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Post by overthehill on Mar 13, 2020 14:43:53 GMT
These two properties are definitely linked and have been passed to a third party litigation company for recovery, if there are more please update.
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easynow
Member of DD Central
Popcorn anyone?
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Post by easynow on Mar 13, 2020 15:04:38 GMT
P***field M*ll
P*dd*ck way Doncaster (COL)
DFL024 (Lendy)
Self storage Merseyside (MT)
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Post by overthehill on Mar 13, 2020 16:40:54 GMT
So these four loans are linked (same borrower) to the two FS loans Land in Lytham St Annes and Property in Great Harwood. Yes?
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rocky1
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Post by rocky1 on Nov 26, 2020 18:49:52 GMT
any updates from 3rd party litigation on these loans would be welcome. 17% LTV surely the land is worth something.
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Mousey
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Post by Mousey on Nov 26, 2020 19:02:28 GMT
It looks like a very complicated case: Some 8 defendants and the 1st defendant has filed cross claims against 8 additional so-called "Part 20 defendants".
The case has only recently been transferred from London to Manchester FYI
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rocky1
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Post by rocky1 on Nov 27, 2020 4:37:40 GMT
thank you mousey.and of course as part of the arrangement FS are completely off the hook for all their part in these scams.will they still take 5%of our 70% of whatever is not swallowed up in legals and other fees and disbursement. why should we have to pay anything out of the 70% after paying third party litigation 30% already. when this is all over I really hope these directors are brought to book the scale of evidence that is unfolding with almost every loan now is proving that lenders were taken for a ride on a massive scale.
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adrian77
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Post by adrian77 on Nov 27, 2020 9:41:47 GMT
thanks for the info - as I see it FS have been had here by a developer who may not possibly play with a straight bat and is tied-up with a high-powered lawyer
I just don't see how FS got into this mess (unless they wanted to?) - all they had to do was perfect a charge on an asset! If the borrower wanted a complicated contract then he should have been told to get knotted - simple!
Will look again at this one but late for work - however I wonder just where all the money for this one has gone - possibly to pay for this legal action which I guess will cost a fortune. If I am correct this is over supplementary charges and I have a horrible feeling we are going to have a 100% loss here yet again!
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aj
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Post by aj on Oct 29, 2021 13:03:46 GMT
Lytham Land:
17 mins ago
Judgment has been obtained against a number of defendants and enforcement action is being pursued. The litigation against the remaining defendant is continuing.
An update lacking any real detail, but it sounds positive?
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adrian77
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Post by adrian77 on Oct 29, 2021 13:25:25 GMT
yes as far as it goes but I reckon this lender has catered for this and the money is still along way off...
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rogerthat
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Post by rogerthat on Feb 24, 2022 14:24:40 GMT
Land in Lytham St Annes - 1st facility - 2nd tranche - Loan Update
Loan Reference: 3032624398 and various others
An update has just been added to a loan that you have an investment in.
UPDATE:
The litigation for this matter is continuing. Certain aspects of the Judgments are being appealed and an appeal hearing has recently taken place with the outcome due over the coming months
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rocky1
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Post by rocky1 on May 19, 2022 16:35:32 GMT
update main defendant has been made bankrupt trustees appointed with investigations ongoing.i can only shake my head at my own stupidity at being taken in by the blatant lies and deceit towards lenders that these p2p platforms have got away with.
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adrian77
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Post by adrian77 on May 20, 2022 0:52:18 GMT
rocky1 - you are being too hard on yourself - FS were not based in Nigeria and out of UK jurisdiction - what really annoys me how is totally bloody useless the FCA have been at their job - granted it is jobs for the boys but there is IMHO no excuse for their egregious failures - and what happens; the head honcho gets about £550K as head of the Bank of England - his CV : history degree about the economic effects of the Napoleonic wars on the UK textile industry (highly relevant) and being responsible for letting numerous dodgy characters shaft decent people - this should never have happened - first rule of business - people will shaft you if you let them. Maybe such life experience is more relevant than what happened over 200 years ago.
I had flack for stating FS were running dodgy development programmes and Sir Ozboy had flack for stating something was badly financially amiss here
- not getting so much flack are we now!
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09dolphin
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Post by 09dolphin on Jul 16, 2022 21:13:42 GMT
The update on 3rd May 2022 by the administrators of the company to whom the loan was made makes for interesting reading. It's filed at companies house.
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adrian77
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Post by adrian77 on Jul 17, 2022 3:26:04 GMT
it sure does although I think we already knew what was going on here - the bottom line ,as I see it, is that FS have not exactly had the best interests of the lenders at hand and that legally there is a case to answer
I think that after lending £2.95m we are going to get ZERO back i.e. another 100% loss - happy to be proven wrong on that one...
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