Interesting that the Action group didnt push to get a vote on the proposals or a CC as all the other collapsed platform investor groups have and received on a nominal basis. Also the expectation of the FCA inline with their consultation doc. Perhaps they feel they are on good enough terms with the admins so not necessary ... does mean remuneration is now subject to creditors approval, which in practice largely means the non-exec director who is the largest creditor.
Does anyone have any further information on House Crowd - I invested £5000 in Sept 2020 - I got paid a dividend of £330 in March 2021 - then was shocked to find out ot is in Administration. Their website is still up and running - with no information about this. How can it lose money in a rising property market!!
Log into the THC website, there are numerous "Administrator's updates" and Q&A documents from investors put to the administrators.
The administrators have been sending emails to the email address you had registered with THC, assuming the record keeping was good enough
So here we are with the twelve month notice of administration. Only six properties left to sell...
SPV company paperwork being done over the course of the next twelve months... after another 1,500-1,800 hours of adminstration work required?
Monies to be returned at some point in the future...
Am I missing something?
Fair enough summary. Thanks.
But likely to be much more messy than that and take longer than another 12 months. The administrators are dragging their heals as much as possible, understandably so because the longer they take the more money they can milk from the administration process for themselves.
For instance, as the 12 month The House Crowd report states, the administrators have to go to the court twice to get their judgement and they haven't bothered to do that yet despite us being into month 13 now.
All the while, the losses are stacking up for lenders in every way possible. For instance, with the HCD23 development, the report states, "It is currently forecast that this development site causes a total minimum loss to investors of c.£8.2m". Likely to be much more than a £8.2 million "minimum loss" when the folk who manage these matters squeeze every penny they can for themselves.
There has never been an administration for a single P2P company that has been anything like as straightforward as they stated it would be. All the talk from these P2P companies about their "robust wind-down plans" is nonsense - these wind-down plans scribbled on four pieces of A4 paper need to be four hundred pages to have any worth. But nobody discovers they are little more than marketing nonsense until the companies have gone bust and the Directors have gone to the ground after having milked hundreds of thousands of pounds for themselves.
Forgive my ignorance but rather than incur a bill for us all I'll ask here
I want to have some idea of where the money is at for HCPs 105 123 124 141 151
All I can find is the timetables for distributions (end 2022)
shimself - are you a member of THC Investor Money Recovery Group on Slack? A THC investor platform has been established with a Steering Group of volunteers to help collate information on recovery and Administration efforts. There are separate channels for each THC product including the HCPs above. It's possible to request access to join if you're not already a member (there are more than 850 THC Investors as members on the platform to date).
Cheque received for HCP137 - just under 108% of the amount invested! That takes that project to 122% returned in total, and my overall HCP XIRR to 2.2% (dragged down by a 70% loss on an off-plan, but not capitalising losses on the projects still outstanding)