adrian77
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Post by adrian77 on Feb 4, 2024 23:13:26 GMT
Great stuff mah - I wonder if the term Funding SECURE was rightly named ?
Will return to my list of predicted 40 mega losses - think there are going to be well over 30 proved to be correct Also just how many loans have lost 100% - how the hell did they manage that - believe me I have made some bad business decisions in property but never lost anywhere near that.
As I said I wonder just what the hell has happened here - gross incompetence at best....
Yes we have multiple loans with the same directors which I really think we should have been told about
As I said before I wonder if there was a small and cosy cartel with FS complicity controlling the whole loan book that is just an unproven hunch of mine so not accusing anybody of anything but it would help to explain this total bloody farce...
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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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adrian77
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Post by adrian77 on Feb 3, 2024 12:13:37 GMT
I remember this one - I think this farce has been going on since 2017!
Here's what I wrote ages ago
I recall this bloke lost an industrial claim for not paying a staff member holiday pay or similar but can afford a racehorse(s) - nice bloke...
I am not in this loan but related ones
Yes something is very wrong here
Has anybody got the final figures as I would be really interested - has the first charge repaid as this is not clear to me
This house is or was on the market for £3.4m so how the hell did FS get into this mess?
I thank you
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adrian77
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Post by adrian77 on Feb 1, 2024 13:43:35 GMT
A really stupid mug - not sure but I guess these people are the people that bailed him out - I guess they repaid the FC loan after hard negotiation and let him keep it in case they got this dream price. Well it is clearly not going to sell for the desired price so maybe these creditors are simply cutting their losses. If the house has been repossessed then it is not his house so he is unable to invest in it unless he buys it off the creditors and I think the chance of that one is slim...
Wonder if he has still got the very tasty fiancee - I hope he has but....
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adrian77
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Post by adrian77 on Jan 31, 2024 16:35:34 GMT
What about the tower block in Wallasey? For my tranche it was £2.5m or £3.5 m finished but I seem to recall it was up to £7m+ for later tranches? Whatever £1.3m/2.5m returned is pretty poor to put it mildy!
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adrian77
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Post by adrian77 on Jan 30, 2024 11:36:01 GMT
I worked on the bacs system when in IT
I don't believe a bloody word of this and here's why
the bacs system has not gone done so the problem is with CG - even if their system is down have they ever heard of a telephone but they can email us. Either they have the money in the relevant account of they haven't
If they have the money available then just what is the problem? If they haven't then why the bloody hell not?
I do wonder it this a pathetic excuse to hold onto OUR money happy for a technical IY expert to criticise my logic
Happy for C&G to tell me what the problem is - dont worry about being too techincal chaps as I will understand it,,,,
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adrian77
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Post by adrian77 on Jan 29, 2024 16:04:45 GMT
very true and the obvious question is why the hell not - do the CC know?
I pre-booked a major contract today and I told the managing surveyor I want a detailed list of all works
and all costs - hello FS this is how the real world works!
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adrian77
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Post by adrian77 on Jan 29, 2024 12:30:25 GMT
if we take simple interest at 4% - should be easy enough on such a large sum I make that 1,300,000 x 4/100 x 3.5 = £182K on simple interest alone - tasty!
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adrian77
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Post by adrian77 on Jan 29, 2024 4:12:42 GMT
this £88K is one to watch - be interested to see where this finally ends up - I could guess... I really don't see what the hell is going on here and how this figure was arrived at - I mean £88K isn't much in legal fees when over £2m is at stake...are the creditors going to suddenly claim they are covered by QT - I really don't think so but I am no lawyer
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adrian77
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Post by adrian77 on Jan 26, 2024 14:53:49 GMT
Land at B H Hul £620,000.00
Total Received £620,000.00
Less:
Legal Fees -£32,500.00
Insurance -£3,433.64
Receivers Fee -£12,400.00
Receivers Disbursements (Vatable) -£87.00
Agents Fees -£16,700.00
Agents Disbursements (Vatable) -£1,445.00
VAT (Irrecoverable) -£12,626.40
Total Costs -£79,192.04
Net Receipts £540,807.96
Less CG Fees 2.5% +VAT -£16,224.24
Expense Contribution* -£27,040.40
Indemnity Sum -£40,560.60
Settlement ** -£131,145.93
Balance to Disburse £325,836.8
yet another complete disaster - I have bought and sold building land and always made a profit - so what the hell are FS doing?
This land was valued at 1.1m and they got 660K for it- who is the business brain here - D Abb*t on release from the nunnery? so we lend them 660K and get back 326K (plus maybe £131K)
A fantastic return of over -50% - if this valuation was anywhere near correct then we should still have been in profit..
I see CG got £43K for this one £32K for the Tower black - it mounts up doesn't it - let alone all the queried payments
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adrian77
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Post by adrian77 on Jan 26, 2024 14:23:49 GMT
Not an 'insurance premium', hopefully. Premiums tend to be a non-refundable payment, whereas 'retained' monies can be returned if not needed
Believe it or not I do actually realise that and that is why I typed "if"
My point is I am not happy with this lot simply presenting us with large expenses with ,as far as I can see very little explanation, and would like a detailed breakdown
As I said looks to me as if this Quistclose rubbish is a cheap trick and FS should never have fallen for it (of course there are other explanations!)
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adrian77
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Post by adrian77 on Jan 25, 2024 22:39:43 GMT
thanks for your reply - the receivers also got £25K and there was a further 26K in legal and professional fees
ref this 88K - seems a lot to me especially if it is an insurance premium
in my business one believe me I numerous people try it on but I personally vet all invoices and don't pay if not pre-agreed - my point is I really don't like being presented with a list of expenses without a detailed explanation
Also is there a audit trail for our millions - I bloody wonder
This QT nonsense strikes me as a scam by a professional "paper shuffler" not what I first wanted to type!
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adrian77
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Post by adrian77 on Jan 25, 2024 16:58:23 GMT
call me thick and many people do but can somebody please clarify the below for me
receiver costs 25 K - fair enough
but cg fees - 32K - just what the hell have they done for this - as I see it all they have done is submitted a claim against a charge ? expense contribution 59K - what exactly was this and who to? idemmnity 88K - how bloody much ! again what exactly was this ?
we were given various values for this building up - I think uo to 7M and the sold it for 1.3m does anybody know who bought it
I thank you
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adrian77
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Post by adrian77 on Jan 24, 2024 11:30:04 GMT
Below is from mega loss prediction list
well I was clearly off the mark there - how they lost 87% is beyond me
Did the supplementary holder lose 100% ?
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adrian77
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Post by adrian77 on Jan 24, 2024 11:14:16 GMT
I was in loan 2637081380 put in £25 and over 4 years later I get £3.14 i.e. 100-12.56 = 87% loss and this was a secure loan with a low LTV,
This is such a farce I am relatively pleased at least I got something back...
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