adrian77
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Post by adrian77 on Nov 22, 2019 12:04:10 GMT
I have revisited this one along with the current administation
Well it didn't did it! I am appalled that £700K seems to have been lost to we investors. At best FS failed to oversee a realistic recovery and at worst - cue libel action! Something here has gone very badly wrong and ,as of now, we don't know what but considering this chap has many other FS loans then I am worried and hope the administrators don't let this happen again. Regarding this one it appears there may possibly have been an intermittent buyer who then sold it on at a hefty book profit to a related company and thus protected the money from creditor action. If I am correct then FS have been had twice - only partial repayment of capital lent so borrower got a free loan for part of the capital and then he made £700K of which FS (us!) got zero! You could not make this shambles up...
I hope we soon get news as to what the administrators are actually going to do about this unholy mess!
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Post by highroller1 on Nov 22, 2019 14:23:05 GMT
You're spot on here, though this has been known for some time I believe.
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Post by highroller1 on Mar 10, 2020 15:03:19 GMT
Further small payment has been made to those in the primary loans.
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:06:40 GMT
Update 30/07/21 Phase 1...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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Mousey
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Post by Mousey on Aug 26, 2021 18:43:09 GMT
Update 30/07/21 Phase 1...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 Indeed.... and it's at the High Court in Liverpool tomorrow
Very useful contact info on the listing:
"Any media representative or any other member of the public wishing to witness a hearing being conducted remotely should contact EMAIL ADDRESS for information on how to be joined into the hearing."
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rogerthat
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Post by rogerthat on Aug 27, 2021 11:04:02 GMT
Update 30/07/21 Phase 1...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 Indeed.... and it's at the High Court in Liverpool tomorrow
Very useful contact info on the listing:
"Any media representative or any other member of the public wishing to witness a hearing being conducted remotely should contact EMAIL ADDRESS for information on how to be joined into the hearing."
Thanks
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Mousey
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Post by Mousey on Sept 13, 2021 17:09:30 GMT
I understand the borrower has filed an appeal at the High Court in Liverpool.
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Post by overthehill on Feb 2, 2024 12:57:15 GMT
Property Loan - Phase 1 The D*ll - Birkenhead - Renewal (2688914082)
Written off. 148k, Loan active 2290 days, LTV 11%, Return -100%. Nothing criminal to see here.
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adrian77
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Post by adrian77 on Feb 3, 2024 12:27:24 GMT
you what! Are both phases a 100% loss ?
FS is even worse than I feared and that is no mean feat!
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Post by overthehill on Feb 3, 2024 13:19:04 GMT
you what! Are both phases a 100% loss ? FS is even worse than I feared and that is no mean feat!
Sorry, 75% capital was repaid in 2019 (I assume phase 2 as well). No interest paid, remainder now written off shortly after a long delay to finally make the guarantor bankrupt. Well that was worth the wait and the charges and expenses, good that some people got paid.
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