|
Post by westcountryfunder on May 17, 2021 14:26:27 GMT
Presumably I am not the only lender who has received the following email from the administrators: "The administrators have received a claim from a creditor relating to monies paid into the Company’s client account prior to the administration, including an assertion that the said monies are subject to what is termed a “Quistclose Trust”. The administrators are currently investigating this claim and also taking legal advice on the same. However, pending proper investigation of the claim and its resolution, the administrators have no alternative but to suspend further payments to the investors by way of distribution from the client account/platform until further notice. FundingSecure Limited - in Administration." I have just a few pounds in the client account available for withdrawal - not enough to be worthwhile, or so I thought! If this really is something for us to be concerned about then there will be even less coming lenders' way at the end of this fiasco. However, to my very amateur eye it could well be that the claim will fail unless the funds lent went into a separate and identifiable account with FS. Can but hope - with no confidence.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 17, 2021 14:29:58 GMT
Literally just read the email myself
|
|
jo
Member of DD Central
Posts: 727
Likes: 491
|
Post by jo on May 17, 2021 14:35:32 GMT
Going well, innit?
|
|
|
Post by spareapennyor2 on May 17, 2021 14:47:01 GMT
my first thought a short list of possible creditor
|
|
|
Post by overthehill on May 17, 2021 15:04:10 GMT
Why would a creditor's money be in the client account unless it was invested in a particular loan, then that creditor would get the same percentage return as us mere mortal investors.
Surely the only money in the client account should be investors' cash, either deposits or capital/interest returned from loans.
If it was there before administration, where did it go. I'm fairly sure investors haven't been paid it by mistake !
What has it got it do with investors and freezing investor withdrawals of loan repayments like the creditor might have some claim on investors' money tied up in the remaining loanbook.
|
|
tony9239
Member of DD Central
Posts: 101
Likes: 202
|
Post by tony9239 on May 17, 2021 15:05:29 GMT
Of course, I could be very wrong here but... As it relates to money paid into the Client account (prior to administration) then perhaps it is a lender like us who paid it in relating to funding a particular loan, as we all did. Given all the monkeying around with cash at FS then, maybe, a lender like us (or his/her smart lawyer) is claiming FS "mis-appropriated" the funds for another purpose? Hard to believe I know, but this may be what this is about. Any legal minds here got a view??
|
|
|
Post by westcountryfunder on May 17, 2021 15:19:54 GMT
Of course, I could be very wrong here but... As it relates to money paid into the Client account (prior to administration) then perhaps it is a lender like us who paid it in relating to funding a particular loan, as we all did. Given all the monkeying around with cash at FS then, maybe, a lender like us (or his/her smart lawyer) is claiming FS "mis-appropriated" the funds for another purpose? Hard to believe I know, but this may be what this is about. Any legal minds here got a view?? Ah, yes. Maybe we could each individually claim to have advanced money on the basis of a 'Quistclose Trust'. I sent money to the client account for the specific purpose of loans to borrowers, and no other purpose. Isn't that what we all did? Seems likely though that there have been some more shenanigans going on, now to be newly revealed.
|
|
michaelc
Member of DD Central
Posts: 4,788
Likes: 2,735
|
Post by michaelc on May 17, 2021 15:42:24 GMT
Could be completely wrong but my assumption is that this is a single or syndicate of fellow lenders who are more organised than we are and have decided to put in a county court claim to bump them up the queue.
|
|
tony9239
Member of DD Central
Posts: 101
Likes: 202
|
Post by tony9239 on May 17, 2021 15:49:33 GMT
Could be completely wrong but my assumption is that this is a single or syndicate of fellow lenders who are more organised than we are and have decided to put in a county court claim to bump them up the queue. Might it not be the FSAG? Therefore acting on behalf of us all?
|
|
michaelc
Member of DD Central
Posts: 4,788
Likes: 2,735
|
Post by michaelc on May 17, 2021 16:50:13 GMT
Could be completely wrong but my assumption is that this is a single or syndicate of fellow lenders who are more organised than we are and have decided to put in a county court claim to bump them up the queue. Might it not be the FSAG? Therefore acting on behalf of us all? Yes definitely would prefer if it was them rather than anyone else.
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on May 17, 2021 18:08:56 GMT
If anybody interested I have posted my comments in DD
dd
|
|
|
Post by p2psws on May 17, 2021 18:34:01 GMT
I do so love an FCA "orderly wind-down" s
|
|
|
Post by rickyvader666 on May 17, 2021 19:24:38 GMT
I feel I may retire (with no pension fund as robbed by FS lies) , have a long retirement live, pass away and still not actually get anywhere with this disaster recovery process
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on May 17, 2021 20:19:57 GMT
this is appalling - you have been let down by the FCA, FS crooks and a joke of a legal system which I doubt will do anything against these muppets
|
|
foolsgold
Member of DD Central
Posts: 159
Likes: 194
|
Post by foolsgold on May 17, 2021 22:08:52 GMT
Absolute travesty of justice.
Just hope that the FSAG get enough support of MPs to get something done but I wont hold my breath.
Think we need a national newspaper to take up our cause
|
|