21-12-2018, 02:41 PM
Collateral in Administration
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21-12-2018, 02:59 PM
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21-12-2018, 06:50 PM
As a member of the Creditors Committee might I just ask investors to sign and return the letter sent by BDO as soon as convenient. It could save some future expense.
I hope you will all simply accept this and not ask for a long explanation. Some aspects of this whole case are complicated enough at the moment. Merry Christmas and look forward to accelerated progress in the New Year.
PLEASE NOTE : My opinions are of a personal nature. I am not a professional financial advisor. My observations and views should not be taken as advice. I accept no responsibility or liability for the accuracy or completeness of any of the information in my posts.
22-12-2018, 04:45 PM
(21-12-2018, 06:50 PM)redskyatnight Wrote: As a member of the Creditors Committee might I just ask investors to sign and return the letter sent by BDO as soon as convenient. It could save some future expense. Silly question maybe, but is there any reasons why any lenders may not wish to vote for this resolution? It seems straight forward to me, but just in case I'm missing something obvious!!
22-12-2018, 05:21 PM
I imagine it's all about "Trust." Many/most of us on here have been successful to varying degrees by not bestowing Trust willy nilly. Yet we now find ourselves in the highly uncomfortable position of having to not only "Trust" BDO (as if, personally) but also people on the CC, of whom we know next to nothing, and may have ulterior motives.
That is not to say I am not very grateful to them for volunteering their time in attending the CC Meetings and reporting back, but given the stringent NDA in place the "Reports" are virtually worthless. I repeat, I am very grateful for their attendance on our behalf, but our "Representatives" are smart people who will understand our dilemma and sympathise with it. A blanket "I recommend you authorise the BDO letter" and just blindly doing so goes completely against everything we have done in our working lives. There is a lot at stake, and Lenders are quite rightly extremely cautious of anything and everything to do with this shitstorm. I just wish I had crystal balls.
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23-12-2018, 08:01 AM
(22-12-2018, 04:45 PM)blueninja2 Wrote:(21-12-2018, 06:50 PM)redskyatnight Wrote: As a member of the Creditors Committee might I just ask investors to sign and return the letter sent by BDO as soon as convenient. It could save some future expense. I fully endorse what @redskyatnight has to say and can comment no further on the mater. @blueninja2 although I am not advising you, nor anyone else, I cannot see any reason that lenders would noy want to vote for this resolution.
The opinions and observations that I display on this forum are personal and do not necessarily concur with the proprietors of the forum. I represent no platform or other organisation in my postings and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, reliability of the information contained in my posts. Or for people acting or refraining to act upon them.
07-01-2019, 04:36 PM
Just a reminder that the deadline for submission of the Resolution return looms large. The pertinent para from BDOs communication:
Quote:If the Joint Administrators do not receive a positive response from a sufficient majority of My bold.
07-01-2019, 05:06 PM
(07-01-2019, 04:36 PM)zappa Wrote: Just a reminder that the deadline for submission of the Resolution return looms large. The pertinent para from BDOs communication: Again, perhaps it would be a good idea for someone (anyone, even @ozboy if he hasn't already been banned ) who can post to remind those on P2PIF. PS I'm fed up logging into P2PIF via a VPN to check whether anyone has done it.
1 user Likes idontgivea's post - Serpico
08-01-2019, 07:37 AM
The 'press' has latched onto this resolution.
22-01-2019, 12:43 AM
I have been informed by the Administrators that 86% of investors voted in favour of the resolution, they are now working to ensure that the requisite majority, 75%, has been achieved in each loan.
They have also reported good progress on the data recovery and a significant proportion of loan parts have been identified to individual lenders.
The opinions and observations that I display on this forum are personal and do not necessarily concur with the proprietors of the forum. I represent no platform or other organisation in my postings and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, reliability of the information contained in my posts. Or for people acting or refraining to act upon them.
1 user Likes zappa's post - ozboy
22-01-2019, 12:04 PM
Notice Regarding Investor Tax Returns – 22 January 2019
Quote:THIS DOCUMENT IS PUBLISHED BY THE JOINT ADMINISTRATORS ON BEHALF OF THE COMPANIES. pfka new2p2p
22-01-2019, 01:06 PM
Or a signature. I wonder if they're just trying to save us a few quid.
I've written seen better letters to get the afternoon off PE.
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22-01-2019, 07:19 PM
(22-01-2019, 12:27 PM)timmy Wrote: I see they couldn't be bothered to use the BDO header on that notice, or even put a date on it. The letter is not from BDO qua BDO iy is from the Administrators acting as agent for the company(ies) so the absence of a letterheading is irrelevant, it does not need to be submitted with a lender's tax return but if someone chooses to do so I doubt HMRC will query the provenance of the document.
The opinions and observations that I display on this forum are personal and do not necessarily concur with the proprietors of the forum. I represent no platform or other organisation in my postings and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, reliability of the information contained in my posts. Or for people acting or refraining to act upon them.
1 user Likes idontgivea's post - ozboy
23-01-2019, 07:44 AM
Not anything that we don't know already but the 'press' have picked up on the tax return issue.
23-01-2019, 08:48 AM
(23-01-2019, 07:44 AM)idontgivea Wrote: Not anything that we don't know already but the 'press' have picked up on the tax return issue. Nothing gets by those investigative rottweilers! Where do they get their info, I wonder?
