james21
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Post by james21 on Nov 26, 2018 19:42:44 GMT
Not good reading; £15m loan book plus chatels Recovered inc what was in the bank less than £2m Not that many borrowers (17) they have taken advantage of the situation (as was indicated 6 months ago in first report) Borrowers have made offers of repayment of debt but not shown what this is in the report(much less than owed) Borrowers argue that they cannot repay because Col ceased tranche payments to finish the build eg Bolton Students, therefore cannot sell the asset to repay the loan No detailed loan book yet by lender The brothers are on the team (when needed) and being paid Report is predominately about fees from various players (detail DBO are comfortable with; they are not comfortable about how to recover capital and interest owed so very little in the report about this)
Folk on here should not get bogged down with what fees are being charged. The big issue is recovery of capital owed and thats what BDO have been woefully inadequate in addressing
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ric
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Post by ric on Nov 26, 2018 19:43:24 GMT
Jeez they still haven’t got the investor loans data. And borrowers don’t want their jewellery back, possibly because it is over valued. Why don’t they refinance with unbolted? for some of the jewellery loans there was an agreement with third parties to buy the assets at LTV values. Are these enforceable or now the agreements are void? I can't see any mention of this in the report
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averageguy
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Post by averageguy on Nov 26, 2018 19:45:39 GMT
I am disappointed that no attempt has been made to publish a revised estimate of the total effort BDO will incur now they have a better understanding. This will hopefully be a focus of the CC. I suspect most will be more interested in the final bill rather than the current bill I'd suggest final bill as a percentage of recovered monies.........we see a whacking £349k plus 90k from other ''pros''...but if they had made a large capital/interest recovery ... then personally I wouldn't have a problem...but they've recovered peanuts (just about).
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 26, 2018 19:58:34 GMT
We're being striped up here, the troughs have been neatly set out for each participant, and the skinning alive will continue for some time to come. I doubt there'll even be bones left at the end.
This board has its share of gutless, devoid-of-action fatalists but there are posters on here who have grit & mettle, and are made of sterner stuff.
SO, I ask the more learned & informed reading this, what proactive courses of action are now available to us to further protect our interests?
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michaelc
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Post by michaelc on Nov 26, 2018 20:01:31 GMT
What I would like to ask Monetus is could he at the next meeting or appropriate time, ask BDO some technical questions to probe why the creation of a bespoke user-interface is necessary. Nearly every data format I can think of has built in viewers. Is there any reason why the details of the data and formats needs to be kept confidential ? If not could he not ask BDO to provide those details? For example it might be: X images of windows/linux/whatever based servers were obtained and we have reconstructed those servers very early on. Server 1 was running centos linux and we found 130 files including spreadsheets etc etc (as said in their report but a spreadsheet is hardly part of their online system is it ), plus mysql and ... Software installed on server2 (not part of the OS) was: couchbase, and some propriatory java based software On server3, we found nginx which was set up to manage ssl and front end traffic to the proxy server which was located on server X A server 4 had large storage capacity, contained a git repo and file store. In the file store we wound 511 backups of both mysql and couchbase servers.
Using tools provided with those two database servers, we have constructed the schemas graphically and our financial experts believe that understand what the tables are, the data in them and the relationships between them.
Creating a new front end is surely utter, utter madness ?
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rxdav
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Post by rxdav on Nov 26, 2018 20:04:45 GMT
We're being striped up here, the troughs have been neatly set out for each participant, and the skinning alive will continue for some time to come. I doubt there'll even be bones left at the end. This board has its share of gutless, devoid-of-action fatalists but there are posters on here who have grit & mettle, and are made of sterner stuff. SO, I ask the more learned & informed reading this, what proactive courses of action are now available to us to further protect our interests? I'd say it has more than its share.
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m2btj
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Post by m2btj on Nov 26, 2018 20:21:27 GMT
If BDO were being paid on results the remuneration would be meagre.
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Post by p2pimpressed on Nov 26, 2018 20:35:37 GMT
The only hope is that incurring c.£450 in fees + other costs will soon start being fruitful and that recovery will pick up. They have referred in the report that communication has been made with many borrowers, however to receive only 1 full repayment of £105k is really not good enough. Capital repayment from BTL investments and 12 student properties should have been chased and received by now for sure.
