merlin99
Member of DD Central
Posts: 126
Likes: 269
|
Post by merlin99 on Mar 31, 2023 8:38:44 GMT
So where are we now? Whatsapp group is quiet, FB page is silent and not much here either. Our narcissistic friend has been threatening to launch his legal action "tomorrow" for quite some time now. It seems to me that he must be well aware by now that this will cost a fortune with little chance of success. How much longer are the administrators going to do precisely nothing while holding significant sums from those it rightly belongs to? Anyone with any idea what is happening here? We are chasing the administrators, who seem to be too busy to reply to us. We were expecting a reply 2 days ago. Guess they must be either counting our money pot or more likely their own!
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Mar 31, 2023 9:34:12 GMT
So where are we now? Whatsapp group is quiet, FB page is silent and not much here either. Our narcissistic friend has been threatening to launch his legal action "tomorrow" for quite some time now. It seems to me that he must be well aware by now that this will cost a fortune with little chance of success. How much longer are the administrators going to do precisely nothing while holding significant sums from those it rightly belongs to? Anyone with any idea what is happening here? We are chasing the administrators, who seem to be too busy to reply to us. We were expecting a reply 2 days ago. Yes, actually communicating seems to be beyond them. I mailed them weeks ago asking how the hell they intend to deal with the first charge loan on that tower block, which according to the site is still gaining interest at the expense of the capital of lower ranking loans and they haven't bothered to respond at all. They seem to be a law unto themselves!
|
|
bugs4me
Member of DD Central
Posts: 1,841
Likes: 1,466
|
Post by bugs4me on Mar 31, 2023 9:58:36 GMT
r1200gs - apologies in advance but couldn't resist correcting your sentence - 'They seem to be are a law unto themselves!' and it's not just with FS. Administrators are 'professionals' and make the greed of many a P2P platform operator look amateurish. Also it's not just restricted to the P2P sector with many a creditor seeing their just dues whittled away until the money pot is virtually empty then hey presto, things are brought to a conclusion.
It's a total injustice and to rub salt in the wound totally legal.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Mar 31, 2023 10:05:37 GMT
r1200gs - apologies in advance but couldn't resist correcting your sentence - 'They seem to be are a law unto themselves!' and it's not just with FS. Administrators are 'professionals' and make the greed of many a P2P platform operator look amateurish. Also it's not just restricted to the P2P sector with many a creditor seeing their just dues whittled away until the money pot is virtually empty then hey presto, things are brought to a conclusion.
It's a total injustice and to rub salt in the wound totally legal.
You are right, it's legalised theft. They are not giving up one penny until they have run out of reasons to keep it for themselves in fees. All the time this drags on they take more fees.
|
|
|
Post by Gisele on Apr 21, 2023 10:30:02 GMT
So where are we now? Whatsapp group is quiet, FB page is silent and not much here either. Our narcissistic friend has been threatening to launch his legal action "tomorrow" for quite some time now. It seems to me that he must be well aware by now that this will cost a fortune with little chance of success. How much longer are the administrators going to do precisely nothing while holding significant sums from those it rightly belongs to? Anyone with any idea what is happening here? We are chasing the administrators, who seem to be too busy to reply to us. We were expecting a reply 2 days ago. WhatsApp group? We have a WhatsApp group?? How do I join it?
|
|
|
Post by stankroenke1 on Apr 26, 2023 15:06:19 GMT
The e-wallet/client account (the Account) is currently frozen due to the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 paid into the Account in April 2019. Following consultation with the Creditors Committee and the FCA and following legal advice, we have been investigating how we might pay out those monies due to investors on those loans (the Loans) made by FundingSecure prior to April 2019. We have now devised a mechanism to allow payment to be made on the Loans to investors. There is currently the sum of £795,309.02 (the Frozen Monies), to which sum JC Starr is making a claim, held in the Account. It is intended that the Frozen Monies will be moved from the Account to a separate account, where they will remain frozen. The Account will then be used to make payments to the investors on the Loans. It is intended that such payments will commence shortly after 3 May 2023.
Please note that during this period of a few days the Platform will be closed to allow the mechanism to be put in place.
|
|
hubert
Member of DD Central
Posts: 175
Likes: 119
|
Post by hubert on Apr 26, 2023 15:14:29 GMT
The e-wallet/client account (the Account) is currently frozen due to the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 paid into the Account in April 2019. Following consultation with the Creditors Committee and the FCA and following legal advice, we have been investigating how we might pay out those monies due to investors on those loans (the Loans) made by FundingSecure prior to April 2019. We have now devised a mechanism to allow payment to be made on the Loans to investors. There is currently the sum of £795,309.02 (the Frozen Monies), to which sum JC Starr is making a claim, held in the Account. It is intended that the Frozen Monies will be moved from the Account to a separate account, where they will remain frozen. The Account will then be used to make payments to the investors on the Loans. It is intended that such payments will commence shortly after 3 May 2023. Please note that during this period of a few days the Platform will be closed to allow the mechanism to be put in place. Pity they can't write in plain English without needing an interpreter.
