mikes1531
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Post by mikes1531 on Oct 31, 2014 16:05:00 GMT
So does the solicitor have the cash or not? Is he/she witholding it until his/her fees are paid? I doubt the latter. More likely reason is that the funds have arrived from the new lender, but they're still waiting for something to be finalised so they haven't given the authority to disburse the funds to the solicitor. AIUI, this is the case with another AC loan, and it has gone on for a week or so. AC are frustrated enough that they're about to call in the receivers -- or said they were, anyway.
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sqh
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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 Oct 31, 2014 16:35:20 GMT
If a demand letter is being sent, I hope AC send it Special Delivery guaranteed next day with tracking.
and Post (oooh!) the tracking code on here ..................
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kermie
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Post by kermie on Oct 31, 2014 17:21:37 GMT
Just got the email from AC: time to vote - votes on options to be in by Monday 4pm (and probably time to move to the pink pages...)
IN EDIT: I have started a discussion thread on the vote on the pink pages.
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Post by Ton ⓉⓞⓃ on Oct 31, 2014 17:38:34 GMT
I'm giving them one more chance, I'm voting A
Micro loan size holding
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oldgrumpy
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Post by oldgrumpy on Oct 31, 2014 17:48:00 GMT
What's the betting we have a story like "the borrower has had to return home (Mod edit) for family reasons and will be uavailable to complete repayment documentation for several weeks blah blah blah....." Or am I just too cynical? AC have long boasted about the tightness of their legal paperwork and asset security. Too many bridging loans are testing that now.  So does the solicitor have the cash or not? Is he/she witholding it until his/her fees are paid?OK just speculation, which AC's message later today may well explode.
So we now know that this solicitor (however much he/she wriggles) tells blatant lies. AC should not trust anything further he/she says. What proof have we that any funds were in place to be withdrawn?
It'll be interesting to see how this vote goes, and what people say beforehand.
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Post by pepperpot on Oct 31, 2014 17:54:56 GMT
What's the betting we have a story like "the borrower has had to return home (Mod edit) for family reasons and will be uavailable to complete repayment documentation for several weeks blah blah blah....." Or am I just too cynical? AC have long boasted about the tightness of their legal paperwork and asset security. Too many bridging loans are testing that now. So does the solicitor have the cash or not? Is he/she witholding it until his/her fees are paid?OK just speculation, which AC's message later today may well explode.
So we now know that this solicitor (however much he/she wriggles) tells blatant lies. AC should not trust anything further he/she says. What proof have we that any funds were in place to be withdrawn?
It'll be interesting to see how this vote goes, and what people say beforehand.
Pure speculation, but might have been an optimistic comment by the solicitor, as at the time, they had an offer on the table.
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shimself
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Post by shimself on Oct 31, 2014 18:15:29 GMT
Pure speculation, but might have been an optimistic comment by the solicitor, as at the time, they had an offer on the table. If the solicitor said unambiguously the money was available when it wasn't they could be in big trouble couldn't they? Of course they might have used sneaky words (in which case I'm disappointed AC weren't more careful with what they told us)
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sqh
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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 Oct 31, 2014 18:21:20 GMT
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oldgrumpy
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Post by oldgrumpy on Oct 31, 2014 18:26:09 GMT
Pure speculation, but might have been an optimistic comment by the solicitor, as at the time, they had an offer on the table. If the solicitor said unambiguously the money was available when it wasn't they could be in big trouble couldn't they? Of course they might have used sneaky words (in which case I'm disappointed AC weren't more careful with what they told us) Presumably this solicitor is well aware that the borrower has been evading/avoiding/delaying (pick a word) repayment for months, so would be careful of his/her phrasing. He/she will also (presumably) have been advising these two ladies exactly how to conduct this business.
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mikes1531
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Post by mikes1531 on Oct 31, 2014 19:09:25 GMT
If the new lender had actually supplied £2.2+M to the solicitor in anticipation of their loan agreement proceeding, they're not going to be very happy that the borrower seems to have pulled the plug on the deal. If that's the case, our borrower is likely going to be receiving a claim for damages very shortly.
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Post by bracknellboy on Oct 31, 2014 19:43:09 GMT
If the new lender had actually supplied £2.2+M to the solicitor in anticipation of their loan agreement proceeding, they're not going to be very happy that the borrower seems to have pulled the plug on the deal. If that's the case, our borrower is likely going to be receiving a claim for damages very shortly. ?? Not following. Its the provider that's pulled the plug, surely 
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oldgrumpy
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Post by oldgrumpy on Oct 31, 2014 19:52:40 GMT
If the new lender had actually supplied £2.2+M to the solicitor in anticipation of their loan agreement proceeding, they're not going to be very happy that the borrower seems to have pulled the plug on the deal. If that's the case, our borrower is likely going to be receiving a claim for damages very shortly. ?? Not following. Its the provider that's pulled the plug, surely Who knows, in this saga? I suppose the introducer has told AC that the provider has cancelled the refinancing, but did the introducer get that information from the solicitor who said the money was in place, and where did the solicitor obtain that information? The borrower, or the provider, or another intermediary, or .....
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andy2001
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Post by andy2001 on Oct 31, 2014 20:03:31 GMT
I take it option a will repay all outstanding interest?.
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sl75
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Post by sl75 on Oct 31, 2014 20:16:09 GMT
I take it option a will repay all outstanding interest?. Only if Assetz actually receive monies to cover it! Otherwise there'll presumably be ANOTHER vote next week...
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Post by mrclondon on Oct 31, 2014 20:18:08 GMT
I take it option a will repay all outstanding interest?. Yes, thats the way I read it. [Mod hat on] its probably best to confine discussion on the vote to the private board. Thanks.
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