adrian77
Member of DD Central
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Post by adrian77 on May 10, 2023 8:16:34 GMT
Funding Secure were pronounced bust in October 2019
This is over 3.5 years ago however long does it take to wrap this damn thing up
All we are talking about is mainly 6 month loans that had a charge against them
I had to repay my capital interest only home mortage last year would it have taken the Bank this time to repossess my house
as they threatened; would it hell....
Totally bloody pathetic and just how much is all this nonsense going to cost us?
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Post by Gisele on May 10, 2023 9:32:59 GMT
I think, as has been amply expressed before, this is not about winding FS down and dividing up the outcomes proportionately and fairly, it's long been about administrators maximising and prolonging their income.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on May 10, 2023 11:53:18 GMT
Funding Secure were pronounced bust in October 2019 This is over 3.5 years ago however long does it take to wrap this damn thing up All we are talking about is mainly 6 month loans that had a charge against them I had to repay my capital interest only home mortage last year would it have taken the Bank this time to repossess my house as they threatened; would it hell.... Totally bloody pathetic and just how much is all this nonsense going to cost us? I am feeling very warm & fuzzy, safe & comfortable in the supreme knowledge that the highly competent FCA and very effective Courts are all over this, constantly working extremely hard in ensuring the best possible outcome for Lender Investors in the shortest possible time frame. 
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adrian77
Member of DD Central
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Post by adrian77 on May 10, 2023 19:39:03 GMT
Doubtless feeling even better knowing the ex head of the FCA is an historian with a totally irrelevant treatise about the effect Napoleon had on the Lancashire cotton industry
is now heading the BOE; where's tough Eddy when you need him?
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taffy
Posts: 148
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Post by taffy on May 11, 2023 6:24:10 GMT
With the possibility of deflation taking hold a few years ago, the Governors task was to ensure that did not happen. He certainly smashed that target by achieving over 10% inflation. So, no doubt a positive outcome in his view.
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Post by multiaccountmanager on May 11, 2023 7:44:42 GMT
The Web Site is online again this morning.
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Post by overthehill on Oct 31, 2023 18:21:57 GMT
Quarterly update for all loans was due today, the administrators can't even stick to their own commitments or manage a simple schedule of quarterly updates. Last quarter my updates were a motley grouping of 3 weeks late, dribbling in even later or none at all.
Less updates, less scrutiny, less accountability.
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rocky1
Member of DD Central
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Post by rocky1 on Nov 1, 2023 4:25:44 GMT
less distributions,more fees,more costs,more legal advice to justify their actions with their big words.p2p administrators are milking it for everything they can get away with. complete p*ss taking all under the watchful eye of the FCA.
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Post by overthehill on Nov 1, 2023 15:07:48 GMT
C&G have found another way to hang onto investor's money while they check if it can be syphoned off to other people including themselves.
If a loan has a single tranche which is after april 2019 then all the other tranches and there could be 10 can't be repaid because of quistclose. The previous tranches are separate loans and outside the quistclose time window. They are making it up.
Where there's a will there's a legal way.
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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 Nov 1, 2023 19:49:28 GMT
C&G have found another way to hang onto investor's money while they check if it can be syphoned off to other people including themselves.
If a loan has a single tranche which is after april 2019 then all the other tranches and there could be 10 can't be repaid because of quistclose. The previous tranches are separate loans and outside the quistclose time window. They are making it up.
Where there's a will there's a legal way.
If they are tranches they are not separate loans, they are parts of the same loan and rank pari passu which means that any repayment is payable to all lenders pro rata and therefore all tranches are 'contaminated' If they are supplemental or some other form of distinct loan then it will depend on how the loans are structured. If it is a separate loan agreement then they shouldnt be 'contaminated' but if it is an internal FS priority/distinction then it may be an issue. They wont be making it up, they will be acting on legal advice ... whether that legal advice is correct or has been asked the right question/provided the right supporting material is another matter ... see Lendy,, the 5% case or even it seems Barney's Old Wick.
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rocky1
Member of DD Central
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Post by rocky1 on Nov 2, 2023 8:42:29 GMT
they then need to go to court to to find out if the legal advice is legal enough or not.all very complex stuff and keeps them very busy and justifies their very existence.
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Post by overthehill on Jan 31, 2024 13:25:17 GMT
Due today, always look forward to the fluid commitment, in terms of time and quantity, of quarterly updates for every remaining loan
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Post by overthehill on May 1, 2024 13:11:13 GMT
Anyone still with going nowhere, meter still running, unrecovered loans, that'll be everyone then, we should get quarterly updates today but don't hold your breath.
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