GeorgeT
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Post by GeorgeT on Sept 13, 2018 0:04:02 GMT
Sadly there were a few menbers here with undeclared interests, syndicate membership and direct connections to BDO who went out of their way to sing the praises of this arrangement and inform us that BDO were ready to hit the ground running in terms of recovering our cash. As the weeks and months elapse and fees no doubt pile up, the personal agendas and vested interests of those unnamed members and ex members become clearer - although none of us with switched on minds and experience were ever fooled by their attempts to try and manipulate opinion for their own gain.
As I have stated previously, I fear that the interests of the ordinary retail investor with a modest amount at stake and a disproportionately high percentage of his or her overall wealth invested, will not be prioritised and the fatcats will look after their own. More fool us and shame on the FCA.
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elliotn
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Post by elliotn on Sept 13, 2018 1:36:59 GMT
Sadly there were a few menbers here with undeclared interests, syndicate membership and direct connections to BDO who went out of their way to sing the praises of this arrangement and inform us that BDO were ready to hit the ground running in terms of recovering our cash. As the weeks and months elapse and fees no doubt pile up, the personal agendas and vested interests of those unnamed members and ex members become clearer - although none of us with switched on minds and experience were ever fooled by their attempts to try and manipulate opinion for their own gain. As I have stated previously, I fear that the interests of the ordinary retail investor with a modest amount at stake and a disproportionately high percentage of his or her overall wealth invested, will not be prioritised and the fatcats will look after their own. More fool us and shame on the FCA. I remember you repeatedly regaling us with your superior selling strategies on Lendy, your sky rocketing confidence in MT, your proud 15%ers on Collateral whilst all the time guffawing about never having lost a p2p penny. I hope you haven’t been caught with your pants down in high risk tranches on MT & Collateral with a disproportionately high % of your overall, and not inconsequential, retail wealth. That would be financial recklessness beyond abandon for which only you could be held accountable. Edit: Re syndicates - whilst I’m only a SH (67% prudently invested in cash/undrawn/bling), given the moribund SM leading to the cash back and high rates that you jumped wholeheartedly in at, I can only imagine some have been caught with large sums invested on the platform to the benefit of high risk, retail investors such as yourself if a bucket distribution is ruled upon. Re BDO - I’m sure Bondmason have no interest in a BDO stitch up and there are other independent members with a voice on here to let us know if anything untoward was going on. There may still be a faint ray of hope for us little S.Hitters, don’t give up the ghost yet!
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Sept 13, 2018 5:51:26 GMT
I used to be in the plant hire business, when the Thatcher destruction of the private sector began, to destroy union power which had to be done, whenever an envelope arrived bearing the name of one of these insolvency leeches I could forget any repayment from yet another customer, as the swine would conveniently take everything left for themselves. What a truly foul way to get rich off the backs of decent honest people.
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Post by spareapennyor2 on Sept 13, 2018 6:13:51 GMT
BDO had several offers to buy the loan book without a live working database there`s no books (loan or lender`s / invester`s account`s) RR stopped by court from paying bills ( would they / could they anyway ? get out of jail card only had information supplied to them)
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Greenwood2
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Post by Greenwood2 on Sept 13, 2018 6:35:50 GMT
BDO had several offers to buy the loan book without a live working database there`s no books (loan or lender`s / invester`s account`s) RR stopped by court from paying bills ( would they / could they anyway ? get out of jail card only had information supplied to them) insideout Can you tell us how good these offers to buy the loan book were, ie, what % of the total value of the loan book was offered? I would expect them to be pretty low to reflect the uncertainty of collection.
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picnicman
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Post by picnicman on Sept 13, 2018 8:37:33 GMT
@star dust is it possible to clean up this thread in terms of the purpose it was intended for - i.e to put points forward for those representing us on the CC to take to the meeting - not for other related matters and groans, which would be better off on the 'In Administration' thread if at all. This is a public forum and people can say what they want - I respect that, but in this case, surely it will be more beneficial for us all to keep this thread for what it is intended for. I will put my hard hat and suit of armour on - I thank you Cheers P
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shimself
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Post by shimself on Sept 13, 2018 11:34:51 GMT
without a live working database there`s no books (loan or lender`s / invester`s account`s) RR stopped by court from paying bills ( would they / could they anyway ? get out of jail card only had information supplied to them) insideout Can you tell us how good these offers to buy the loan book were, ie, what % of the total value of the loan book was offered? I would expect them to be pretty low to reflect the uncertainty of collection. Just thinking about it. All the loans would still be owed by the borrowers to the lenders. The new platform would receive the spread between the rates they pay and the rates we get. All as if nothing had happened. The acquiring company would probably get away with paying a couple of percent (from their pov a low cost means of growing their business), and maybe a success fee as the loans are terminated. To us lenders that must be favourite.
