sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Dec 19, 2020 21:58:10 GMT
I have also requested details of when the repayment of some of our capital will be forthcoming.
Will let you know what the fat cats at FC have to say, if, and when they reply.
|
|
|
Post by carpecyprinidae on Dec 20, 2020 7:28:48 GMT
coincidentally, so have I asked that question.
|
|
|
Post by carpecyprinidae on Dec 21, 2020 10:13:24 GMT
Reply received
Administrators currently doing final distribution calculations - after that, the administrators will make a payment to FC, who will repay investors from it & place a further loan comment at that time.
they hope it will be done in December 2020 but have no absolute control over this
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 21, 2020 12:30:08 GMT
Reply received Administrators currently doing final distribution calculations - after that, the administrators will make a payment to FC, who will repay investors from it & place a further loan comment at that time. they hope it will be done in December 2020 but have no absolute control over this Im a bit short for time...if you are in contact with them on this particular loan...would you ask them that any returns are accompanied by a summary breakdown of costs etc, so they can at least attempt to be transparent. Its all very well them saying, here you are, 'thats whats left' without any basic financial backup to justify it. Also, I dont whether you were in the Liverpool Princes Hotel..if so you'll be aware of the outcome. FC lost around £2m of investors money and as yet, despite my requests, havent provided the most basic of accounting evidence..or even a pertinent response..utterly shameful and (im no accountant) I wonder if thats legally acceptable ? Certainly, it's morally bereft. Thanks
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Dec 22, 2020 10:30:02 GMT
Today, at 10 am, Mr Ali at FC has supplied me with a [Non] reply saying that all they know is that repayment will be after all the costs of the Administration have been paid.
So no assistance at all from them. Quote:- "I am unable to provide any timeframes". Ultimate example of laziness and inability to manage an enquiry - how about picking up the phone and asking the Adminstrator for a timeframe?
Why did I think they might want to provide some real information ? I had forgotten that I was dealing with FC.
If the property has been sold and the Admin was keeping accurate and contemporaneous computerized accounting records all they would need to do is press a button to generate the total fees outstanding. Deduct that from the sales process and then pay investors out.
No doubt the costs for the Admin will be delayed so as to include 100's of extra billed hours spent drawing up a final handwritten invoice.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Dec 22, 2020 11:16:46 GMT
The problem must be the title of the thread. It must be changed before FC can pay. Unfortunately the OP was made by Old Grumpy, who was banished, or released into the wild. Perhaps admin could change it to something like - 'recovery imminent'?
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Dec 22, 2020 11:21:53 GMT
I just could not resist sending a reply to the rubbish I received from FC towers.
Copied herewith-
" Mr Ali
The reply does not give me any information at all.
Instead of “monitoring the situation” (i.e. doing nothing) why don’t you take some positive action by picking up the telephone to the Administrators to ask how long it is going to take for them to press a button on their computerized billing system to provide a final bill?
As they already have the sale proceeds it should not take more than a day to deduct their fees / costs automatically using their computer system, then they would be able to pay something to the retail investors.
Do something to assist investors rather than just repeating the useless comment on this failed FC property loan.
[Name]. "
No doubt I will get a computer generated reply later today saying "FC is now closed until Jnauary 31th, so please go away and leave us all alone".
|
|
|
Post by skooldaze on Dec 22, 2020 11:49:30 GMT
Thank you for contacting Funding Circle. We are working hard on your query and our Customer Service team will endeavour to get back to you within 10 working days
Spot the comedy mistruths
|
|
|
Post by skooldaze on Dec 22, 2020 11:51:08 GMT
Hi there - I'm a journalist at The Times and am interested in any lenders' thoughts on P2P approaches to distressed / late loans. Have noticed that with FC, there appears to be a lot of anger about an alleged benign attitude which is very easy going on the borrowers. Anyone keen to express their views, please email me on james.hurley@thetimes.co.uk Thanks Wonder if he is still interested 4 years later about how FC have performed
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Dec 24, 2020 15:25:51 GMT
Recovery payments have credited my account today, amounting to 61.9%
|
|
c88dnf
Member of DD Central
Posts: 364
Likes: 266
|
Post by c88dnf on Dec 24, 2020 15:48:13 GMT
Recovery payments have credited my account today, amounting to 61.9% Yep - me too. Concur on that exact percentage. Happy Christmas, though forgive me if I still play Scrooge towards FC and the "highly experienced property team" now consigned to the 4th or 8th circles of Dante's hell.
|
|
|
Post by spareapennyor2 on Dec 24, 2020 16:15:02 GMT
waited this long for something back so now have to wait for the new year for a transfer/ withdraw? after the holiday well something to look forward to (Oh Oh)
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Dec 24, 2020 17:59:35 GMT
After so many years of default with no interest recovered, we have finally been allowed to have back just over 60% of our own money.
Given inflation, this of course is not worth the same 60 % as we all put in so many years ago.
The Borrower has had the use of the building, and all of our capital, interest free as well as now retaining the property. What a result for this shabby lot. Must be real party time for them in the Eastbourne Appart/ hotel this Christmas even with Tier 4 restrictions from Boxing Day.
FC have gobbled up their fees (also paid from our money) and done nothing about this loan except make excuses for years.
They have subsequently made an IPO resulting in vast profits for the directors whilst simply disposing of their "highly experienced property team".
Whilst we must accept that interest was never gauranteed (despite the promise of an extra 2% for late payments back in 2016), FC should make up the entire difference between what has now been repaid and that owed to investors to at least 100% of Capital.
We all know that any action against the PG will go nowhere, except to incur additional large fees.
How about it FC ? Show some courage and pay up on this one.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 24, 2020 21:55:03 GMT
So...I should be grateful but somehow Ive only got a bitter sweet aftertaste.
£1000.00 (foolishly) lent through Funding Circle via their 'experienced' property team for a Short Term Loan of 8months (A+rated..Director/Loan Guaranteed) that actually lasted almost 5yrs and 4 months. Not only have I not received one solitary penny's interest but through Funding Circles ineptitude and apparent laissez faire approach to due diligence of the most basic kind, i've received back £618.96 No apology for my loss of capital and interest, their incompetence, or even the most rudimentary summary of where my missing £381.04 + accrued interest has gone. And I'm supposed to feel happy ? Charlatans
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 25, 2020 0:18:26 GMT
sussexlender "They have subsequently made an IPO resulting in vast profits for the directors whilst simply disposing of their "highly experienced property team". Vast IPO profits are not the only profits directors have possibly made. I would suggest that when they became accredited lenders supported by the Government Lending Scheme in the wake of this pesky virus, directors and those in that erm..particular circle must have erm...'guessed' it was coming..and at 25.20p just before the accreditation, I'll leave the reader to finish this particular sentence............
|
|