ilmoro
Member of DD Central
'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 Oct 30, 2023 13:05:46 GMT
I should cocoa! this borrower is an associate of Stuart D*y etc - is this coincidence - has Carol V had plastic surgery! Not to mention the other connection ... a certain MC We were sold this loan as having a first charge as security - well it hasn't and there is no excuse for that and in my book that is fraud... Yes it has ... the issue is that the first charge covers both loans, and the stated priorities are being ignored Clearly something something is very badly wrong here and with the entire FS loanbook and Hackett has not exactly acted in a professional way here and that is being generous... My theory is that this lender was a front man for D*y who basically worked with somebody within FS to control the whole loanbook - no idea who that might have been! The other connection is more likely given all the parties in that case.Whatever has happened here; the bottom line is that this bloke was given £0.75m of our money and I am unsure just how much we are likely to get back What the hell is dificult in taking a first charge on an expensive farmhouse and realising the asset if the loan is not repaid? Anwer nothing unless of course the legal advice was not "properly taken" for whatever reason There isnt one, other than the usual issues with quality of the security ... the issue is the interpretation of priorities for repaymentWhy the hell the police are not investigating this is beyond me... Investigating what? Its a legal question, interpretation of documents ... AIUI FS intention was for it to be as advertised, its the legal advice that has flipped it on its head
I need a drink and a metaphorical cat to kick Have the drink but stroke the cat ... it will help you relax
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adrian77
Member of DD Central
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Post by adrian77 on Oct 30, 2023 13:38:07 GMT
quite possibly - I regard SD and MC as part of the "etc" and to be two cheeks of the same...not sure who is the more problematic
I think there is a case for Fraud here - we have been shafted out of millions with all these improbable valuations, misleading information and loans we were told had a first charge e.g. B***wick cottage. Lytham St Annes etc where this was not true. I now deal in cash but whenI had commercial loans there was no way the bank would not have easily repossessed my properies as they seemed quite capable of drawing up sound legal documents...
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11025
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Post by 11025 on Nov 7, 2023 12:18:34 GMT
Get ready for the latest installment of this weeks Jackanory.... Simply unbelievable Loan Reference: 1079396222 An update has just been added to a loan that you have an investment in. UPDATE: It was considered that there may have been sufficient equity in the sale of an additional property owned by this borrower to allow some repayment of this loan. Unfortunately there was not such equity and accordingly this loan will be closed with no return to Investors
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adrian77
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Post by adrian77 on Nov 7, 2023 13:24:51 GMT
"it was considered" - give me a break - it is not rocket science to get a property valuation and to estimate the liquidity!
I am confused about the relationship between the farmhouse and the cottages - whatever we have clearly been shafted here and this borrower is laughing at us...
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IFISAcava
Member of DD Central
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Post by IFISAcava on Nov 7, 2023 13:47:10 GMT
"it was considered" - give me a break - it is not rocket science to get a property valuation and to estimate the liquidity! I am confused about the relationship between the farmhouse and the cottages - whatever we have clearly been shafted here and this borrower is laughing at us... This is the 20% LTV loan where they forgot to get the first charge done and said they would stand by lenders. Shafted indeed. At least I can now completely close my FS book as this was the last overhanging loan. Amazingly I ended up with a reasonable 4 figures profit overall. Capital loss was a smidgen over 20% of interest/secondary market gain.
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michaelc
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Post by michaelc on Nov 7, 2023 14:21:40 GMT
I had a very small amount in the cottage and a grand in the larger property.
Without reading all the updates etc I noticed the larger property "1st charge Barnold****" has been moved into Investment History and defaulted. I thought it sold and there was some equity there? So the lawyers and administrators have taken their cut of it and there is nothing left? Is that right or is it still undecided ?
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Post by gaspilot on Nov 8, 2023 15:55:00 GMT
I had a very small amount in the cottage and a grand in the larger property. Without reading all the updates etc I noticed the larger property "1st charge Barnold****" has been moved into Investment History and defaulted. I thought it sold and there was some equity there? So the lawyers and administrators have taken their cut of it and there is nothing left? Is that right or is it still undecided ? The 1st charge loan is showing as defaulted but the repaid field (in the investment history tab) seems to show that the loan has been fully repaid. The money is not in my account however!
