adrian77
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Post by adrian77 on May 9, 2019 12:36:48 GMT
The supplemental loan has the following text
so I guess this is the second charge ?
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rogerthat
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Post by rogerthat on May 9, 2019 12:51:59 GMT
The supplemental loan has the following text so I guess this is the second charge ? Ah..missed that..not in that for once but only £40K..so not much comfort
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james21
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Post by james21 on May 9, 2019 14:02:24 GMT
2 supplementaries, they forgot to update the earlier one 3187612832. Total £80k
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rogerthat
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Post by rogerthat on May 9, 2019 14:21:59 GMT
2 supplementaries, they forgot to update the earlier one 3187612832. Total £80k Ah so the total becomes £597K then ? £517 K + £80K Supplementals
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adrian77
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Post by adrian77 on May 9, 2019 14:58:32 GMT
Well spotted that man - glad I did not renew my investment in this one
I also now make it £597K - the main chunk is already nearly 6 months late so at best the whole lot is going to be 6 months late as a minimum. If we just take the first charge that is over £500K at 20% = £100K interest viz £600K net proceeds needed before the second charge gets a look-in. I think there have been 3 x 100% losses to date: all second/third charges - Wimbledon, Knaresborough, South Wales Hotel and I would wager this will be no 4- I really hope I am wrong but time will tell. I also hope the art loans aren't the first 100% first charge losses!
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rogerthat
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Post by rogerthat on May 9, 2019 15:56:01 GMT
Well spotted that man - glad I did not renew my investment in this one I also now make it £597K - the main chunk is already nearly 6 months late so at best the whole lot is going to be 6 months late as a minimum. If we just take the first charge that is over £500K at 20% = £100K interest viz £600K net proceeds needed before the second charge gets a look-in. I think there have been 3 x 100% losses to date: all second/third charges - Wimbledon, Knaresborough, South Wales Hotel and I would wager this will be no 4- I really hope I am wrong but time will tell. I also hope the art loans aren't the first 100% first charge losses! Thanks for reminding me..not !..but if that does happen Id suggest that the whole platform will collapse. I sincerely hope neither occurs
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adrian77
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Post by adrian77 on May 9, 2019 16:53:13 GMT
sorry! I also hope neither occurs (I am in 6 of the art loans).
But the last FS "update" wasn't exactly encouraging for me - considering FS never held these damn things in their possession - the chap is "bust" with "no assets" (yeah right) and is so ill he needs to be under medical treatment in Spain. I wonder if was pure coincidence that Spain does not have a full extradition treaty with the US and fled there about a week before the authorities were onto him - surely not!
I am a tincy-wincy bit at a loss to see how OUR money will be recovered - not saying it won't be but these loans are already about 18 months late...FS make my day and explain what is happening here and why I am wrong to be worried - I know you really want to.
I thank you.
Speaking of being worried the auctioneer should have payment tomorrow for the mobile homes - if I were a betting man I would wager it is very bad news and will be released late on Saturday or Sunday night...sticking my head above the parapet I can't see these things going for over £50K each but that won't be the first time I am wrong!
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Post by mrclondon on Nov 13, 2019 13:07:33 GMT
All loans defaulted on the website. Final ids are
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rogerthat
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Post by rogerthat on May 19, 2020 11:56:01 GMT
27.2% recoveries ..supplementals total wipeout...FS 5% =£7.6K  |
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number5
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Post by number5 on May 19, 2020 12:12:37 GMT
27.2% recoveries ..supplementaries total wipeout...FS 5% =£7.6K It's a joke, I just had a large sum - total wipeout!!
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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 May 19, 2020 12:39:13 GMT
27.2% recoveries ..supplementaries total wipeout...FS 5% =£7.6K 4 months delay seems to have cost £20k.
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adrian77
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Post by adrian77 on May 19, 2020 16:43:28 GMT
I see this chap (not first word I typed is in other FS loans - I why the hell FS lent to so many consecutive projects given this bloke's history is beyond me unless I state something that will get me banned.
Can somebody please tell me if the below is corrrect - I had a very hard day at work today and pretty thick normally - thanks
update - 19th May 2020 - below is to be confirmed
11) Property in Trust 3177181762
£200K - FS failed to take security - not officially written off but has been going on for over 2 years and I just can't see any payment being made - I mean would you in this position?
12) Somerset Properties 1810728927/2626164876 334+100K = £434K - ridiculous valuation with very poor loan management if nothing else
13) Plot in Carlisle - 5323418941/3187612832 2 x 40K = £80K lent to a borrower with an interesting history and numerous other exposures to FS - worrying
13 developments/projects with loans (granted not all first charges but so what!) that have returned zero - you could not make this farce up.
As I said I am doing this list because I want the 5% taken by FS returned to us due to their gross incompetency as indicated by this and other facts
If correct the above with all the other bad news today is appalling - I am very lucky as covid-19 has had little impact on my income but there are decent people including pensioners who doubtless are being badly impacted by this virus and on top of that they are being shafted by FS - deepest sympathy for each and every one of them
I thank you - stay healthy
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Post by defaultinator5000 on May 20, 2020 21:01:08 GMT
The question: I see this chap (not first word I typed is in other FS loans - I why the hell FS lent to so many consecutive projects given this bloke's history is beyond me unless I state something that will get me banned. The answer: As I said I am doing this list because I want the 5% taken by FS returned to us due to their gross incompetency as indicated by this and other facts |
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adrian77
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Post by adrian77 on May 21, 2020 7:50:02 GMT
Well I am not going to argue with that.
I guess we will have to be patient and just wait for the administrators to update us about this 5% fee - I guess even if FS are entitled to it then I guess the next question is who has a priority claim on this sum - if it is these "directors" then I will be furious and willingly spend money to take these clowns to court. They have shafted us and are expecting us to pay them out of our money for the priviledge! They told us there was a wind-up procedure as specified by by the FCA but clearly there wasn't, they have given us ,at best, a string of misleading and unsubstantiated claims when requesting our money e.g. Whitehaven so even if FS are entitled to this fee then surely we can sue these directors - also not sure whether the administrators can take their fee out of of this 5% - I do hope so!
What a total shambles- going to work now and feeling depressed.
Stay healthy all.
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rogerthat
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Post by rogerthat on May 21, 2020 9:01:37 GMT
As all details have now been removed (other than the financial outcome) so I cant verify, according to a post on FB yesterday, this partially developed site 'sold' for less than the undeveloped plots valuation in 2016 of £275K..later raised 2 years later to £675. In other words, sold for less than the original attributable land value after 4 years !
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