kielbasa
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Post by kielbasa on Nov 13, 2020 9:28:05 GMT
What was the "pile of rubble", out of interest?
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syalith
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Post by syalith on Nov 13, 2020 12:40:17 GMT
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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 Nov 18, 2020 14:00:48 GMT
According to the latest admin report there is £1,139,549 sat in the suspense account pending the resolution of the borrower's challenge. I assume that is the sum received by CG so net of receiver costs.
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Post by darren1 on Nov 26, 2020 17:39:31 GMT
£1,139,549 net of receivers! This should be enough to fully repay the first 3 loans I would hope.
This is my biggest FS investment, does anybody know any more, this waiting is killing me.
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syalith
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Post by syalith on Nov 27, 2020 13:07:49 GMT
£1,139,549 net of receivers! This should be enough to fully repay the first 3 loans I would hope. This is my biggest FS investment, does anybody know any more, this waiting is killing me. Only the first loan (£575k) has any chance of being fully repaid. The eight development loans (totaling £1.5 million) that came afterwards all rank equally after the first loan, and when you factor in interest on the first loan there's probably only likely to be around £200k left to be shared out between them, so less than 20% capital returned at best. The supplemental loan (£225k I think) ranks behind all the other loans and has no chance of getting anything back. I find it quite disgusting that the administrators have been "seeking direction" from the solicitors for more than 58 days now and haven't given us even the slightest clue as to what is going on. We find ourselves in a position where the administrators, the solicitors, and the borrower, are all incentivized to make this drag on as long as possible. The longer they take, the more of our rapidly diminishing pot of money finds its way into their pockets.
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michaelc
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Post by michaelc on Nov 27, 2020 15:07:35 GMT
Yes I make it 801K that needs to be repaid to investors in the first loan. So that would leave about 338K for the investors in the 1.5M loan or a bit over 20% of capital.
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easynow
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Popcorn anyone?
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Post by easynow on Nov 27, 2020 20:46:00 GMT
is the £1,139,549 net of CG and FS's share?
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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 Nov 27, 2020 21:19:11 GMT
is the £1,139,549 net of CG and FS's share? Unclear, though I suspect not based on the last update on the platform which implies the sum in the suspense account is that received from the receivers. If they were investor funds they should be in the client account pending distribution.
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r1200gs
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Post by r1200gs on Dec 23, 2020 13:11:34 GMT
Still waiting while various parties work out just what the heck they can do to stop this money going back to investors then?
Anybody got the slightest idea what the hell is going on here, apart from the above of course?
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sundown
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Post by sundown on Jan 5, 2021 12:02:41 GMT
Funds have now been held in the suspense account since at least September. The report from solicitors promised on 30 September is yet to materialise. I believe funds from another loan to the same borrower have been held in a suspense account since at least April.
Why on earth is this taking so long?
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sundown
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Post by sundown on Jan 5, 2021 12:07:28 GMT
Funds have now been held in the suspense account since at least September. The report from solicitors promised on 30 September is yet to materialise. I believe funds from another loan to the same borrower have been held in a suspense account since at least April. Why on earth is this taking so long? The fact that the borrower had already raised an objection about another loan several months before this loan was sold means that all concerned should have realised they'd make the same objection about this loan!
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r1200gs
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Post by r1200gs on Jan 11, 2021 11:33:14 GMT
Is it over three months now to get a legal opinion? No update, no nothing. The money is just sitting there, my money. I cannot believe this is happening in this country in 2021, I would never have believed it if anyone had told me.
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sundown
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Post by sundown on Jan 11, 2021 11:55:23 GMT
Is it over three months now to get a legal opinion? No update, no nothing. The money is just sitting there, my money. I cannot believe this is happening in this country in 2021, I would never have believed it if anyone had told me. As I said above I believe funds have been held in a suspense account since April on another loan to the same borrower so it could be a long time before we get any movement on this loan. Communication from the administrators is appalling - or should I say non-existent!
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syalith
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Post by syalith on Jan 29, 2021 14:17:16 GMT
Latest Update: "No Update"
See you next quarter.
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r1200gs
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Post by r1200gs on Mar 29, 2021 11:39:49 GMT
Two months later not a peep, hundreds of thousands of other people money gathering dust while "they" figure out a way of preventing it getting back to the hands of its rightful owners.
Not even 5 percent LYV loans were safe with this shower and the parasites just won't let a penny go back. £30,000 of my money and they can't even be bothered to explain why I can't have it back even when it's repaid.
And anything I do to chase it up has the administrators chalking up fees.
I didn't think this could happen in this country, my eyes have been well and truly opened.
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