mah
Member of DD Central
Posts: 325
Likes: 363
|
Post by mah on Nov 18, 2020 16:46:45 GMT
It mentions 2 Litigations were Sold to 3rd Party. Did they (3rd parties) made an upfront payment to buy the Loans/Debts and if so, had those been distributed to Investors ? Or are they payable as and when realisations happen ?
Also, it says Company is not VAT Registered, so VAT is irrecoverable. Silly question, but does it mean CG is not VAT Registered and so they can't reclaim the VAT Receivables ? So, how are they charging the VAT on 2.5% Fee then ?
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Nov 18, 2020 20:28:33 GMT
It mentions 2 Litigations were Sold to 3rd Party. Did they (3rd parties) made an upfront payment to buy the Loans/Debts and if so, had those been distributed to Investors ? Or are they payable as and when realisations happen ?
Also, it says Company is not VAT Registered, so VAT is irrecoverable. Silly question, but does it mean CG is not VAT Registered and so they can't reclaim the VAT Receivables ? So, how are they charging the VAT on 2.5% Fee then ?
I had replied to the upfront fee query, then realised the specifics might be covered by NDA , so I had to remove my response from here - very sorry about that. If I remember, I will ask for permission at the nect CC to relay the info. As for VAT, I am not aware of what is happening there.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jan 20, 2021 10:16:32 GMT
thanks for all your efforts - clealy a hugely significant decision so fingers crossed
|
|
|
Post by Ace on May 16, 2021 14:37:24 GMT
That was a long read, but it seems that justice has been done. 5% fees to be paid to the company after lender's capital and interest.
|
|
foolsgold
Member of DD Central
Posts: 159
Likes: 194
|
Post by foolsgold on May 17, 2021 9:08:54 GMT
I opted in last week but out of curiosity how many members of FSAG do we have and how many have opted in?
Personally I have friends that are not a member of FSAG but have emailed their name in to be included.
The more people that opt in the better chance we have
This is not like a general election where you think my vote doesnt count but in ths case IT DOES so I would encourage everyone to sign up
|
|
|
Post by Gisele on Jul 12, 2021 10:09:39 GMT
I hope I am not asking a question that has been answered elsewhere, but, following the favourable judgement on the 5% fees issue, will the administrators recover (and handover to investors) the 5% fees they incorrectly deducted from investor settlements prior to the challenge mounted by our fantastic Investor/Creditor Committee (truly, these guys should get medals for their stamina and commitment to pursuing justice for investors/creditors).
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Aug 29, 2021 8:42:38 GMT
Assistance Required Regarding FCA Statement
The FCA is hitting back, by stating that “ We [the FCA] have been very clear that P2P loans are a higher risk form of investment, rather than, say, a savings product.” Can any lender please post, or IM me when the FIRST TIME they came across any such warning, absolutely anywhere (preferably and specifically from the FCA) that stated along the lines, “ P2P loans are a higher risk of investment, rather than a savings product”. We absolutely need this info/date as this is one of the erroneous assertions that the FCA is making against the lenders to defend their [the FCA] position. I am certainly aware that I never saw such a warning in the early years of P2P, I need to know when the first time it was brought to the attention of retail clients. Many thx to everyone for racking your brains over this. FSAG Is anyone allowed to post here despite the thread title? If not please delete this.I believe that the FCA forced Savings Stream to change their name to Lendy because they objected to the word 'Savings'.
Mod Comment - I've adapted this post to include the quote and moved it along with others to this thread. Ton ⓉⓞⓃ 29.8.21
|
|
11025
Member of DD Central
Posts: 718
Likes: 829
|
Post by 11025 on Aug 30, 2021 8:34:31 GMT
Assistance Required Regarding FCA Statement
The FCA is hitting back, by stating that “ We [the FCA] have been very clear that P2P loans are a higher risk form of investment, rather than, say, a savings product.” Can any lender please post, or IM me when the FIRST TIME they came across any such warning, absolutely anywhere (preferably and specifically from the FCA) that stated along the lines, “ P2P loans are a higher risk of investment, rather than a savings product”. We absolutely need this info/date as this is one of the erroneous assertions that the FCA is making against the lenders to defend their [the FCA] position. I am certainly aware that I never saw such a warning in the early years of P2P, I need to know when the first time it was brought to the attention of retail clients. Many thx to everyone for racking your brains over this. FSAG Is anyone allowed to post here despite the thread title? If not please delete this.I believe that the FCA forced Savings Stream to change their name to Lendy because they objected to the word 'Savings'.
Mod Comment - I've adapted this post to include the quote and moved it along with others to this thread. Ton ⓉⓞⓃ 29.8.21
If so it is incredible that the FCA took Lendy to task over the Saving Stream name but didn't even notice or take any action on the re written terms and conditions etc. The Risk the FCA refer to is not why we are here now , we are here now because of unmitigated risk , ie underhand behaviour , potentially lies , fraud etc . IMHO These are risks that no one investing or lending money with Lendy or other platforms would have imagined at the time , unless the system is broken or not fit for purpose .....
|
|
Mousey
Member of DD Central
Posts: 1,569
Likes: 6,558
|
Post by Mousey on Aug 30, 2021 8:39:43 GMT
Is anyone allowed to post here despite the thread title? If not please delete this.I believe that the FCA forced Savings Stream to change their name to Lendy because they objected to the word 'Savings'.
Mod Comment - I've adapted this post to include the quote and moved it along with others to this thread. Ton ⓉⓞⓃ 29.8.21
If so it is incredible that the FCA took Lendy to task over the Saving Stream name but didn't even notice or take any action on the re written terms and conditions etc. The Risk the FCA refer to is not why we are here now , we are here now because of unmitigated risk , ie underhand behaviour , potentially lies , fraud etc . IMHO These are risks that no one investing or lending money with Lendy or other platforms would have imagined at the time. The FCA did notice the written terms... but in one case relied on Lendy's assurance that it would be corrected, an assurance that wasn't followed up on.
|
|
11025
Member of DD Central
Posts: 718
Likes: 829
|
Post by 11025 on Aug 30, 2021 9:26:24 GMT
Well if Lisa had to take the situation to court to deal with the matter then what were the FCA doing ?
or is this what the FCA class as risk ?
|
|
Mousey
Member of DD Central
Posts: 1,569
Likes: 6,558
|
Post by Mousey on Aug 30, 2021 9:31:44 GMT
Well if Lisa had to take the situation to court to deal with the matter then what were the FCA doing ? or is this what the FCA class as risk ? Well the FCA were certainly aware there were serious issues at FS for at least a year prior to administration:
In Autumn 2018,[Raj] became aware that the Company was subject to an investigation by the FCA that arose when it came to light that the Company had been rolling over loans using funding from the Company’s client account.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,076
|
Post by ilmoro on Aug 30, 2021 11:13:49 GMT
Well if Lisa had to take the situation to court to deal with the matter then what were the FCA doing ? or is this what the FCA class as risk ? The FCA told the administrators they needed to make the directions application and later added important issues to those to be determined.
|
|