Apart from the flag wavers I am like most of the rest of us just want my money back as quickly as possible and then forget this whole sorry tawdry affair. Clearly I want FS sued for gross incompetent if nothing else. If the coughing Major on Millionaire can be prosecuted and found guilty (rightly or wrongly) for "procuring the execution of a valuable security by deception" then these muppets can certainly be - he "only" cheated a game show out of earmarked funds whilst FS have completed shafted a load of decent people including some of us who have lost part of our pensions. Thus I am compiling a list of 100% losses which hopefully can be used in any court case - I presume the administrators will give us a detailed breakdown on the current loan book but this won't include all such losses.
Thus to date I have the following subject to confirmation- please tell me if I have any errors or have missed any - there are plenty more to come.
Sleeper alert - yes I know the total value lost is just if not more important but how the hell can a company of professional property experts lose 100% of OUR money on so many occasions - maybe once or even twice but 9, to date, simply shows egregious incompetence in my book :
list below is loan title, loan reference, nature of charge, loan amount and my comments
1) Wimbledon 2620469502 3° loan £350K – ridiculous valuation (not formally written off but no chance of any recovery)
2) South Wales hotel 1740709902 2° loan £100K – FS completely lost control and looks to me as if they have been had
3) Knaresborough several 2°/3° loans £750K - ridiculous valuation
4) Park Homes 5990622557/ 7129585771
2°/3° loans £66K - ridiculous valuation and about the most stupid investment on this planet
5) Microsculptures 2995118349 1° loan £250K - FS failed to check ownership
6) The Dell 2394916915 7034393458 2° loans £365K - ridiculous valuation and I think dealing with a right "clever clogs"
7) Racing cars 1° loans £179.5K - FS failed to confirm ownership
1196968240 BMW
1075940183 green Kia
1880410604 Porche
1475227388 Panoz
2100534196 red Kia
8) Barnoldswick cottage – 3139320212/1079396222 1°/2° loan £66K FS failed to perfect charge (not sure if this one is formally defaulted?)
9) Burnley Terrace – 1764214549 1° loan £66K - FS failed to perfect charge
10) Neath - 1291079105 2° loan £10K part of Knaresborough farce
update - 19th May 2020 - below is to be confirmed
11) Property in Trust 3177181762
£200K - FS failed to take security - not officially written off but has been going on for over 2 years and I just can't see any payment being made - I mean would you in this position?
12) Somerset Properties 1810728927/2626164876 334+100K = £434K - ridiculous valuation with very poor loan management if nothing else
13) Plot in Carlisle -
5323418941/3187612832 2 x 40K = £80K lent to a borrower with an interesting history and numerous other exposures to FS - worrying
14) Farm Conversion Bradford Upon Avon 8499390305
/6972424638 = £50K project vastly overvalued
end upate 19th May 2020
update 30 jun 2020
15)
Development Plot, Liverpool - Renewal 2355178947
ridiculous valuation 3rd charge £100K
not yet confirmed but it will be!
update 30 jun 2020
16)
Birmingham Road, Oldbury - Supplemental £110,000
stupid valuation on ongoing project also seems to have been advanced against materials without any charge
end update 30 jun 2020
update 16.09.20
17)
Day Nursery in St Helens - Additional loan
Loan Reference: 7027205673 - 100% loss
end update 16.09.20
Stay healthy all