Mousey
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Post by Mousey on Jun 3, 2021 13:21:58 GMT
Although it's my understanding that the art loans are currently fully secured with interest (subject to a legal challenge this month and any success fee taken by the investors who bought the claim)
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Mucho P2P
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Post by Mucho P2P on Jun 3, 2021 13:46:53 GMT
Although it's my understanding that the art loans are currently fully secured with interest (subject to a legal challenge this month and any success fee taken by the investors who bought the claim) That would be correct, the art loans are now possibly in payback zone to the lenders, subject to the outcome of the challenge.
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duck
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Post by duck on Jun 5, 2021 3:04:45 GMT
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11025
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Post by 11025 on Jun 5, 2021 20:19:14 GMT
So the "jam tomorrow" update has come and gone again for the umpteenth time. Seems the Admin have taken over from FS in the can kicking stakes. Luckily I had made a concerted effort to get everything I could out from FS and I didn't have much remaining however this loan has been a thorn in my side for many years and my outstanding interest here is now £2,002.36 !! Days Active 1874 The Financial Ombudsman agreed I had been misled and and that FS had been anything but clear about this loan and it's particulars , even though H**kett and L**more did their utmost to convince then otherwise - believe me I have transcripts of the phone calls and they are one hell of a double act , talking s**t doesn't even come close ! If I was unsure of their attitude toward investors before listening to these calls then any doubt was instantly banished from my mind. I now understand exactly how FS was run Anyway they obviously put FS into admin before myself and others could be paid what the FO said we were entitled to. IS THERE ANY CHANCE SOMEONE COULD ACTUALLY BE STRAIGHT WITH US FOR ONCE ? Being as straight as an NDA allows me to be, I would not place too much hope in receiving much back for the "pawn loans", which is basically anything non-real estate. What is the general view on loans made under "pawn broking" terms ? I wasn't aware of the "pawn broking" loan terms until much later on here and wouldn't have lent had this been made clear to me , probably academic now due to the usual Admin escape route , but how can this misinformation be squared with FCA authorisation and FCA Principles of Business ?
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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 Jun 5, 2021 21:18:37 GMT
Being as straight as an NDA allows me to be, I would not place too much hope in receiving much back for the "pawn loans", which is basically anything non-real estate. What is the general view on loans made under "pawn broking" terms ? I wasn't aware of the "pawn broking" loan terms until much later on here and wouldn't have lent had this been made clear to me , probably academic now due to the usual Admin escape route , but how can this misinformation be squared with FCA authorisation and FCA Principles of Business ? What do you mean by 'pawn broking' loan terms? The platform was set up as offering pawn loans so the terms are designed for them, whereas they are fairly unsuitable for property loans, particularly development loans. This loan is more akin to a property loan than a pawn loan as the security was not under FS control
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merlin99
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Post by merlin99 on Jun 5, 2021 21:56:56 GMT
I have posted extensively elsewhere on many occasions and frankly see no chance of any reasonable pay out on these boats. I am owed a substantial five figure sum on them and of necessity have gathered a lot of information on both the boats and the borrowers none of which is in anyway encouraging. In the past I was also involved with offshore powerboat racing and I know many of the people currently involved, all have suggested that these boats are "busted flush". Consequently I have concluded that if ever there is a pay out it will be in small pence not pounds.
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Mucho P2P
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Post by Mucho P2P on Jun 5, 2021 23:23:36 GMT
Being as straight as an NDA allows me to be, I would not place too much hope in receiving much back for the "pawn loans", which is basically anything non-real estate. What is the general view on loans made under "pawn broking" terms ? I wasn't aware of the "pawn broking" loan terms until much later on here and wouldn't have lent had this been made clear to me , probably academic now due to the usual Admin escape route , but how can this misinformation be squared with FCA authorisation and FCA Principles of Business ? The general view (lets call it my personal view for legal reasons) is that the longer the administration goes on, the slower the remaining loans will be to realise, as there are various “issues” with the outstanding loans. With pawn broking loans, if there is a shortfall after realisation, the shortfall can not be reclaimed by other means, e.g., PGs etc. That’s the law, unfortunately, for us lenders. FS was initially a pawnbroking P2P site. This was and remains an activity that the FCA will authorise as part of Article 36H if an application is made. We have addressed our perceived failings of the FCA with regards to the principals of business (PRINs) in our Dossier both for FS and Lendy.
