adrian77
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Post by adrian77 on Sept 1, 2017 10:47:19 GMT
To have no idea what is happening is appalling - the company web site is still up and seems to be taking bookings? I thought the flats were with F*****s at a stupid price so have no idea what is happening. I think the administrators fee will be enormous although I don't doubt their report will be fascinating - wonder if they uncover "issues" with the company transactions which will merit further investigation. I just can't believe how arrogant FC are with clients' money - will I be investing in their junk general bond for a possible yet massive 4.8%- answers on a digital postcard.
I wonder how much testing on the new system has been done - although it sounds simple splitting loans parts up so that 0.5%/£20 is the maximum holding I suspect in practice it will get complicated due to concurrent bids...
Hang on - stuff everything and everybody it's just about time to get down and Salsa baby...
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sussexlender
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Post by sussexlender on Sept 9, 2017 12:10:20 GMT
A friend of mine just checked out the Eastbourne hotel apartments that was purchased using the equity release by this dishonourable borrower.
It is open and trading, all funded by FC investors cash which is still tied up in the mess that is the long defaulted London hotel loans.
Under the new automatic investment scheme I doubt anyone would ever be able to find out the appalling shambles behind the defaults of these 5 "A" rated "secured loans" when they go so badly wrong and the security is anything but secure and the borrower is permitted to stall, change ownership and name and disappear.
Still no news from the Administrators. Fees clocking up by the half day eating away at the value of the property and FC's credibility.
I am surprised at the lack of interest shown by other current investors to keep reminding FC of their mishandling of these loans.
Funny old world.
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rogerthat
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Post by rogerthat on Sept 9, 2017 13:05:10 GMT
No 'lack of interest' in these parts I can assure you...even if it is Northants..but I think its shameful that other 'connected' parties are still trading as if nothing has happened..doubt some news wont be forthcoming soon..I hope
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adrian77
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Post by adrian77 on Sept 9, 2017 14:33:03 GMT
Quelle surprise!
This is outrageous - I am no lawyer but it strikes me that legally FC can do nothing about this as they have been well and truly sown up like a kipper. As to whether FC can be sued for negligence is a different question.
If the London hotel was going to go bust anyway then I would say FC have given this company £400K for free! As to whether the other monies released against London actually went to the London asset is somewhat interesting and I hope the administrators can throw some light on this although I suspect the accounts may be somewhat opaque...
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Post by GSV3MIaC on Sept 9, 2017 14:33:16 GMT
I am surprised at the lack of interest shown by other current investors to keep reminding FC of their mishandling of these loans. I surmise that they have figured out that 'reminding FC' is achieving b&%g^r all, but uses up valuable minutes of the rest of their life .. sending it along to your favourite journalist might be slightly more entertaining, but still eats into your 3-score-and-10 (which may be 4 score these days).
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sussexlender
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Post by sussexlender on Sept 9, 2017 20:33:49 GMT
OK. Your message really means
"So just shut up and let FC get away with their mishandling of these loans".
That is not going to happen.
I don't know if you have any money wasting away in these loans but my investments in FC have all been made to generate income for charitable purposes such as Great Ormond Street Children Hospital and RNIB / Help for Hero's - as evidenced in previous forum entries - not to benefit dishonourable borrowers or the incompetent management of FC.
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Post by GSV3MIaC on Sept 10, 2017 19:47:22 GMT
Nope, my message really means 'find some more effective way of sorting them out' .. lawyers, journalists, visit their office with a big stick, whatever. 'Reminding them' is demonstrably NOT effective. No, I have no money in them .. I sold out long ago, and it went to my local Wildlife Trust.
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ptr120
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Post by ptr120 on Sept 20, 2017 5:33:43 GMT
The administrators report has been completed and submitted as evidenced by my Companies House notification for the company this morning. How nice of FC to be keeping us promptly updated on this.
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adrian77
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Post by adrian77 on Sept 20, 2017 7:21:57 GMT
The below was posted yesterday so I guess early next week
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blender
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Post by blender on Sept 20, 2017 7:37:02 GMT
They have it , you don't. The word 'processed' is interesting. Hands up all those who believe that FC will wish to make the whole report available to all lenders on the loan without redaction. Full disclosure could be 'prejudicial to maximising the recoveries for lenders' or words to that effect. I think you can whistle for it, but would like to be proved wrong. (or is it a public document?)
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adrian77
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Post by adrian77 on Sept 21, 2017 6:37:11 GMT
The extract was from companies house so I guess it is a public document - I do hope so!
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rogerthat
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Post by rogerthat on Sept 21, 2017 8:51:12 GMT
Any news anywhere on this abomination ?..its the 21st unless I'm dreaming
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c88dnf
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Post by c88dnf on Sept 21, 2017 10:16:02 GMT
They have it , you don't. The word 'processed' is interesting. Hands up all those who believe that FC will wish to make the whole report available to all lenders on the loan without redaction. Full disclosure could be 'prejudicial to maximising the recoveries for lenders' or words to that effect. I think you can whistle for it, but would like to be proved wrong. (or is it a public document?) It's a public document and will be published in full on Companies House' website. Usually documents appear online much quicker than "in 5 days": sometimes the same day.
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blender
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Post by blender on Sept 21, 2017 10:48:05 GMT
Unfortunately a link to it here would identify the borrower. I am sure that someone will find a way to point the lenders on this loan towards the info. (Not me, I sold mine long ago)
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c88dnf
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Post by c88dnf on Sept 21, 2017 14:44:08 GMT
Unfortunately a link to it here would identify the borrower. I am sure that someone will find a way to point the lenders on this loan towards the info. (Not me, I sold mine long ago) The borrower's name is all you need. That's shown in your loan parts' details screen. Then go to beta.companieshouse.gov.uk/ and enter the name without the "Ltd". You should have the entity in which you're interested as the top item in a list of 3, the second line of the listing helpfully suffixed "in administration".
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