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 Nov 25, 2018 17:40:42 GMT
I believe most folk are not going to give a T**s about FCA semantics if we all get our money back with or without interest .... and you really believe that after BDO fees that is going to happen? BDO fees have not to come out of investor funds as ordered by the court. All loans should have now paid off. The interest accrued must be substantial., far in excess of BDO fees even if their payment was not court mandated elsewhere. Capital repayment at least to investors should not be a problem. The current situation was due to regulatory problems not due to poor loanbook which was performing ok. No mater what the conspiracy theorists come up with there has been no verified evidence of malfeasance.
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mason
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Post by mason on Nov 25, 2018 17:47:59 GMT
.... and you really believe that after BDO fees that is going to happen? BDO fees have not to come out of investor funds as ordered by the court. All loans should have now paid off. The interest accrued must be substantial., far in excess of BDO fees even if their payment was not court mandated elsewhere. Capital repayment at least to investors should not be a problem. The current situation was due to regulatory problems not due to poor loanbook which was performing ok. No mater what the conspiracy theorists come up with there has been no verified evidence of malfeasance. Do you have a copy of the transcript stating this? I don't think it's actually true. A couple of different individuals who attended the court hearing for case 2168/2018 in April stated that costs for that case were awarded against the Curry brothers. Perhaps that's what you are thinking of? Clearly that doesn't cover any costs incurred by BDO after being appointed in said hearing.
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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 Nov 25, 2018 17:58:11 GMT
I've emailed everyone on the Select Committee,the Telegraph journalist and also complained to the Financial Ombudsman. I suggest you all do the same Has nobody got any patience anymore ? We have yet to see the first report from BDO. I would imagine any replies to a batched email would be “Thanks for your email we will look into it when the effect of any errors are identified on conclusion of investigations “ Plenty of companies go into receivership without catastrophic effects. Now if it were to be bankruptcy that would be a different ball game. NOTHING will be done until the final outcome is known and that takes time (a lot of time ) no matter who we tell our ongoing saga. It can take longer to get planning permission for parking in your front garden than has passed for this.
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stokeloans
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Post by stokeloans on Nov 25, 2018 18:48:20 GMT
I've emailed everyone on the Select Committee,the Telegraph journalist and also complained to the Financial Ombudsman. I suggest you all do the same Has nobody got any patience anymore ? We have yet to see the first report from BDO. I would imagine any replies to a batched email would be “Thanks for your email we will look into it when the effect of any errors are identified on conclusion of investigations “ Plenty of companies go into receivership without catastrophic effects. Now if it were to be bankruptcy that would be a different ball game. NOTHING will be done until the final outcome is known and that takes time (a lot of time ) no matter who we tell our ongoing saga. It can take longer to get planning permission for parking in your front garden than has passed for this. The FCA is in the news,strike while the iron is hot
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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 Nov 25, 2018 19:00:51 GMT
.... and you really believe that after BDO fees that is going to happen? BDO fees have not to come out of investor funds as ordered by the court. All loans should have now paid off. The interest accrued must be substantial., far in excess of BDO fees even if their payment was not court mandated elsewhere. Capital repayment at least to investors should not be a problem. The current situation was due to regulatory problems not due to poor loanbook which was performing ok. No mater what the conspiracy theorists come up with there has been no verified evidence of malfeasance. You might want to read the first administrators report which clear references where funds to cover fees will be drawn from. The fact that the loan book may have been performing ago 6 months ago doesn't mean it still is, particularly underfunded partial development loans. Applaud you optimism but ...
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11025
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Post by 11025 on Nov 25, 2018 19:07:38 GMT
Has nobody got any patience anymore ? We have yet to see the first report from BDO. I would imagine any replies to a batched email would be “Thanks for your email we will look into it when the effect of any errors are identified on conclusion of investigations “ Plenty of companies go into receivership without catastrophic effects. Now if it were to be bankruptcy that would be a different ball game. NOTHING will be done until the final outcome is known and that takes time (a lot of time ) no matter who we tell our ongoing saga. It can take longer to get planning permission for parking in your front garden than has passed for this. The FCA is in the news,strike while the iron is hot 100%
and whatever the outcome of this administration and the behaviour of BDO - hopefully both will be positive , there has still been appalling behaviour from the FCA - someone needs to be held accountable and there should be measures put in place so that this isn't repeated.
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duck
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Post by duck on Nov 26, 2018 6:33:17 GMT
.... and you really believe that after BDO fees that is going to happen? BDO fees have not to come out of investor funds as ordered by the court. All loans should have now paid off. The interest accrued must be substantial., far in excess of BDO fees even if their payment was not court mandated elsewhere. Capital repayment at least to investors should not be a problem. The current situation was due to regulatory problems not due to poor loanbook which was performing ok. No mater what the conspiracy theorists come up with there has been no verified evidence of malfeasance. Late back to this thread but this is not my understanding. Practically speaking if the fees are not coming from investor funds where do you think they are coming from? Whilst I know of one definite refinace and two probables I have not seen any evidence that the loans have moved on from Col so I strongly doubt that the loans will have been paid off. Evidence on this forum shows that some sites have stalled so I doubt if in a lot of cases interest will have been paid. Anyway this is diverting the subject of this thread which is about the FCA and it's register. As for my lack of perceived patience I would point out that I believe in striking whilst the iron is hot. The FCA register is in the news and is under scrutiny by the Treasury Select Committee (TSC) so why would I not take action now? I had been 'content' to sit back whilst BDO do their work (expecting years) but to not take action now would in my eyes be negligent not only in the case of Col but also for all consumers who encounter 'issues' in the future. The FCA want's to make Companies fully responsible for their entries, in effect shedding responsibility for the register. Can anybody else see a problem with that 'cunning plan'? The FCA website currently states (my bolding) Unauthorised firms
Firms that we have been told are providing regulated products or services without the correct authorisation – or are deliberately running scams – are now included in the Register with prominent warnings.
