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Post by rickyvader666 on May 20, 2021 15:50:26 GMT
I emailed funding Secure and FCA for explanation and neither has had the decency to reply. To be honest they have robbed our cash now so probably laughing and giving us a good f you !
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cwah
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Post by cwah on May 21, 2021 0:47:55 GMT
Isn't our invested money ring fenced? How can any creditor make a claim to it?
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Post by rickyvader666 on May 21, 2021 16:03:48 GMT
Following me emailing FS and FCA about this , I had a response from FCA telling me to contact FS to explain what has happened. No reply from FS so totally in the dark in this shambolic situation.
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cwah
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Post by cwah on May 21, 2021 22:14:26 GMT
Following me emailing FS and FCA about this , I had a response from FCA telling me to contact FS to explain what has happened. No reply from FS so totally in the dark in this shambolic situation. That's the typical strategy where everyone pass the blame to the other so that no one takes the blame...
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Mucho P2P
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Post by Mucho P2P on May 21, 2021 23:08:21 GMT
Following me emailing FS and FCA about this , I had a response from FCA telling me to contact FS to explain what has happened. No reply from FS so totally in the dark in this shambolic situation. That's the typical strategy where everyone pass the blame to the other so that no one takes the blame... May I suggest you sign up below, as in the coming months there will be info shared: www.facebook.com/groups/626220967911432And if you have not opted-in yet to support FSAG, please visit here, read and sign up if you wish. Its both for FundingSecure and Lendy: www.facebook.com/groups/626220967911432/announcementsI am personally more than fed up with the FCA using every excuse in and not in the book to avoid simply engaging with us mere lenders in “normal” talks. Yes, we know there is an "enforcement investigation" being conducted, but we have lost millions under your watch, and something more than silence would be good to hear. So, after 18 months we are starting on direct action. It will be one of the largest direct actions seen by the FCA for peer-to-peer, if not the largest. Dossiers are being prepared and are nearly ready to go. Anyone who has not signed up, please read this post: p2pindependentforum.com/post/427523
The deadline has been extended by 2 weeks due to the latest notification email sent out by the joint administrators. Thank you to the joint administrators. We are very near our magical number, please support us, we have jointly spent thousands of our own cash and thousands of person hours in pushing this forward. We ask for your support now.
All the best to everyone, MP2P & FSAG Team
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cwah
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Post by cwah on May 21, 2021 23:46:20 GMT
Already did for me i hope other do
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rogerthat
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Post by rogerthat on May 22, 2021 10:04:56 GMT
Can I put mine in twice...will it double my chances ? OK...Yes..I was hesitant at first and also somewhat embarrassed to reveal the scale of my likely capital losses in opting in. In some ways I hate myself for being foolish enough to believe the lies at the outset..but doing nothing and moping about it wont change the situation. If it increases our chances by one in a million, then surely it's worth 5 minutes to do an email and I appeal to anyone still undecided to opt in and help make up the numbers.
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mah
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Post by mah on May 22, 2021 23:05:49 GMT
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! Does this mean that the 3rd party funders were higher ranking than even the 1st tranche lenders ?
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Mucho P2P
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Post by Mucho P2P on May 22, 2021 23:34:36 GMT
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! Does this mean that the 3rd party funders were higher ranking than even the 1st tranche lenders ? If you are asking if the 3rd party lender was higher ranking than us, the lenders who loaned into 1st tranche loans, lets just say, he seems to think so. The only reason he thinks so, is due to FS co-mingling clients funds with lenders funds. My opinion, and I stress, my opinion, he should be taking action against the ex-directors for his failed investment, not the lenders who are wholly innocent in this fiasco. Here we have a case of someone taking advantage that the statute and precedence of laws governing P2P lending has not sufficiently evolved to protect lenders capital, and reckons that they might have a chance to recoup a failed investment choice of theirs.
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cwah
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Post by cwah on May 22, 2021 23:38:00 GMT
Does this mean that the 3rd party funders were higher ranking than even the 1st tranche lenders ? If you are asking if the 3rd party lender was higher ranking than us, the lenders who loaned into 1st tranche loans, lets just say, he seems to think so. The only reason he thinks so, is due to FS co-mingling clients funds with lenders funds. My opinion, and I stress, my opinion, he should be taking action against the ex-directors for his failed investment, not the lenders who are wholly innocent in this fiasco. Here we have a case of someone taking advantage that the statute and precedence of laws governing P2P lending has not sufficiently evolved to protect lenders capital, and reckons that they might have a chance to recoup a failed investment choice of theirs. I only there was some entity charged to review FS as company, and made sure investor could invest in confidence...
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Mucho P2P
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Post by Mucho P2P on May 23, 2021 0:03:39 GMT
If you are asking if the 3rd party lender was higher ranking than us, the lenders who loaned into 1st tranche loans, lets just say, he seems to think so. The only reason he thinks so, is due to FS co-mingling clients funds with lenders funds. My opinion, and I stress, my opinion, he should be taking action against the ex-directors for his failed investment, not the lenders who are wholly innocent in this fiasco. Here we have a case of someone taking advantage that the statute and precedence of laws governing P2P lending has not sufficiently evolved to protect lenders capital, and reckons that they might have a chance to recoup a failed investment choice of theirs. I only there was some entity charged to review FS as company, and made sure investor could invest in confidence... There is, it’s called the FCA, and they appear to have failed dramatically when they approved the Change of Control at FS. A time when they should have checked all was functioning as meant to. It was their second chance to ensure FS was safe for retail clients. Something appears to have gone catastrophically wrong for the lenders at this time of authorisation. This is what I would like to discuss with the FCA.
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Post by rickyvader666 on Jun 8, 2021 18:20:26 GMT
Not sure which board to put this on but I have noticed a significant drop in updates and monies received for defaulted loans.
With the suspension of payments I fear that there will be no more money coming out of this company and we have been well and truly had.
Has anyone received any form of update , payment or acknowledgement from Funding Secure?
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Mucho P2P
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Post by Mucho P2P on Jun 8, 2021 20:54:58 GMT
Not sure which board to put this on but I have noticed a significant drop in updates and monies received for defaulted loans. With the suspension of payments I fear that there will be no more money coming out of this company and we have been well and truly had. Has anyone received any form of update , payment or acknowledgement from Funding Secure? There will be no more payments made to lenders until the quistclose trust issue is settled. Money might be allocated to the lenders e-wallets, but transfers out wont be allowed. FS is continuing to work in recovering loans in the meantime. Updates are now quarterly for all loans.
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taffy
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Post by taffy on Jun 9, 2021 7:49:16 GMT
No updates, what do you mean? There are frequent updates, for example.
30/04/2021
The position remains as per the previous update
29/01/2021
The position remains as per the previous update.
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sundown
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Post by sundown on Jun 9, 2021 10:56:03 GMT
There will be no more payments made to lenders until the quistclose trust issue is settled. Money might be allocated to the lenders e-wallets, but transfers out wont be allowed. FS is continuing to work in recovering loans in the meantime. Updates are now quarterly for all loans. Why would money be allocated to e-wallets? With the situation up in the air the sum returned could change. How would lenders feel to have it sitting there only to be taken away?
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