ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 12, 2023 20:16:00 GMT
which loans did jc starr think their money went into ?i hope it was the same huge loss loans that the rest of us got conned into funding.they were took in and shafted just like the rest of us.quistclose trust,bercley applegate,suspence accounts and all the rest of the cr*p.the admins should just open the flood gates and distribute whatever they are holding of lenders funds and stop all this faffing around because some ar*ehole lost a lot of money and is throwing the rattle out of the pram. The point is it shouldnt have gone into any loans ... thats the whole point of the QT ... the money was lent for a specific purpose, it wasnt used for that purpose so it should still be in the client account. Had the QT money not been used, the loans wouldnt have filled so lenders wouldnt have been shafted either, or more shafted but in less loans. MORE Fraud then?
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aj
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Post by aj on Jul 13, 2023 9:46:37 GMT
Could we finally start to see some movement of our money heading towards our accounts. All prior to April 2019. FundingSecure Update We refer you to previous updates on the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 (the Payment) paid into the e-wallet/client account (the Account) in April 2019. Following the taking of legal advice, consultation with the Creditors’ Committee and the development on the Platform of a mechanism to allow funds to move whilst preserving the frozen account, we have now started paying monies due to investors on those loans made by FundingSecure prior to April 2019. We are now investigating whether payments can be made on those loans made after April 2019; that is after the Payment was paid into the Account. However, based on legal advice to date, payments on these loans will be more problematical as the loans were made after the Payment was paid into the Account. We continue to keep the matter under review and we will update you further, but while JC Starr’s claim is extant and unresolved we need to be cautious regarding any payments and follow legal advice. FundingSecure Limited - in Administration I have a frozen 4 figure sum returned 24/03/2021 from a loan made 20/03/2018 (B*r*sford Road, Wirral). From the administrators wording this should not be held pending quistclose? I have not made any investments with FS since 2018. What they actually seem to have done is frozen all available balances in the client account on the date they received the QC claim. Has this been everyone else's experience or is this an error on the administrators part?
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Post by overthehill on Jul 13, 2023 10:54:42 GMT
Could we finally start to see some movement of our money heading towards our accounts. All prior to April 2019. FundingSecure Update We refer you to previous updates on the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 (the Payment) paid into the e-wallet/client account (the Account) in April 2019. Following the taking of legal advice, consultation with the Creditors’ Committee and the development on the Platform of a mechanism to allow funds to move whilst preserving the frozen account, we have now started paying monies due to investors on those loans made by FundingSecure prior to April 2019. We are now investigating whether payments can be made on those loans made after April 2019; that is after the Payment was paid into the Account. However, based on legal advice to date, payments on these loans will be more problematical as the loans were made after the Payment was paid into the Account. We continue to keep the matter under review and we will update you further, but while JC Starr’s claim is extant and unresolved we need to be cautious regarding any payments and follow legal advice. FundingSecure Limited - in Administration I have a frozen 4 figure sum returned 24/03/2021 from a loan made 20/03/2018 (B*r*sford Road, Wirral). From the administrators wording this should not be held pending quistclose? I have not made any investments with FS since 2018. What they actually seem to have done is frozen all available balances in the client account on the date they received the QC claim. Has this been everyone else's experience or is this an error on the administrators part?
One of these loans ? These were repaid (to me at least) before the quistclose freeze.
3222209939 4347447313 No loans activated before april 2019 should be frozen due to quistclose nonsense (is it even a claim yet?) There were 82 loans activated between 01apr2019 and the close.
