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Post by dan1 on Nov 13, 2019 13:34:42 GMT
reference this email regarding the proposals. who has that been sent to ? I am a lender on FS and have not received any email regarding. If you've not received the email then I suggest you contact CG Recovery (see cg-recovery.com/fundingsecure)
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Post by mollypoppy on Nov 13, 2019 13:36:16 GMT
I didn't get it either reference this email regarding the proposals. who has that been sent to ? I am a lender on FS and have not received any email regarding. |
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sb
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Post by sb on Nov 13, 2019 15:16:16 GMT
How is it legal to decide what to do with my property (a loan part) by a few creditors and investors (Creditors Committee)?
I understand it is a law for creditors but we investors are FS clients and they are our agent. How can a small group of clients and non-clients make a legally binding decision on a behalf of all clients?
I think the administrator should first to prove that loans are not our assets before taking them over and treating us as creditors.
I have only 2k (including 1k Wh...H...., which is worthless) in FS but the whole thing stinks. They try to push it a creditor route as it is probably easier for them to manage the insolvency.
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aj
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Post by aj on Nov 13, 2019 15:46:58 GMT
1. In section 5.2 of the proposals it states the creditors committee will be made up of creditors and investors. The committee will be elected by creditors and investors, with their amount of credit/investment determining their vote. With unsecured creditors totalling less than £1M (Section 4.8), it seems it will be dominated by investors interests. In light of my view that the loan book is the property of investors this seems fair. (As long as the legal bods still to be consulted are of the same opinion to me.) 2. The administrators are not proposing we are treated as creditors. They are still taking legal advice as to how we should be treated.Until the legal advice has come back and been presented in full to investors, there is no point holding a creditors committee as we cannot be asked to approve their proposals while they are missing such critical information.
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sb
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Post by sb on Nov 13, 2019 16:44:44 GMT
1. In section 5.2 of the proposals it states the creditors committee will be made up of creditors and investors. The committee will be elected by creditors and investors, with their amount of credit/investment determining their vote. With unsecured creditors totalling less than £1M (Section 4.8), it seems it will be dominated by investors interests. In light of my view that the loan book is the property of investors this seems fair. (As long as the legal bods still to be consulted are of the same opinion to me.) 2. The administrators are not proposing we are treated as creditors. They are still taking legal advice as to how we should be treated.Until the legal advice has come back and been presented in full to investors, there is no point holding a creditors committee as we cannot be asked to approve their proposals while they are missing such critical information. Ad. 1 The fact that the committee will be controlled by investors doesn't legitimise a fact that a small group of investors will take control of other investors assets. I want to keep control of my assets. FS/Administrator is only allowed to do with my assets what I agreed in T&Cs. I don't want to grant other person right to make decisions about my assets. Ad. 2 By following the creditor router they treat us as creditors even if we are not them. What they are proposing is to select a small group of investors/creditors that will rubber stamp the Advice given by their lawyers. They should seek an approval from all investors as an investor can only make decision about his own assets. The decision by a committee applies only to true creditors not investors. T&Cs are clear 4.7 Once a Loan request is in the fulfilment stage, FundingSecure will, acting as agent for you and any other Investors who have invested in the Loan, enter into a Loan Agreement
with the Borrower. The Loan Agreement will be signed by us electronically on your behalf. By accepting these Terms and Conditions you irrevocably authorise us to execute Loan Agreements, which you have agreed to invest in, on your behalf in accordance with this clause 4.7. Your personal details will not be revealed on the Loan Agreement. The Loan Agreement will constitute the contractual Terms and Conditions agreed between you and the Borrower.
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mullet
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Post by mullet on Nov 13, 2019 17:59:08 GMT
reference this email regarding the proposals. who has that been sent to ? I am a lender on FS and have not received any email regarding. If you've not received the email then I suggest you contact CG Recovery (see cg-recovery.com/fundingsecure)Are you on hotmail? Mine got filtered to junk
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Post by frankiii on Nov 13, 2019 17:59:55 GMT
Are we reading different section 5.2?
