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Post by Butch Cassidy on Jun 11, 2018 7:48:45 GMT
In an attempt to fill the void left by BDO's woeful lack of communication with lenders can we have a bit of light hearted guesswork on when the first cash will hit lenders bank accounts?
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archie
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Post by archie on Jun 11, 2018 8:01:00 GMT
I suspect we might have had some money back already if RR were still in charge.
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ozboy
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Post by ozboy on Jun 11, 2018 10:16:07 GMT
Possibly/probably archie, but RR's connection to The Curries didn't sit well with many, and ultimately, whilst I am not happy with BDO and the potentiality of their gouging fees, of the two choices I prefer BDO to be in charge.
Otherwise I suspect there would have possibly been many machinations going on.
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archie
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Post by archie on Jun 11, 2018 11:08:07 GMT
Possibly/probably archie, but RR's connection to The Curries didn't sit well with many, and ultimately, whilst I am not happy with BDO and the potentiality of their gouging fees, of the two choices I prefer BDO to be in charge. Otherwise I suspect there would have possibly been many machinations going on. I didn't say RR were perfect. I agree about the cosy connection but that should have worked in our favour as they already knew how the business worked. Any wrong doing would likely have been ignored though. I just want my money and tax certificates for last year and this year, not bothered who delivers it.
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shimself
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Post by shimself on Jun 11, 2018 11:30:44 GMT
In an attempt to fill the void left by BDO's woeful lack of communication with lenders can we have a bit of light hearted guesswork on when the first cash will hit lenders bank accounts? Some money is one thing All (which is how I read the question) - or reinterpreted to mean most of what we are ultimately going to get is quite another (unless they really do sell the loan book)
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m2btj
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Post by m2btj on Jun 11, 2018 14:38:47 GMT
I remember when Christmas hamper firm Farepak went into administration. BDO Stoy Hayward racked up bills of over £2m & paid creditors approx 5p in the £ some three years after the collapse. The only winner in this sad affair will be BDO!
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Post by df on Jun 11, 2018 15:42:17 GMT
I suspect we might have had some money back already if RR were still in charge. I recall RR mentioning that another platform was interested in taking over the entire Col's loan book. That could probably be the best outcome for investors.
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Post by mrclondon on Jun 11, 2018 16:03:21 GMT
Pure guess ... first interim dividend April 2019 shortly before the administration is extended into a second year, second interim dividend April 2020. No subsequent final dividend.
(I'm assuming the single big bucket here)
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ozboy
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Post by ozboy on Jun 11, 2018 18:31:24 GMT
"I recall RR mentioning that another platform was interested in taking over the entire Col's loan book. That could probably be the best outcome for investors."Yes. If The FCA and/or BDO would be kind enough to deign to return their enquiries. Geddit.
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gareot
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Post by gareot on Jun 11, 2018 19:48:08 GMT
"I recall RR mentioning that another platform was interested in taking over the entire Col's loan book. That could probably be the best outcome for investors."Yes. If The FCA and/or BDO would be kind enough to deign to return their enquiries. Geddit. A refunding loan for a ten storey student accommodation block in Liverpool is being promoted by P C. Don't know whether it's one of Collateral's. Hope so.
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ilmoro
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Post by ilmoro on Jun 11, 2018 20:25:21 GMT
"I recall RR mentioning that another platform was interested in taking over the entire Col's loan book. That could probably be the best outcome for investors."Yes. If The FCA and/or BDO would be kind enough to deign to return their enquiries. Geddit. A refunding loan for a ten storey student accommodation block in Liverpool is being promoted by P C. Don't know whether it's one of Collateral's. Hope so. Dont think so. Did Collateral have any Liverpool student loans? ISTM The current funder is a established lender who have a facility on a P2P platform.
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Post by df on Jun 11, 2018 21:10:04 GMT
Pure guess ... first interim dividend April 2019 shortly before the administration is extended into a second year, second interim dividend April 2020. No subsequent final dividend.
(I'm assuming the single big bucket here)
My timeline expectations are similar and I assume the cost of administration will grow with the time.
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JamesFrance
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Post by JamesFrance on Jun 12, 2018 8:02:37 GMT
People seem to assume that administration charges will be paid by investors, but surely the whole point of P2P is that we are lending to the borrower and not the platform, so I don't see how the FCA appointed administrator would be entitled to any portion of our funds.
The FCA have caused this collapse by stopping the business from operating after allowing it to grow and they have appointed BDO, so they should cover the costs.
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Nomad
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Post by Nomad on Jun 12, 2018 8:10:07 GMT
The FCA have caused this collapse by stopping the business from operating after allowing it to grow and they have appointed BDO, so they should cover the costs. Good luck with that!
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starfished
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Post by starfished on Jun 12, 2018 14:30:56 GMT
People seem to assume that administration charges will be paid by investors, but surely the whole point of P2P is that we are lending to the borrower and not the platform, so I don't see how the FCA appointed administrator would be entitled to any portion of our funds. The FCA have caused this collapse by stopping the business from operating after allowing it to grow and they have appointed BDO, so they should cover the costs. A company flouts the rules and causes a mess. Are you really saying you want taxpayers and other companies (as they fund the FCA) to pick up the bill when the offending company has assets? To prevent others not seeing the rules as discretionary it is in the FCA's interest to take a reasonable hard line. Also the FCA has always been suspicious of retail customers mixing in P2P...
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