Steerpike
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Post by Steerpike on Jul 26, 2019 12:35:02 GMT
I raised a formal complaint on a different loan a while ago, I received an acknowledgement but no formal response.
Before the eight weeks were up there was the first update for many months reporting that confidential activities were ongoing and that no further information would be released for some weeks.
Clearly this gave FS an easy out and I could not raise the enthusiasm to progress my complaint.
Needless to say the promised date for the next update came and went.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 26, 2019 12:50:53 GMT
I raised a formal complaint on a different loan a while ago, I received an acknowledgement but no formal response. Before the eight weeks were up there was the first update for many months reporting that confidential activities were ongoing and that no further information would be released for some weeks. Clearly this gave FS an easy out and I could not raise the enthusiasm to progress my complaint. Needless to say the promised date for the next update came and went. There are just far too many "Whitehavens" now, FS will inevitably swing. Couldn't happen to a nicer Platform.
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r1200gs
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Post by r1200gs on Jul 26, 2019 14:04:39 GMT
I raised a formal complaint on a different loan a while ago, I received an acknowledgement but no formal response. Before the eight weeks were up there was the first update for many months reporting that confidential activities were ongoing and that no further information would be released for some weeks. Clearly this gave FS an easy out and I could not raise the enthusiasm to progress my complaint. Needless to say the promised date for the next update came and went. The complaint with Whitehaven is the way in which tranche five was "sold" to the public with FS apparently seeing something that was not there when they visited. A well advanced project with cleared site and services in place, timber frame paid for. None of this existed. Can kicking on the basis recovery is ongoing does not settle this complaint, so they can forget trying that one. Yes this will be going to FOS unless FS refund my money in full, unlikely.
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09dolphin
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Post by 09dolphin on Jul 26, 2019 20:32:07 GMT
I raised a formal complaint on a different loan a while ago, I received an acknowledgement but no formal response. Before the eight weeks were up there was the first update for many months reporting that confidential activities were ongoing and that no further information would be released for some weeks. Clearly this gave FS an easy out and I could not raise the enthusiasm to progress my complaint. Needless to say the promised date for the next update came and went. The complaint with Whitehaven is the way in which tranche five was "sold" to the public with FS apparently seeing something that was not there when they visited. A well advanced project with cleared site and services in place, timber frame paid for. None of this existed. Can kicking on the basis recovery is ongoing does not settle this complaint, so they can forget trying that one. Yes this will be going to FOS unless FS refund my money in full, unlikely. I have money in the first loan and I don't think I have a hope in hell of recovering any more than the miniscule amount already paid in the Whitehaven loan. My experience of raising formal complaints (the Lytham St Annes loan and the powerboat loans are my 2 formal complaints) is that FS don't respond to formal complaints. Obviously they feel they can ignore the rules set out relating to investments. I would suggest that a company who decide that the rules of the FCA aren't applicable to them should be treated with the utmost caution. I am pleased to say I have saved at least 1 person losing money by investing in FS.
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michaelc
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Post by michaelc on Jul 26, 2019 21:38:38 GMT
My experience is that whilst there are a fair few stagnant loans associated with awful updates and unknown future, the number of loans that could be complained about are a handful out of the total. Whitehaven, the art loans and a few others spring to mind but they are a tiny minority.
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bugs4me
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Post by bugs4me on Jul 26, 2019 22:14:34 GMT
My experience is that whilst there are a fair few stagnant loans associated with awful updates and unknown future, the number of loans that could be complained about are a handful out of the total. Whitehaven, the art loans and a few others spring to mind but they are a tiny minority. This is undoubtedly true but it only takes a couple of those 'handful' to destroy a reasonable FS IRR. My 'handful' were/are limited to the turbine FS mismanagement which lost in the region of 56% and the maybe/hopefully partial recovery of the (again) mismanaged W***h H***l loan.
So you can merrily go along earning your 12% provided the borrower repays which appears to be optional with FS, but all it takes is one or two absolute clangers to destroy your overall return irrespective as to how your other loans are performing.
