rogerthat
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Post by rogerthat on Jul 30, 2021 15:43:53 GMT
Update 30/07/21
Charter House.."An application to set aside the statutory demand has been filed by the borrower. Solicitors are dealing with this matter and a response will be filed accordingly"
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sundown
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Post by sundown on Jul 30, 2021 15:52:29 GMT
Update 30/07/21 Charter House.."An application to set aside the statutory demand has been filed by the borrower. Solicitors are dealing with this matter and a response will be filed accordingly" Can anyone explain what this means? What is "the statutory demand"?
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adrian77
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Post by adrian77 on Jul 30, 2021 16:22:05 GMT
I guess it is the administrators demanding this bloke pays the money he owes - outrageous!
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r1200gs
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Post by r1200gs on Jul 31, 2021 9:21:48 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. Mine as well, in the circa 5 percent LTV loan and I believe first in line. What the bloody hell is happening here? Jeez, even when we appear to actually get out money back, we don't.
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aj
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Post by aj on Sept 10, 2021 7:36:08 GMT
1 year of the administrators sitting on our money unable to release it. Investors still completely in the dark as to what is happening.
Even if they did release it, I still cannot withdraw from my account due to some goon deciding to raise even more funds for the lawyers with some 'quistclose' nonsense.
I'm starting to lose hope here, will I ever see my cash back?
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r1200gs
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Post by r1200gs on Sept 10, 2021 12:56:11 GMT
1 year of the administrators sitting on our money unable to release it. Investors still completely in the dark as to what is happening. Even if they did release it, I still cannot withdraw from my account due to some goon deciding to raise even more funds for the lawyers with some 'quistclose' nonsense. I'm starting to lose hope here, will I ever see my cash back? I'm in exactly the same boat, still wondering when I will get my money back and not a bean of information about what is happening or likely to happen. The administrators do not give a feck as long as they can keep charging the hourly fees. What is for sure now, to be seen across multiple failed platforms is there is a laundry list of vested interests who are incentivised to keep this money from ever going back to its rightful owners. I mean this one could not be clearer, a first charge with a loopy LTV of something like 5 percent and STILL they find reasons to keep this from rightful owners without giving us a damned word in explanation of what is going on. Absolutely disgraceful.
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syalith
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Post by syalith on Oct 31, 2021 16:23:42 GMT
Update 29/10/2021
"The application to set aside the statutory demand was not successful, although the guarantor has now taken steps to appeal this decision. Further, the Borrower Company has been wound up, and FundingSecure's preferred Liquidators have been appointed."
This is pretty good news, right?
We just have to wait for the guarantor (I assume that's the borrower?) to lose his appeal, and the quistclose nonsense to be resolved, then we should finally see some of our money from four years ago returned.
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r1200gs
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Post by r1200gs on Nov 2, 2021 11:20:07 GMT
Update 29/10/2021
"The application to set aside the statutory demand was not successful, although the guarantor has now taken steps to appeal this decision. Further, the Borrower Company has been wound up, and FundingSecure's preferred Liquidators have been appointed."This is pretty good news, right? We just have to wait for the guarantor (I assume that's the borrower?) to lose his appeal, and the quistclose nonsense to be resolved, then we should finally see some of our money from four years ago returned. I have no idea if this is good news or not, the only news that I will consider good is when my money is released to me and it seems there is a small army out there trying to make sure that is the last thing that happens and only as the very last resort.
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r1200gs
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Post by r1200gs on Dec 1, 2021 11:25:15 GMT
Well here we are in the festive season and no money to celebrate with. One more month and we'll be in 2022.
What are we waiting for, are we wasting our time waiting for our money to be released to us while the vultures come up with ever more obscure ways to make sure this money never gets to its rightful owners? "Quistclose trust", really? I wonder how much the administrators are "reluctantly" spending on dealing with this?
So, just gruel for Christmas dinner then.
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mikes1531
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Post by mikes1531 on Dec 16, 2021 18:13:03 GMT
Update 29/10/2021
"The application to set aside the statutory demand was not successful, although the guarantor has now taken steps to appeal this decision. Further, the Borrower Company has been wound up, and FundingSecure's preferred Liquidators have been appointed."This is pretty good news, right? I have no idea if this is good news or not, the only news that I will consider good is when my money is released to me and it seems there is a small army out there trying to make sure that is the last thing that happens and only as the very last resort. What are we waiting for, are we wasting our time waiting for our money to be released to us while the vultures come up with ever more obscure ways to make sure this money never gets to its rightful owners? "Quistclose trust", really? I wonder how much the administrators are "reluctantly" spending on dealing with this? The thing that is really interesting about this one, I think, is caused by the nature of the multiple FS loans with their individual priorities. AIUI, the lenders losing out most right now are those at the back of the repayment queue, with any delay in the distribution hitting them hard. If the proceeds are sufficient to cover the first priority loan, then the investors in that loan still are accruing interest during the delay -- to the detriment of the FS investors behind them in the queue.
