rocky1
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Post by rocky1 on May 26, 2022 14:07:18 GMT
is the FSAG still going if so maybe they could enlighten lenders on what the heck is going on here. or is it all NDAs and other sh*t.why is this farce being allowed to continue. vultures everywhere taking their fill of what is after all and what has/is paying for the whole bloody circus. return our funds held in the e wallets and tell the quistclose person to claim against us all on a case by case basis.how much is this person claiming for ? they got shafted just like the rest of us and should stop this rubbish and take their losses the way we have all had to.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 26, 2022 14:56:00 GMT
is the FSAG still going if so maybe they could enlighten lenders on what the heck is going on here. or is it all NDAs and other sh*t.why is this farce being allowed to continue. vultures everywhere taking their fill of what is after all and what has/is paying for the whole bloody circus. return our funds held in the e wallets and tell the quistclose person to claim against us all on a case by case basis.how much is this person claiming for ? they got shafted just like the rest of us and should stop this rubbish and take their losses the way we have all had to. You need to complain here: www.insolvencydirect.bis.gov.uk/ExternalOnlineForms/InsolvencyPractitionerComplaint.aspxWho do you wish to complain about Insolvency Practitioner 1 First name Edward Last name Avery-Gee Firm CG and G Recovery Limited Email edward.gee@cg-recovery.com Telephone 0161 358 0210 Authorising Body IPA What is your connection to the insolvencyOther I'm a Lender to many P2P borrowers via FundingSecure Ltd. I'm not a creditor. What has happenedI made many loans to many P2P borrowers via a P2P platform FundingSecure Ltd. Each loan is individual and money in each loan is ringfenced according to FCA regulations. FCA regulations also stipulate that a P2P platform (ie FundingSecure Ltd) must wind-down that loan portfolio in a controlled manner. The directors of FundingSecure Ltd appointed CG Recovery Limited to wind-down the loan portfolio. Why do you think the IP is at faultThe IP is inherently unable to maintain the FCA regulations. I believe there are too many loans for the IP to process effectively. Some of my loans have been badly handled resulting in poor recovery. (eg loans # 7346187926 and # 2490058515 where costs were excessive). Loan # 2572470208 hasn't been reported to the police, despite serious criminal anomalies. Costs associated with each loan get cross-contaminated. A 5% excess charge has been taken and not returned on many loan recoveries. The IP is withholding money due to me on some of my loans due to a Quistclose claim. When you complained to the Insolvency Practitioner, what happenedThe IP is saying that a claim by one creditor is preventing the IP from making ongoing payments. That claim is supposedly a tentative Quistclose claim and outside of FCA regulation. Two years ago the IP requested that I took legal action to define the 5% excess charge. A court case found in favour of the lenders (including myself). The IP has ignored this.
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mah
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Post by mah on Jun 9, 2022 14:07:26 GMT
Strange are the laws in this Country! We hear that once a Company goes into Administration, one can't prosecute it and they are immune to any Court proceedings (due to Insolvency). However, when it goes against the interests of the Lenders, the immunity goes out of the window! We also hear from the Admins and their Regulators (IPA, ICAE) that they DON'T need to Rectify/Remedy them (so can Ignore them). So, why are they even getting involved ? Rather, why can't they just carry on with the business of Administration as per their Mandate and distribute the Funds as and when they come in. They can probably take half a dozen legal opinions from their esteemed lawyers and simply carry on! If at all, and when it comes to that Court judgement of Quistclose Trust, they can simply raise their hands and say that the money has already been distributed and we will comply from now on ? Like they did with the 5% Fee ? They didn't ring fence that 5% even after the Court proceedings began, did they ? And the Courts are Not unhappy about it too!
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duck
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Post by duck on Jul 11, 2022 11:54:10 GMT
Note the company mentioned in todays update is BVI.
