lucky
Member of DD Central
Posts: 79
Likes: 46
|
Post by lucky on Dec 26, 2020 12:41:31 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. It doesn’t require courage, just a modicum of decency.
|
|
|
Post by skooldaze on Dec 26, 2020 15:13:35 GMT
Love the parallel to Brexit here
Long drawn out process Plenty of mistakes Plenty of errors of ways pointed out Poor communication Arrogance Deal that will be worse off but made to feel like a bonus Christmas present
|
|
|
Post by skooldaze on Dec 26, 2020 15:16:01 GMT
On a side note. Money credited in
Overall with my time at FC, this has meant I am about 770 quid down overall.
Am half tempted to put money back in just so I am not in a negative with this lot
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Dec 26, 2020 18:11:28 GMT
Am half tempted to put money back in just so I am not in a negative with this lot What would be the point? They won't let you lend it out at present!
|
|
|
Post by skooldaze on Dec 27, 2020 10:57:11 GMT
Am half tempted to put money back in just so I am not in a negative with this lot What would be the point? They won't let you lend it out at present! Nah I know. It was just a principle. Unless someone advises we have a good joint up legal case then I am going to move on
|
|
spareapennyor2
Member of DD Central
Posts: 616
Likes: 463
Member is Online
|
Post by spareapennyor2 on Dec 27, 2020 12:30:27 GMT
"Investors should receive a 60% recovery once all costs of the administration have been paid"
well that's the first financial breakdown I've seen on any loan with Foggiest Clue transparency not a chance
the best I've seen was / we have received the proceeds from a property sell no further recovery expected loan will be closed never did find a repayment to match / if it did pay must have been pence? as that all i seen
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Dec 27, 2020 19:15:05 GMT
Need to add the traditional FC rider:-
"we thank you for your patience" - and our up front fees / massive bonouses (whilst investors made 40% loss and can get lost).
UPDATE:- the % Recovery payment now received 01.01.2021.
|
|
|
Post by brightspark on Dec 27, 2020 19:51:47 GMT
I would agree that in general the remuneration received by the City's leading Administrators is very large but it is not out of line with that of other high earners in UK society - bankers, lawyers, top 100 business people etc As an investor I do everything possible to keep my investments away from them. A rebalance of the UK economy is perhaps overdue - levelling up needed?. The guilty party in this loan, if any, is the borrower company which has been forced by the use of Law to at least partially meet its obligations. I save my contempt for them.
|
|
|
Post by skooldaze on Dec 29, 2020 12:48:25 GMT
Lol
A reply to my email last week asking when funds are due:
Our Collections and Recoveries team work hard to recover the maximum amount possible, and providing updates may not always be possible.
As my colleague advised in the last email, this has been referred to the Case Manager and who will provide an update once we have more information from the administrators.
Regards
———
Don’t even bother to check the current status. Pure laziness and incompetence
|
|
deltron
Member of DD Central
Posts: 54
Likes: 66
|
Post by deltron on Jan 3, 2021 18:57:45 GMT
Money's in. Just transferred mine out. About flipping time.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 4, 2021 11:58:05 GMT
Money's in. Just transferred mine out. About flipping time. They must have scraped the barrel for yours then, or borrowed a cheap loan from somewhere cos I withdrew mine on Xmas day and even allowing for my snail bank it appeared on my statement by 30th Dec
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jan 4, 2021 14:42:15 GMT
Money's in. Just transferred mine out. About flipping time. No, flipping time on this one was years ago - I remember it well, have the T-shirt and some of the cash-back after flipping time. I remember also the discussion on the FC forum. Those were the days
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 5, 2021 11:21:05 GMT
Money's in. Just transferred mine out. About flipping time. No, flipping time on this one was years ago - I remember it well, have the T-shirt and some of the cash-back after flipping time. I remember also the discussion on the FC forum. Those were the days I remember it well flipping became a badge of erm well..summin FC was like the Klondike for a few years with all those tin pans...until the gold ran out after the Le Hoods dammed the creek. Those were the days my friend I thought they'd never end
|
|
lucky
Member of DD Central
Posts: 79
Likes: 46
|
Post by lucky on Jan 5, 2021 12:35:28 GMT
No, flipping time on this one was years ago - I remember it well, have the T-shirt and some of the cash-back after flipping time. I remember also the discussion on the FC forum. Those were the days I remember it well flipping became a badge of erm well..summin FC was like the Klondike for a few years with all those tin pans...until the gold ran out after the Le Hoods dammed the creek. Those were the days my friend I thought they'd never end. We’d sing & dance for ever and a day.
|
|
|
Post by Badly Drawn Stickman on Jan 5, 2021 14:09:06 GMT
I remember it well flipping became a badge of erm well..summin FC was like the Klondike for a few years with all those tin pans...until the gold ran out after the Le Hoods dammed the creek. Those were the days my friend I thought they'd never end. We’d sing & dance for ever and a day. Oh My friend we're older but no wiser For in our hearts the dreams are still the same
|
|