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Post by overthehill on Nov 8, 2023 18:17:50 GMT
I had a very small amount in the cottage and a grand in the larger property. Without reading all the updates etc I noticed the larger property "1st charge Barnold****" has been moved into Investment History and defaulted. I thought it sold and there was some equity there? So the lawyers and administrators have taken their cut of it and there is nothing left? Is that right or is it still undecided ? The 1st charge loan is showing as defaulted but the repaid field (in the investment history tab) seems to show that the loan has been fully repaid. The money is not in my account however! That's because the administrators rescinded the payment and it is now suspended while they decide whether to pay part of it to another linked loan which was apparently a 2nd charge. You can see all the transactions in your history but other areas have been left with incorrect amounts and status.
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michaelc
Member of DD Central
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Post by michaelc on Nov 8, 2023 20:25:14 GMT
The 1st charge loan is showing as defaulted but the repaid field (in the investment history tab) seems to show that the loan has been fully repaid. The money is not in my account however! That's because the administrators rescinded the payment and it is now suspended while they decide whether to pay part of it to another linked loan which was apparently a 2nd charge. You can see all the transactions in your history but other areas have been left with incorrect amounts and status. But wasn't the other linked loan the one that just closed - the cottage that never had a proper charge applied if I recall correctly. If that's the case, then shouldn't we expect movement on the 1st charge asap* ? * - i.e. in 2 years time
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Post by overthehill on Nov 8, 2023 21:29:26 GMT
That's because the administrators rescinded the payment and it is now suspended while they decide whether to pay part of it to another linked loan which was apparently a 2nd charge. You can see all the transactions in your history but other areas have been left with incorrect amounts and status. But wasn't the other linked loan the one that just closed - the cottage that never had a proper charge applied if I recall correctly. If that's the case, then shouldn't we expect movement on the 1st charge asap* ? * - i.e. in 2 years time You could be right but the AI came back INSUFFICIENT DATA. We might have 4 loans below or just 2, the charges may be incorrect or the properties might be in Durham or not exist. However if you were right wouldn't we have our money by now from this efficient administration ?!
8010286828 1st Charge Barnoldswick 587000 2861004433 2nd Charge Barnoldswick 188000 3139320212 Property in Barnoldswick - Additional borrowing 44000 1079396222 Property in Barnoldswick - Renewal 20000
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Post by gaspilot on Dec 14, 2023 11:00:05 GMT
On the 'My Investments' tab this loan is still showing as being repaid, but it hasn't. None of the money that I am owed has been repaid on this loan. What options do we have to find out what is going on here? This really should be a simple case of refunding the amounts loaned now that the issue of he second loan has been sorted.
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Post by overthehill on Dec 14, 2023 11:04:34 GMT
On the 'My Investments' tab this loan is still showing as being repaid, but it hasn't. None of the money that I am owed has been repaid on this loan. What options do we have to find out what is going on here? This really should be a simple case of refunding the amounts loaned now that the issue of he second loan has been sorted.
Do the updates say it has been sorted ? Regardless administrators use the principle that the longer they take to do something trivial or complex the more they get paid, who the hell is going to stop them.
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Post by Gisele on Dec 15, 2023 13:28:24 GMT
The Creditors Committee was formed to represent the investors. Are we not able to ask the Creditors Committee to request an explanation of the Administrators for the delay in distributing repaid loans that are not entangled in the Quistclose Trust "scam"?
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Post by gaspilot on Dec 19, 2023 16:15:43 GMT
So, they have done another about-turn and reduced the return on the 1st charge to 80%.
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mah
Member of DD Central
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Post by mah on Dec 28, 2023 14:05:40 GMT
On the 'My Investments' tab this loan is still showing as being repaid, but it hasn't. None of the money that I am owed has been repaid on this loan. What options do we have to find out what is going on here? This really should be a simple case of refunding the amounts loaned now that the issue of he second loan has been sorted. This was Repaid on 30/05/23 and then taken back on 08/06/23 as some objections were raised claiming that the 2nd Charge be treated equally as the 1st Charge.
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