It says:
Basically whoever has the largest investment gets to be on the committee (with a minimum 1 creditor, 1 investor; min 3 peeps, max 5).
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Post by dan1 on Nov 13, 2019 18:00:28 GMT
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kermie
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Post by kermie on Nov 13, 2019 20:14:08 GMT
I received an email from <fundingsecure@cg-recovery.com> on 12th November.
It has an attachment.
The attachment says: logon to www.ips-docs.com, using login code F0017, password ******, but when I select Login at the above web page, I get presented with a dialog that asks for "Login (Enter Company Name or Case Code ) * " and "Unique ID". Am I in the right place? I don't have a "Unique ID"? I only have a well-published login code and password that everyone has.
Have I missed an email that supplies a Unique ID, or what's going on?!!?!
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Post by mollypoppy on Nov 13, 2019 20:30:20 GMT
Done thanks dan1 appreciate your help |
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Post by mollypoppy on Nov 13, 2019 20:33:27 GMT
Same issue here trying to login, computer says no
I received an email from <fundingsecure@cg-recovery.com> on 12th November.
It has an attachment.
The attachment says: logon to www.ips-docs.com, using login code F0017, password ******, but when I select Login at the above web page, I get presented with a dialog that asks for "Login (Enter Company Name or Case Code ) * " and "Unique ID". Am I in the right place? I don't have a "Unique ID"? I only have a well-published login code and password that everyone has.
Have I missed an email that supplies a Unique ID, or what's going on?!!?!
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kermie
Member of DD Central
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Post by kermie on Nov 13, 2019 20:42:34 GMT
I received an email from <fundingsecure@cg-recovery.com> on 12th November.
It has an attachment.
The attachment says: logon to www.ips-docs.com, using login code F0017, password ******, but when I select Login at the above web page, I get presented with a dialog that asks for "Login (Enter Company Name or Case Code ) * " and "Unique ID". Am I in the right place? I don't have a "Unique ID"? I only have a well-published login code and password that everyone has.
Have I missed an email that supplies a Unique ID, or what's going on?!!?!
Right - sorted - instructions are totally  .
For "Login (Enter Company Name of Case Code") start typing "FundingSecure" and select the thing that pops up. For "Unique ID" enter the password supplied. At no point does F0017 need to be entered.
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thedog
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Post by thedog on Nov 13, 2019 20:45:38 GMT
It's the second item in the letter, what is described as the "password".
Edit:
Sorry - crossed with your post. You can use the Code where you've used Company name, that works as well.
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agent69
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Post by agent69 on Nov 13, 2019 20:47:53 GMT
I received an email from <fundingsecure@cg-recovery.com> on 12th November.
It has an attachment.
The attachment says: logon to www.ips-docs.com, using login code F0017, password ******, but when I select Login at the above web page, I get presented with a dialog that asks for "Login (Enter Company Name or Case Code ) * " and "Unique ID". Am I in the right place? I don't have a "Unique ID"? I only have a well-published login code and password that everyone has.
Have I missed an email that supplies a Unique ID, or what's going on?!!?!
Right - sorted - instructions are totally .
For "Login (Enter Company Name of Case Code") start typing "FundingSecure" and select the thing that pops up. For "Unique ID" enter the password supplied. At no point does F0017 need to be entered.
F0017 is the case code
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 13, 2019 23:18:23 GMT
Are we reading different section 5.2? It says: Basically whoever has the largest investment gets to be on the committee (with a minimum 1 creditor, 1 investor; min 3 peeps, max 5). Not exactly. It's like any election, whoever can secure the largest number of votes wins. In this case votes equals £s owed which can be an investor/creditors own debt or other people's allocated to them by proxy. So if FSAG can concentrate members votes by proxy behind its candidates it can secure potentially 4 seats on the committee
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