rogerthat
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Post by rogerthat on Oct 14, 2020 10:02:15 GMT
I think it is also very relevant that I (and I suspect many others) would not have invested in F.S., Lendy, etc if they were not Authorised & Regulated by the Financial Conduct Authority. It would have been virtually impossible for an individual investor to carry out Due Diligence on such Companies, so had to rely on the integrity and competence of the FCA and in the case of ISA`s, authorised by HMRC also. Incidentally, now the Bank of England are seriously considering negative interest rates, I can see why Andrew Bailey (ex head of the FCA) was selected as the Governor of the Bank, he is a specialist in overseeing negative rates and capital losses! "I think it is also very relevant that I (and I suspect many others) would not have invested in F.S., Lendy, etc if they were not Authorised & Regulated by the Financial Conduct Authority" Indeed..one of the shorter straws I cast at the FCA in my complaint, was that very point. Accreditation given on 31/03/17..I started lending throwing my money away in June 2017
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rogerthat
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Post by rogerthat on Oct 20, 2020 20:40:47 GMT
Received at 14.38 today.. I realise that its a 'standard' sort of blurb but nonetheless its in the system Dear Mr (error) We have received your complaint against the FCA and this will be allocated to an investigator in the Complaints Team in due course. Recently we have experienced an unexpected increase in the number of complaints reported to us . Unfortunately, this means as a result, our reply to your complaint will take longer than we would normally expect. We are sorry this is the case, but please be assured that we are taking action to resolve the issue as a matter of urgency. We have assessed that your complaint can be investigated under the Complaints Scheme and we will aim update you every 4 weeks. Further information on how we handle complaints can be found on our website here.
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duck
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Post by duck on Oct 21, 2020 3:57:08 GMT
... Recently we have experienced an unexpected increase in the number of complaints reported to us . Unfortunately, this means as a result, our reply to your complaint will take longer than we would normally expect. We are sorry this is the case, but please be assured that we are taking action to resolve the issue as a matter of urgency. ..... Unsurprisingly I have seen this sentence more than once over the past couple of years. As admitted before the TC/'meet the public' day the FCA have a large proportion of their staff 'working from home' (many more now?) and the a lot have been put on CV19 and B..x.t work. The system is still working, I recently submitted another complaint, it was dealt with very efficiently, deferred in line with the current 6 month time scales.
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pfffill
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Post by pfffill on Oct 21, 2020 4:58:37 GMT
... Recently we have experienced an unexpected increase in the number of complaints reported to us . Unfortunately, this means as a result, our reply to your complaint will take longer than we would normally expect. We are sorry this is the case, but please be assured that we are taking action to resolve the issue as a matter of urgency. ..... Unsurprisingly I have seen this sentence more than once over the past couple of years. As admitted before the TC/'meet the public' day the FCA have a large proportion of their staff 'working from home' (many more now?) and the a lot have been put on CV19 and B..x.t work. The system is still working, I recently submitted another complaint, it was dealt with very efficiently, deferred in line with the current 6 month time scales. 6 months? It's approaching the first anniversary of my complaint, still pregnant and without issue.
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duck
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Post by duck on Oct 21, 2020 8:45:49 GMT
6 months? It's approaching the first anniversary of my complaint, still pregnant and without issue. Complaints should be reviewed every 6 months, I have a couple that have been deferred twice, to quote the FCA
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iRobot
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Post by iRobot on Oct 21, 2020 14:58:32 GMT
A confirmed one to add the list:
Property in Trust Reference 3177181762 Loan Amount £200,000.00 LTV 36.00% No legal charge - just letters of understanding
Final update: "Further to the previous update, the borrower has not provided any proposal to repay the debt. As it has been confirmed that there is no possibility to recover funds from the trustees, the loan will therefore shortly be closed with no funds returned to investors from the purported undertakings."
CG&Co certainly seem to be having a right-old clear out today!
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iRobot
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Post by iRobot on Oct 23, 2020 11:27:45 GMT
Another confirmed one to add the list:
Roddymoor Crook, County Durham - Supplemental Loan Reference 5913977742 Loan Amount £114,000.00 LTV 88.64% Supplemental Loan
Final update: "22/10/2020 - As previously advised the property was sold for £550,000. A breakdown of the sale proceeds and associated costs are shown below, returning 50.7% of capital to investors in the 10 tranches of the primary loan. No payment will be made to investors in the supplementary loan"
(Supplemental on a Dev loan - don't do it, kids!)
