GeorgeT
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Post by GeorgeT on Nov 26, 2018 17:22:11 GMT
As has already been demonstrated, it is pretty obvious that if the data is there in the back-end it can be extracted quite easily and quickly in one form or another. I had my own website for a few years with quite a big database and I could see everything in the back-end, and pull off all sorts of tables and things and I am not even an IT professional. This sounds like just another stalling and fee building tactic by BDO to drag things out and so that they can put some work to their mates in the IT sector who are in on the business of eating the remains of company carcasses until there is nothing left. It would not surprise me if all of these various professionals meet at the same lodge and all charge £500 an hour+ for this sort of work and they all give the work to eachother in these cases so that the carcass is left bare and scavenged and so that all that creditors get after a few years of waiting is a few crumbs if they are lucky. The other thing to remember is that for every bit of external advice or advice from another internal department that is sought, the administrators will be copping their usual £600 an hour as a sort of consultancy fee and then they will be charging lots of hours for supposedly overseeing what all these other people are doing. At least that is how it usually works.
February 2018 was a grim month with the beast from the east and let's not forget that is when Collateral ceased trading and here we are at the end of November 2018 and we are still posting about how easy it would be for them to get the data off the database .....
I fear that we will need to purchase a lot of Vaseline.
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sj
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Post by sj on Nov 26, 2018 17:54:42 GMT
See the latest update. No surprise at all. To$$ers.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Nov 26, 2018 18:21:59 GMT
See the latest update. No surprise at all. To$$ers. Even robin hood wore a mask. How they getting away with it
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Post by balloonthief on Nov 27, 2018 7:51:40 GMT
Update? No email and nothing on BDO site?
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TenKay
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Post by TenKay on Nov 27, 2018 8:13:08 GMT
See the latest update. No surprise at all. To$$ers. Even robin hood wore a mask. How they getting away with it no he didnt, he robbed from the rich to give to the poor, i think you mean Dick Turpin
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Post by brightspark on Nov 27, 2018 9:32:15 GMT
I'm a web developer and specialise more in frontend nowadays. There's no way the view logic would be doing any data manipulation, the frontend was basic and it was just presenting the data. I'd love to be able to have access to this so I could just sort it out myself. Ditto. As a person not well versed in IT matters it is very frustrating to read posts such as yours. Why instead of airing your concerns on this website do you not make a formal complaint to BDO.
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Greenwood2
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Post by Greenwood2 on Nov 27, 2018 10:24:19 GMT
As a person not well versed in IT matters it is very frustrating to read posts such as yours. Why instead of airing your concerns on this website do you not make a formal complaint to BDO. Rack up more charges in a pointless argument? If they replied at all. They wouldn't let lenders anywhere near the data anyway, conflict of interest.
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star dust
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Post by star dust on Nov 27, 2018 11:43:46 GMT
Update? No email and nothing on BDO site? If you're looking at the BDO page for Investors you won't see it as they haven't put any links onto that page, you need the page before with the Investors and Borrowers menu - screenshot below.
The links are also in this post in the significant information thread.
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Post by brightspark on Nov 27, 2018 12:37:11 GMT
As a person not well versed in IT matters it is very frustrating to read posts such as yours. Why instead of airing your concerns on this website do you not make a formal complaint to BDO. Rack up more charges in a pointless argument? If they replied at all. They wouldn't let lenders anywhere near the data anyway, conflict of interest. What I am suggesting is that IT knowledgeable lenders are in a position to hold the Administrators to account for not doing their job properly. It is fundamental to the repayment process that lenders are provided by BDO with confirmation of the loans to which they were exposed. Small investors in particular may not have their own independent record having been reliant on the Collateral website. If BDO do not respond adequately to lender concerns then the complaint can be escalated to their professional body. I am not suggesting for one moment that any lender becomes involved in the actual recovery process but that those in the know can tell BDO very firmly that data recovery is a molehill to be overcome and not a mountain. IT knowledgeable lenders should either put up or shut up.