Or am I misunderstanding the situation?
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iRobot
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Post by iRobot on Dec 16, 2021 20:00:35 GMT
I have no idea if this is good news or not, the only news that I will consider good is when my money is released to me and it seems there is a small army out there trying to make sure that is the last thing that happens and only as the very last resort. What are we waiting for, are we wasting our time waiting for our money to be released to us while the vultures come up with ever more obscure ways to make sure this money never gets to its rightful owners? "Quistclose trust", really? I wonder how much the administrators are "reluctantly" spending on dealing with this? The thing that is really interesting about this one, I think, is caused by the nature of the multiple FS loans with their individual priorities. AIUI, the lenders losing out most right now are those at the back of the repayment queue, with any delay in the distribution hitting them hard. If the proceeds are sufficient to cover the first priority loan, then the investors in that loan still are accruing interest during the delay -- to the detriment of the FS investors behind them in the queue.
Or am I misunderstanding the situation?
I think, in principle, you are correct: if the loan were still running then higher-priority lenders would be accruing interest to the detriment of lower-priority lenders' potential returns. In practice, though, I suspect the Administrators will have deemed the clock stopped ticking on accrued interest when the sale completed in July '20. (Their argument being the money has been returned against the loan even it it hasn't been returned to the lenders.) With the Borrower company now wound up and the Director bankrupt (presumably having previously taken measures to divest himself of anything of significant value) it seems unlikely the overall pot available to Lenders will be growing on this one. (There was some talk around: " FS previously reported that they were pursing the original valuer, there is no evidence that this has been progressed. The Administrators will be looking into this further." [sic] - but quite where that went (if anywhere) is anybody's guess. Overall, I suspect the most senior lenders amount owing of £775k-and-change is pretty secure. Those in the 8-tranche facility of £1.5m are due to get some capital out of whatever's left after £1,325,000, less costs, less fees, less the senior £775k. (You are right in as much as their pain is potentially being amplified the longer this drags on but that is, in my opinion, down to increasing costs/fees eroding their returns rather than increases in accrued interest ranking ahead of them.) Of course, that's nothing compared to those who lent over £500k in Supplementals. Unfortunately, their money is long gone.
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r1200gs
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Post by r1200gs on Dec 17, 2021 10:48:13 GMT
I just can't wrap my head around why this is dragging on for so long. Are they sending mail by snail the long way around the world or what? And can anyone just make a silly claim and stop all payments or do you need a special qualifications? And who the bloody hell is behind this anyway? I'd love to know.
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rocky1
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Post by rocky1 on Dec 17, 2021 11:20:36 GMT
yeah p2p ehh. suspense accounts,quistclose trusts,berkeley applegates etc.there was me thinking i was lending on first charge low ltv loans where in the event of default the assets are sold and funds/interest returned.
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tony9239
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Post by tony9239 on Dec 21, 2021 10:17:19 GMT
I just can't wrap my head around why this is dragging on for so long. Are they sending mail by snail the long way around the world or what? And can anyone just make a silly claim and stop all payments or do you need a special qualifications? And who the bloody hell is behind this anyway? I'd love to know. If I were a betting man, I'd have a few bob on RK. I think he put cash into FS before it went under hoping he could help to save it. I guess he feels some or all of that was mis-appropriated - given some of the stuff that's emerged since it went into admin.
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nyneil
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Post by nyneil on Dec 21, 2021 12:13:56 GMT
I just can't wrap my head around why this is dragging on for so long. Are they sending mail by snail the long way around the world or what? And can anyone just make a silly claim and stop all payments or do you need a special qualifications? And who the bloody hell is behind this anyway? I'd love to know. If I were a betting man, I'd have a few bob on RK. I think he put cash into FS before it went under hoping he could help to save it. I guess he feels some or all of that was mis-appropriated - given some of the stuff that's emerged since it went into admin. Wasn't our money misappropriated before his was?
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