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dovap
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Post by dovap on Nov 26, 2018 20:43:38 GMT
We're being striped up here, the troughs have been neatly set out for each participant, and the skinning alive will continue for some time to come. I doubt there'll even be bones left at the end. This board has its share of gutless, devoid-of-action fatalists but there are posters on here who have grit & mettle, and are made of sterner stuff. SO, I ask the more learned & informed reading this, what proactive courses of action are now available to us to further protect our interests? I'd say it has more than its share. certainly not lacking in empty vessels either - some folk are realists others just prefer to hit their keyboards very very very angrily - they tend to pipe down eventually without having ever done owt each to their own
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stokeloans
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Post by stokeloans on Nov 26, 2018 20:47:19 GMT
So,after 6 months of 'work' they have recovered around £400,000....if you ignore the amounts in the 2 Collateral bank accounts which must have taken all of 5 minutes to recover.....and that has cost £350,000. Of that nearly £60,000 went to their IT dept.....who it would appear have managed to get their hands on the raw data and.....well that's it really.So copying the data from the original server to an external hard drive costs £60,000 .Bargain. Fortunately BDO are working in our best interests
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rxdav
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Post by rxdav on Nov 26, 2018 21:01:10 GMT
I'd say it has more than its share. certainly not lacking in empty vessels either - some folk are realists others just prefer to hit their keyboards very very very angrily - they tend to pipe down eventually without having ever done owt each to their own The truth often hurts - I'm guessing you were/are an FCA cheerleader and BDO fan (until this evening maybe)?
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TitoPuente
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Post by TitoPuente on Nov 26, 2018 21:09:23 GMT
Let's not forget that BDO was and is a second tier bean counter outfit. They are a collection of the most mediocre professionals in the industry. They hire whoever ring their bell and their staff turnover is the highest in the industry (i.e. as soon as someone gets a better job, they leave). I have personally dealt with them. I am not surprised that they have achieved nothing in 6 months. They are useless. Having said that, this is not their macabre opus. They are just passive rent seekers of a deeply corrupt system. That is how they operate and profiteering from the system is most of their business. Is there something that can be done to, at least, make their life a bit more difficult? There should be.
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Post by brightspark on Nov 26, 2018 21:17:27 GMT
This interim report should send a shudder through the whole p to p industry. Not only do lenders need to re-evaluate the risks they are running, but also bona fide borrowers, who might find themselves without funds half way through projects. Small investors tend to favour one or two platforms exercising diversity within the platform(s). The Collateral experience shows this to be high risk with the danger that entire investment portfolios can be lost. I certainly don't think I will add a further 20k to my existing favoured platform funds in the next Isa tax year! Instead I will look perhaps for another platform or some other investment. I am on the hook for £3k with Collateral so not catastrophic but painful. I still think the FCA was at fault with its failure to update, monitor and enforce its register in a timely manner regardless of their defensive posturing and their subsequent action insisting on involvement of BDO did lenders no favours.
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Post by Badly Drawn Stickman on Nov 26, 2018 21:34:30 GMT
certainly not lacking in empty vessels either - some folk are realists others just prefer to hit their keyboards very very very angrily - they tend to pipe down eventually without having ever done owt each to their own The truth often hurts - I'm guessing you were/are an FCA cheerleader and BDO fan (until this evening maybe)? You always come over as a wise and rational person. You will find that totally painless.
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sarahcount
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Post by sarahcount on Nov 26, 2018 21:36:06 GMT
What's this about two new unsecured claims totalling 708k? What might this be?
As I understand it if BDO can recover the data so that they know who is invested where then we will have 'trust claims' and they will rank ahead of other unsecured creditors such as the 708k.
But if they fail to recover the data, or decide not to bother for whatever mysterious reason, then we'll be bumped even further to the back of the queue and alongside this new 708k creditor.
BDO really need to extract a digit and get the investor loan data out. Seeing what they've charged us already I'm surprised they are stressing about possible IT recovery costs.
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