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Post by rickyvader666 on May 18, 2021 7:13:28 GMT
Funding Secure administrators and FCA need to give us meaningful updates. These 3 sentence updates raise more questions than answers. It totally wrong that this money has been tied up in this company for so long as claimed they were 6 month loans and limited amount of money likely to come back. We have been left on the sinking ship I fear whilst the borrower's and company managers are living it up on our money.
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Post by spareapennyor2 on May 18, 2021 11:35:02 GMT
would like to know when the administrators were notified / informed of the claim? nothing in writing in the accounts? gentleman`s agreement?
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aj
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Post by aj on May 18, 2021 11:39:22 GMT
Seems likely though that there have been some more shenanigans going on, now to be newly revealed. I don't expect the latest shenanigans to be revealed; the current administration process seems to be 1. Announce an indefinite delay for vague reasons. 2. No further updates. It couldn't have come at a worse time for me, I have an ISA transfer out that has been pending for 8 weeks that I have to assume is either on hold or cancelled entirely. I simply can't see how someone else's 'Quistclose trust' should affect the return of my money that has been recovered directly from loans funded by my investment.
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Post by overthehill on May 18, 2021 14:20:11 GMT
"Behind them sat the equites (knights), and behind the knights were the plebs (commoners) and non-citizens"
We're the plebs in this scenario like the medieval one above.
A word I used a lot at school to be derogatory, I thought it was local slang at the time but it has a long etymological history !
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sundown
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Post by sundown on May 18, 2021 16:08:01 GMT
The next Adminstrator's Progress Report is due by 22 May so hopefully we'll learn more about the Quistclose challenge and other unresolved matters.
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ilmoro
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'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 18, 2021 18:45:01 GMT
The next Adminstrator's Progress Report is due by 22 May so hopefully we'll learn more about the Quistclose challenge and other unresolved matters. Possible but the report only cover the period up to 22 Apr so may have missed the cut
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Post by rickyvader666 on May 19, 2021 12:31:57 GMT
I have emailed FCA about this and that we need updates, action and compensation over what had happened to us. I am not expecting much if any response from them but can only pray that this whole situation is looked into at a very senior level for fraud and misrepresentation of loans.
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rogerthat
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Post by rogerthat on May 19, 2021 14:37:41 GMT
Not sure where to stick this but there's a 6 month progress report in at 14.50
You have registered to receive document updates for case F0017 - FundingSecure Limited. The following document(s) has been added Document Joint Administrators' Six Month Progress Report - April 2021 published on 19/05/2021 14:50:09
To view the case and documents please follow this link IPS Creditor Portal
If you have forgotten your details, contact the firm dealing with the case: CG&Co; Tel: 0161 358 0210; Email: fundingsecure@cg-recovery.com
This is an automated email, please do not respond to this email as it does not get monitored.
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adrian77
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Post by adrian77 on May 19, 2021 16:12:02 GMT
After much phaffing around with the site I have downloaded the report Overall I don;t think it says much apart from - are we clocking up fees- damn right we are - RK and EZI are secured creditors- but of what - the have not even got an office lease as security - they do mention the 5% result trying to work out how to install an image here without my personal address being public in the meantime here is an extract from the expenses - am I happy - answers on a digital postcard from 2019 to 22/04/20 receivership costs and expenses £1.84m legal costs £492K direct chargeholder £1.2m from 2020 to 22/04/21 receivership costs and expenses £805K legal costs £178K direct chargeholder £385K assuming these costs are cummulative that is not far short of £5m! can somebody tell me - who is the direct chargeholder - is this CG ? I really hope it is not RK I thank you - feeling depressed now!
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james100
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Post by james100 on May 19, 2021 16:20:23 GMT
This report was emailed to me from the FS/CG email address with a simple download link. I seem to remember notices being sent out in batches so I assume everyone will receive the same one I did within the next few hours.
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ilmoro
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'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 19, 2021 18:39:37 GMT
After much phaffing around with the site I have downloaded the report Overall I don;t think it says much apart from - are we clocking up fees- damn right we are - RK and EZI are secured creditors- but of what - the have not even got an office lease as security - they do mention the 5% result trying to work out how to install an image here without my personal address being public in the meantime here is an extract from the expenses - am I happy - answers on a digital postcard from 2019 to 22/04/20 receivership costs and expenses £1.84m legal costs £492K direct chargeholder £1.2m from 2020 to 22/04/21 receivership costs and expenses £805K legal costs £178K direct chargeholder £385K assuming these costs are cummulative that is not far short of £5m! can somebody tell me - who is the direct chargeholder - is this CG ? I really hope it is not RK I thank you - feeling depressed now! Looking at a previous report its actually payments to 'chargeholders with direct security on loans' so it looks like some loans had third party lenders with charges outside of FS security, maybe second charges on loans where redemption has been achieved in full? So I would suspect it isnt anybody related to FS or the admins. There was no outlay in the previous period so its something that isnt ubiquitous to all loans.
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adrian77
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Post by adrian77 on May 19, 2021 19:19:32 GMT
interesting thanks - never thought of that - given £1.2m was paid last year I wonder if some of these loans were where FS had the second charge and this money is owed to the primary charge holders - happy to be corrected but I am pretty sure a 2nd charge holder can realise an asset.
Whatever I hope and expect that considering this has been our money that we get a detailed breakdown for each of our loans - ie. loan amount - recovery less recovery costs etc. We sure have some massive bills floating around here and I for one want a lot more information as to what exactly is going on
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ilmoro
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Post by ilmoro on May 19, 2021 20:42:10 GMT
interesting thanks - never thought of that - given £1.2m was paid last year I wonder if some of these loans were where FS had the second charge and this money is owed to the primary charge holders - happy to be corrected but I am pretty sure a 2nd charge holder can realise an asset.Whatever I hope and expect that considering this has been our money that we get a detailed breakdown for each of our loans - ie. loan amount - recovery less recovery costs etc. We sure have some massive bills floating around here and I for one want a lot more information as to what exactly is going on I would have assumed it was the other way round, as the first charge holder would appoint the Insolvency practitioner normally. A second charge holder can appoint and realise but it is unusual for a first charge holder not to want to be the 'controlling party' ie choose the IP. Im a bit surprised that it appears in CG accounts as you would normally expect the IP to make payments to creditors direct. Perhaps it relates to cases where CG acted as IP themselves as 'mortgagee in possession' which i believe was suggested as a possibility in the proposals. Mucho P2P may be able to clarify the position. I thought breakdowns were being provided for individual loans to involved investors. Im only in a few so dont have much of a sample to go on.
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Mucho P2P
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Post by Mucho P2P on May 20, 2021 9:03:29 GMT
ilmoro adrian77 It is not RK, as it’s the first thing that I queried around the time of a previous report. A second charge holder needs the consent of the first charge holder, or its a no-go (or very slow-go) to realise the assets. These are payments to third party funders of loans, I have checked this due to a previous set of accounts I saw that had the same formatting as this latest report. This is FS, so the hierarchy of payments/repayments is not always what it seems or is expected! Breakdowns are provided to lenders for the loans they lent to. Hope the above is of some comfort.
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nyneil
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Post by nyneil on May 20, 2021 11:53:18 GMT
Hope the above is of some comfort. Nothing FS related gives me a warm fuzzy feeling
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