Short Term Property Loan London 1 (14978) — forever late (FC

As the decision on the FOS website explains FC repaid my net loss plus interest @8% because as the FOS complaint progressed, I was able to show substantial misrepresentations in the loan promotion that FC could not deny.
In that case they repaid me probably so the Ombudsman did not go into details in the final decision....which gets published.

If you want to know what the misrepresentations were....PM me if yr interested. Im not writing a skeleton complaint but I'll give you the heads up.

BTW if anybody reads the loan promotion, then carefully considers what happened, you will see many statements in the loan promotion simply weren't true.

rogerthat

The calculations is as follows...
Given the misrepresentations the remedy is the investment contract should be unwound...
Compensation is
(Amount invested plus 8% interest from date of investment to date of payment by FC) minus (any amount returned by FC including capital and interest)

So the 8% interest applies to the whole capital sum for the entire period mentioned.

Why 8%? I chose that number because it is the standard interest Courts use for outstanding debts. FC did not challenge it.

A similar calculation was also used for compensating the misrepresented Liverpool P* Building loan.
The published FOS decision actually describes a slightly more complicated calculation for interest for that loan, but FC were unable to work it out and did not pay the award...so I worked the calculation based on the method above, told FC to pay the amount I calculated... or Court (as FOS awards can easily be converted to an enforceable Court Judgement),, and FC paid.And that's an end to my time with FC. With all the compensation my overall return was about 9%, was that rate worth dealing with the FC notion of 'treating customers fairly'? Hahaha NO!!!


** I found misrepresentations for every property backed FC I hold - all defaulted.
So I could have argued every loan with success I believe. But I only did the London and Liverpool loans because the others were such small amounts it was not worth the time.