criston
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Post by criston on Feb 29, 2020 14:40:28 GMT
I note FSAG are discussing that the administrators have indicated the imminent release of cash including ISA transfers.
In preparation of ISA transfers, when filling in the ISA receivers transfer form, is the FS address at Stokenchurch still the one to use?
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rocky1
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Post by rocky1 on Feb 29, 2020 16:37:30 GMT
what is the reason for not being able to withdraw from main account?are they keeping OUR money as a back up for their fees?the losses are going to be bad enough but they should release our money as it trickles back. I guess there a good little bit of interest being earnt here for them.
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Godanubis
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Post by Godanubis on Feb 29, 2020 17:13:45 GMT
what is the reason for not being able to withdraw from main account?are they keeping OUR money as a back up for their fees?the losses are going to be bad enough but they should release our money as it trickles back. I guess there a good little bit of interest being earnt here for them. I think it is both ISA and main accounts. That’s how I read it.
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criston
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Post by criston on Mar 1, 2020 10:47:45 GMT
As I do not have much in an ISA with them, I am thinking maybe just do a quick withdrawal if it becomes available.
I am thinking is it worth waiting a few weeks for the transfer process, or grab it with both hands while it is there for the taking.
Anyway, I must find out the correct address should I decide to do a transfer.
Not sure why the administrators are suggesting the possibility of withdrawals, as originally there was supposed to be a legal process with regard to our status as lenders.
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arby
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Post by arby on Mar 1, 2020 13:09:16 GMT
As I do not have much in an ISA with them, I am thinking maybe just do a quick withdrawal if it becomes available. I am thinking is it worth waiting a few weeks for the transfer process, or grab it with both hands while it is there for the taking. Anyway, I must find out the correct address should I decide to do a transfer. Not sure why the administrators are suggesting the possibility of withdrawals, as originally there was supposed to be a legal process with regard to our status as lenders. Similar to you, I think I'm just gonna take the money when available. However, for those who want the option I'm glad they seem open to allowing a transfer.
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Godanubis
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Post by Godanubis on Mar 1, 2020 13:23:28 GMT
As I do not have much in an ISA with them, I am thinking maybe just do a quick withdrawal if it becomes available. I am thinking is it worth waiting a few weeks for the transfer process, or grab it with both hands while it is there for the taking. Anyway, I must find out the correct address should I decide to do a transfer. Not sure why the administrators are suggesting the possibility of withdrawals, as originally there was supposed to be a legal process with regard to our status as lenders. Similar to you, I think I'm just gonna take the money when available. However, for those who want the option I'm glad they seem open to allowing a transfer. It will depend on where you want it to go ? Just to cash ISA or S&S if you want to take advantage of volatility. As all my FS investment is in FISA and I don’t like the thought of losing tax benefits. I may take (when possible) next years £20K and pay it in myself. (Budget changes permitting) I am aware there is the instinct to grab it all as quickly as possible and that is understandable it will be a difficult decision for many as they could have many years of accumulated allowances invested.
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ozboy
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Post by ozboy on Mar 1, 2020 14:08:38 GMT
Similar to you, I think I'm just gonna take the money when available. However, for those who want the option I'm glad they seem open to allowing a transfer. It will depend on where you want it to go ? Just to cash ISA or S&S if you want to take advantage of volatility. As all my FS investment is in FISA and I don’t like the thought of losing tax benefits. I may take (when possible) next years £20K and pay it in myself. (Budget changes permitting) I am aware there is the instinct to grab it all as quickly as possible and that is understandable it will be a difficult decision for many as they could have many years of accumulated allowances invested. OUCH! You got caught there Big Time? Your FS Capital Losses cannot be claimed?
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taffy
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Post by taffy on Mar 2, 2020 12:05:39 GMT
It will depend on where you want it to go ? Just to cash ISA or S&S if you want to take advantage of volatility. As all my FS investment is in FISA and I don’t like the thought of losing tax benefits. I may take (when possible) next years £20K and pay it in myself. (Budget changes permitting) I am aware there is the instinct to grab it all as quickly as possible and that is understandable it will be a difficult decision for many as they could have many years of accumulated allowances invested. OUCH! You got caught there Big Time? Your FS Capital Losses cannot be claimed? Stocks & Shares ISA`s and Innovative Finance ISA`s were promoted as viable alternatives to the very low Cash ISA`s. All this reinforced by the fact that all ISA`s are approved by HMRC and further promoted by the infamous “Authorised and Regulated by the Financial Conduct Authority”! Stocks and Shares ISA`s– Carillion collapsed owing millions despite major Government Contracts in place and a clean bill of health from Auditors KPMG. Innovative Finance ISA`s – Lendy & Funding Secure in administration with significant defaults and costs anticipated. None of the losses can be deducted against other income, so total losses. So much for the benefits of ISA`s!
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IFISAcava
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Post by IFISAcava on Mar 2, 2020 12:10:38 GMT
OUCH! You got caught there Big Time? Your FS Capital Losses cannot be claimed? Stocks & Shares ISA`s and Innovative Finance ISA`s were promoted as viable alternatives to the very low Cash ISA`s. All this reinforced by the fact that all ISA`s are approved by HMRC and further promoted by the infamous “Authorised and Regulated by the Financial Conduct Authority”! Stocks and Shares ISA`s– Carillion collapsed owing millions despite major Government Contracts in place and a clean bill of health from Auditors KPMG. Innovative Finance ISA`s – Lendy & Funding Secure in administration with significant defaults and costs anticipated. None of the losses can be deducted against other income, so total losses. So much for the benefits of ISA`s! If over all of your IFISAs combined you have made an overall profit (i.e. interest > capital losses), then you were better off tax-wise inside an IFISA than outside, regardless of the inability to offset capital losses.