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adrian77
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Post by adrian77 on Oct 23, 2020 12:08:59 GMT
Above add to 100% loss list - we are already at 28 - 28 loans where we clients have had a 100% loss - this is more than unbelievable!
If the court needs any documentation to prove how totally useless FS were then look no further
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adrian77
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Post by adrian77 on Oct 26, 2020 11:05:57 GMT
Just read the latest email about this farce
so what is this saying - they are going to draw up a list of all no-hopers and do a mass write off in about a month ?
How the hell did this happen - am I annoyed about these paper-shuffler developers taking advantage of decent people - answers on a digital postcard
Sir Ozboy OBE, myself and several others did warn about these clowns but this is even worse than my worst fears..totally disgusted with the FCA.
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jonno
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nil satis nisi optimum
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Post by jonno on Oct 26, 2020 11:33:39 GMT
Just read the latest email about this farce so what is this saying - they are going to draw up a list of all no-hopers and do a mass write off in about a month ? How the hell did this happen - am I annoyed about these paper-shuffler developers taking advantage of decent people - answers on a digital postcard Sir Ozboy OBE, myself and several others did warn about these clowns but this is even worse than my worst fears..totally disgusted with the FCA. I bet certain Egyptian deities were over the moon to receive this latest "recovery" news
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adrian77
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Post by adrian77 on Oct 26, 2020 11:42:14 GMT
you mean the ones that were making massive returns and had large outstanding investments that were going to come good - well they are going to have to be very lucky if they miss all of the 100% losses!
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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 Oct 26, 2020 13:03:08 GMT
you mean the ones that were making massive returns and had large outstanding investments that were going to come good - well they are going to have to be very lucky if they miss all of the 100% losses! Ever seen Gods of Egypt the movie ? Somtimes you loose. Most will have had to make allowances for money invested by now and hopefully not too badly impacted on day to day life.
You win some you lose lots Just as waiting for Nov 3rd SM might come even better.
Back to topic. No recovery likely ? Sell them on to a recovery firm or asset managment firm that are looking for a bargain. NEVER SELL TO ORIGINAL BORROWER.
Currently on repaid loans I'm breaking even overall. Of those left I expect the picture will be a Tad more negative. I expect in a 5 year time frame P2P will have brought down returns on total investment by at least 25%
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jonno
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nil satis nisi optimum
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Post by jonno on Oct 26, 2020 13:39:47 GMT
you mean the ones that were making massive returns and had large outstanding investments that were going to come good - well they are going to have to be very lucky if they miss all of the 100% losses! Ever seen Gods of Egypt the movie ? Somtimes you loose. Most will have had to make allowances for money invested by now and hopefully not too badly impacted on day to day life.
You win some you lose lots Just as waiting for Nov 3rd SM might come even better.
Back to topic. No recovery likely ? Sell them on to a recovery firm or asset managment firm that are looking for a bargain. NEVER SELL TO ORIGINAL BORROWER.
Currently on repaid loans I'm breaking even overall. Of those left I expect the picture will be a Tad more negative. I expect in a 5 year time frame P2P will have brought down returns on total investment by at least 25%
STOP PRESS: BREAKING NEWS!!!!! New entry straight in at no.1 on the list of "Understatements of the Century": "Of those left I expect the picture will be a TAD MORE NEGATIVE" !!!Jeez
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agent69
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Post by agent69 on Oct 26, 2020 14:23:32 GMT
You win some you lose lots To keep things in perspective, Lee Kun-hee the chairman of Samsung died at the weekend with an estimated worth of £16bn. His family are currently rummaging down the back of the sofa to try to find some cash to pay the inheritance tax bill, which could be up to 60% of his fortune.
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adrian77
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Post by adrian77 on Oct 26, 2020 15:05:24 GMT
I have short short on gold as I suspect a Trump win - it is hedged so won't be a disaster unlike the situation with these total clowns that we are dealing with here. I would tend to agree with this - although "giving" to original borrower may be a better verb to use here
that said I just don't see why FS can't simply repossess the assets over which they held a charge - or maybe I can....
Godanubis - make you a deal - I will post my results if you post yours - sadly I am going to make a small loss given that the art loans have gone for a BurtonI won't be embarassed to see just how much you have made compared to how much I have lost.
At the least the UK housing market is ticking up which is nice for me although not as I predicted...
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