r00lish67
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Post by r00lish67 on Sept 3, 2020 6:22:52 GMT
1250+ days later, and I think (and certainly hope) we're very nearly there with this one. I've had a couple of Land Registry notifications through, so it's hopefully changing hands imminently.
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adrian77
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Post by adrian77 on Sept 3, 2020 12:53:01 GMT
hopefully this is correct but I wonder just how much will be swallowed up with various expenses such as security, maintenance, council tax etc (assuming it is payable) and that is before the huge amount of legal work needed here?
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r00lish67
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Post by r00lish67 on Sept 22, 2020 10:24:30 GMT
1250+ days later, and I think (and certainly hope) we're very nearly there with this one. I've had a couple of Land Registry notifications through, so it's hopefully changing hands imminently. I think I have a tear in my eye. Now completed. 81.5% return of capital on the senior loan facility, zero on the rest.
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adrian77
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Post by adrian77 on Sept 22, 2020 14:49:57 GMT
I don't believe it - had some money from my zombie loan book - 81.5% recovery is a relatively good result considering how many atrocious ones we have had that said I feel for the secondary and tertiary holders who have had a bit fat zero returned yet again.
I note the following from the charges insurance £21,751 litigation £12,541
both seem extremely high to me - as for the FS 5% "fee" at £53,600 don't get me started -
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Brainer
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Post by Brainer on Sept 22, 2020 15:13:07 GMT
I notice the 5% fee is taken as a percentage of all loans including supplementals but effectively charged to the senior loan holders. So senior loan holders are getting charged a fee from a loan they were never in. A loan that only came into existence at a date after they entered their loan, and so they couldn't possibly have known about this future fee at the time they made their decision to invest. How can this possibly be correct, or legal for that matter?
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Post by df on Sept 22, 2020 15:13:33 GMT
1250+ days later, and I think (and certainly hope) we're very nearly there with this one. I've had a couple of Land Registry notifications through, so it's hopefully changing hands imminently. I think I have a tear in my eye. Now completed. 81.5% return of capital on the senior loan facility, zero on the rest. Fantastic news In my case it is 49% return of capital. I'm now getting very close to break-even on FS. My loan book looks very thin comparing to what it was before administration, but there are still a number of loans that look promising to return something at some point. In my rough calculation I need about 9% of capital to be returned from the current loan book to break even.
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adrian77
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Post by adrian77 on Sept 22, 2020 16:35:39 GMT
This is a very good point - do I recall FS pointing this out when they made the loan - do I hell!
The below is what I have been told is the relevant part of the contract
As I said this does not read like a proper contract to me - to take your point I fail to see how the term "loan value" is explicitly defined - I know it may be in the small print? but this does just not sound right to me.
When I invested in the first charge I was totally unaware of this and I guess at least legal opinion can be sort over this 5% being charged on the lower ranked loans - so FS totally screw up - the lower charge holders get shafted and zero return and the first charge holders get shafted for 5% of this loan and also the lower charges - you could not make this farce up!
Be grateful if a qualified legal person could comment
I thank you
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