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taffy
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Post by taffy on Mar 2, 2020 17:18:33 GMT
No offence, but that is rather stating the obvious!
No "regulated" investments should be cover ups for blatant fraud and incompetence involving inflated valuations, items taken as security that the borrower does not have title to and in the case of Carillion, insider trading.
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Post by df on Mar 2, 2020 17:59:16 GMT
what is the reason for not being able to withdraw from main account?are they keeping OUR money as a back up for their fees?the losses are going to be bad enough but they should release our money as it trickles back. I guess there a good little bit of interest being earnt here for them. It crossed my mind few times. Somehow Lendy's administrators were able to release some sale proceeds to investors (I think we had about 3 distributions so far), but there is no sign of any hand outs from FS. I doubt "interest being earned" is an answer, don't think they can legally do that  I don't know the answer, but hope we'll be able to withdraw some cash soon.
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Godanubis
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Post by Godanubis on Mar 2, 2020 20:42:59 GMT
It will depend on where you want it to go ? Just to cash ISA or S&S if you want to take advantage of volatility. As all my FS investment is in FISA and I don’t like the thought of losing tax benefits. I may take (when possible) next years £20K and pay it in myself. (Budget changes permitting) I am aware there is the instinct to grab it all as quickly as possible and that is understandable it will be a difficult decision for many as they could have many years of accumulated allowances invested. OUCH! You got caught there Big Time? Your FS Capital Losses cannot be claimed? Not bad as I used FS to transfer 100K to tax free where £40K would need to be paid in tax.
Losses can only be ofset in other P2P non isa profits and they are not many of them LOL
At the moment the ability to have funds in the FISA is a huge bonus as capital that would have attracted Tax in say my SIPP was put into tax free ISA
Currently I wold need 90% of loans to return no intrest and a 80% capital loss before P2P would have been a bad investment.
20K down in S&S last might have been a bummer if it had not made that in the last 3 months and I withdrew 32K and it has started to return to normal up 6K today so far probably more when New York closes.
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Post by stankroenke1 on Mar 3, 2020 17:04:02 GMT
Investors will recall in the Administrators’ Proposals (as sent to all known creditors and investors of the Company on 12 November 2019) that issues had been identified in relation to the lack of clarity regarding the operation of the Company’s Lending Platform. The Administrators’ Proposals (which were approved by the Creditors, without modification, at the Creditors’ Meeting on 28 November 2019) stated that the Administrators were to instruct Leading Counsel to provide an Advice which would include recommendations for the distribution of all realised assets for the benefit of investors and creditors.
Initial forensic investigations into the operation of Fundingsecure Ltd’s client account (“Client Account”) were undertaken by a third party firm of accountants in order to try and establish whether or not a valid trust in favour of the Investors (“Trust”) could properly be established. These initial investigations were inconclusive. It became apparent that it would be necessary to undertake a full forensic report (which may also have been inconclusive) which would be very expensive and would take a number of months before the Administrators would have all of the necessary information to be in a position to instruct Leading Counsel.
The Administrators therefore sought legal advice and had discussions with various relevant and interested parties (including the FCA) regarding the treatment of the Client Account as a Trust. As a result, after receiving waivers from potentially disadvantaged parties, the Administrators have been advised to treat the Trust as being valid and binding and to facilitate distributions to the Investors accordingly, subject to approval from the Creditors’ Committee. This position has been reached whilst acknowledging the legal and accountancy issues of tracing funds through the Fundingsecure Limited accounts to establish a valid and binding trust in respect of each and every Investor and following the execution of a binding waiver from those secured creditors who may have benefited from realisations by the Company in the event that no trust was capable of being established. After consultation with the Administrators, the Creditors Committee unanimously resolved that the Administrators may treat the Trust as valid and binding and to make funds available accordingly.
The Administrators have therefore been working with Fundingsecure Limited’s bank in order to re-open the e-wallets and to allow withdrawals.
We hope to make a further announcement in the next 24 hours regarding the ability to make withdrawal requests.
For and on behalf of FundingSecure Limited.
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criston
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Post by criston on Mar 3, 2020 17:44:08 GMT
The administrators have confirmed by email to me that;
In preparation of ISA transfers, when filling in the ISA receivers transfer form, the FS address at Stokenchurch, is still the one to use.
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Post by df on Mar 3, 2020 18:00:56 GMT
what is the reason for not being able to withdraw from main account?are they keeping OUR money as a back up for their fees?the losses are going to be bad enough but they should release our money as it trickles back. I guess there a good little bit of interest being earnt here for them. It crossed my mind few times. Somehow Lendy's administrators were able to release some sale proceeds to investors (I think we had about 3 distributions so far), but there is no sign of any hand outs from FS. I doubt "interest being earned" is an answer, don't think they can legally do that I don't know the answer, but hope we'll be able to withdraw some cash soon. I looks like my hope is likely to materialise (e-mail received at 16.54 today) 
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I don't know the answer, but hope we'll be able to withdraw some cash soon.