ozboy
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Post by ozboy on Jan 9, 2019 17:51:11 GMT
No-one is ever going to help us, there’s strength in numbers, and the Government and/or The FCA aren’t going to do much either for us Lenders - DO something or continue to be turned over. So, whatever your Complaint is about I suggest we all consider to start logging Complaints en masse – raise visibility on the myriad issues. If it is about a Platform then your first Complaint must always be to The Platform. That is key, all Complaints to Other Bodies are usually met with “ Have you Complained to The Platform?” You must of course keep your Complaint/s factual. Not an exhaustive List, but for starters consider Complaints to:- The P2P PlatformThe FCA www.fca.org.uk/RICS, regarding their merry bunch of "Professional" Valuers who get it oh so right when Valuing property for P2P Loans.
contactrics@rics.org www.rics.org/uk/ Financial Regulators Complaints Commissioner – for Complaints about The FCA, but only after you have Complained to The FCA themselves (!) and if your FCA response is unsatisfactory. frccommissioner.org.uk/ The Financial Ombudsman www.financial-ombudsman.org.uk/The Treasury Select Committee – who investigate if The FCA is doing its job effectively (eg Collateral debacle) Treascom@parliament.uk
www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/Your Member of Parliament www.parliament.uk/get-involved/contact-your-mp/
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ozboy
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Post by ozboy on Jan 13, 2019 21:36:34 GMT
No-one is ever going to help us, there’s strength in numbers, and the Government and/or The FCA aren’t going to do much either for us Lenders - DO something or continue to be turned over. So, whatever your Complaint is about I suggest we all consider to start logging Complaints en masse – raise visibility on the myriad issues. If it is about a Platform then your first Complaint must always be to The Platform. That is key, all Complaints to Other Bodies are usually met with “ Have you Complained to The Platform?” You must of course keep your Complaint/s factual. Not an exhaustive List, but for starters consider Complaints to:- The PlatformThe FCA www.fca.org.uk/ Financial Regulators Complaints Commissioner – for Complaints about The FCA, but only after you have Complained to The FCA themselves (!) and if your FCA response is unsatisfactory. frccommissioner.org.uk/ The Financial Ombudsman www.financial-ombudsman.org.uk/The Treasury Select Committee – who investigate if The FCA is doing its job effectively (eg Collateral debacle) Treascom@parliament.uk
www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/Your Member of Parliament www.parliament.uk/get-involved/contact-your-mp/Reminder folks, if you've done nought .............
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Post by charliebrown on Jan 20, 2019 2:23:40 GMT
The UK has no shortage of regulators, courts and legal process, ombudsman, professional bodies, receivers, solicitors, lawyers, the list goes on. These are all jobs for the boys, all of them taking their slice and not caring about whether an investor was turned over or not. We wouldn’t even be where we are with COL if the FCA hadn’t shut COL down. The FCA should have come in and managed a graceful closure or rectification not just shut down the web site and said good luck investors you’re going to need it. I don’t believe complaining via any of the avenues you’ve suggested would help, it would just cause further stress and anguish. As the saying goes “tell someone who cares”.
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duck
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Post by duck on Jan 20, 2019 7:33:27 GMT
.....I don’t believe complaining via any of the avenues you’ve suggested would help, it would just cause further stress and anguish. As the saying goes “tell someone who cares”. [insert voice of John Bercow here] pull yourself together man [/end voice] Seriously, yes there are problems present in P2P and endemic issues with the regulators as exemplified by the Col collapse. Luckily there are individuals who are not prepared to just sit back and accept the status quo. Thanks to the efforts of members 'here' the state of the FCA register was brought up at the examination of Andrew Bailey at the Treasury Select Committee this week and I was very pleased to see that he admitted the register was a 'legal document'. Now that might not seem much but that was very useful for the 'paper trail' ..... don't underestimate the work that is going on behind the scenes.
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kermie
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Post by kermie on Jan 20, 2019 16:22:54 GMT
TSC meeting does make for interesting reading, thank you duck for pointing me at this.
