GeorgeT
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Post by GeorgeT on Feb 1, 2021 23:49:49 GMT
The COL debacle will shortly be entering its 4th year with investors having not received even a morsel back despite many of the property assets having been sold yonks ago for more than the loan amounts (many of the COL property loans were pretty sound from a loan security/valuation angle).
Why has there not, it appears, been a cc meeting for well over a year? I'd have thought holding such meetings via Zoom or similar platform ought to be easy. What's the point of forming a committee if it doesn't meet.
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stevio
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Post by stevio on Feb 17, 2021 16:36:39 GMT
The COL debacle will shortly be entering its 4th year with investors having not received even a morsel back despite many of the property assets having been sold yonks ago for more than the loan amounts (many of the COL property loans were pretty sound from a loan security/valuation angle). Why has there not, it appears, been a cc meeting for well over a year? I'd have thought holding such meetings via Zoom or similar platform ought to be easy. What's the point of forming a committee if it doesn't meet. Prior to this post there does not seem to be a new post since June 2020 - is this the right thread for updates?
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keystone
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Post by keystone on Feb 17, 2021 17:42:04 GMT
Yes, BDO and the FCA are waiting for all the investors to die before releasing their reports stating everything they did was fine and dandy.
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Post by richyp on Apr 2, 2021 6:41:47 GMT
just checking in here after getting yet another small update from Lendy and realising absolutely nothing is happening with Collateral for years now - anyone have any clue or is this a total write off now?
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Apr 2, 2021 7:00:41 GMT
just checking in here after getting yet another small update from Lendy and realising absolutely nothing is happening with Collateral for years now - anyone have any clue or is this a total write off now? There will be a full update hopefully around may. They only produce updates once every 6 months now i think. I get the feeling though we might know a lot more from this upcoming update.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 2, 2021 7:41:36 GMT
just checking in here after getting yet another small update from Lendy and realising absolutely nothing is happening with Collateral for years now - anyone have any clue or is this a total write off now? There will be a full update hopefully around may. They only produce updates once every 6 months now i think. I get the feeling though we might know a lot more from this upcoming update. Every 12 months. More likely July, it's due 2 months from the anniversary of appointment which was 10 May. Last one was 8 July. Did stick out an update after 6 months in 2019, but silence this year.
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boundah
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Post by boundah on Apr 3, 2021 17:38:09 GMT
just checking in here after getting yet another small update from Lendy and realising absolutely nothing is happening with Collateral for years now - anyone have any clue or is this a total write off now? It's been in my write-off bin for the last couple of years. If I get a tenner back I'll be celebrating.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 3, 2021 21:29:14 GMT
It aint over until the fat lady sings boundah. There are some smart people beavering away very hard all this time and matters are coming to a head. Hopefully they can count on your and Other COLL Lenders full support when required. Have you contacted your MP for instance? The FCA simply cannot be allowed to walk away from this one, it is by far the worst of the FCA's numerous failings.
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Brainer
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Post by Brainer on Apr 6, 2021 12:57:47 GMT
BondMason CEO and Collateral CC member, stevefindlay, put out a general BondMason update a few weeks ago saying the following: I noticed they have recently written-off some loans that were marked as 'underlying platform in administration'. They originally said they had £570k loans with Collateral. They are now saying they have only £268k loans where the underlying platform is in administration. Collateral isn't the only platform they used that is in administration. Piece all that together and it appears BondMason have now written-off most, possibly all, Collateral loans.
One thing I do believe Andrew Currie on is that BDO “celebrated as if they had won the lottery” when they got hold of the reins. They're certainly going to make a lottery sized amount of this/us.
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Brainer
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Post by Brainer on Oct 12, 2021 15:34:50 GMT
Another BondMason update released yesterday:
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Brainer
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Post by Brainer on Apr 8, 2022 15:56:24 GMT
BondMason less optimistic on repayments, interim or otherwise, than the recent BDO update: BondMason only held a few Collateral loans, so their view may just be the case for those loans. And a reminder, Collateral wasn't the only platform BM used which is in administration.
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adrianc
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Post by adrianc on Apr 8, 2022 19:09:01 GMT
BondMason less optimistic on repayments, interim or otherwise, than the recent BDO update: BondMason only held a few Collateral loans, so their view may just be the case for those loans. And a reminder, Collateral wasn't the only platform BM used which is in administration.
As far as BM goes, my current balance is down to just 0.2% of my balance at the time of them putting the shutters up. If I write that off completely, my annualised XIRR is 3.75%. Coll, however...
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travolta
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Post by travolta on Apr 12, 2022 20:36:50 GMT
Poor old Bond Mason,I do hope that they can cover all their admin fees............
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badersleg
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Post by badersleg on Apr 12, 2022 20:51:32 GMT
Did anyone else get an email off the Collateral liquidators today about an important update? If so was there anything new or important as I couldn't find it in the link. Regards, Tim
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 12, 2022 21:18:45 GMT
Did anyone else get an email off the Collateral liquidators today about an important update? If so was there anything new or important as I couldn't find it in the link. Regards, Tim It's the notification of the 30th March update about the court case already covered here
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