What would be left behind would be the cash they had in their own bank account vs the debts to their landlord, web hosts etc (pretty small beer, and not worth much to the receivers) Obviously those loans where lenders money hadn't gone where it was meant to would have to be left out.
If the records (including the records of the loans where all was as it oughter) are actually lost then that's different
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Sept 13, 2018 15:40:51 GMT
@star dust is it possible to clean up this thread in terms of the purpose it was intended for - i.e to put points forward for those representing us on the CC to take to the meeting - not for other related matters and groans, which would be better off on the 'In Administration' thread if at all. This is a public forum and people can say what they want - I respect that, but in this case, surely it will be more beneficial for us all to keep this thread for what it is intended for. I will put my hard hat and suit of armour on - I thank you Cheers P Sorry to have bored you with idle off topic chatter, the forum has been slow since you joined with most people losing interest and/or money so just trying to liven it up a bit.
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agent69
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Post by agent69 on Sept 13, 2018 18:31:44 GMT
@star dust is it possible to clean up this thread in terms of the purpose it was intended for Threads going off topic?
Welcome to the internet
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gc
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Post by gc on Sept 13, 2018 22:35:27 GMT
I'd like to know who is ultimately culpable for the "loss" of the Loan Book data. This has been a wholly unnecessary extra huge cost and should not be borne by lenders because of someone else's gross negligence on a schoolboy error of failing to protect essential records. I'm 100% with this. Unfortunately I doubt that anyone would admit to this "purposeful removal" of data, and others will be made to carry the expense. There is little to no chance that this was lost. Heck, I am sure most of us keep spreadsheets and backups of them with the little bits we do, never-mind a company with servers running backups. Sorry, I probably come across rather cynical here, but spending many years in the corporate IT Support field for financial companies, I have never known a complete loss of data (inc backups) unless it was done intentionally.
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Post by Please turn me over on Sept 14, 2018 6:18:23 GMT
I'd like to know who is ultimately culpable for the "loss" of the Loan Book data. This has been a wholly unnecessary extra huge cost and should not be borne by lenders because of someone else's gross negligence on a schoolboy error of failing to protect essential records. I'm 100% with this. Unfortunately I doubt that anyone would admit to this "purposeful removal" of data, and others will be made to carry the expense. There is little to no chance that this was lost. Heck, I am sure most of us keep spreadsheets and backups of them with the little bits we do, never-mind a company with servers running backups. Sorry, I probably come across rather cynical here, but spending many years in the corporate IT Support field for financial companies, I have never known a complete loss of data (inc backups) unless it was done intentionally. Somewhere in the vicinity of Manchester ...
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locutus
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Post by locutus on Sept 14, 2018 7:51:15 GMT
Somewhere in the vicinity of Manchester ... That logo looks like it was "inspired" by the NGC.
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Post by brightspark on Oct 4, 2018 19:09:48 GMT
I am beginning to wonder if this whole thread and practically every posting now on the subject of collateral has to be either inane or if carrying useful information or comment is to be censored by the thought police. In all my 71 years on this planet the thing that has come to the fore time and again is that the truth will out - the classic in my lifetime being Watergate. In this era of information technology if you want stuff kept confidential don't send it to three thousand people and tell them not to tell anybody else - what a load of cobblers.
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Post by Badly Drawn Stickman on Oct 4, 2018 19:48:08 GMT
I am beginning to wonder if this whole thread and practically every posting now on the subject of collateral has to be either inane or if carrying useful information or comment is to be censored by the thought police. In all my 71 years on this planet the thing that has come to the fore time and again is that the truth will out - the classic in my lifetime being Watergate. In this era of information technology if you want stuff kept confidential don't send it to three thousand people and tell them not to tell anybody else - what a load of cobblers. I do actually see the logic behind it. There is a possible work around if a group of people did want to hold a discussion on it, disregarding any ethics involved. I think it is possible for a private message to involve multiple participants so could be used for that purpose. i have never tried it, but assume it does already happen. As ever if any of the Mods or Admin think this is an unsuitable post, feel free to delete it. I'm not overly precious about that. Maybe the regular Trust pilot crew could give it a test run.
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