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ozboy
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Post by ozboy on Jan 21, 2019 22:08:06 GMT
duck and several others are working very, very, VERY hard on all our behalves, for all our benefit. Whilst I understand your frustrations charliebrown your assertions are completely wrong - if we do nothing, we'll definitely get nothing. It really is as simple as that. As duck says, look at what we have achieved already by being a bit more united. Just do it,COMPLAIN!!!
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GeorgeT
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Post by GeorgeT on Jan 24, 2019 1:20:16 GMT
I'm working hard as well. Numerous very formal and well researched complaints submitted by me and I have a barrage of holding letters and acknowledgements in the bank so far. I am keeping the pressure on. I am becoming a pest.
This isn't going to go away and the FCA and Ombudsman now realise that.
It's going to get difficult and messy for them.
The creditors' committee is lame and on BDO's leash in my opinion. I have made this point forcefully and with the evidence I have so far mustered and been sent anonymously.
Certain members of the creditors' commitee appear to have proven connections with BDO and the invitation only 'Underground P2P forum' where big hitters were cherry picked off this public P2P forum for preferential investment terms on the strict orders they must not be Admins or Mods. I am now led to believe, and seeking corroboration, that the Underground P2P forum morphed into an even more hidden underground club.
The acceptance of the excessive BDO fees prior to the last creditors' committee meeting was a big mistake in my opinion. The notion that to challenge the fees would cause delay was a nonsense. Investors expect a recovery/return. I believe this was BDO testing the waters to see what they could get away with. Unfortunately the CC capitulated at stage 1 despite acknlowledging the fees were excessive for the work done and in excess of what the Court was told (you must question why they would do that), and now BDO have got tacit approval to charge what they like. This is a power game and BDO have been given the upper hand to bleed investors dry.
The next 12 March CC meeting is critical. If the CC rolls over again, then the FCA and FRCC are going to find the temperature of the water changing from hot to boiling.
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Godanubis
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Post by Godanubis on Jan 24, 2019 2:38:08 GMT
The creditors' committee is lame and on BDO's leash in my opinion
I think you are wrong here. From what I see they are comitted to getting the most for investors (Some of them included) ASAP There is no evidence of them doing anything else.
As you say it is your opinion. Not shared by everyone.
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ozboy
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Post by ozboy on Jan 24, 2019 7:13:01 GMT
We all share the pain and deep frustration GeorgeT, particularly as we helplessly watch OUR hard earned flood into BDO's trough coffers. We are all scrutinising BDO and The FCA like hawks, and will react appropriately, when appropriate. Keep up your excellent efforts GeorgeT, this is a Defeatist Free Zone - Warriors Only!
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Godanubis
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Post by Godanubis on Jan 24, 2019 9:25:36 GMT
We all share the pain and deep frustration GeorgeT , particularly as we helplessly watch OUR hard earned flood into BDO's trough coffers. We are all scrutinising BDO and The FCA like hawks, and will react appropriately, when appropriate. Keep up your excellent efforts GeorgeT , this is a Defeatist Free Zone - Warriors Only! I did agree with Georget on other points. Watch yourself ozboy your nearly gave us a positive post, you are slipping
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pom
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Post by pom on Jan 24, 2019 9:31:14 GMT
GeorgeT whilst I sympathise with your position, and appreciate the efforts you and anyone else are making to apply pressure, attacking the CC is not going to help...and is probably the best way to stop any information flow. And I really don't think you've thought your theories through - the only way a syndicate could have had any influence on the members of the committee is if they'd been invested to an eyewateringly high amount for their votes to count in the election. And yet you want to believe these same big hitters would then be happy to accept skyrocketing costs when they'll bear far more of them (in real £) than us minnows? Just because they might be better able to afford it (I'm sure there's plenty of people at all investment levels that over invested thanks to bonuses and got caught out) doesn't mean they'd want to! Yes we're all learning hard lessons about the realities of administration, particularly as all this work to untangle the loan book should never have been needed (fingers crossed next time a platform fails it'll be a lot more straightforward) - however if BDO really wanted to bleed us dry, then surely they'd be falling over themselves to produce the tax statements we'd all like?? Yes we need to keep a close eye on them, but this is never going to be as cheap as we'd all hope. Meanwhile lets not forget where the real blame lies here - COL for misrepresenting their relationship with the FCA and then leaving everything in a complete mess, and the FCA for not keeping control of the register so we had no reason to suspect.
