sundown
Member of DD Central
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Post by sundown on Apr 30, 2021 16:58:48 GMT
I can't recall anything suggesting that FS has no access to the books, so I assume the security is real. I think one of the reasons FS and later CG were waiting on the borrower to produce a miracle was the type of asset. It will probably be even more difficult than auctioning the train memorabilia... Niche market pawn is the riskiest when it comes to default. One day we'll see what 17%LTV is worth (if the books exist  They have security of the asset, to the best of my knowledge. NDA restricts me from broadcasting the price agreed. Lets just say, if you are invested in the books (like I am  ), when the final update emerges, you had better have a stiff drink handy! Sounds like 100% loss for all but 1st charge holders! Valued at £5 million!!! What a disgrace.
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Post by df on Apr 30, 2021 17:09:41 GMT
quite a few of. the position remains the same as the previous update. which remains the same as the bloody update before that.what are CG doing to try and change the position ? Reading them as they come. For some loans CG can't really do anything. For example Wimbledon 3rd charge - we know that it is a 100% loss, or Astbury - the borrower is untraceable and we are not going to see any further return from this loan. I can't see what CG or any other administrators could do in cases like this. I was good to hear that Italian Books do exist and have been inspected. The fact that their value is significantly less than the valuation provided to investors is no surprise, that's normal for FS. It will be interesting to see what the real value of these books is. A sale is provisionally agreed, so hopefully we'll get some of the capital back. My remaining loan book is quite small so I don't know what the overall picture is, but by now I think the majority of recoverable loans have already been repaid. I don't anticipate a great deal of recoveries coming in at this point
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Post by df on Apr 30, 2021 17:31:43 GMT
I can't recall anything suggesting that FS has no access to the books, so I assume the security is real. I think one of the reasons FS and later CG were waiting on the borrower to produce a miracle was the type of asset. It will probably be even more difficult than auctioning the train memorabilia... Niche market pawn is the riskiest when it comes to default. One day we'll see what 17%LTV is worth (if the books exist They have security of the asset, to the best of my knowledge. NDA restricts me from broadcasting the price agreed. Lets just say, if you are invested in the books (like I am ), when the final update emerges, you had better have a stiff drink handy! I have 2/3 in first charge and 1/3 in second. What kind of drink will I need to "celebrate" (Absinthe or will Whisky do the job )? Am I likely to get any crumbs?
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Post by overthehill on Apr 30, 2021 18:13:21 GMT
Since the administrators came in, every update for my loans has reduced my projected return, bar none...
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Post by df on Apr 30, 2021 19:31:57 GMT
Since the administrators came in, every update for my loans has reduced my projected return, bar none...
Much more honest than pre-administration updates.
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adrian77
Member of DD Central
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Post by adrian77 on May 1, 2021 12:28:15 GMT
here we go an update
or maybe not - this is not good enough - just what the hell is going on here - am I the only one to worry that all these art loans are going to be a 100% loss if this is the case then hopefully we can sue the FS directors for GROSS negligence or whatever the legal term would be...
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Post by df on May 2, 2021 23:41:12 GMT
here we go an update or maybe not - this is not good enough - just what the hell is going on here - am I the only one to worry that all these art loans are going to be a 100% loss if this is the case then hopefully we can sue the FS directors for GROSS negligence or whatever the legal term would be... In my remaining loan book the-art-loans are 35%. Would have not been the case if FS informed investors that they were all to the same borrower. I'm content with Italian Books because I wasn't mislead, I took the risk knowing that I'm overexposed to this borrower. I'm not sure how fruitful legal action against FS directors could be, but quite certain that there will be zero capital return from the "art" borrower. Some historical updates on this loan. Rephrasing the same thing so they look like different loans, very creative
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Post by overthehill on Oct 29, 2021 15:41:14 GMT
If you ever want to write a book on how to borrow money and only pay back a fraction of the loan while keeping your asset, security or property then the FundingSecure update notes is the place to start for researching the subject. It has got every underhand legal or otherwise trick that has probably ever been conceived over the last 400 years of stone, brick, slate and tile including ensuring you have the most incompetent administrators, receivers and solicitors you can find.
One positive note out of 30 loans ? And even that one is probably blowing smoke and isn't any closer to resolution. They went ahead with the repossession and was granted an order (thank god) even though the borrower says he has exchanged... again. But they still don't seem to have any evidence.
You could pick any one of the 30 but this one is a beauty.
I'm finished with Scotland as well, similar to NI their laws are holistically biased towards borrowers and owners. The latest update for a very large house on a very famous golf estate has had the repossession papers thrown out by the court. To hell with the lenders who are still owed money after 2.5 years. I wonder if this happens with a receptionist or car mechanic and their defaulted HSBC or RBS mortgaged property?