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ilmoro
Member of DD Central
'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 Jul 13, 2023 11:16:02 GMT
Could we finally start to see some movement of our money heading towards our accounts. All prior to April 2019. FundingSecure Update We refer you to previous updates on the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 (the Payment) paid into the e-wallet/client account (the Account) in April 2019. Following the taking of legal advice, consultation with the Creditors’ Committee and the development on the Platform of a mechanism to allow funds to move whilst preserving the frozen account, we have now started paying monies due to investors on those loans made by FundingSecure prior to April 2019. We are now investigating whether payments can be made on those loans made after April 2019; that is after the Payment was paid into the Account. However, based on legal advice to date, payments on these loans will be more problematical as the loans were made after the Payment was paid into the Account. We continue to keep the matter under review and we will update you further, but while JC Starr’s claim is extant and unresolved we need to be cautious regarding any payments and follow legal advice. FundingSecure Limited - in Administration I have a frozen 4 figure sum returned 24/03/2021 from a loan made 20/03/2018 (B*r*sford Road, Wirral). From the administrators wording this should not be held pending quistclose? I have not made any investments with FS since 2018. What they actually seem to have done is frozen all available balances in the client account on the date they received the QC claim. Has this been everyone else's experience or is this an error on the administrators part? I think there are two issues here ... First, the claim is against the funds in the client account at date of claim wherever they came from so the CA has to be frozen until it is resolved. Who owns what in the CA will be part of the case. The distributions made are from loans prior to April 2019 recovered after the claim was made, or at least with funds never moved into the CA. Second, if the funds are not in the CA as they are supposed to be, then they are in loans made after Apr 2019, those funds maybe recovered in full or in part so would be able to be repaid into the CA, releasing funds that belong to others. Its a giant needles in haystacks hunt, the more of the claimants needles that can be found, the fewer of everybody elses needles he will need to make up any shortage (if his claim succeeds)
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ilmoro
Member of DD Central
'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 Jul 13, 2023 11:21:36 GMT
I have a frozen 4 figure sum returned 24/03/2021 from a loan made 20/03/2018 (B*r*sford Road, Wirral). From the administrators wording this should not be held pending quistclose? I have not made any investments with FS since 2018. What they actually seem to have done is frozen all available balances in the client account on the date they received the QC claim. Has this been everyone else's experience or is this an error on the administrators part?
One of these loans ? These were repaid (to me at least) before the quistclose freeze.
3222209939 4347447313 No loans activated before april 2019 should be frozen due to quistclose nonsense (is it even a claim yet?) There were 82 loans activated between 01apr2019 and the close.
Thats the issue, loans that were repaid before the claim would have proceeds deposited in the client account that is subject to the claim. If you withdrew the funds before the claim then they are not subject to the claim. If you didnt they are. Loans redeemed after the claim had their proceeds held separate, ie not in the CA, so werent subject to the claim so can now be distributed.
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aj
Member of DD Central
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Post by aj on Jul 13, 2023 14:43:26 GMT
overthehill Yes, repayment of 3222209939 (and other tranches of the same loan). It was repaid pre quistclose but the ISA transfer I initiated didn't go through before my funds were frozen. ilmoro The way administrators have worded their latest email suggests they are legally confident to distribute my funds. However my funds will need to be sorted out from the client account 'haystack' in order for this to be possible and I suspect they will be reluctant to do this!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Likes: 11,109
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Post by ilmoro on Jul 14, 2023 10:14:19 GMT
overthehill Yes, repayment of 3222209939 (and other tranches of the same loan). It was repaid pre quistclose but the ISA transfer I initiated didn't go through before my funds were frozen. ilmoro The way administrators have worded their latest email suggests they are legally confident to distribute my funds. However my funds will need to be sorted out from the client account 'haystack' in order for this to be possible and I suspect they will be reluctant to do this! Not sure that is what they have said. Firstly loans recovered prior to the claim have already been distributed so I suspect they arent covered by the statement on making payments. Second the phrase 'preserving the frozen account' suggests nothing is going to happen to funds in that, at least in the short term. I think you are right to not be optimistic the admin will do anything to release you funds soon.
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Post by overthehill on Jul 14, 2023 10:18:03 GMT
Yet another example of sheer administrator incompetence, payment for this loan is also being held up for no logical or forthcoming reason including Quistclose. Every tranche was funded before april 2019. The latest comment is 14 months old and clearly states the funds can be released !!!