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adrianc
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Post by adrianc on Jan 24, 2019 9:35:15 GMT
...particularly as all this work to untangle the loan book should never have been needed ... Meanwhile lets not forget where the real blame lies here - COL for misrepresenting their relationship with the FCA and then leaving everything in a complete mess, and the FCA for not keeping control of the register so we had no reason to suspect. And especially RR for failing in their most basic duty, to secure the business records, during the three weeks they were in charge. That's why this whole loan book saga is even happening. Incompetence, or...?
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Godanubis
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Post by Godanubis on Jan 24, 2019 23:40:47 GMT
"It's a sad tale that continues to divide the lender base and no doubt will continue to for many years to come."
You could add this to the Brexit debate and be spot on .
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Monetus
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Post by Monetus on Jan 25, 2019 9:15:56 GMT
www.deepdd.comThe members of the P2P Underground invested significant sums in Collateral UK, no doubt incentivised by preferential rates in common with other syndicates, institution investors and other "professionals". Of course, the emphasis on DD leads them to believe that full reconstruction of the database and distribution on a loan by loan basis is in their best financial interests and have pushed hard for this via direct communication with BDO (do they reply to your emails?), seats on the CC and it would surprise me not if there were other techniques in play. The consequence of a loan by loan distribution are vastly increased costs (how long is it taking to reconstruct and interrogate the database), and delays to any actual distribution (should there be any because we must remember that nothing is guaranteed). It's a sad tale that continues to divide the lender base and no doubt will continue to for many years to come. I can’t comment on your points regarding that forum and its membership as I am not (and have never) been a member of it, but I do feel that certain things need to be cleared up on this forum. Many people seem to be over-estimating the level of influence that the Committee has on this administration and I’ve also seen varying degrees of conspiracy theories being thrown around by several members on this thread and others. I’ll state this clearly - the decision of how funds will be distributed is entirely out of the Committee’s hands and has/will be made by BDO and their legal team. Provided the data can be recovered sufficiently (and if it can’t then clearly “one pot” would be the ONLY option) then it is BDO’s intention following legal advice to honor the original loan agreements and repay loans on a per-loan and per-tranche basis (i.e. P2P). Who made this decision? The lawyers advising BDO who are following due legal process and the terms and conditions of the platform. These decisions are made by lawyers and in courtrooms – not by 5 random investors of the platform. This subject has never been up for debate, there’s never been a vote on it, and we’ve never been consulted on it. This was literally the ONLY option ever presented to the Committee in the initial meeting and we have had zero degree of influence over this decision. Aside from this, every single member of the Committee (all 5) unanimously agreed in discussions in the first meeting that, regardless of personal circumstances, in the spirit of P2P it was clearly the right thing to do anyway if it could be achieved. So, in summary... I have seen zero evidence whatsoever of any Committee member attempting to influence BDO on this matter in any way, shape or form and I really don’t think we’d be able too even if we tried. I’m going to leave it here for now on Collateral discussion on this forum until after the next Committee Meeting.
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adrianc
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Post by adrianc on Jan 25, 2019 9:47:10 GMT
I am now led to believe, and seeking corroboration, that the Underground P2P forum morphed into an even more hidden underground club. www.deepdd.comThe members of the P2P Underground invested significant sums in Collateral UK, no doubt incentivised by preferential rates in common with other syndicates, institution investors and other "professionals". Of course, the emphasis on DD leads them to believe that full reconstruction of the database and distribution on a loan by loan basis is in their best financial interests and have pushed hard for this via direct communication with BDO (do they reply to your emails?), seats on the CC and it would surprise me not if there were other techniques in play. The consequence of a loan by loan distribution are vastly increased costs (how long is it taking to reconstruct and interrogate the database), and delays to any actual distribution (should there be any because we must remember that nothing is guaranteed). It's a sad tale that continues to divide the lender base and no doubt will continue to for many years to come. I'm still undecided about whether this is beautifully-wrought satire on the conspiracy theories, or if there really is such a super-elite clique...
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