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Post by defaultinator5000 on Apr 16, 2020 21:19:41 GMT
There is a open police case which should lead to a criminal conviction and there is the outstanding debt. Since when does anybody take out a loan and just walk away without repaying it or at the very least is hounded by debt recovery agents for a couple of years.Well, as the recent experiences in the p2p sector have taught us, it happens a whole lot often when the platforms lend money which isn't theirs (but share the spoils when the loan repays, even if it results in a loss to the investors).
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Post by overthehill on Apr 17, 2020 8:35:13 GMT
It's a very good point, who the money belongs to is the major difference between p2p lending and bank type lending. Debt recovery industry and services are probably not up to par or speed for p2p lending yet, you would think it would be seamless and fairly similar in approach.
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Post by df on Oct 24, 2020 14:57:29 GMT
As the previous post points out, this loan remains 'open'. Can anyone explain why ? Still 'open' today despite the last update in April saying "There will be no return to investors". Looks like it's either there is still a chance to recover something and they forgot to update or they forgot to 'close' it.
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adrian77
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Post by adrian77 on Oct 26, 2020 10:46:56 GMT
I am bloody annoyed about this to put it midly - how the hell can anybody (this chap is known to us via our favourite art scammer dealer) simply get a loan using somebody else's property and then expect us to write this off. Surely we can sue FS over this farce. I am glad the artist got his work back and I hope this muppet ends up doing time - correct me if I am wrong but I think it is illegal to pawn somebody else's property and also FS should have checked the ownership.
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rogerthat
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Post by rogerthat on Oct 26, 2020 10:47:07 GMT
As the previous post points out, this loan remains 'open'. Can anyone explain why ? Still 'open' today despite the last update in April saying "There will be no return to investors". Looks like it's either there is still a chance to recover something and they forgot to update or they forgot to 'close' it. So..2 days later, we have our answer..in an email that ive just read, CG & Co not only appear to mitigate FS's actions in trying to recover the situation of their own unscrupulous dealings, but themselves, seem to have thrown the towel in. That being the case I'm wondering why they require such a long extension. Contrary to what ive always believed, crime clearly does pay
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adrian77
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Post by adrian77 on Oct 26, 2020 10:49:40 GMT
Don't forget they are on 2.5% which is £2m on a £80 loanbook- what do you expect them to do for such a paltry sum - some work on our behalf?
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iRobot
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Post by iRobot on Oct 26, 2020 11:02:28 GMT
Don't forget they are on 2.5% which is £2m on a £80 loanbook- what do you expect them to do for such a paltry sum - some work on our behalf? Except CG&Co get 2.5%(+VAT) of the redemption sums, not the loan amounts. No redemption = no fees for CG, even though they will have spent some time on the case. Not saying the existing set up is satisfactory - with CG currently taking fees directly from lenders rather than from the 5% currently being levied by FS - but it's important to get the facts straight for everyone's benefit.
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adrian77
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Post by adrian77 on Oct 26, 2020 11:07:54 GMT
I seem to recall they have taken the loan amounts when higher- will check when I get time but I am sure there was a thread about this?
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iRobot
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Post by iRobot on Oct 26, 2020 11:33:49 GMT
I seem to recall they have taken the loan amounts when higher- will check when I get time The important distinction here is who 'they' are. When you check, I think you'll find that since administration started: CG take -and have (pretty much) always taken- 2.5% (+VAT and, on occasion, other costs/disbursements) of the nett redemption sums; so sale amount less direct costs of that sale. FS have taken 5% calculated variously from: a) the nett redemption sums, as per CG above b) the loan amount and c) the project overall facility amount - ie: the initial sum of the main loan, plus the sums lent against supplementals etc On (rare) occasion, where the nett redemption sums have been in excess of lenders capital and interest, FS have taken sums to cover 'admin and default charges' which are greater than - but presumably include (as they are not separated out) - the 5% default loan administration fee. If there isn't, I get the feeling there soon will be!
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adrian77
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Post by adrian77 on Oct 26, 2020 11:54:40 GMT
sorry - you are right 2.5% of redemption for CG - I was confusing it with the FS 5% fee.
If we get 50% recovered that will be a cool £1m
Given CG aren't paid for failed recoveries may explain why they are possibly going to write off a lot more loans - well is that good news or what?
At the moment I am very tired as being doing hard manual work as if I was 25 which sadly I am not and clearly stupid for trying to earn an honest crust...
Yours an idiot.
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Post by df on Oct 26, 2020 12:40:28 GMT
Still 'open' today despite the last update in April saying "There will be no return to investors". Looks like it's either there is still a chance to recover something and they forgot to update or they forgot to 'close' it. So..2 days later, we have our answer..in an email that ive just read, CG & Co not only appear to mitigate FS's actions in trying to recover the situation of their own unscrupulous dealings, but themselves, seem to have thrown the towel in. That being the case I'm wondering why they require such a long extension. Contrary to what ive always believed, crime clearly does pay Not quite. Many other loans were closed during administration. I assume they were because I received partial capital returns and the loans have disappeared from my investments list. But yes, today’s email clarifies CG’s position.
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rogerthat
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Post by rogerthat on Jul 30, 2021 15:16:01 GMT
Update 30/07/21
Further legal advice has been sought in relation to any further recoveries but will not be disclosed at this stage so as not to prejudice the position. The Joint Administrators continue to make enquiries with the West Midlands Police but have received very little by way of an update. p.s..I wasnt aware that there had been any recoveries ?
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adrian77
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Post by adrian77 on Jul 31, 2021 9:18:25 GMT
I thought FS lent against a stolen item so any chance of recovery is action against the thief so we can forget that...
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Post by df on Jul 31, 2021 21:36:58 GMT
Update 30/07/21 Further legal advice has been sought in relation to any further recoveries but will not be disclosed at this stage so as not to prejudice the position. The Joint Administrators continue to make enquiries with the West Midlands Police but have received very little by way of an update. p.s..I wasnt aware that there had been any recoveries ? Could be a way to generate more fees I was in this loan and it is not on my "current investments" list now, so in my understanding the loss has been crystallised.
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james100
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Post by james100 on Aug 1, 2021 8:03:38 GMT
Update 30/07/21 Further legal advice has been sought in relation to any further recoveries but will not be disclosed at this stage so as not to prejudice the position. The Joint Administrators continue to make enquiries with the West Midlands Police but have received very little by way of an update. p.s..I wasnt aware that there had been any recoveries ? Could be a way to generate more fees I was in this loan and it is not on my "current investments" list now, so in my understanding the loss has been crystallised. It was taken off current investments, presumably to discourage questions, but listing has been kept updated. I will try to fish the link out later...
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