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Post by overthehill on Apr 4, 2020 8:20:28 GMT
Correct me if I'm wrong but I'm assuming all loans are technically in default / recovery. What happens for full recoveries where a borrower decides to stand up and pay the full debt and interest. I personally have 7 out of 42 outstanding loans where I'm hoping for full recovery and interest but these are being driven by a receiver, not the borrower.
There was around 80 million of outstanding debt at the start, if 70% of capital is recovered then 5% cut equates to 2.8 million pounds (that's assuming the FS cut doesn't apply to interest returned).
You don't need 2.8 million to retain a member of staff and maintain a daft website. So is the balance of this money going to be handed over to the former directors/owners in brown paper bags ?
Perhaps the action group could clarify ?
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adrian77
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Post by adrian77 on Apr 4, 2020 8:46:19 GMT
And that is exactly the question we all want an answer to!
I note one of the directors was an accountant - wonder if he ever had links with administrators and (if nothing else) knows the score and how the system can be abused...
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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 Apr 4, 2020 9:05:53 GMT
When it all ends we will be entitled to our share as creditors.  |
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Post by waryinvestor on May 27, 2020 16:29:24 GMT
And that is exactly the question we all want an answer to! I note one of the directors was an accountant - wonder if he ever had links with administrators and (if nothing else) knows the score and how the system can be abused... I think they charge the 5% on the entire Loan Amount, NOT on the Amount Recovered (that's what the last CG&Co update states. So that's around 4M then.
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adrian77
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Post by adrian77 on May 27, 2020 16:55:31 GMT
I think you are right - damn ! £4m would cover the administrators fee and the secured creditors - wonder if that is a coincidence - as I have said before I don't want these creditors getting a damn penny - as myself and others have noted the relationship between FS, these creditors and certain recipients and directors of FS loans is nothing but interesting and I , as I am sure we all would, would like further details of just what has been going on here - I mean how the hell can so few people . lose so much money in so many projects in such a short time (and yes most of this was pre-covid19) .
If our loan book returns only 50% which is highly possible and these directors end-up getting £2.6m or whateve I will blow a gasket!
And just what were the FCA doing - not a lot!
Stay healthy all
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 27, 2020 17:25:41 GMT
" and these directors end-up getting £2.6m or whatever" ........ oh, I'm sure someone will be popping round for a cup of tea and enquiring whether they'd consider donating it back?
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adrian77
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Post by adrian77 on May 27, 2020 20:48:41 GMT
damn right - unlike me some of we investors are very wealthy and have been taken for a lot of money - I think they are several avenues they could go down - not least investing whether FS have complied with current accounting legislation - not saying they haven't but I don't think my accountant would advise setting my business up as they did. Also I would hope they could go for gross deception and mismanagement of funds but we will have to leave that to our legal "friends".
Robert Maxell was a bit (a bit!) of a wide boy and he died alone in very strange circumstances - what I am saying that if you cheat people in life karma will more than likley get you back (and for the art muppet hopefully karma comes in the form of the FBI).
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Post by waryinvestor on Jun 3, 2020 17:02:42 GMT
damn right - unlike me some of we investors are very wealthy and have been taken for a lot of money - I think they are several avenues they could go down - not least investing whether FS have complied with current accounting legislation - not saying they haven't but I don't think my accountant would advise setting my business up as they did. Also I would hope they could go for gross deception and mismanagement of funds but we will have to leave that to our legal "friends". Robert Maxell was a bit (a bit!) of a wide boy and he died alone in very strange circumstances - what I am saying that if you cheat people in life karma will more than likley get you back (and for the art muppet hopefully karma comes in the form of the FBI). Well that's why there is the process of Administration - to protect the crooks from any Legal Action - isn't it ?
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