dh1
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Post by dh1 on Jul 18, 2024 15:27:06 GMT
So to summarise, if this goes through, we get some money....if someone objects we get none, and would likely lose more. Sorry, moist - there's no guarantee (or even enthusiastic suggestion) that much (if any) money will end up with lenders, expecially given the large costs involved. Whether or not to object is a very difficult balancing act which it seems to me is pretty much impossible in this complicated situation without serious and not free legal expertise. Also, objecting implies that a better solution is in play; if it is, the objector(s) would need to suggest it. Simply objecting without that backdrop would probably simply add to cost/delay without any benefit. And irritate the Court.
The more cyncial here might take a glance at the bigger picture... Who stands to gain the most from the settlement (apart from the lawyers)? Hint: it isn't the lenders!
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ilmoro
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'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 18, 2024 17:24:22 GMT
So to summarise, if this goes through, we get some money....if someone objects we get none, and would likely lose more. Sorry, moist - there's no guarantee (or even enthusiastic suggestion) that much (if any) money will end up with lenders, expecially given the large costs involved. Whether or not to object is a very difficult balancing act which it seems to me is pretty much impossible in this complicated situation without serious and not free legal expertise. Also, objecting implies that a better solution is in play; if it is, the objector(s) would need to suggest it. Simply objecting without that backdrop would probably simply add to cost/delay without any benefit. And irritate the Court.
The more cyncial here might take a glance at the bigger picture... Who stands to gain the most from the settlement (apart from the lawyers)? Hint: it isn't the lenders!
Erm, I would hope there will be a lot of money (for thise in the affected loans/CA)... £5m+ in the frozen funds ... only £4-450k will be taken in relation to the claim under the settlement ... that's covered by the funds in the original frozen account, though will likely come from all frozen funds in part. It seems a no brainer to me but then my exposure is about a quid so my opinion should have no weight.
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dh1
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Post by dh1 on Jul 18, 2024 17:45:32 GMT
Now that's the sort of helicopter view I like, ilmoro!
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Post by Gisele on Jul 18, 2024 19:33:11 GMT
You know, I live at least 40 miles away from the courts, but I can clearly hear the clever conniving pigs squealing in rapturous pleasure and anticipation of all the money the courts routinely help them to steal from the dumb decent folk that work hard and try to save some of their OWN money. May the Stars and the rabid hyenas that orbit them all burn in hell for eternity, as they truly deserve.
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Post by overthehill on Jul 19, 2024 11:22:22 GMT
You know, I live at least 40 miles away from the courts, but I can clearly hear the clever conniving pigs squealing in rapturous pleasure and anticipation of all the money the courts routinely help them to steal from the dumb decent folk that work hard and try to save some of their OWN money. May the Stars and the rabid hyenas that orbit them all burn in hell for eternity, as they truly deserve.
Exactly why I've been pulling back from P2P and making it known in the hope it might help others about to take the plunge. My plan has been to drain the swamp and then re-assess especially while interest rates are high and the ratio of P2P/FSCS interest is much lower.
Undoubtedly Fundingsecure has been one of the worst P2P companies in terms of raw dishonesty and outcomes for many but the administration element for future collapsed companies could do much damage to your mental, physical and financial well-being.
If in doubt, get out. Fools rush in where angels fear to tread.
Personally, these are the only companies I have total confidence in earning a good profit with 1st charge loans and not losing capital negating all previous profits.
Proplend, Landlordinvest , Capitalrise, Unbolted, Kuflink
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mah
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Post by mah on Jul 21, 2024 0:33:30 GMT
It's particularly important to note that lenders have the right to object to this settlement, etc. Key wording in the email:
"... The Court’s Order sanctioning the settlement, which is attached (together with the court application for settlement), provides that any investor may apply to Court and challenge the Order (including the settlement sum and the amount of costs approved to date for Mr M...) by issuing an application at Court by no later than 4pm on 8 August 2024. Please let us know if you require a copy of the underlying documents, in order to consider your position on the settlement. Please note that distributions may be delayed if investors object to the settlement. ..."
also:
"... If no investors apply to challenge the Order within the above time scale, the settlement agreement authorising the payment of the settlement sum of £200,000 to JCS will be entered into by the parties on 9 August 2024 and we will transfer the settlement sum to JCS along with Mr Mundy’s agreed legal costs by 4pm on 16 August 2024. The Court will then decide ancillary issues at a hearing on 14 October 2024 (including how the settlement sum and the costs of the settlement are to be spread across the frozen funds), following which we anticipate a substantial distribution will be made from the frozen funds. ..."
Just like the Administrators (they have spent "... £48,866.50 plus vat (subject to further court order where the costs will be looked at in detail or by agreement of the parties) ...") I take no position on all this. And I've not spent any money at all coming to this conclusion....!
But it doesn't say how to Object. I guess it's simply by email to "BPC.Manchester@justice.gov.uk" quoting "BL-2023-MAN-000078".
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dh1
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Post by dh1 on Jul 21, 2024 7:45:19 GMT
mah - it does "... by issuing an application at Court ..." and that's all it needs to say. There will no doubt be guidance available (this is a serious Court procedure governed by voluminous rules) on how to issue an application (which won't be just emailing a few words) but as I've mentioned above, in this case at least dangers/risks abound.
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rocky1
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Post by rocky1 on Jul 21, 2024 8:43:30 GMT
maybe its time to stop feeding the vultures and look towards this anticipated substantial distribution they are talking about.i think the whole system and process has has done very well financially for all of them.time to move on,big lessons learnt.
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mah
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Post by mah on Aug 5, 2024 19:12:09 GMT
In response to a simple E-Mail, the Court has said "We will draw your email to the Court’s attention so that it can be taken into account at that hearing".
So, those who don't want any Costs to be taken from any Pre-QT Loans should write to the Court stating that they don't want this to happen. Email to : BPC.Manchester@justice.gov.uk Case Ref : BL-2023-MAN-000078
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Post by Gisele on Sept 20, 2024 10:28:42 GMT
Hello all. There appears to have been no activity for a long time now, I had been hoping that news might be forthcoming of when any remaining pennies would be released now that the gluttons have decided amongst themselves exactly how many of our £'s they are going to steal. Does anyone have a view on when the next funds release might occur?
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Post by overthehill on Sept 20, 2024 11:47:12 GMT
Hello all. There appears to have been no activity for a long time now, I had been hoping that news might be forthcoming of when any remaining pennies would be released now that the gluttons have decided amongst themselves exactly how many of our £'s they are going to steal. Does anyone have a view on when the next funds release might occur?
"The Court will then decide ancillary issues at a hearing on 14 October 2024 (including how the settlement sum and the costs of the settlement are to be spread across the frozen funds), following which we anticipate a substantial distribution will be made from the frozen funds."
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ilmoro
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'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 Oct 15, 2024 10:14:11 GMT
Court hearing was indeed held yesterday. AIUI the outcome was that the judge determined costs should only be taken from recoveries on loans originated after the date of the claimants loan.
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