Other information on unauthorised firms includes the different details they give out and whether they are falsely claiming to be from a genuine, authorised firm.
If you deal with a firm (or individual) that is not regulated you may not be covered by the Financial Ombudsman Service or FSCS.Now I don't know if this has been added recently but if it has the FCA are tacitly admitting the register was inadequate. In any case the FCA knew Col was unauthorised (they pointed it out to us investors after the event) so why were they allowing their register to show that Col was authorised? Why did the FCA not change the entry? Why did they not add warnings? Or did they perhaps ask Col nicely 'it would be really good old chap if you could amend your entries on the register' ? So many questions with no answers. Personally I do not expect to see all my cash back from Col (I've forgotten interest a long time ago) but what I receive (if anything) will be following the BDO administration. IMHO the FCA register and the BDO administration are two very separate issues and whilst I stated in my Email to the TSC ' It is also my opinion that the FCA should be held financially accountable for any losses that I and other consumers may incur as a result of incorrect information on the register.' tying the register and Col together however my point is wider. The register should be fit for purpose and it currently isn't.
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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 Nov 26, 2018 16:57:21 GMT
With collateral For those who think they will get nothing back or very little. Where do the think the security properties are going ? Are the aliens stealing them ? Collateral was an administrative and regulatory problem the properties are still there the lenders still have legal charges over them Who is taking the money ?...
An incorrect entry in FCA register is does not automatically mean everybody is a thief there are honest borrowers who will be paying their obligations without any thought of risking their good names by breaking the terms of their agreement.
1 day to go till we get actual information and not baseless speculation. I have mid 5 figures in collateral and am happy to let the professionals do their jobs unhindered by being pestered by people seeking information about possible errors with FCA.
Also payouts from FCA for errors were tiny to each individual
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Post by beepbeepimajeep on Nov 26, 2018 17:09:32 GMT
1 day to go till we get actual information and not baseless speculation. I have a chunk tied up in this Collateral mess and have been trying to just forget about it. Because of that I have not really been keeping up with current events. What is happening tomorrow that is going to give us actual information? Apologies if this is well known already.
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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 Nov 26, 2018 17:14:45 GMT
1 day to go till we get actual information and not baseless speculation. I have a chunk tied up in this Collateral mess and have been trying to just forget about it. Because of that I have not really been keeping up with current events. What is happening tomorrow that is going to give us actual information? Apologies if this is well known already. BDO report due . Like you I have put this away under forget and get nice surprise when something happens that is good
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Post by beepbeepimajeep on Nov 26, 2018 18:06:05 GMT
I have a chunk tied up in this Collateral mess and have been trying to just forget about it. Because of that I have not really been keeping up with current events. What is happening tomorrow that is going to give us actual information? Apologies if this is well known already. BDO report due . Like you I have put this away under forget and get nice surprise when something happens that is good Think this just arrived now
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moist
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Post by moist on Nov 26, 2018 18:15:57 GMT
1 day to go till we get actual information and not baseless speculation. I have a chunk tied up in this Collateral mess and have been trying to just forget about it. Because of that I have not really been keeping up with current events. What is happening tomorrow that is going to give us actual information? Apologies if this is well known already. now you can see where all our money is going.....BDO
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duck
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Post by duck on Nov 27, 2018 7:15:25 GMT
With collateral For those who think they will get nothing back or very little. Where do the think the security properties are going ? Are the aliens stealing them ? Collateral was an administrative and regulatory problem the properties are still there the lenders still have legal charges over them Who is taking the money ?... ... I suspect the report answers that question.
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elliotn
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Post by elliotn on Nov 27, 2018 15:49:11 GMT
.... and you really believe that after BDO fees that is going to happen? BDO fees have not to come out of investor funds as ordered by the court. All loans should have now paid off. The interest accrued must be substantial., far in excess of BDO fees even if their payment was not court mandated elsewhere. Capital repayment at least to investors should not be a problem. The current situation was due to regulatory problems not due to poor loanbook which was performing ok. No mater what the conspiracy theorists come up with there has been no verified evidence of malfeasance. A little unfairly but to answer with benefit of the latest report: - only preliminary costs relating to removal of RR were payable by the directors - only two loans have paid off (one more than the proposals 6m ago) - interest paid (as opposed to accrued) are 1/10th BDO fees - some offers have been rejected, some borrowers are incommunicado; my experience of auctioning off properties in receivership is that capital recovery can be a problem (all loans are now non- performing, full liquidation starts April) - the report on the company officers was submitted to the secretary of state within three months, I'd be surprised were no malfeasance found on their part over the coming years (any missing client funds and personal storage of borrowers' chatters might prove incriminating and not forgetting the prohibition on carrying out regulated activity without authorisation and possible misrepresentation to the public). (Edit - if malfeasance refers to BDO/fees, they were initially agreed with the court at a lower rate, they're accounted for in as small as 3 minute slots, assuming bona fide work has been recorded (and Credit Committee has oversight of this) then I agree we may find little respite there.)
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boundah
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Post by boundah on Nov 27, 2018 18:32:25 GMT
Email just in from Treasury Select Committee. It's marked 'confidential to the intended recipient' so I won't do a C&P job, but the gist is that they have received evidence from the FCA on the accuracy of the register. This and emails received will assist the Committee when it considers the topics for its regular scrutiny of the FCA.
They note that they have received a number of emails raising similar concerns, which is good. However, they cannot investigate individual cases so if we want to take things further we need to go to the Financial Regulators Complaints Commissioner.
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