23-01-2019, 09:16 AM
(23-01-2019, 08:48 AM)SteveT Wrote:(23-01-2019, 07:44 AM)idontgivea Wrote: Not anything that we don't know already but the 'press' have picked up on the tax return issue. so do I, shouldn't it be a case of 'credit to'
23-01-2019, 12:18 PM
(23-01-2019, 09:16 AM)idontgivea Wrote:(23-01-2019, 08:48 AM)SteveT Wrote: Nothing gets by those investigative rottweilers! Where do they get their info, I wonder? Whilst there appears to be some experienced journalists on the team it’s not exactly the mainstream broadsheet or tabloid press, I would imagine that some of the staff invest in P2P and have therefore been bitten by the Collateral fiasco and speak with first hand experience.
1 user Likes Troy's post - ozboy
24-01-2019, 10:14 AM
The lack of any critical analysis in P2P Finance News - just repeats of whatever press release a P2P company puts out - means that I now ignore it and the daily email I get from them. Cannot see where the value added is from its activity. I have made this point to them but nothing changed.
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10-02-2019, 01:06 PM
PLEASE NOTE : The opinions and observations that I display on this forum are of a personal nature. I am not a professional within the financial sector, I represent no platform and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
10-02-2019, 04:32 PM
(10-02-2019, 03:58 PM)Beekeeper Wrote: Only 69 complaints about Collateral? Who has yet to put pen to paper (figurately speaking)? If 75% of the complaints FCA have received is from this one subject, then that is good news as far as I'm concerned It's strange that they only got 92 complaints in all - I simply can't believe that the main regulator, regulating the entire countries financial activities, only received 92 complaints in its conduct. As such, I'd be surprised if they have only got 69 complaints in regards to COL - these regulators don't like complaints, so my guess is they have used some creative accounting to water them down; maybe batching them in with other similar complaints they received (although then 69 would be quite high, so maybe not) If nobody has done so already, I would suggest they detail my complaint and send it to FCA; the FCA showed COL as an interim registered company, it is their own inhouse carelessness that enabled COL to manipulate the records, and then it go unnoticed for so long is (IMO) incompetence from the regulator meant to be protecting us - plenty of resources and contact information to do so on both forums.
PLEASE NOTE : The opinions and observations that I display on this forum are of a personal nature. I am not a professional within the financial sector, I represent no platform and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
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10-02-2019, 05:36 PM
In my continued search for all things FCA register related (you probably know me under a different name in another place) I have just come across a Beta (Version 4) of the register.
Nothing exciting about that until you click the disclaimer at the bottom (my bolding). Disclaimer on accuracy of Register Information We try to ensure that information on this site is correct, but we do not guarantee its accuracy and we are not legally responsible for any errors or incomplete information. Part of this site contains material from other companies or people. We rely on them to make sure this information is accurate and is in line with all relevant laws and we are not legally responsible for this information. We have the rights to leave out or edit any material. This is rather different to the existing disclaimer We try to ensure that the information on this site is correct, but we do not give any express or implied warranty as to its accuracy. We do not accept liability for any error or omission. Part of this site contains material sent to us by third parties. These third parties are responsible for ensuring that the material they submit to us is accurate and complies with national and relevant foreign law. We are not responsible for any error, omission or inaccuracy in the material. We reserve the right to omit, suspend or edit any material submitted. I leave you to take your own conclusions from this. Not sure how this fits in with Andrew Bailey's recent explanation to the TSC (Q434) "Secondly, we have to make sure we are an institution that keeps the register properly up to date ... " (reference to Co's saying they were registered for activities for which they were not)
10-02-2019, 06:03 PM
(10-02-2019, 03:58 PM)Beekeeper Wrote: Only 69 complaints about Collateral? Who has yet to put pen to paper (figurately speaking)? The data collated specifically relates to 2018. From comments posted on the P2PIF, it would appear a fair few other complaints - apart from my own - weren't forwarded 'til Jan/Feb 2019, so I'm not particularly surprised by the numbers published by AW.
10-02-2019, 07:05 PM
(10-02-2019, 06:03 PM)MONEY Wrote:(10-02-2019, 03:58 PM)Beekeeper Wrote: Only 69 complaints about Collateral? Who has yet to put pen to paper (figurately speaking)? Contrary to other opinions on numbers I am surprised by the number being on the high side. There are somewhere under 1200 discrete accounts amongst Collateral investors, a number of them are duplicate accounts e.g. individual and corporate belonging to the same person, husband and wife etc., so all in all about 1100 people or even less maybe not even 1000, many of whom won't even have known about the Register fiasco or even that Collateral was (not) regulated by the FCA, add to that people, like @MONEY and probably several others who have only recently lodged their complaint, maybe getting on for 10%, which in situations such as this is, in my experience, high.
The opinions and observations that I display on this forum are personal and do not necessarily concur with the proprietors of the forum. I represent no platform or other organisation in my postings and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, reliability of the information contained in my posts. Or for people acting or refraining to act upon them.
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10-02-2019, 07:22 PM
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10-02-2019, 10:08 PM
I just hope the wet, lazy bastard, doom mongering, acquiescing appeasers now get off their collective arses and DO something and Complain ASAP and support us, and support themselves.
We can win this, we just need numbers, instead of whingeing and wringing hands "We can't do anything about it." blind acceptance of what is happening/has happened. FFS, what is wrong with this bloody country? As Harry Hill says, "Fight!"
11-02-2019, 07:54 PM
(13-12-2018, 06:25 PM)redskyatnight Wrote:(13-12-2018, 10:55 AM)ozboy Wrote: Someone is deeply culpable for this missing data. Presumably, BDO will be able to quantify the cost price for recovering from this alleged obfuscation of the data.
12-02-2019, 02:46 AM
reposting the online complaints page link for all those not sure the location of the official complaints page
https://www.fca.org.uk/about/complain-ab...ators/form takes 5 mins - only a few simple boxes to fill in the more that register the better for being heard and considered |