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 Apr 27, 2023 18:19:02 GMT
There was no opportunity to withdraw the funds. My recollection (perhaps I dreamed it?) was that the funds from the sale could first not be released due to legal  from the borrower, and when that was settled, the administrators continued to hold the money due to the QC claim from Mr. Tight white trousers and nice watch. Sorry I was talking about the ewallet in general and the frozen funds of all repaid loans not just this one. Are you saying this whole mess is because of this single new brighton loan ?
No. Its two unrelated issues. The funds from this loan & two others were frozen in separate ringfenced accounts because of legal disputes with the borrowers/guarantors. These funds were frozen prior to the QT claim. The funds in the main client account were frozen when the QT claim was filed. The effect of this was that no recoveries could be distributed because the client account was the conduit for these and so they were held in another separate client account. The proposal now will free the client account to act as the conduit for the distribution of recoveries held in the separate client account. The three loans ringfenced will remain ringfenced unless the specific legal disputes relating to those loans have been resolved (the suggestion appears to be that this is the case for this loan in which case the funds appear able to be distributed)
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r1200gs
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Post by r1200gs on Apr 28, 2023 10:13:31 GMT
Sorry I was talking about the ewallet in general and the frozen funds of all repaid loans not just this one. Are you saying this whole mess is because of this single new brighton loan ?
No. Its two unrelated issues. The funds from this loan & two others were frozen in separate ringfenced accounts because of legal disputes with the borrowers/guarantors. These funds were frozen prior to the QT claim. The funds in the main client account were frozen when the QT claim was filed. The effect of this was that no recoveries could be distributed because the client account was the conduit for these and so they were held in another separate client account. The proposal now will free the client account to act as the conduit for the distribution of recoveries held in the separate client account. The three loans ringfenced will remain ringfenced unless the specific legal disputes relating to those loans have been resolved (the suggestion appears to be that this is the case for this loan in which case the funds appear able to be distributed) I'm pretty sure the legal issues on this loan were resolved, the administrators put out a note saying they could not distribute the funds due to the QT claim. This is how I managed to confuse several people by claiming the loan had been "paid out". What I meant was that the money had been released from one legal claim and immediately frozen again due to the QT claim. My question to the administrators about how interest payments would work on the priority £575,000 loan remains unanswered, guess we don't pay them enough to answer an email. They really are a law unto themselves which is why I fear this distribution will not be handled according to the loan terms.
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Post by overthehill on Apr 28, 2023 21:50:54 GMT
Why has this solution taken so looooong to figure out the legals and implement a very basic solution. This account holds deposits and repayments belonging to every investor. What has it got to do with alleged wrongdoing by Fundingsecure or other aspects of the claim ? The money in the account doesn't belong to Fundingsecure. Why is the investor money in this account connected to the claim but not investor money currently sitting in other accounts ?
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r1200gs
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Post by r1200gs on Jun 21, 2023 11:38:29 GMT
This loan(2938283517) is still sitting on my account showing interest accruing daily, still not transferred to "available funds" despite the security having been sold a billion years ago. Last update says....
"Cowgill Holloway have concluded their Compulsory Liquidation and have moved the Company to dissolution, all properties have been sold by the LPAS received and a claim for the shortfall was submitted by the Administrators of Fundingsecure Limited. Steps to make the guarantor bankrupt are ongoing."
Does anyone know what this actually means in terms of what is preventing the recovered funds being returned to lenders and what it might take to get those funds released to us?
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Post by Gisele on Jun 23, 2023 9:14:23 GMT
Does anyone know what this actually means in terms of what is preventing the recovered funds being returned to lenders and what it might take to get those funds released to us? A miracle?
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r1200gs
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Post by r1200gs on Jun 23, 2023 9:39:13 GMT
Does anyone know what this actually means in terms of what is preventing the recovered funds being returned to lenders and what it might take to get those funds released to us? A miracle? Well, the one thing I can be sure of is that as long as any funds are not in my bank account, somebody is scheming up ways to keep it in their own bank account.
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r1200gs
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Post by r1200gs on Aug 16, 2023 14:51:41 GMT
Well this is incredibly informative and gives me real hope that this will soon be in pocket where it belongs.
"Steps to make the guarantor are ongoing.The guarantor is continuing to frustrate the position"
Yes, we don't pay enough to get a capital letter, all the words and a full stop.
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syalith
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Post by syalith on Aug 16, 2023 14:58:55 GMT
"Steps to make the guarantor are ongoing.The guarantor is continuing to frustrate the position"
This quarterly update is 15 words long and they couldn't even be bothered to proof read it. You have to think it is deliberate at this point.
The administrators are supposed to be keeping lenders updated yet the updates contain so little information that they may as well not bother.
I have £50k in the first ranking loan, my account is showing £42k in accrued interest, yet I have no idea whether I am getting back £0, £92k, or something in between. The administrators are failing in their obligation to keep me updated and it is affecting my ability to plan my life finances.
