rogerthat
Member of DD Central
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Post by rogerthat on Jul 30, 2021 12:43:10 GMT
Cleared..had to leave thread as others have added..hope this doesn't delete their posts
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Post by overthehill on Jul 30, 2021 13:32:01 GMT
Gleneagles Estate - valuation 3M , 1st charge 900k, FS 2nd charge 671k, LTV 55%.
Update : 1st charge holder says there will be no funds for FundingSecure.  although certainly not the only loan.
Is FundingSecure right at the top of the P2P incompetent, negligent and dishonest league table ahead of Lendy, Collateral, Others ? I don't know.
This is one of the loans I was bitten by and very rarely go near 2nd charge loans now, if there is no strong business relationship between the two charges, you're naked exposed especially in administration.
FS lenders are getting pummelled from every angle: borrowers, RICS valuers, creditors, receivers, administrators and courts, not forgetting the wonderful team that lent our money out.
Every P2P debacle like FS does untold reputational damage to the industry, imagine where it could be now. Most people probably equate P2P with all the other financial scams that have stolen savings or pensions.
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Post by overthehill on Jul 30, 2021 16:25:51 GMT
Spot the recurring themes, inaction and utter incompetence 3 years on.
Barnoldswick The litigation in this matter is ongoing. Lennymuir. Solicitors have provided their report on title with regard to the progression of enforcement. A valuation of the property (together with a required environmental report) is awaited via instructed agents. Channel Street Galashiels.Solicitors have provided their report on title with regard to the progression of enforcement. A valuation of the property is awaited via instructed agents and an environmental report will be required along with the provision of a property enquiry certificate. Wainbridge C*tt*ge. The possession proceedings are now progressing with directions having been given to a hearing scheduled in autumn. Lower Sand Hills. A possession hearing took place in June 2021, whereby the borrower, who attended, advised that a sale had been agreed and is due to complete in September 2021. No evidence was provided, however, as a result of this, the judge agreed to adjourn the hearing to allow for the sale to complete. Military Collection. The borrower was given the deadline of 31 May 2021 to redeem all remaining assets. The borrower failed to do so. The Joint Administrators have instructed agents to carry out a valuation of the remaining assets and provide their recommendations as to the best option available. The borrower has now put forward a revised offer and the alternative would be to proceed to enter the assets into auction. No figures will be disclosed at this stage so as not to prejudice the position.
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adrian77
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Post by adrian77 on Jul 31, 2021 9:04:43 GMT
yet another complete horlicks based on fanciful valuations, appalling management etc - I think there is also a £25K supplementary charge?
Not sure how long the first charge has been running but if we take £900K for 4 years at 20% that is £720K so won't argue there will be zero for FS investors
Are FS top for being dishonest etc - hard to say but boy what a high standard there is for this one - whatever I am totally appalled by these people
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Post by overthehill on Aug 1, 2021 11:27:39 GMT
All of these updates for the outstanding loans and unrecovered defaulted loans makes you realise how easy it is to borrow money and not pay it back EVEN if you're still living in and earning from the security 3 years on. The british courts and laws are a complete joke. Or did FS investors just hit the perfect storm or the mother lode of finance industry sleaze.
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merlin99
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Post by merlin99 on Aug 2, 2021 14:04:53 GMT
I cannot help wondering if the receivers have ever laid eyes on the two Powerboats. Much rumour suggests that although there may be two boats only one actually remains in the UK. If this does prove to be the case the receivers will look extremely stupid, incompetent and may other things besides. Whilst I personally will have lost a largish five figure sum on these boats I wont have lost my shirt. I wrote off any thought of a reasonable recovery some years back following a rather strange conversation with one of the FS directors. Now with further depreciation and the state of the market very much in favour of potential buyers, plus receivers fees I cannot envisage anything much being retuned.
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although certainly not the only loan.