P2P COMPANIES IN ADMINISTRATION FOR YEARS

ACTION :
Calling on the FCA,FOS and Administrators of each P2P Company in wind down process to engage and communicate with Lenders,be transparent with the progress of money recoveries,explain how fees are being used by loan,main risks and latest prediction of successful recovery of cash to be returned to Lenders and when ?
Lenders just don't understand why some loan recoveries are frozen and cash not returned to rightful owners.
Treat Lenders with respect,they are the ones who have suffered serious money losses,please.

Background :
Although P2P companies were authorised and regulated by the FCA,which gave credibility and confidence to those of us who used their platforms to lend hard earned money to borrowers,who had been vetted and scrutinised by said platforms.It means nothing based on our experience,a public service,offering no service to P2P Lenders.
Many of these P2P companies and their loan books are in Administration and being wound down,very - very slowly,by the appointed Insolvency Practitioners (IP’s).
Although you might think the Lenders might have a voice,just like a creditor to a business that money lending had taken place,we have no standing and are treated like mushrooms.The communication of progress is a disgrace with no end in sight after years of waiting for our cash to be returned.
Even the legal profession refer to the P2P debacle as the "wild west" and those involved in winding down the companies,IP's,as vultures feeding on Lenders cash,held in trust from recoveries from the loans that made up the loanbook.The fee structures are extortionate but more importantly the time taken and charged back to the "held money" is beyond belief.
When you were led to believe that a property was correctly valued,by RICS,and that the loan is less than 60% of the property value,you might have a safe investment,even if the property had to be sold due to insolvency.Well that is a debacle too,closely followed by the Personal Guarantees given by the borrowers when loans were set up - all worthless words.
Why were the P2P Companies allowed to release cash tranches of the loans aligned to inspected progress of the property development.Well that seems to have turned out to be a lie,with money just released on words alone.Another suspicion,but difficult to prove,is that if one of these properties were "fire sold" at a low distressed price then the same people involved in the loan have some covert involvement of repurchase of the property.
In some cases the original directors,who set up the P2P businesses and failed miserably,are recruited by the IP's as "consultants" and paid high fees for their input and fees - why is that acceptable when they created the failure,probably through gross incompetence or possibly fraudulent activity.
I do not know the total value of P2P Loanbooks in Administration,Lenders hard earned cash/pensions is,but it must be in excess of £450 million.
We Lenders are just left frustrated,exacerbated,out of pocket - some Lenders by 6 figure+ amounts, by this total debacle.
I just want my cash back please, possibly accepting no interest payments as promised,as I believe I was making a safe investment for my pension pot based on the investment information I was presented with to make an informed decision (probably with elements of pure lies).
I want the FCA and FOS,public tax payers services, to be held to account and the whole Insolvency Practitioners profession challenged on their treatment of Lenders, some of whom lost life savings,and to be scrutinised on timeliness on winding down the P2P companies.Many Lenders have formed Action Groups to fight and challenge above debacle,have written to the FCA and FOS and IP's and MP's but to no avail,silence is the only reply.Most hide behind "confidentiality" barriers.
My involvement in this bad experience is since 2018,many go back much further,failures probably over a 8+ year period.
We are being "ground down" by the system not on the same scale as the "Post Masters / Mistresses" ( a total disgrace) but never the less we are hard done by,with no collective voice, influence, right to know,treated with disrespect and communicated to occasionally with sparce, meaningless messages.The information on their quarterly update is primarily on fees incurred by the IP’s but with no real explanation of what they spent the fees doing or on,and not at a loan level which would be meaningful to Lenders,and confirm where the recovery of money is at - that would give some confidence that they are “on the case” !