To compound matters further, in my view, FS really don't give a hoot provided they've got suckers willing investors and are lining their own pockets. Meaningful updates, loan monitoring, an effective recovery process, etc - they score a zero.
We all know this is going to end in tears (for lenders not FS) sooner or later.
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09dolphin
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Post by 09dolphin on Jul 27, 2019 18:02:31 GMT
My experience is that whilst there are a fair few stagnant loans associated with awful updates and unknown future, the number of loans that could be complained about are a handful out of the total. Whitehaven, the art loans and a few others spring to mind but they are a tiny minority. Alas this "tiny minority" constitute a considerable sum of money Can I suggest you add the "active" powerboat loan and the Lytham St Annes loan to your list. I'm sure others will be happy suggest other worthy contenders such as numerous Northern Ireland loans. Then of course we could add loans like the P*** Homes etc. It seems to me it's not just a few loans but numerous loans where FS's management is questionable and the information they have provided to investors was and is lamentable. Do Leopards really change their spots even under new management?
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adrian77
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Post by adrian77 on Jul 27, 2019 18:27:02 GMT
totally agree - am currently updating my top 40 list - only 2 have completed 100% and there are many biggies in addition to the ones you mention e.g. Barnsoldwick ,Formy etc
Had a tweet from Pussycat racing (speedboats) about their model V*** boats doing over 2m miles - "you what" I thought and then looked into it carefully - there are referring to a video game which mentions Pussycat racing. So it is all fantasy based on fiction - and that is not including the game!
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Post by highroller1 on Aug 7, 2020 14:51:41 GMT
Well it's been almost a year since the last update. In fact, the administrators have not posted any update on these loans since they were appointed - surely the only loans they have yet to do so on?
Just to remind everyone the last update was posted in Sept of 2019 -
To keep the investors informed, we have an update meeting with the litigation lawyers next week. Further information will follow once advised.
FS talking rubbish all along to fend off/delay having to deal with angry investors?
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adrian77
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Post by adrian77 on Aug 7, 2020 15:12:20 GMT
Sir, how very dare you say such an outrageous and scurrilous thing! Actually I think you are right and FS have been well and truly had here - hope I am wrong but I think the chance of this one coming up with any more money is about as likely as Jeremy Corbyn being created Israeli Chief Rabbi...
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iRobot
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Post by iRobot on Aug 7, 2020 15:40:18 GMT
When the Admins wrote of the Inappropriate Allocation Litigation (as distinct from the Art Loan Litigation), I presumed it related to this loan. Anyone know with certainty if that's the case? (Or is it's another loan?)
IF it is this loan, then this litigation was "sold to a litigation funder in January 2020". Whether the sale involved an upfront payment or whether any financial consideration is limited to "the agreed percentage of the ultimate proceeds" remains unclear. Is suppose the positive for investors could be that someone is confident enough to be fronting the costs of the litigation. Either way, given anything relying on legal process is now even more treacle-like than pre-CV19, I shouldn't expect it'll be a quick resolution.
(And, to repeat, that's IF it is this loan.)
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kielbasa
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Post by kielbasa on Aug 27, 2020 19:09:20 GMT
I thought that the Inappropriate Allocation Litigation was the one relating to the various properties connected with Mr C and his pals including a certain Richard L.
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rocky1
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Post by rocky1 on Nov 27, 2020 7:57:56 GMT
anything to update on this farce ? looking back through my disaster of a portfolio I am trying to justify my investments by reading all the FS sales pitch and updates thinking well why not have a punt. now 2/3/4 years on with some of these loans I can see just what a fool I was trusting any of this fintech p2p BS.
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ozboy
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Post by ozboy on Nov 27, 2020 11:48:55 GMT
anything to update on this farce ? looking back through my disaster of a portfolio I am trying to justify my investments by reading all the FS sales pitch and updates thinking well why not have a punt. now 2/3/4 years on with some of these loans I can see just what a fool I was trusting any of this fintech p2p BS. rocky1, Whitehaven in particular I believe there was blatant lying, regarding having witnessed the project started & progressed/frames ordered, or somesuch? If there are no convictions from blatant and provable lying then the FCA & Police really are more useless than we already think.
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