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FundingSecure appoint administrators

Administrators CG & Co apponted as of yesterday 23rd October 2019. Very early days but not looking good.

Comments

  • My best wishes to everyone who was still lending at FundingSecure at the time it collapsed.

    This was written today:

    P2P Site FundingSecure Collapse: 10 Things You Need To Know Today

    https://www.4thway.co.uk/?p=24125

  • I'm quietly optimistic (maybe stupidly) about the money that is lent out. That money is tied up with contracts that I've read should still be honoured and I would imagine that the administrators will be looking to retrieve the monies on the going/gone bad loans sooner than FS were previously doing - I always felt that FS were too timid to press for the money that was late so as to not offend the borrowers and/or put them off from borrowing again in the future. I had the same feeling when I pulled out of Funding Circle about 3 years ago; when they were agreeing up to 25 year repayment plans with loan guarantors and so on.

    The part that worries me is the small albeit important to me cash balance that I had in my FS account that I do no appear to have access to. Down which rabbit hole that cash has gone we will find out...eventually...

  • FundingSecure should have been operating a segregated client account or client e-wallet. The money is yours and it wasn't theirs to spend. So administrators should free up that money at some point.

  • @4wadmin said:
    FundingSecure should have been operating a segregated client account or client e-wallet. The money is yours and it wasn't theirs to spend. So administrators should free up that money at some point.

    Thanks admin, fingers crossed!

  • A number of loans marked as 'unredeemed' today but no comments on said loans updating the situation. The smart-arse in me wants to say "well we bloody well knew that...!" but on a serious note, what difference does this really make in terms of getting our money back verses a 'live' status or even a 'default' status? Cheers.

  • Starting to get updates on loans coming through this week, finally.

    Not exactly looking good on the whole. Many borrowers seem to be offering less than what they borrowed as some kind of final deal. A few properties coming in considerably under previous valuation. We've been mugged...!

  • Another huge dose of comments on loans today. On the whole outcomes not looking good - many undervalued properties, securities that the borrower didn't have the title to to get a loan etc.

    Still no word on what is investor monies, what is creditors monies etc but it seems like the investor/creditor committee is in there and making decisions where they can. It's going to be a long game at this rate.

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