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11025
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Post by 11025 on Jun 6, 2021 8:11:39 GMT
What is the general view on loans made under "pawn broking" terms ? I wasn't aware of the "pawn broking" loan terms until much later on here and wouldn't have lent had this been made clear to me , probably academic now due to the usual Admin escape route , but how can this misinformation be squared with FCA authorisation and FCA Principles of Business ? What do you mean by 'pawn broking' loan terms? The platform was set up as offering pawn loans so the terms are designed for them, whereas they are fairly unsuitable for property loans, particularly development loans. This loan is more akin to a property loan than a pawn loan as the security was not under FS control So am I correct in my assumption that pawnbroking terms allow no recourse or further action against the borrower once the item has been sold even if there is substantial shortfall ?
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Mucho P2P
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Post by Mucho P2P on Jun 6, 2021 8:42:15 GMT
What do you mean by 'pawn broking' loan terms? The platform was set up as offering pawn loans so the terms are designed for them, whereas they are fairly unsuitable for property loans, particularly development loans. This loan is more akin to a property loan than a pawn loan as the security was not under FS control So am I correct in my assumption that pawnbroking terms allow no recourse or further action against the borrower once the item has been sold even if there is substantial shortfall ? That is my understanding.
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Mousey
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Post by Mousey on Jun 6, 2021 9:05:14 GMT
FS was initially a pawnbroking P2P site. Yeah, its name before FS was "P2P PAWNBROKER LIMITED"
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11025
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Post by 11025 on Jun 6, 2021 9:27:33 GMT
FS was initially a pawnbroking P2P site. Yeah, its name before FS was "P2P PAWNBROKER LIMITED" P2P PAWNBROKER LIMITED doesn't quite have the same ring to it as Funding SECUREFunny that !
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ilmoro
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Post by ilmoro on Jun 6, 2021 10:03:29 GMT
What do you mean by 'pawn broking' loan terms? The platform was set up as offering pawn loans so the terms are designed for them, whereas they are fairly unsuitable for property loans, particularly development loans. This loan is more akin to a property loan than a pawn loan as the security was not under FS control So am I correct in my assumption that pawnbroking terms allow no recourse or further action against the borrower once the item has been sold even if there is substantial shortfall ? Well, not according to the standard loan agreement which states the borrower is liable for any shortfall but then you turn over & apparently they aren't. Lender t&cs suggest they aren't. Next question of course is was this loan on pawn terms or some more suitable terms. How was the boat,/boats secured ... chattels mortgage? Then it's not a pawn loan or shouldn't be.
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11025
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Post by 11025 on Jun 6, 2021 10:12:31 GMT
Aiui this was part of the reason the FOS upheld my complaint - there was contradicting information and information was not passed on to lenders and represented correctly.
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Mucho P2P
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Post by Mucho P2P on Jun 6, 2021 12:29:56 GMT
Yeah, its name before FS was "P2P PAWNBROKER LIMITED" P2P PAWNBROKER LIMITED doesn't quite have the same ring to it as Funding SECUREFunny that ! That has also been well noted in our dossier.
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pfffill
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Post by pfffill on Jun 6, 2021 12:45:50 GMT
P2P PAWNBROKER LIMITED doesn't quite have the same ring to it as Funding SECUREFunny that ! That has also been well noted in our dossier. Well, mugs like us would probably have poured more money into this sinkhole if it had been called Grabbit and Runn Dodgy Loans Universal, or somesuch.
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