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Post by df on Oct 29, 2021 19:08:04 GMT
My loan book is so small now, used to dozens of pages. It didn't take long to see where I'm with FS.
Military Collection - "A settlement has been reached with the borrower. The borrower has paid a deposit and the balance will be due on or before 31/12/2021." 86% has already been repaid. Might get few more pennies from this if anything is left after admin fees.
EMB boat - "This matter is with solicitors" (loan expected end is 28th Sept 2018). I don't expect any repayments from this.
Yacht - "The borrower has not made any payments in respect of the remaining outstanding balance...". 54% of capital has been repaid to Administrators, could be a chance for some crumbs.
Artwork - "We have now received an update from the purchasers of the litigation advising that matters are progressing". No chance of getting anything back from this string of loans.
Pagefield - "Judgment has been obtained against a number of defendants... The litigation against the remaining defendant is continuing". It has been continuing for two years. I don't think there will be anything left for investors in the event of redemption.
Wainbridge - "The litigation is continuing...". Ditto.
Viney - a potential 54% return to Administrators if "talks with the farmer" are successful. Don't know how much of this we will be entitled to, but I don't expect much.
Quarry - has been sold at 35% loss. Hopefully there will be something left for us in the waterfall.
Italian Books - no news, but it was very clear from the previous update that we shouldn't expect any capital return from the Books.
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Post by kjwx109 on Oct 31, 2021 7:47:15 GMT
I am not receiving any admin updates. How do i reregister for them?
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pfffill
Member of DD Central
Posts: 175
Likes: 206
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Post by pfffill on Oct 31, 2021 8:08:14 GMT
You should be receiving them via the FS website, once you are logged in, under "My investments". If you want email notification of updates you need to inform CG&Co at [email protected]. |
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Post by overthehill on Feb 1, 2022 13:12:01 GMT
The extra time afforded to the Administrators by the Quistclose trust legal action doesn't seemed to have helped much with my retarded loans, I would love to see the updates for the whole loanbook ! The administrators are out of their depth or they have an uncanny or unlucky knack of appointing incompetent professionals. The recovery attempts on all of my remaining loans outside England are just beyond the pale and have changed my investing strategy for good.
The only glimmer of good news were the art loans which I had marked as a total loss, maybe 50%+ recovery isn't Alice in Wonderland anymore. I doubt the 3rd party would be going to court without a case, judgement is only half the battle which requires successful followup enforcement. Time in the pokey isn't sufficient compensation.
The icing on the cake is the quistclose trust case which has the potential to kill off all P2P. Think about it, any P2P company that goes into administration could have equity investors and creditors lining up to take a slice of your repaid and recovered money invested in low LTV , secured loans and so called direct contracts between you and the borrower.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,474
Likes: 10,637
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Post by ilmoro on Feb 1, 2022 13:45:15 GMT
The icing on the cake is the quistclose trust case which has the potential to kill off all P2P. Think about it, any P2P company that goes into administration could have equity investors and creditors lining up to take a slice of your repaid and recovered money invested in low LTV , secured loans and so called direct contracts between you and the borrower.
No, they couldnt. There has to be specific and very limited circumstances, which allow the money to be classed as client funds. Certainly wont ever cover equity investment or general creditors owed money for goods & services provided.
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Post by overthehill on Feb 1, 2022 14:00:49 GMT
The icing on the cake is the quistclose trust case which has the potential to kill off all P2P. Think about it, any P2P company that goes into administration could have equity investors and creditors lining up to take a slice of your repaid and recovered money invested in low LTV , secured loans and so called direct contracts between you and the borrower.
No, they couldnt. There has to be specific and very limited circumstances, which allow the money to be classed as client funds. Certainly wont ever cover equity investment or general creditors owed money for goods & services provided.
I think you're saying the net proceeds of all future and frozen loan recoveries (after expenses) are ring fenced and as good as in our pockets. If that is the case where is the money for any successful quistclose claim going to come from and why have the administrators frozen our client accounts? Presumably directors, company bank account and indirectly other creditors ?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,474
Likes: 10,637
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Post by ilmoro on Feb 1, 2022 14:25:59 GMT
No, they couldnt. There has to be specific and very limited circumstances, which allow the money to be classed as client funds. Certainly wont ever cover equity investment or general creditors owed money for goods & services provided.
I think you're saying the net proceeds of all future and frozen loan recoveries (after expenses) are ring fenced and as good as in our pockets. If that is the case where is the money for any successful quistclose claim going to come from ? Presumably directors, company bank account and indirectly other creditors ?
No, Im not saying that at all. Im saying that a 'quistclose trust', isnt an option for the groups youve referenced so isnt the widespread threat to P2P you have suggested.
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), when the final update emerges, you had better have a stiff drink handy!
