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Post by hammertime on Nov 30, 2018 15:57:51 GMT
How bad is this one going to be ?.Better or worse than I**. What would be the timescale of it being sorted out.
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Post by brightspark on Nov 30, 2018 16:31:46 GMT
Simple soul that I am I cannot understand why investors were willing to lend such large sums of money to this business with so little in the way of physical asset security. The small personal guarantee is chicken feed as compared to what is at risk and I have a healthy questioning regard of debentures. When I first read the prospectus with a view to lending i wrote in my notes "AVOID" so something set the alarm bells ringing loud and clear. Reading between the lines investors look to have been firmly had and are in for a very very long slog. This one has about it the feel of the FC ignominious London loans or the FS irish wind turbine fiasco and the AC wind turbine problem loans. These Midlands loans, the wind turbines and the Scottish Castle/golf course have seriously blotted AC's copybook with deep holes that are going to require ever such a lot of digging. Thank goodness I steered clear.
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Post by hammertime on Nov 30, 2018 17:12:59 GMT
Im glad i have only a little invested in these loans .And i do find that the defaults are no way as bad as F/C. But recently i have found A/C d/d slipping anyone agree.
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Post by brightspark on Nov 30, 2018 20:18:19 GMT
These particular loans go back to 4 years ago. It is difficult to say whether their current dd standards have slipped as the dud loans from the present generation of approvals have yet to surface.
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Post by hammertime on Dec 1, 2018 13:08:22 GMT
Are A/C not in breach of contract in these loans by the way they paid the money out.Should they not repay the money back to the investors.
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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
Posts: 10,839
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Post by ilmoro on Dec 1, 2018 13:22:53 GMT
Are A/C not in breach of contract in these loans by the way they paid the money out.Should they not repay the money back to the investors. In what way? The cash was advanced against the debt book of the borrower in one sum on an interest only basis.
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Post by hammertime on Dec 2, 2018 15:53:39 GMT
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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
Posts: 10,839
Likes: 11,068
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Post by ilmoro on Dec 2, 2018 20:42:19 GMT
Who me? No idea but I'm not stressing out over AC recoveries.
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Post by hammertime on Dec 3, 2018 10:27:08 GMT
There's no need for that.
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jaswells
Member of DD Central
Posts: 254
Likes: 184
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Post by jaswells on Feb 1, 2019 22:25:56 GMT
Assetz have to date had an easy ride compared with FS and LY, but they also have some shocking outcomes, like this one. On reading the update it appears there is almost nothing left to return to investors on a million pound loan. A nice retirement gift, perfectly timed and so easily taken. They must have known the direction of travel for this business before soaking up the funds. Shocking.
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Post by captainconfident on Feb 4, 2019 21:41:21 GMT
Particularly, one should note, the later 8% Ponzi style loan which, whatever it says in the loan details, appears simply to have been used to pay the interest on the earlier loans. No alarm bells ringing at the time? Adequate checks really made into the financial state of the company?
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Post by hammertime on Mar 27, 2019 14:10:12 GMT
Hi anyone got any idea if there will be much of a recovery on these loans. It looks like we will be getting our money back on the I*** loans .And i have got back around £7000 pounds on various other trading suspended loans . So maybe there recovery team have had a kick up the A***.
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cb25
Posts: 3,521
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Post by cb25 on Mar 27, 2019 16:46:51 GMT
Hi anyone got any idea if there will be much of a recovery on these loans. It looks like we will be getting our money back on the I*** loans .And i have got back around £7000 pounds on various other trading suspended loans . So maybe there recovery team have had a kick up the A***. No idea. Lender update email has been put off until 5 Apr
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ceejay
Posts: 971
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Post by ceejay on Mar 29, 2019 11:04:27 GMT
Hi anyone got any idea if there will be much of a recovery on these loans. It looks like we will be getting our money back on the I*** loans .And i have got back around £7000 pounds on various other trading suspended loans . So maybe there recovery team have had a kick up the A***. No idea. Lender update email has been put off until 5 Apr If you go back and look at the last update (sent by email to active lenders on these loans, about November?) then you ought to be able to draw your own conclusions. Even the most active recovery team can only recover what is recoverable. The forthcoming update will be welcome, I'm sure.
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Post by hammertime on Mar 29, 2019 13:08:07 GMT
But who knows if the investors were not at fault. Look what happened with the I*** loans .
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