|
|
|
Post by stankroenke1 on Apr 26, 2023 15:33:01 GMT
Can’t check how far back the loans are as the sites now down and it doesn’t say how long. Suppose it will be up on the 2nd
|
|
|
Post by stankroenke1 on Apr 26, 2023 15:35:27 GMT
Can’t check how far back the loans are as the sites now down and it doesn’t say how long. Suppose it will be up on the 2nd Make that the 3rd
|
|
|
Post by multiaccountmanager on Apr 26, 2023 15:58:44 GMT
The e-wallet/client account (the Account) is currently frozen due to the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 paid into the Account in April 2019. Following consultation with the Creditors Committee and the FCA and following legal advice, we have been investigating how we might pay out those monies due to investors on those loans (the Loans) made by FundingSecure prior to April 2019. We have now devised a mechanism to allow payment to be made on the Loans to investors. There is currently the sum of £795,309.02 (the Frozen Monies), to which sum JC Starr is making a claim, held in the Account. It is intended that the Frozen Monies will be moved from the Account to a separate account, where they will remain frozen. The Account will then be used to make payments to the investors on the Loans. It is intended that such payments will commence shortly after 3 May 2023. Please note that during this period of a few days the Platform will be closed to allow the mechanism to be put in place. Pity they can't write in plain English without needing an interpreter. I find the Administrator message very clear and am happy to respond to any questions. Perhaps I have missed something? The only general thing I am currently not clear about, as the site is down, is whether there were any loan renewals after April 2019 and if so whether they are also entrapped along with any new loans. It wil be very welcome to have some small money returned and very many thanks to the Creditor Committee who no doubt have been driving this.
|
|
hubert
Member of DD Central
Posts: 175
Likes: 119
|
Post by hubert on Apr 26, 2023 17:43:44 GMT
Pity they can't write in plain English without needing an interpreter. I find the Administrator message very clear and am happy to respond to any questions. Perhaps I have missed something? The only general thing I am currently not clear about, as the site is down, is whether there were any loan renewals after April 2019 and if so whether they are also entrapped along with any new loans. It wil be very welcome to have some small money returned and very many thanks to the Creditor Committee who no doubt have been driving this. What I really meant was, rather than telling us the amount that cannot be paid, it would be nice to know in advance which funds that we have sitting in accounts we will be able to get our hands on, without doing a lot of research. Is the list really that long that they could not have made it known to us.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Apr 26, 2023 18:50:39 GMT
Pity they can't write in plain English without needing an interpreter. I find the Administrator message very clear and am happy to respond to any questions. Perhaps I have missed something? The only general thing I am currently not clear about, as the site is down, is whether there were any loan renewals after April 2019 and if so whether they are also entrapped along with any new loans. It wil be very welcome to have some small money returned and very many thanks to the Creditor Committee who no doubt have been driving this. Well, the money I want returned is not small. But, if you want questions - how will the first charge loan in the ex-council tower block be treated when it appears to have been accruing interest all these years at the expense of lower ranking loans? Will the administrators even notice that it ranks above all other loans, and when did the accrual of interest end, if it did at all?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
Likes: 11,097
|
Post by ilmoro on Apr 26, 2023 18:54:18 GMT
I find the Administrator message very clear and am happy to respond to any questions. Perhaps I have missed something? The only general thing I am currently not clear about, as the site is down, is whether there were any loan renewals after April 2019 and if so whether they are also entrapped along with any new loans. It wil be very welcome to have some small money returned and very many thanks to the Creditor Committee who no doubt have been driving this. What I really meant was, rather than telling us the amount that cannot be paid, it would be nice to know in advance which funds that we have sitting in accounts we will be able to get our hands on, without doing a lot of research. Is the list really that long that they could not have made it known to us. Do you want them charging £600 p/hr to do it? Will it make much difference knowing how much money you might be able to get before you can actually get it? 'Here's a bag of money ... which Im not going to give you' Why be disappointed for longer than you have to be? At least, when the distributions are made youll have the excitement of being able to withdraw it.
|
|
hubert
Member of DD Central
Posts: 175
Likes: 119
|
Post by hubert on Apr 26, 2023 21:11:06 GMT
What I really meant was, rather than telling us the amount that cannot be paid, it would be nice to know in advance which funds that we have sitting in accounts we will be able to get our hands on, without doing a lot of research. Is the list really that long that they could not have made it known to us. Do you want them charging £600 p/hr to do it? Will it make much difference knowing how much money you might be able to get before you can actually get it? 'Here's a bag of money ... which Im not going to give you' Why be disappointed for longer than you have to be? At least, when the distributions are made youll have the excitement of being able to withdraw it. The list of loans where funds have been received & can now be paid out, are readably available to them, would take minutes & at £600 per hour, would cost each investor pennies. It is not a problem beyond the wit of man. I do not accept such an excuse, not to be more considerable towards lenders which is sadly lacking.
|
|
|
Post by multiaccountmanager on Apr 27, 2023 16:12:35 GMT
I find the Administrator message very clear and am happy to respond to any questions. Perhaps I have missed something? The only general thing I am currently not clear about, as the site is down, is whether there were any loan renewals after April 2019 and if so whether they are also entrapped along with any new loans. It wil be very welcome to have some small money returned and very many thanks to the Creditor Committee who no doubt have been driving this. Well, the money I want returned is not small. But, if you want questions - how will the first charge loan in the ex-council tower block be treated when it appears to have been accruing interest all these years at the expense of lower ranking loans? Will the administrators even notice that it ranks above all other loans, and when did the accrual of interest end, if it did at all? Sorry about you having so much at stake - but I don't think your question relevant for this thread - the question is too loan specific. All that is happening right now, as I understand it, is that loans made before the Quistclose funds were advanced in April 2019 and which loans have since been recovered/settled but the funds have been withheld, those funds should now be released. One question I have is what will happen about the Administrator threat to levy additional charges to compensate for allegedly unrecovered costs as the Administration has dragged on so long.
|
|