oldgrumpy
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Post by oldgrumpy on Apr 14, 2015 19:01:15 GMT
I wonder if the crevices on a very large and expensive sofa, and equally luxuriant mattress will suddenly spout forth unimagined treasures at the last moment when the wriggler...I mean the borrower realises that creditors will not fall for an initial insult like the offer so far.
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Post by mrclondon on Apr 14, 2015 20:57:30 GMT
To be honest I'd rather lose all of my money and see him go bankrupt than receive 16p in the pound. My view exactly.
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Post by jackpease on Apr 15, 2015 6:48:15 GMT
How could we get a copy of the administrators report? Funding Knight's email to us suggested that what was said to the administrator was materially different to what was declared while assembling the loan. If we have a written record of the disparity then who - and how - could take this further? Has any P2P/B platform ever flexed its muscles beyond the administration process if there were material differences emerging?
If anyone posts below me, please don't go any further than 'differences' otherwises we'll get moderated out!
Jack P
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shimself
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Post by shimself on Apr 15, 2015 8:47:31 GMT
just so i follow this thread (is there another way?)
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coop
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Post by coop on Apr 15, 2015 8:54:12 GMT
I hope you all turn this shyster down!
I don't even use FK but people like this don't deserve the good life; milk him for evry last penny.
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oldgrumpy
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Post by oldgrumpy on Apr 15, 2015 9:01:50 GMT
coop FK sent us a full and detailed description of the siutauation*, making it quite clear what they thought about it, without actually giving "advice" to influence the vote. I haven't heard of anybody accepting this proposal! There are multiple large bid tranches on this, which I understand are FK's own backers/underwriters so FK will not be letting this guy get away with anything., I think. * far more explicit than appears on the website comments.
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coop
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Post by coop on Apr 15, 2015 9:03:34 GMT
Good on them!
Although it's not rocket science is it? Man lives in nice expensive house borrows £140,000; months later he can't find more than 23 grand?
As if!
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Post by jackpease on Apr 15, 2015 9:11:29 GMT
Well naturally I am not talking about this loan. I knew of a friend of a friend who encountered a situation whereby somebody deliberately mis-stated facts while applying for a loan, this falls within the definition of fraud (person or company knowingly makes a false representation in order to gain financially), any debts incurred as a result of fraud **cannot** be included in an IVA Jack P
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coop
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Post by coop on Apr 15, 2015 9:20:00 GMT
It sounds like (reading between the lines) FK don't want to call th borrower out as being fraudulent.
Perhaps they're unsure they would meet the burden of proof.
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Post by jackpease on Apr 15, 2015 9:29:44 GMT
>>>burden of proof As I understand it, at an administration meeting the directors stand up and say why they have gone into receivership - either reading from a script (which becomes a statement of fact) or a record is made of what was said (which becomes a statement of fact). I would love to get my hands on those and compare them to the loan application (which is a statement of fact). FK's email to us is pretty damning but it is unclear as to whether it is expressing its opinion or whether it has put these two statement of facts against each other and compared them. Jack P
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 15, 2015 12:22:12 GMT
What happens if the borrower actually owns 51% of the loan as a lender and votes for the 16p settlement.
That is a licence to print money. In this case £140,000 x 49% x 0.84p = £57,624
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shimself
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Post by shimself on Apr 15, 2015 12:34:58 GMT
What happens if the borrower actually owns 51% of the loan as a lender and votes for the 16p settlement. That is a licence to print money. In this case £140,000 x 49% x 0.84p = £57,624 Ooh good one, you are sneaky. I'm feeling dim, can someone tell me the name of this loan please?
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oldgrumpy
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Post by oldgrumpy on Apr 15, 2015 12:47:14 GMT
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shimself
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Post by shimself on Apr 15, 2015 13:12:25 GMT
Thanks grumps. I see it's just completely disappeared from the FK site, that's a bit naughty.
W****** P**** Ltd
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coop
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Post by coop on Apr 15, 2015 13:15:57 GMT
What happens if the borrower actually owns 51% of the loan as a lender and votes for the 16p settlement. That is a licence to print money. In this case £140,000 x 49% x 0.84p = £57,624 This is now my new investment strategy
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