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Post by spacecabbage on Feb 3, 2023 17:42:44 GMT
Quarterly updates were done on 1feb2023. Still got loans outstanding in the justice queue but the word "completed" (!=recovered) appeared a few times.
When is the quistclose court case ?
The claimant hasn't submitted the claim against FS yet.
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Post by lostinspace on Feb 4, 2023 11:24:57 GMT
Surely he has a deadline to submit the evidence?
Probably another way to max the administrators and legal fees!
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Post by spacecabbage on Feb 4, 2023 16:19:57 GMT
Yes. Likely to be that the claim must be made within 6 years from date of the alleged breach of contract.
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Post by overthehill on Feb 4, 2023 16:59:01 GMT
Yes. Likely to be that the claim must be made within 6 years from date of the alleged breach of contract.
Can't see that being applicable or workable for a company being wound up.
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Post by overthehill on May 3, 2023 11:35:51 GMT
While waiting for the quarterly update I counted my ongoing unsettled unique loans and it is still at 10. Can anyone beat 10 ? 23Oct2019 and counting, everyone is working diligently but they need more time.and.money.
Not a feeling I've experienced much thankfully, of being messed about and knowing there is absolutely nothing you can do about it because you're not a billionaire!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 3, 2023 11:47:34 GMT
There SO obviously needs to be an independent Auditing system in place to oversee Administrators. Having their own "Professional Body" supposedly performing this task is ................ laughable.
Somehow I feel that Fees, Charges & Expenses would sudenly be a whole lot more reasonable, overnight.
Won't ever happen of course, everyone and their dog with any influence has a vested interest in ensuring this unfettered Gravy Train steams ahead nicely......
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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
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Post by ilmoro on May 3, 2023 12:59:57 GMT
There SO obviously needs to be an independent Auditing system in place to oversee Administrators. Having their own "Professional Body" supposedly performing this task is ................ laughable. Somehow I feel that Fees, Charges & Expenses would sudenly be a whole lot more reasonable, overnight. Won't ever happen of course, everyone and their dog with any influence has a vested interest in ensuring this unfettered Gravy Train steams ahead nicely...... Would need a change in the law to be fully effective as admins are answerable to Courts only. An auditor could make the case, as effectively happened with Lendy, but ultimately Court would decide the fees. Expenses are a different case again.
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adrian77
Member of DD Central
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Post by adrian77 on May 3, 2023 16:06:30 GMT
Won't ever happen of course, everyone and their dog with any influence has a vested interest in ensuring this unfettered Gravy Train steams ahead nicely......
Sue Grey may be free as are the ex auditors of the SNP...when I studied accounting my lecturer was a former auditor and boy was he damning about this profession
Good job we had professional property experts looking after our money under the eye of the FCA...
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stevio
Member of DD Central
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Post by stevio on May 4, 2023 18:55:06 GMT
Update
Further to our recent correspondence in connection with the making of payments, we are working through a number of issues in order to allow the payments to restart.
In addition, Investors are being asked to supply details of any change in bank details, together with a copy of their bank statement, that clearly shows their name, address, sort code and account number by way of verification. Such details should be provided via your account on the Platform, which will be shortly reopened. All changes should be made no later than 19 May 2023 to allow withdrawals as soon as practicable thereafter.
Investors should note that the Administrators are seeking to ensure that funds can be returned as soon as practicable.
FundingSecure Limited - in AdministrationConfused, what are they asking to do here, do I wait for them to contact me or do I do something specific on the platform? 
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Post by overthehill on May 4, 2023 19:11:17 GMT
Update
Further to our recent correspondence in connection with the making of payments, we are working through a number of issues in order to allow the payments to restart.
In addition, Investors are being asked to supply details of any change in bank details, together with a copy of their bank statement, that clearly shows their name, address, sort code and account number by way of verification. Such details should be provided via your account on the Platform, which will be shortly reopened. All changes should be made no later than 19 May 2023 to allow withdrawals as soon as practicable thereafter.
Investors should note that the Administrators are seeking to ensure that funds can be returned as soon as practicable.
FundingSecure Limited - in AdministrationConfused, what are they asking to do here, do I wait for them to contact me or do I do something specific on the platform?
I read that as you need to do nothing unless your bank account has changed during the frozen period.
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michaelc
Member of DD Central
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Post by michaelc on May 4, 2023 20:19:37 GMT
There SO obviously needs to be an independent Auditing system in place to oversee Administrators. Having their own "Professional Body" supposedly performing this task is ................ laughable. Somehow I feel that Fees, Charges & Expenses would sudenly be a whole lot more reasonable, overnight. Won't ever happen of course, everyone and their dog with any influence has a vested interest in ensuring this unfettered Gravy Train steams ahead nicely...... Would need a change in the law to be fully effective as admins are answerable to Courts only. An auditor could make the case, as effectively happened with Lendy, but ultimately Court would decide the fees. Expenses are a different case again. What not answerable to their shareholders? Surely not....
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stevio
Member of DD Central
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Post by stevio on May 5, 2023 7:59:59 GMT
Update
Further to our recent correspondence in connection with the making of payments, we are working through a number of issues in order to allow the payments to restart.
In addition, Investors are being asked to supply details of any change in bank details, together with a copy of their bank statement, that clearly shows their name, address, sort code and account number by way of verification. Such details should be provided via your account on the Platform, which will be shortly reopened. All changes should be made no later than 19 May 2023 to allow withdrawals as soon as practicable thereafter.
Investors should note that the Administrators are seeking to ensure that funds can be returned as soon as practicable.
FundingSecure Limited - in AdministrationConfused, what are they asking to do here, do I wait for them to contact me or do I do something specific on the platform?
I read that as you need to do nothing unless your bank account has changed during the frozen period.
That seems to make sense Just says "investors are being asked to supply...". Kinda thought that might mean they are asking me to supply it, but guess it is only if changed
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jo
Member of DD Central
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Post by jo on May 5, 2023 13:31:23 GMT
I read that as you need to do nothing unless your bank account has changed during the frozen period.
That seems to make sense Just says "investors are being asked to supply...". Kinda thought that might mean they are asking me to supply it, but guess it is only if changed It's a poorly worded update tbf. Also 'will be shortly reopened', wrt to the website, define shortly.
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Post by overthehill on May 9, 2023 13:25:58 GMT
Still no updates and still no funds. Normal service is resumed.
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Post by overthehill on May 9, 2023 17:58:42 GMT
If you want an example of this feckless administration, here it is. Not a single update since 29jul2022. Has the borrower done a runner, sold all the security and pleading poverty (because you can be sure FS let the borrower hold onto the assets) , made more repayments or made a full repayment of his debts. It's anybody's guess.
Military Collection (*****60788F)
29/07/2022 update.
The borrower has been allowed until the end of July to made the balance of the payments due.
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