ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 10, 2018 9:53:45 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.
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insideout
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Post by insideout on Sept 10, 2018 11:03:11 GMT
It has been discussed before that the loss of data is perhaps the most crucial piece of this administration.
Either it was a 'schoolboy error' of not paying the server bills (therefore the data was lost) or the data was deliberately destroyed (or perhaps more correctly, someone tried to destroy all copies and failed either partially or wholly) in which case we need to ask many questions. Obviously the boys in blue may be involved somewhere along the line if you look back at some of the discussions at the time of the Court case when BDO were appointed.
It may be that RR advised only to keep skeleton records - but WHY?
It is of extreme interest to all investors just what data has been recovered. It seems unacceptable we have had to wait so long for some answers. maybe there is a good reason for this - and if there is, it should be provided at the meeting and communicated to investors at large (subject to non disclosure if it is sensitive in a forthcoming prosecution for example).
Too many unanswered questions at the moment.
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michaelc
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Post by michaelc on Sept 10, 2018 12:26:29 GMT
Why did it take close to a month to organise this lunch meeting ?
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Monetus
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Post by Monetus on Sept 10, 2018 15:15:46 GMT
Keep your questions/main areas of concern coming on this post and I’ll aim to get as many addressed as possible during the first meeting. To avoid undue disappointment on 27th, can you offer any guidance on what the NDA allows you to say?
Just a quick follow up on my post earlier to ensure that expectations are managed... The goal of this thread is to obtain feedback and general investor sentiment regarding the Collateral administration to get a feel of what the major concerns of investors are so that your interests can be represented at the meeting. I will aim to address your individual concerns when given the opportunity but it is highly unlikely that I will be given a direct “Q + A” with BDO and even more unlikely that I’ll be able to respond directly with answers to specific questions on the forum given the constraints of the NDA. I have been advised that BDO will make it very clear during our meetings what information is “public” and what isn’t so I’m hopeful that there’ll be some useful information to share but I won’t be able to provide a running commentary of proceedings. The role of a Creditors Committee member is to act as a sounding board for the “bigger picture” of the administration, assist BDO with their duties and give their opinion on the best way forward for specific matters when asked/required. I am not able to offer any guarantees at all that your individual questions will be directly answered during the meetings but I will read every single one and assure you that they will be taken into account when providing feedback/questions for BDO throughout the administration process.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Sept 11, 2018 5:34:42 GMT
The one thing I would really like to know is why, when the FCA jntervened, thy caused immediate chaos almost guaranteed to rob the very mall investors they should be protecting. Having allowed a business to operate and listed it on their website as authorised for all to see, surely they could have demanded an instant cessation of new loan offerings and an orderly run down of the business to protect investors from unnecessary financial vultures taking what will probably be the Lion's share of the carcass. Ahum.
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star dust
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Post by star dust on Sept 13, 2018 9:43:09 GMT
Mod Hat (not hard enough) On/ @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 I was thinking the same myself, but was hoping people would self-moderate in this respect. We don’t make a habit of cleaning up threads as that’s really not our role and we’d be here all day doing it given the inevitable number of recurring tangents. I’m sure Monetus was capable of navigating the “flotsam”, however, I’ll make an exception in this instance. I have tried to leave all posts where I think there was a question involved, but moved the more general opinion comments to this thread. If you disagree with my interpretation, either PM me or report your post and we’ll move it back. I hope you’ve got a spare hard hat and armour picnicman , I’m permanently in need of it
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7d7
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Post by 7d7 on Sept 13, 2018 12:16:54 GMT
Will fees be discussed? Could BDO's compensation be performance based i.e. only a percentage of each loan recovered becomes their financial gain?
In fact, this will ensure targets are achieved timely.
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shimself
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Post by shimself on Sept 13, 2018 13:40:03 GMT
Not personally involved, but my question would be why not sell the loan book (or the "clean" part thereof) to another platform?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 14, 2018 10:17:02 GMT
"I'd like to know who is ultimately culpable for the "loss" of the Loan Book data."
I'll answer my own question:-
Clearly The FCA. They rode into town and caused the mayhem and failed in their fundamental duty - the very first, basic & obvious task of securing company records.
Of course they will vehemently deny the loan data "missing" is attributable to their utter gross incompetence.
I feel an Ombudsman moment coming on in due course.
Or are The Ombudsman and The FCA nodding acquaintances?
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star dust
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Post by star dust on Sept 14, 2018 11:02:02 GMT
I asked Huddle why the refinance was cancelled and you may well be correct in your assumption of the borrower being uncooperative , but more to the point they stated that the administrators were disorganised and difficult to engage . Not impressed. You are not the only one who is not impressed, whatever the circumstances this will undoubtedly have given rise to yet another cost (with no perceivable benefit) to investors. This is one of the few instances I am aware of where a borrower has tried to re-finance we don’t know the full details here, but I think a question for BDO must be if borrower’s are being pro-active in re-financing do BDO have the resources, systems and procedures in place to facilitate that in as timely fashion as is practicable? If they don’t what are they doing to address it?
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min
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Post by min on Sept 14, 2018 14:40:17 GMT
Can you ask about the loan that Huddle had funds to cover? What communication did they have with Huddle and did they try to ensure that the refinance went through? See p2pindependentforum.com/post/287808
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Post by wolfbag2 on Sept 14, 2018 19:12:04 GMT
A simple timetable of intended actions.milestones would be appreciated - I would highlight INTENDED as inevitably there will be drag - dare I say even possibly with a timetable of anticipated distributions included ! - even notification of drag is better than no notification at all - it demonstrates activity is actually taking place.
All IMHO !
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 14, 2018 20:45:34 GMT
Keep your questions/main areas of concern coming on this post and I’ll aim to get as many addressed as possible during the first meeting. Please keep notes and Questions on a nice A4 notepad with indelible ink. Not on Tablet.
We all know what happens to electronically stored data
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mason
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Post by mason on Sept 15, 2018 14:25:33 GMT
Have the Joint Administrators made a determination as to whether any interest has been paid to investors during the 2016/17 tax year? Will the Collateral companies meet their statutory obligations to report this to HMRC and to investors?
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averageguy
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Post by averageguy on Sept 25, 2018 13:27:21 GMT
So ..meeting tomorrow...how long to wait after that for some sort of update
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