but you can bet your bottom dollar that they will wiggle like a caught fish. Undoubtedly there will be a committee set up, then another. This thing will drag on for years IMO unfortunately.
....
They are wiggling already. 'Unfortunately' for the FCA the Complaints Commissioner is already involved and scrutiny (inc on timescales) is being imposed. Sorry, can't say more at present.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on May 19, 2019 13:08:15 GMT
In the meantime, unless I have missed an update somewhere, it's becoming increasing clear, in my head at least, that in the event of any return we're looking at pennies in the pound. All very convenient that lenders/investors were deemed to be creditors and moved out of 'protected' investor status. Hence there was and is little incentive for BDO to tidy the mess up in a timely manner when there is a honeypot sitting in front of them.
There may be recourse against the FCA but you can bet your bottom dollar that they will wiggle like a caught fish. Undoubtedly there will be a committee set up, then another. This thing will drag on for years IMO unfortunately.
Not really sure what they were thinking when they established the FCA. Wasn't it the same staff, same address as the old discredited FSA!!!
Doesn’t look clear to me at all. Chattels may be heavily marked down and later tranches of DFls but property recovered so far has gotten capital plus interest. Don’t be so pessimistic. Chattels were always going to be junk as evidenced by the fact not one borrower wanted them backHave a bit of respect and a bit of sympathy for all those heavily invested in the chattels like myself. Calling them a load of junk is a little out of order. You are not qualified to say this. It does not inspire those invested to hopefully get some of there money back. I take it you are just involved in the property and if you are i am sure you will sleep easy.
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hazellend
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Post by hazellend on May 19, 2019 14:16:19 GMT
Doesn’t look clear to me at all. Chattels may be heavily marked down and later tranches of DFls but property recovered so far has gotten capital plus interest. Don’t be so pessimistic. Chattels were always going to be junk as evidenced by the fact not one borrower wanted them backHave a bit of respect and a bit of sympathy for all those heavily invested in the chattels like myself. Calling them a load of junk is a little out of order. You are not qualified to say this. It does not inspire those invested to hopefully get some of there money back. I take it you are just involved in the property and if you are i am sure you will sleep easy. Apologies, I didn’t really follow the chattels and thought they were mostly very small loans. Junk was not the right word. If it makes you feel any better, I will probably suffer heavier losses than most on collateral
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adrianc
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Post by adrianc on May 19, 2019 23:17:11 GMT
Doesn’t look clear to me at all. Chattels may be heavily marked down and later tranches of DFls but property recovered so far has gotten capital plus interest. Don’t be so pessimistic. Chattels were always going to be junk as evidenced by the fact not one borrower wanted them backHave a bit of respect and a bit of sympathy for all those heavily invested in the chattels like myself. Calling them a load of junk is a little out of order. You are not qualified to say this. It does not inspire those invested to hopefully get some of there money back. I take it you are just involved in the property and if you are i am sure you will sleep easy. That doesn't mean they weren't a load of overvalued tat, though...
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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 May 19, 2019 23:34:00 GMT
Have a bit of respect and a bit of sympathy for all those heavily invested in the chattels like myself. Calling them a load of junk is a little out of order. You are not qualified to say this. It does not inspire those invested to hopefully get some of there money back. I take it you are just involved in the property and if you are i am sure you will sleep easy. That doesn't mean they weren't a load of overvalued tat, though... Chattels...is that not a Pop group ? link
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on May 20, 2019 9:20:16 GMT
Apologies, I didn’t really follow the chattels and thought they were mostly very small loans. Junk was not the right word. If it makes you feel any better, I will probably suffer heavier losses than most on collateral Thankyou for the apology. Its does not make me feel any better at all that decent hard working people could be losing a bulk of their savings to this disgusting mess and all who has been involved in it. I hope you and everyone else ends up with a decent outcome whenever that will be. If it does turn sour than this will not be the end. Someone legally will be accountable and i am not lieing down till i get my money Take it easy
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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 May 20, 2019 21:58:18 GMT
Apologies, I didn’t really follow the chattels and thought they were mostly very small loans. Junk was not the right word. If it makes you feel any better, I will probably suffer heavier losses than most on collateral Thankyou for the apology. Its does not make me feel any better at all that decent hard working people could be losing a bulk of their savings to this disgusting mess and all who has been involved in it. I hope you and everyone else ends up with a decent outcome whenever that will be. If it does turn sour than this will not be the end. Someone legally will be accountable and i am not lieing down till i get my money Take it easy Fighting Talk... Let's hope there are no actual fisticuffs required.
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cwah
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Post by cwah on May 24, 2019 20:01:31 GMT
Please see Lendy which is also in administration and will soon have the same problem. So if any group action is being taken to recover money I'd be interested to be part of that
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hazellend
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Post by hazellend on May 24, 2019 21:00:59 GMT
Please see Lendy which is also in administration and will soon have the same problem. So if any group action is being taken to recover money I'd be interested to be part of that Lendy isn’t in administration
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Post by Deleted on May 24, 2019 21:02:32 GMT
Lendy isn’t in administration guess again...
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cwah
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Post by cwah on May 24, 2019 21:03:27 GMT
Please see Lendy which is also in administration and will soon have the same problem. So if any group action is being taken to recover money I'd be interested to be part of that Lendy isn’t in administration yes it is. check yourself in their website: lendy.co.uk/platform
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