rocky1
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Post by rocky1 on Jul 11, 2023 13:08:06 GMT
i reckon thats the one they all made a complete bolls of with build outs and sub standard work.developer with 20 years experience.how was everything allowed to go so wrong with so many of these loans.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 11, 2023 15:41:37 GMT
i reckon thats the one they all made a complete bolls of with build outs and sub standard work.developer with 20 years experience.how was everything allowed to go so wrong with so many of these loans. Serious, Gross Incompetency by the Directors of MoneyThing. They lacked the most basic business skills and didn't have a clue.
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IFISAcava
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Post by IFISAcava on Jul 11, 2023 19:49:11 GMT
But But..what.. their own professional bodies? yes just like Doctors, Nurses, and Solicitors Long gone are the days when doctors have any influence over the GMC - it most definitely is not a doctors' own professional body anymore. Doctors just fund it so it can persecute them.
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dh1
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Post by dh1 on Jul 31, 2023 19:08:32 GMT
I've just received a Companies House notification about an administrators progress report. As usual it says it will be available in 10 days. We had a progress report in January 2023. Something afoot?
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Post by Ace on Jul 31, 2023 19:17:45 GMT
I've just received a Companies House notification about an administrators progress report. As usual it says it will be available in 10 days. We had a progress report in January 2023. Something afoot? Presumably, the 6 monthly update.
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dh1
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Post by dh1 on Aug 1, 2023 6:31:33 GMT
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Post by Ace on Aug 1, 2023 8:16:11 GMT
Link doesn't work for me, but previous one does.
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dh1
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Post by dh1 on Aug 1, 2023 9:56:02 GMT
Looking at the link, it may be a bit too specific, containing something like dates/times and whatnot, so the answer is to use a link to the main page which should be straightforward. CH MT Filing page link
Thanks for pointing this out, Ace
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Post by bobthebuilder on Aug 1, 2023 20:26:32 GMT
Just had a quick look through the latest Administrators' report. Totally depressing as expected, with a statement that where there have been recoveries the Administrators "will make these funds available to lenders in due course" (para 2.2, page 8). Presumably "in due course" means when the admin fees exceed the amount collected. It's hard not to see the reference in para 7.1 (page 13) to "the Insolvency Code of Ethics" as an oxymoron. Still, it's nice to know that a floating charge holder has received a payout. Silly me, I thought a fixed charge actually had some value.
Of course the main beneficiaries of this mess apart from Moorfields and their fellow IP, the Conflict Administrator, are the incompetent imbeciles who ran MT and were responsible for its demise. £261,500 in consultancy fees in 2½ years (page 19 of the Administrators' report). Nice work if you can get it, and what a reward for failure!
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dh1
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Post by dh1 on Aug 2, 2023 10:10:52 GMT
The Administrators' report is notable for two things - nothing much seems to have happened and crucially, Appendix III (pages 20 and 21) which is said to detail "The Joint Administrators' Time costs" is illegible. An unfortunate coincidence, I'm sure.
I'll flag this illegibility with them as it goes to the root of the report; without it, the report is without value (no pun intended, of course) in my view.
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mah
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Post by mah on Aug 5, 2023 11:47:59 GMT
Only 1 Performing Loan. 4 Loans Crystallised with a total Capital Loss of £354,879. 2 Non-Performing Loans - No Distribution / No Recovery. However Admins are retaining £54,631. Interest of £9,372 received - Interests actually belong to MCL. MCL has drawn following Fees : £352,159 + £100,000 + £49,000 + £523,837 + £118,604 (hardly anything !). Office Holders Fees : £406,500.
Consultant Costs : £261,500.
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Post by minionbob on Aug 15, 2023 15:57:32 GMT
Interestingly I’ve received an email from Fca having determined my complaint about their handling of money thing, the inadequacy of their wind down procedures and the cost of administration being borne by lenders. Unsurprisingly it determines that the fca are not at fault and bear no responsibility, however they are offering an ex gratia payment, mid to low three figures and representing about 10% of my remaining exposure to money thing loans. The offer is conditional on my acceptance by the end of the month, which is a cheek considering how long they have been sitting on the complaint itself.
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jaswells
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Post by jaswells on Aug 16, 2023 4:04:05 GMT
Yep, got the same. a long explanation of why FCA not culpable followed by compensation, which is linked to the delay and not any loss itself. Nearly missed the offer as the letter was so long winded.
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duck
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Post by duck on Aug 16, 2023 4:21:40 GMT
Yep, got the same. a long explanation of why FCA not culpable followed by compensation, which is linked to the delay and not any loss itself. Nearly missed the offer as the letter was so long winded. Thanks for the clarification. The FCA will offer small amounts for what they view as unreasonable delays in answering complaints and 'distress and inconvenience' ........... but they will fight tooth and nail to avoid paying for anything else.
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Post by rp40000 on Aug 16, 2023 10:12:41 GMT
Would you mind sharing a template of the letter you wrote to the FCA? Obviously removing anything that could identify you or your details - as it would help myself and others who have been sitting on the fence to highlight the issue with the FCA. Perhaps some strength in numbers?
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