Land at Weston Rhyn
29/04/2022 The Official Receiver has indicated that they have no interest in pursuing the funds held and solicitors have accordingly confirmed that funds can be released once we are in a position to allow the e-wallet to reopen.
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r1200gs
Member of DD Central
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Post by r1200gs on Jul 26, 2023 16:10:13 GMT
Freeze on withdrawals.
Does this make any difference to anybody?!
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Post by gaspilot on Jul 31, 2023 10:57:08 GMT
After taking legal advice, it has become apparent that these loans were not first and second charges in the way in which they were presented on the Platform. The Barnoldswick Loan was over a Property and some Adjoining Land. The Adjoining Land was purchased first, using the loan advertised as “a second charge loan”. The Property was subsequently purchased using the “First Charge loan”.
The charge registered was an “all monies” charge and therefore relates to both loans. In the circumstances, we have been advised that the net proceeds of sale should be apportioned as between the Property and the Adjoining Land. Using the purchase values it is clear that 20% of the Net Proceeds of Sale must be apportioned to the Second Charge Loan.
We intend on keeping this matter open for the next fourteen days, following which we will recalculate the net proceeds of sale and update the Platform in due course thereafter.
That was posted on 11/7/23 for the Barnoldswick loan. When do you think the money will reach our accounts so that we can withdraw it?
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Post by spareapennyor2 on Jul 31, 2023 11:40:24 GMT
The next withdrawals and ISA transfers are therefore scheduled to be processed on 9th August.
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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 Jul 31, 2023 15:30:55 GMT
After taking legal advice, it has become apparent that these loans were not first and second charges in the way in which they were presented on the Platform. The Barnoldswick Loan was over a Property and some Adjoining Land. The Adjoining Land was purchased first, using the loan advertised as “a second charge loan”. The Property was subsequently purchased using the “First Charge loan”.
The charge registered was an “all monies” charge and therefore relates to both loans. In the circumstances, we have been advised that the net proceeds of sale should be apportioned as between the Property and the Adjoining Land. Using the purchase values it is clear that 20% of the Net Proceeds of Sale must be apportioned to the Second Charge Loan.
We intend on keeping this matter open for the next fourteen days, following which we will recalculate the net proceeds of sale and update the Platform in due course thereafter. That was posted on 11/7/23 for the Barnoldswick loan. When do you think the money will reach our accounts so that we can withdraw it? I don't think the original distribution was wrong. The legal advice didn't have the full facts. The legal advice should get reverted.
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Post by spareapennyor2 on Aug 9, 2023 11:33:52 GMT
Additional Capital Return from loan 7224997259 £0.12 don't know if I'm more excited / or depressed Your Available Funds
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Post by overthehill on Aug 17, 2023 19:39:39 GMT
Yet another example of sheer administrator incompetence, payment for this loan is also being held up for no logical or forthcoming reason including Quistclose. Every tranche was funded before april 2019. The latest comment is 14 months old and clearly states the funds can be released !!!
Land at Weston Rhyn
29/04/2022 The Official Receiver has indicated that they have no interest in pursuing the funds held and solicitors have accordingly confirmed that funds can be released once we are in a position to allow the e-wallet to reopen.
Another month and a follow-up to the above continues to hide in the shady, sorry shade.
I did get this update though yesterday, does it seem familiar ? I've seen it numerous times just in my loans and illustrates the administrators knack of repeatedly picking the worst of the bunch and then taking eons to decide there has been no progress, just staggering.
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16/08/2023
The progress made by the solicitors was not satisfactory. It is proposed that this and other guarantee matters are passed to a new solicitor who deal with all guarantee claims.
31/01/2022
Following the shortfall to the first charge holder, solicitors have been instructed to demand under the guarantee.
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Post by overthehill on Aug 17, 2023 19:49:16 GMT
Is anyone expecting anything back from the art loans ?
Have the claimants received any money from the litigation or is it still jammed up in the justice for all legal system because it is so unfair and unethical for defendants to pay back debts from fraudulently obtained loans.
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