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mullet
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Post by mullet on Jul 11, 2022 11:56:28 GMT
Would anyone be kind enough to explain today's email from Funding Secure regarding the Quistclose Trust in layman's terms What does 'joining the proceeding' actually mean? (and will it improve my chances of getting my money back? )
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moist
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Post by moist on Jul 11, 2022 12:08:23 GMT
and are you potentially affected if you did not add anything to FS after 12th April 2019?
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aj
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Post by aj on Jul 11, 2022 14:57:50 GMT
I am not a lawyer but I read it as:
-Email Boodle Hatfield with the requested details if you have an 'interest' in the claim. Anyone who is currently unable to access their funds surely has an interest in seeing this claim dropped ASAP? -They will respond with the 'Particulars of Claim' laying out why their client is making a claim by 8th August. Hopefully this will provide the details we are still lacking. -Once we have sight of the 'Particulars of Claim' we can choose whether we wish to participate in proceedings. I assume we can choose to participate individually or arrange a group effort.
I can provide a trail of exactly where the money in my client account has come from; can these guys show where their money went? Unfortunately for all involved FS were much better at disappearing money than making it reappear. I will be emailing Boodle Hatfield letting them know I have an interest. I do not intend to provide them with my username or balance at the moment as I don't see it as being any of their business?
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Post by lostinspace on Jul 11, 2022 15:19:54 GMT
I have just emailed them as I am an interested party with money invested in. I did not provide my username or account balance as they are essentially an unknown 3rd party and the super condensed updates from the administration team are not enough to make me feel comfortable to share that info.
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Post by lostinspace on Jul 11, 2022 15:22:29 GMT
Just to add this sounds like it will go on for a long time as once all the info is gathered and submitted there will be a response from the administration and probably a prolonged back and forth
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adrian77
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Post by adrian77 on Jul 11, 2022 15:38:16 GMT
what the hell is going on here!
will do a bit of research but all I can see is massive legal bills for zero gain...`
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nyneil
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Post by nyneil on Jul 11, 2022 15:38:19 GMT
Is this only relevant to money currently in the e-wallet (is that the same as client account?) What about funds which might be recovered in the future?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Jul 11, 2022 16:39:45 GMT
Is this only relevant to money currently in the e-wallet (is that the same as client account?) What about funds which might be recovered in the future? My understanding is that it's not just any cash in your E-Wallet, it also includes any loans in your E-Wallet. It seems like a desperate attempt to undermine lenders ring-fenced funds. The Quistclose Claim is also in breach of T&C's 4.1. (Investing in Loans) If you reveal your Username and E-Wallet balance that could also be a breach of FS T&Cs.
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adrian77
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Post by adrian77 on Jul 11, 2022 16:42:45 GMT
Been thinking about this - what the hell has this to do with our loans - we lent money against assets as generally a first charge so why is money lent to FS significant? Questions for me
what did FS do with this money ?
is there any connection between FS and the directors ?
what security (if any?) was given against this loan
the whole thing stinks to me....
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bugs4me
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Post by bugs4me on Jul 11, 2022 17:38:12 GMT
<snip> the whole thing stinks to me.... It does stink adrian77 - unless you can unravel the company based in the BVI - directors, etc then I expect we are or will be hung out to dry.
There is a way of finding out who is behind the BVI company but it can cost some serious money and unless you are heavily exposed financially I cannot see the point apart from an academic point of view.
Was only expecting pennies in the pound anyway so looks as though those pennies have just flown!!! But at least I managed to exit apart from one zombie with a positive return.
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Post by df on Jul 11, 2022 18:29:38 GMT
Is this only relevant to money currently in the e-wallet (is that the same as client account?) What about funds which might be recovered in the future? Yes, very confusing update. I didn't get the message they've tried to deliver... I have 32p in "my available funds" (I don't seem to find any "e-wallet" on my "my details" page) and don't expect any future significant recoveries, so I think I can safely ignore the message and if somebody desperately wants my 32p they can have it
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