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Greenwood2
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Post by Greenwood2 on Nov 27, 2018 13:19:24 GMT
Rack up more charges in a pointless argument? If they replied at all. They wouldn't let lenders anywhere near the data anyway, conflict of interest. What I am suggesting is that IT knowledgeable lenders are in a position to hold the Administrators to account for not doing their job properly. It is fundamental to the repayment process that lenders are provided by BDO with confirmation of the loans to which they were exposed. Small investors in particular may not have their own independent record having been reliant on the Collateral website. If BDO do not respond adequately to lender concerns then the complaint can be escalated to their professional body. I am not suggesting for one moment that any lender becomes involved in the actual recovery process but that those in the know can tell BDO very firmly that data recovery is a molehill to be overcome and not a mountain. IT knowledgeable lenders should either put up or shut up. I'm not sure what the complaint would be. Without access to the actual database(s) its impossible to categorically say it's a molehill, it should be, but maybe there are specific problems like corrupted data or as someone else mentioned it may be in a mess due to Cols inexperience, there may be missing or conflicting data or some other problem (or all of the above). I just agreed with a previous poster that I would love to get my hands on the data (with expectation of being able to sort it relatively quickly), but that's not going to happen. I'm sure BDO would say they are using expert IT people with all the necessary qualifications and (virtually) nobody could do a better job.
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picnicman
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Post by picnicman on Nov 28, 2018 13:40:53 GMT
Monetus - in the plethora of posts re the thread on the six month administrators report, there was a post by ric, (thanks ric ) which is quite pertinent and that was for some of the jewellery loans, it was stated in the individual loan details that there were agreements with third parties to buy the assets concerned at the stated LTV in the event of default. As ric also said, these may or not be enforceable/void. Adding to this, if liaison with the Directors is continuing, they should be able to advise which ones. Just raising again under this thread such that you can ask if you think worthwhile, as it may achieve some results and be worth BDO considering. Whilst posting re the 12/12 creditors meeting, still no mention of the £350k withdrawn profits and also can you ask that if the platform data is fully recovered i.e loan/tranche by investor, is the plan to start repaying funds to lenders for those loans that are repaid, particularly the chattels loans which look as though they are moving towards some sort of realisation? Thanks again for everything you are doing. Cheers P
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elliotn
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Post by elliotn on Nov 28, 2018 15:51:06 GMT
re jewellery loans, I believe CUK confirmed early doors the buy backs were intentions rather than binding. The fact that no one wanted their bling back is not a ring-ing endorsement.
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star dust
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Post by star dust on Nov 28, 2018 16:21:00 GMT
re jewellery loans, I believe CUK confirmed early doors the buy backs were intentions rather than binding. The fact that no one wanted their bling back is not a ring-ing endorsement. Yes not legally binding on the 'panel' according to this thread - p2pindependentforum.com/post/120571/thread. Assuming the 'panel' ever existed I guess an approach might be considered as these companies should at least have some familiarity with the 'product'. Extract from a post in that thread (my bold) Hi, <snip> For Buy back agreements the underwriters we work with have agreed a price to purchase at the end of the loan term which is the gross amount of the loan (interest due to lenders is deducted as a fee at drawdown). These are agreements in principle should the market conditions remain the same throughout the term of the loan, they are not legally binding.<snip> Gordon
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Nov 28, 2018 16:26:46 GMT
re jewellery loans, I believe CUK confirmed early doors the buy backs were intentions rather than binding. The fact that no one wanted their bling back is not a ring-ing endorsement. I am mainly in jewels and it is slightly worrying although everything has its price so hopefully we can sell not too much below what we need to get our money back Just wondering though these people who in effect pawned their crown jewels for some tasty wonga to buy it back further down the line. I suspect they were never intending to buy it back so in short it was just a simple sale. Jewels for wonga. I suppose they could have sold anywhere but thought Collateral was as good a place as any and now we are left holding the jewels as we probably would have always been if Collateral was still going. It will all sell eventually.
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elliotn
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Post by elliotn on Nov 28, 2018 16:35:06 GMT
re jewellery loans, I believe CUK confirmed early doors the buy backs were intentions rather than binding. The fact that no one wanted their bling back is not a ring-ing endorsement. I am mainly in jewels and it is slightly worrying although everything has its price so hopefully we can sell not too much below what we need to get our money back Just wondering though these people who in effect pawned their crown jewels for some tasty wonga to buy it back further down the line. I suspect they were never intending to buy it back so in short it was just a simple sale. Jewels for wonga. I suppose they could have sold anywhere but thought Collateral was as good a place as any and now we are left holding the jewels as we probably would have always been if Collateral was still going. It will all sell eventually. Yes, should be easier to shift jewellery. I think these were mainly professional jewellers known from the directors’ pawn days getting working capital. One concern at the time was that we didn’t know who they were or if they were making their own valuations. Some improvements were made (borrower ID, high level description) although we were only told valuations were made by experts. We’ll see shortly how expertly - some were as low as 50% ltv and they still didn’t want them back.
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