sussexlender
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Post by sussexlender on Apr 6, 2017 20:34:20 GMT
Good Evening adrianC and jayjay
Thanks for your comments. I felt I was the only one that could be bothered to remind FC that investors are waiting for the return of their Capital.
Of course the Administrators need to take time to deal with this Borrower. I was not criticising them, but FC's appalling delay in taking any action over nearly 12 months.
Fully aware of the risk of investing as have been involved in very considerable companies over many years. I expect to lose every now and then but I don't like to lose to someone who appears to be trying to evade making any repayments (cheating) everyone.
Best wishes, SXLR
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sussexlender
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Post by sussexlender on Apr 13, 2017 19:05:12 GMT
Just one more day to go before FC can celebrate the full 12 months of their outstanding failure to collect any Capital or additional interest on this series of secured loans.
Unhappy Birthday to all at the "highly experienced property team". No wonder they are being wound up as FC run away from the secured property market.
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sussexlender
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Post by sussexlender on Apr 14, 2017 21:27:47 GMT
FC have marked the anniversary of this failed series of loans with contemptible silence.
A full 365 days of no interest payments, ingenious excuses which were just accepted by the FC property team, a change of borrower and a total avoidance of repaying the capital which has been used to buy another hotel in Eastbourne over which FC have no charge.
FC - the 2017 "Superbrand" where repayments and enforcement on a 9 month short term secured loan just does not happen.
So what could possibly go wrong with the all the 60 months unsecured loans now popping up ?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Apr 15, 2017 20:51:33 GMT
What have I told you about exaggerating!
FC - the 2017 "Superbrand" where repayments and enforcement on a 9 8 month short term secured loan just does not happen.
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ptr120
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Post by ptr120 on Apr 24, 2017 16:01:22 GMT
The latest update states:
24 Apr 2017
We have received the Administrator’s Report to Creditors, which is called a “Statement of Proposals”. This document is prepared independently by the Administrator to update creditors on the steps that have been taken since their appointment, what the proposed next steps are and what their current expectations for realisation are. The report has been filed at Companies House, and should be available to download from their website shortly. The report explains that the Administrator has taken control of the company’s affairs, books and records, and has begun the process of formulating a strategy for the realisation of the property for the best possible price. The Administrator has also started to carry out extensive investigations, however to protect the interests of all creditors, the report does not provide details on anything that may prejudice the Administrator's position in any investigations or claims that may be carried out. As a result we are limited in the information we can provide to you at this stage. The next update will be when the Administrator submits a further progress report 6 months after the Administration date, which will be in August. The RAG rating on this loan remains Amber.
So, they have received the administrators report, but are so arrogant that they won't even share it with us, and won't even provide a link to the page on Companies House. the FC strategy seems to be to pass the buck to the administrators and to treat us all like mushrooms.
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adrianc
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Post by adrianc on Apr 25, 2017 8:05:02 GMT
So, they have received the administrators report, but are so arrogant that they won't even share it with us, and won't even provide a link to the page on Companies House. the FC strategy seems to be to pass the buck to the administrators and to treat us all like mushrooms. Much as it pains me to run the risk of being perceived as an FC supporter, that reads to me more as "can't" than "won't". Or are you suggesting they're lying? One thing's for certain - the progression of this, and the return of our money, is not in FC's hands any more. It is in the hands of the administrators.
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adrianc
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Post by adrianc on Apr 25, 2017 16:31:50 GMT
Much as it pains me to run the risk of being perceived as an FC supporter, that reads to me more as "can't" than "won't". Or are you suggesting they're lying? One thing's for certain - the progression of this, and the return of our money, is not in FC's hands any more. It is in the hands of the administrators. I have never seen a lending company refusing to distribute a PUBLIC DOCUMENT (after submission to the public channel), as the administrators' report. The administrator's report is public? Then I cheerfully sit corrected - you're right. I'm not.
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jayjay
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Post by jayjay on Apr 25, 2017 17:39:59 GMT
It is a public document. If you ask FC - they will send you a copy by return. (As posted by Jack on their private forum). I got my copy back 5 mins after the request.
It makes pretty grim reading with loads of nasty complications.
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baldpate
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Post by baldpate on Apr 25, 2017 21:56:31 GMT
"One thing's for certain - the progression of this, and the return of our money, is not in FC's hands any more. It is in the hands of the administrators." Which is most definitely where I prefer it to be, given that FC are withdrawing from the property lending arena.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 25, 2017 23:23:46 GMT
Admin report will be made public when it is submitted to CH Admin report has not been uploaded to CH (I've looked - Admin Appointment is there, but no admin report) Thus, the "Admin Report" is not (yet) a public document. Not an investor... just being nosy Well, you are simply confusing a public document (== a document aimed to the general public) with a published document (== a document which has already appeared in the public area where it is expected). The administrators report is definitely PUBLIC and is written to be public. Once this is finished and sent to the appropriate offices for publication (which has clearly happened already), it should be sent at very least to the lenders (those who funded that very loan...) by the organisation which is PAID to administer the loans (i.e. FC). This has not happened. Of course I can and will download it from the Company house web site in due course, but this is NOT what I pay FC for. I am not asking any secret, but to have sent the PUBLIC documents is the VERY LEAST I expect from a company I PAY to manage loans. It isnt written to the public, it is written to the creditors, it is then filed at CH as a matter of public record which CH have chosen to make available online rather than require the public to consult the original. FCPF is the creditor but as they act on behalf of lenders have chosen to make the report available to those who wish to see it. Most platforms dont so FC are actuallly quite proactive in that respect. LY didnt provide it for PBL020 and AC dont provide the full reports (should have had 5 to date for for #79, got a 1 page synopsis of predicted outcome)
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oldgrumpy
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Post by oldgrumpy on Apr 26, 2017 12:48:21 GMT
Funding Circle, led by arrogance at the top, has allowed this situation. Funding Circle boasted of their "highly experienced property team" from the start, and for a year now we have seen their true worth. I have withdrawn totally from FC now (apart from the RBR defaults, the largest of which is this London Short Term fiasco). I now advise people to avoid FC completely.
I have accessed the administrators report, and have downloaded it safely to my PC. FC has neither sent me a copy nor has it offered me any link to get it. Typical. It reveals the complexity of the situation and shows that FC's ineptitude has been horrendous, yet they adamantly still refuse to acknowledge their responsibility and lack of due diligence.
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Post by many38 on Apr 26, 2017 16:48:15 GMT
I too am "out" except for defaults like this one. What would be the chance of a class action for negligence?
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Post by skooldaze on Apr 27, 2017 20:08:17 GMT
I would be interested if it came to this
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sussexlender
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Post by sussexlender on Apr 27, 2017 20:56:53 GMT
FC never had the courage to answer the many fair questions being posted concerning their lack of due diligence and their failure to protect investors interests in these "secured" short term loans.
Now 378 days of FC failure.
Ps Hi skooldaze.
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Post by franco on Apr 27, 2017 22:34:02 GMT
I am registering my concern about the very poor way this London loan has been handled. I followed this thread on the FC forum without commenting. FC suggested the forum had been taken over by a small minority. I suspect there were many like me following and agreeing with the many criticisms made. i.e. the criticisms were not just representing a minority. Forum members might be interested that I was surveyed by a Leeds University researcher on P2P and expressed my concern about some FC issues including mishandling property loans. The research was interestingly being funded by the FSA as to what further controls might be needed in the P2P market.
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