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r1200gs
Member of DD Central
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Post by r1200gs on Aug 16, 2023 15:09:53 GMT
"Steps to make the guarantor are ongoing.The guarantor is continuing to frustrate the position"This quarterly update is 15 words long and they couldn't even be bothered to proof read it. You have to think it is deliberate at this point. The administrators are supposed to be keeping lenders updated yet the updates contain so little information that they may as well not bother. I have £50k in the first ranking loan, my account is showing £42k in accrued interest, yet I have no idea whether I am getting back £0, £92k, or something in between. The administrators are failing in their obligation to keep me updated and it is affecting my ability to plan my life finances. Same here, 20k invested and no answer to my questions as to how interest will work how long this may take to bring to an end. No idea if I am going to receive 36k or nothing. Absolutely bloody disgraceful. Bottom line is has become clear to me, they are not releasing any funds until all options by others to keep them, including by the administrators themselves have been exhausted.
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Post by overthehill on Aug 16, 2023 15:17:27 GMT
"Steps to make the guarantor are ongoing.The guarantor is continuing to frustrate the position"This quarterly update is 15 words long and they couldn't even be bothered to proof read it. You have to think it is deliberate at this point. The administrators are supposed to be keeping lenders updated yet the updates contain so little information that they may as well not bother. I have £50k in the first ranking loan, my account is showing £42k in accrued interest, yet I have no idea whether I am getting back £0, £92k, or something in between. The administrators are failing in their obligation to keep me updated and it is affecting my ability to plan my life finances.
The administrators have been atrocious and out their depth since the start. I wonder who appointed them and why ?
Distribution of funds to 1st charge or any charge should not be blocked or put off indefinitely by plans to make the guarantor bankrupt (there I fixed them for them).
With interest rates so high, Fundingsecure is also benefiting by withholding lender's funds for so many loans with the full range of excuses.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 16, 2023 15:19:13 GMT
Well this is incredibly informative and gives me real hope that this will soon be in pocket where it belongs. " Steps to make the guarantor are ongoing.The guarantor is continuing to frustrate the position" Yes, we don't pay enough to get a capital letter, all the words and a full stop. Well, when you can get a 16 yo intern to do an update, but charge for a Partner doing it? WHO is auditing all these P2P IP's? Errrr, that'll be nobody.Because they are all of " The Highest Professional Standards and Employing The Utmost Integrity At All Times."
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r1200gs
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Post by r1200gs on Aug 16, 2023 15:25:59 GMT
"Steps to make the guarantor are ongoing.The guarantor is continuing to frustrate the position"This quarterly update is 15 words long and they couldn't even be bothered to proof read it. You have to think it is deliberate at this point. The administrators are supposed to be keeping lenders updated yet the updates contain so little information that they may as well not bother. I have £50k in the first ranking loan, my account is showing £42k in accrued interest, yet I have no idea whether I am getting back £0, £92k, or something in between. The administrators are failing in their obligation to keep me updated and it is affecting my ability to plan my life finances.
The administrators have been atrocious and out their depth since the start. I wonder who appointed them and why ?
Distribution of funds to 1st charge or any charge should not be blocked or put off indefinitely by plans to make the guarantor bankrupt (there I fixed them for them).
With interest rates so high, Fundingsecure is also benefiting by withholding lender's funds for so many loans with the full range of excuses.
No, and it's coming up for THREE YEARS shortly!? These people are simply doing anything they want and they know we can only whinge on a forum. Hell, 20k was a lot of money when "invested" it, it's worth a lot less now. The update is an absolute bloody disgrace.
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Post by overthehill on Aug 16, 2023 15:35:21 GMT
The administrators have been atrocious and out their depth since the start. I wonder who appointed them and why ?
Distribution of funds to 1st charge or any charge should not be blocked or put off indefinitely by plans to make the guarantor bankrupt (there I fixed them for them).
With interest rates so high, Fundingsecure is also benefiting by withholding lender's funds for so many loans with the full range of excuses.
No, and it's coming up for THREE YEARS shortly!? These people are simply doing anything they want and they know we can only whinge on a forum. Hell, 20k was a lot of money when "invested" it, it's worth a lot less now. The update is an absolute bloody disgrace.
The update is actually no worse that most of the loans I've been in and more than likely every loan
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kermie
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Post by kermie on Aug 16, 2023 16:39:59 GMT
Contemptible!
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adrian77
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Post by adrian77 on Aug 16, 2023 20:13:48 GMT
I guess to make the guarantor bust but why bother with basic English fluency it is only OUR money!
Of course he is frustrating the position and much as I would like to see it this will not ensure the return of our money
FS have lent this client loadsa money, said that my loan this was a primary charge at 59% of a building worth 3.5m and showed
us computer mock-ups rather than the rubbish state it is in. All the details were totally WRONG
Do we have any sort of audit trail for the money - about as likely as Anne Widdecombe being world cage fighter of 2023...
This is yet another total bloody disgrace and IMHO there should be fraud charges bought
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from the borrower, and when that was settled, the administrators continued to hold the money due to the QC claim from Mr. Tight white trousers and nice watch.
