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Post by gaspilot on Apr 12, 2024 16:24:36 GMT
The legal costs of each of the parties to any application under paragraphs 63 or 74 could be
substantial and the incidence of costs (which might be ordered to be paid by the Company, the
objecting investor(s) or from the Proceeds) would be a matter for the discretion of the Court.
Does the above statement (from the email sent earlier this week) mean that anyone objecting to the decision now made would have to fund their court costs and potentially have to pay the other party's court costs if they lost the case? This would potentially mean throwing good money after bad surely. I hope this matter will finally be resolved after the 28-day wait period. DOI I have a substantial amount in the second loan.
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Post by gaspilot on Feb 23, 2024 10:14:26 GMT
My 'Active and Past Loans' tab says it is down for maintenance. This has been for quite a while now. Anyone else got this?
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Post by gaspilot on Feb 15, 2024 11:26:57 GMT
Still waiting...
Do we have a disgruntled lender in both loans, possibly justifiable if they invested a large sum ? Hard to say with zero information and communication.
1st charge lender property 1 : why are you giving 20% of my returns to lenders of a different loan but with a 2nd charge on my loan ?
1st charge lender property 2: I was told the loan had a 1st charge against both properties and 20% isn't sufficient seeing I got practically hee-haw back from property 2 ?
That was my thought too. Why can't they just be honest and tell us why we haven't been paid OUR money?
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Post by gaspilot on Jan 21, 2024 17:46:31 GMT
So............ will we get paid this week then? Answers on a postcard.
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Post by gaspilot on Dec 19, 2023 16:15:43 GMT
So, they have done another about-turn and reduced the return on the 1st charge to 80%.
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Post by gaspilot on Dec 14, 2023 11:00:05 GMT
On the 'My Investments' tab this loan is still showing as being repaid, but it hasn't. None of the money that I am owed has been repaid on this loan. What options do we have to find out what is going on here? This really should be a simple case of refunding the amounts loaned now that the issue of he second loan has been sorted.
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Post by gaspilot on Nov 8, 2023 15:55:00 GMT
I had a very small amount in the cottage and a grand in the larger property. Without reading all the updates etc I noticed the larger property "1st charge Barnold****" has been moved into Investment History and defaulted. I thought it sold and there was some equity there? So the lawyers and administrators have taken their cut of it and there is nothing left? Is that right or is it still undecided ? The 1st charge loan is showing as defaulted but the repaid field (in the investment history tab) seems to show that the loan has been fully repaid. The money is not in my account however!
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Post by gaspilot on Oct 13, 2023 14:56:17 GMT
It is now 2 months since they said they would keep the matter open for 28 days. What the hell is going on?
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Post by gaspilot on Sept 20, 2023 10:02:10 GMT
A loan of £587,000 secured by a 1st charge on a substantial residential property in Barnoldswick (border between Lancashire and North Yorkshire) with adjoining land.
FundingSecure previously lent £188,000 (loan ref 2861004433) under a second charge with another lender taking the first charge. The borrower now wishes to replace the first charge lender with FundingSecure. The second charge loan remains in place and ranks behind this loan.
It seems pretty clear cut to me.
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Post by gaspilot on Sept 20, 2023 6:47:44 GMT
It's now 40 days since the last update saying they would wait 28 days and then get further legal advice. Does anyone have any further information as to how long this is going to take to sort out? If it has to go to court that would take time and ultimately reduce the amount we get repaid.
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Post by gaspilot on Aug 23, 2023 6:13:36 GMT
So, in answer to my own question, the funds arrived in my account today.
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Post by gaspilot on Aug 22, 2023 7:58:53 GMT
I requested a withdrawal of just over £200 on 8/8/23. It's now two weeks later and no funds have arrived. Does anyone know how long BLN are taking to process such requests these days?
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Post by gaspilot on Jul 31, 2023 10:57:08 GMT
After taking legal advice, it has become apparent that these loans were not first and second charges in the way in which they were presented on the Platform. The Barnoldswick Loan was over a Property and some Adjoining Land. The Adjoining Land was purchased first, using the loan advertised as “a second charge loan”. The Property was subsequently purchased using the “First Charge loan”.
The charge registered was an “all monies” charge and therefore relates to both loans. In the circumstances, we have been advised that the net proceeds of sale should be apportioned as between the Property and the Adjoining Land. Using the purchase values it is clear that 20% of the Net Proceeds of Sale must be apportioned to the Second Charge Loan.
We intend on keeping this matter open for the next fourteen days, following which we will recalculate the net proceeds of sale and update the Platform in due course thereafter.
That was posted on 11/7/23 for the Barnoldswick loan. When do you think the money will reach our accounts so that we can withdraw it?
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Post by gaspilot on Jul 12, 2023 13:12:19 GMT
Curiously, my detailed list of "account information" is showing both full capital return (a whopping £25...) and an extra payment of roughly 23% on top, but not labelled as interest or anything else. Surplus return as per the accounts or what? While I'm in thinking mode, is the tab under "my investments" labelled "Funds pending Quistclose" believed to contain accurate information? Mine shows no affected "investments", which seems too good to be true! Yes. They paid the Full Capital on that 1st charge loan and then roughly 22.8% Interest for those without a Bonus Interest. Wast it £5.70 ish for you ? For those who Invested in this Loan under IFISA and have already withdrawan the Repayments to their Main Account, CG & Co have now reversed these transactions (that's why they took the website down) and transferred an equivalent amount from their Main Account back to their IFISA Account and then deducted this from their IFISA Balance (apparently, pending further investigations). Now, I don't know how they Calculated that figure and how they prorated it.
Does anyone know if the Bonus Figures stated on any Loan (eg., Investment range: £5,000.00 - £9,999.00 : 0.50% Bonus - for this Loan) was an additional Interest on top of the advertised rate (eg., 13% - for this Loan) or was it paid upfront like some other platforms did ? Anyone who ever qualified for these Bonus Interests might be able to shine some light ?
So it looks like the situation has now changed. If my assumptions and calculations are correct, I think we will get back 95% of our funds but no interest payments. That applies to both of the loans (house and land). Please correct me if you believe differently.
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Post by gaspilot on Jul 6, 2023 18:55:58 GMT
HCP 177 84.1% of capital returned.
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