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Post by Badly Drawn Stickman on Jun 29, 2020 18:31:38 GMT
Oh dear, not the best update I have ever read.
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Post by gravitykillz on Jun 29, 2020 18:42:50 GMT
33% recovery. So £6.60 on every £20 invested 4 years ago. Pathetic!
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Post by angel19 on Jun 30, 2020 9:12:37 GMT
I think we have already had about 20% recovery from repayments made in 2018. So expect only around 13% more in final payment.
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c88dnf
Member of DD Central
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Post by c88dnf on Jun 30, 2020 10:21:31 GMT
Oh dear, not the best update I have ever read. That update in full: "The development has been sold at auction. These funds, together with the funds already received and distributed to investors, will equate to a 33% recovery. The personal guarantor in question is already bankrupt so we do not anticipate any further recoveries on this matter."
So a personal guarantee is basically worthless. No surprise to me, but shouldn't the FCA be banning all mention of such guarantees as misleading to investors? Oh and no mention of any actions against the original valuer, nor any reference to FC's previous "highly experienced property team" and their role in this shambles. For disclosure, I managed to make a profit out of investing in FC by being an early investor and getting out early too, but I won't risk them again. Ever.
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rogerthat
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Post by rogerthat on Jun 30, 2020 12:00:11 GMT
I sent an email to FC a couple of days ago following my last post..coincidence that an update now appears. As we're told that c66% of capital has disappeared Id be interested to see the costs involved, especially the receivers who were engaged to manage the project to completion, yet 18months on, failed spectacularly. According to CH the remaining director is still ACTIVE though at what I cant find out. He was involved in other companies that also appear to have been dissolved. FC state he is personally bankrupt..does anyone know where one can find information to confirm that ? Id also be interested to know who bought the hotel at auction
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Post by gravitykillz on Jun 30, 2020 20:27:51 GMT
Overall I have made a profit from funding circle but will never again invest another penny with them.
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Post by gravitykillz on Jun 30, 2020 20:29:27 GMT
I sent an email to FC a couple of days ago following my last post..coincidence that an update now appears. As we're told that c66% of capital has disappeared Id be interested to see the costs involved, especially the receivers who were engaged to manage the project to completion, yet 18months on, failed spectacularly. According to CH the remaining director is still ACTIVE though at what I cant find out. He was involved in other companies that also appear to have been dissolved. FC state he is personally bankrupt..does anyone know where one can find information to confirm that ? Id also be interested to know who bought the hotel at auction Wouldn't be surprised if it was purchased by a funding circle director for ten grand.
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iRobot
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Post by iRobot on Jun 30, 2020 20:40:04 GMT
I sent an email to FC a couple of days ago following my last post..coincidence that an update now appears. As we're told that c66% of capital has disappeared Id be interested to see the costs involved, especially the receivers who were engaged to manage the project to completion, yet 18months on, failed spectacularly. According to CH the remaining director is still ACTIVE though at what I cant find out. He was involved in other companies that also appear to have been dissolved. FC state he is personally bankrupt..does anyone know where one can find information to confirm that ?Id also be interested to know who bought the hotel at auction Individual Insolvency Register any use to you?
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rogerthat
Member of DD Central
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Post by rogerthat on Jul 1, 2020 10:16:43 GMT
I sent an email to FC a couple of days ago following my last post..coincidence that an update now appears. As we're told that c66% of capital has disappeared Id be interested to see the costs involved, especially the receivers who were engaged to manage the project to completion, yet 18months on, failed spectacularly. According to CH the remaining director is still ACTIVE though at what I cant find out. He was involved in other companies that also appear to have been dissolved. FC state he is personally bankrupt..does anyone know where one can find information to confirm that ?Id also be interested to know who bought the hotel at auction Individual Insolvency Register any use to you? Thankyou..very useful. As it happens there are 5 entries...none of which are remotely close to this directors birth date..any further suggestions ? Edit...entering the surname alone to allow for variations produces 17 pages but still no match
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iRobot
Member of DD Central
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Post by iRobot on Jul 1, 2020 15:13:22 GMT
rogerthat The Gazette has a pretty good search facility - highly configurable Eg: this search looks for all 'Smith's, ignores corporate entities, shows all personal entries in a 5 mile radius of 'Leicester' from the 1st Jan 2020 onward. (If you like, you can PM me a link to the Dirs CH entry and I'll let loose the bloodhounds ) Edit: You have mail!
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mikeb
Posts: 1,068
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Post by mikeb on Jul 5, 2020 15:30:35 GMT
I think we have already had about 20% recovery from repayments made in 2018. So expect only around 13% more in final payment. According to my figures (I track this nonsense) £20.45 per £100 up to a last change of 3/11/2018 so you're not far off! A shining example of the FC "experienced property team", along with the "Short Term Property Loan London 1/2" (#14978/15010)" which is still sitting there from 2016/17 ...
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Post by gravitykillz on Jul 6, 2020 5:09:55 GMT
I guess we are lucky to get something back some of the other loans still have nothing. This is our punishment for having faith in funding circle!
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aj
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Post by aj on Jul 7, 2020 7:54:37 GMT
I guess we are lucky to get something back some of the other loans still have nothing. Not that a penny of this recovery has reached my account yet....
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Post by gravitykillz on Jul 8, 2020 9:37:13 GMT
I guess we are lucky to get something back some of the other loans still have nothing. Not that a penny of this recovery has reached my account yet.... I have recieved nothing so far either. No money and no apology for the 67% loss in value over 4 years.
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rogerthat
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Post by rogerthat on Jul 8, 2020 12:24:23 GMT
And needless to say, apart from the usual "parrot sketch" reply, ive received no answer to my mail. At the very least, FC should produce a breakdown of where all the money has gone from the auction sale price, rather than a perfunctory admission there's only crumbs left. Until financial regulations are enacted and enforced to prevent charlatans like this from operating, mugs such as myself will continue to be duped without accountability. I regret the day I ever became embroiled in the scam called P2P.
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