hantsowl
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Post by hantsowl on Dec 21, 2018 12:35:08 GMT
Replied on all 3 accounts i manage.
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 12:36:14 GMT
Shocking. Shocking, that after all these months on the job and all these hundreds of thousands of pounds in fees they have racked up on seemingly useless IT experts, PR firms, overnight stays in hotels and £600 an hour partners,that this is an admission at the end of year 1 that they have not taken any recovery action whatsoever because they haven't had the authority to do it all along. And let's not forget that all of the Collateral loans matured months ago and should have been repaid months ago and if not recovery enforcement action should have been instigated long ago. Many of the loans are property related and they are now leaving this to be dealt with right around the time of Brexit when values will plunge and nobody will be in the market.
Unbelievable and I'm not surprised they've waited until the last working day before Christmas break to send this out because many people I'm sure we'll be thinking about taking this further and seeing if this whole matter needs taking back to court because it's completely unacceptable.
I will be replying but not immediately because my reply will contain a rocket.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 21, 2018 12:37:26 GMT
Will BDO do the recoveries themselves (at £500 per hour?) or sub-contract the recoveries whilst also adding on their Admin Fees at £500 per hour?
We want RESULTS BDO, not your rapacious Fees for Nothing.
PS / EDIT - Vote of "No Confidence" in BDO from me, they are incompetent.
CC Members, can we apply to have BDO removed?
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p2pete
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Post by p2pete on Dec 21, 2018 12:51:47 GMT
If the Joint Administrators do not receive a positive response from a sufficient majority of investors, it will be necessary for them to make a court application as a prelude to enforcement action. It will only be possible to receive a positive response from a sufficient majority of investors if they actually email a sufficient majority of investors in the first place. I and many others still haven't received the 6 monthly progress report.
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ozboy
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Post by ozboy on Dec 21, 2018 12:56:05 GMT
What I don't understand is that if Collateral were able to chase Borrowers on our behalf without our "authority", why, as Administrators, BDO can't? As has been said, it is gross incompetence that this is only being addressed now. Have they lost their "template"? BDO are showing themselves to be expensive and useless. Farce.
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chriscross
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Post by chriscross on Dec 21, 2018 12:56:09 GMT
I think we all know the type of company BDO are, money grabbing (expletives removed), who treat us, the investors, with total contempt.
This request could and should have been sent out at the beginning, they supposedly understand the legalities and therefore would have known that they would need our permission to take these necessary actions. They could have put it in place whilst everything else was going on, but no, if they treat everything singularly they earn several more thousands and us idiots (their thinking) are none the wiser, and if they can get to court again, many more months and loadsa cash..
I can imagine the fly on the wall at BDO's first meeting to discuss Collateral. Point 9 on the agenda, we need to get permission from Investors to enforce outstanding loans?, sounds quite important and a bit of a money spinner if we go to court again.. how long can we get away with leaving that, maybe 6 months at a push, oooh, how about Christmas, when everyone is preoccupied, get it sent out a few days before, we only have to give them three weeks to respond, then with not enough responses, ching ching!! court here we come and another £100,000 in our pocket..
I would love to hear a response from a committee member, as this must have been brought up during their meeting at some point?
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dovap
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Post by dovap on Dec 21, 2018 12:58:38 GMT
What I don't understand is that if Collateral were able to chase Borrowers on our behalf without our "authority", why, as Administrators, BDO can't? Perhaps Coll were being run by crooked chancers for whom 'authority' was just an abstract concept ?
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hendragon
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Post by hendragon on Dec 21, 2018 13:03:48 GMT
good enough for me. Reply done thanks for the advice Monetus
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ash83
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Post by ash83 on Dec 21, 2018 13:04:13 GMT
Replied back!
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Post by df on Dec 21, 2018 13:15:52 GMT
Replied.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 21, 2018 13:16:26 GMT
My backside is VERY sore.
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Post by funtimedave on Dec 21, 2018 13:33:18 GMT
Replied back to - how much we will be charged for someone to count and then recount and then recount the responses BDO get?
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sjg
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Post by sjg on Dec 21, 2018 13:43:39 GMT
As some nice poster who likes calling me ignorant.
I'm probably ignorant in my thoughts that this should have been done a long while ago as surely BDO in their infinite knowledge we are paying for would have been aware of this?
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 14:04:36 GMT
If you wanted to send out an email asking for a response, but you wanted to minimise the number of responses you got back, when would you decide to send it?
Hmmm ....I think I'd choose to send it around midday on the last working day before the Xmas and New Year holiday season, when millions will have already gone away, or left their offices for a couple of weeks.
This looks rather cynical to me.
I can guess what is coming next .... oh dear, there wasn't a sufficient no. of responses .... we need to apply to court now. kerching, kerching, oh dear, a small error on a form, kerching, kerching, court wont rule on it before the summer now, kerching, kerching ....
I doubt the COL debacle will be finalised in under 5 years under BDO. And by then their fees will be well into the £millions.
I think they need to be removed.
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lotti
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Post by lotti on Dec 21, 2018 14:29:32 GMT
Replied positively - with two questions. 1) What constitutes a 'sufficient majority' of investors? 2) Is it one vote per lender, or are they pro-rata? Monetus are you able to shed any light here? Also, it would appear that they have re-found my email address, although the 6 month report is still invisible....
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