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Post by sannytwist on Feb 11, 2017 13:23:22 GMT
Maybe have a look to see if u can spot the cars and jewellery used on the loans we bid on.
A photo is just a photo, if u can verify them up close would be best.
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stevio
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Post by stevio on Feb 11, 2017 13:29:35 GMT
If you are allowed to review contracts, preferably at random, verify the existence of a borrower and the contracts potential of being enforceable
Verify existence of assets
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james
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Feb 11, 2017 13:50:57 GMT
Post by james on Feb 11, 2017 13:50:57 GMT
...I think we just have to accept that P2P platforms aren't going to have the budgets necessary to scope / design / implement / manage the same kind of infrastructure solutions that you and I may have experienced in our professional lives. That said, it shouldn't be beyond the anticipated IT budgets of growing P2P platforms to look to adopt resiliency and high-availability best practices. But I still think discussions around those topics are best kept 'in-house' and not for discussion on an open day. It doesn't take much budget for a small place to have at least two live copies of a database in two places, not the same data centre. The capability to do that is a standard free and easy to use feature of popular databases like MySQL. Nor to do a trial restore from time to time. There are some things that wouldn't be appropriate for discussion but saying yes we do to those two questions should be pretty easy. The DBA erasure is solvable with write-once CD, DVD, Blu-ray or a range of other things that remove delete access. Very cheap for small places. It's not so much cost as knowing about the risks and how easy it can be to deal with them. Halon?!? That's sooooo last century! True. The ING Bank hard drive failures were caused by a more current design of fire suppression system. Don't know about P2P-specidic standards, though the Uptime Institute has lots of useful information. The door opener power cut is one I got to experience. Led to me discovering that two different makes of battery backed write caching disk controllers didn't actually protect the data during a power cut. The SCSI vendor had disabled it because it made their benchmark scores lower. I was ... quite unimpressed. Easiest route to recovery for that one was a fourth copy of the databases on a low end server that had been set up to deal with contingencies like that. Knowing that you actually do need to verify that your setup can survive a power outage is useful. The database software will get it right but the rest of the system often won't.
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elliotn
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Post by elliotn on Feb 11, 2017 15:10:11 GMT
I too would like to move out of the city that is the largest outside London and is classed as Britains second city. Maybe with retirement I will get my wish in a few years. Not sure Birmingham would be for me neither. Manchester, however, was great for university, if only I could have afforded one of these ensuite apartments my materiality levels tell me I'm so fond of nowadays!
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elliotn
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Post by elliotn on Feb 11, 2017 15:14:37 GMT
Maybe have a look to see if u can spot the cars and jewellery used on the loans we bid on. A photo is just a photo, if u can verify them up close would be best. Especially if any of the directors are seen wearing or driving them.
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stub8535
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Post by stub8535 on Feb 11, 2017 15:28:13 GMT
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stevio
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Feb 11, 2017 16:38:16 GMT
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Post by stevio on Feb 11, 2017 16:38:16 GMT
Hi All. I am trying to arrange a visit in early March. What questions wiuld people like answering that are unable to go themselves or otherwise. Not down to individual loans please. I am going to ask to see the facilities and meet the people. I will feed back on this thread, or by pm/email (pictures) to those that want me to, where I can. Come back to me by 25.2.17 please. and also, more importantly, THANK YOU for doing this !
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Feb 11, 2017 18:19:55 GMT
via mobile
Post by wickedxuk on Feb 11, 2017 18:19:55 GMT
As already mentioned, the key thing for me is if you can sight some of the items and how they stored. Confirmation that the items and valuations are genuine and the reports exist.
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Post by Collateral Rep on Feb 11, 2017 18:41:39 GMT
Evening,
A little disapointed with the continued suggestion that items don't exist.
We have a nice day planned for the investors who have taken us up on our offer to come and visit us. They will be introduced to the team (which is more than two), the lead developer, compliance officer, accountant, business developer, the office team, me and Pete.
We'll visit the safety deposit centre where items will be shown, see certain documentation, answer all questions raised along with a spot of lunch.
Please remember that this is our place of work with confidential material etc and some of the suggestions here won't be possible.
So let's do the visit and see what gets reported back.
Have a good weekend,
Gordon
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Post by wickedxuk on Feb 11, 2017 21:16:48 GMT
Apologies if I am been overly suspicious. I think it's great that you have invited investors and if I could get the time to travel up to be there I would. I very much look forward to hearing the feedback and to more opportunities on the platform. I'm sure this will only develop more and more confidence and will be worthwhile for both the Collateral team and its investors on here. Take care and keep up the good work Collateral Rep.
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ben
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Post by ben on Feb 11, 2017 21:59:28 GMT
Apologies if I am been overly suspicious. I think it's great that you have invited investors and if I could get the time to travel up to be there I would. I very much look forward to hearing the feedback and to more opportunities on the platform. I'm sure this will only develop more and more confidence and will be worthwhile for both the Collateral team and its investors on here. Take care and keep up the good work Collateral Rep . If you do not believe that actual items exist or the valuations are correct why do you invest?
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stevio
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Feb 12, 2017 0:26:54 GMT
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Post by stevio on Feb 12, 2017 0:26:54 GMT
Evening, A little disapointed with the continued suggestion that items don't exist. We have a nice day planned for the investors who have taken us up on our offer to come and visit us. They will be introduced to the team (which is more than two), the lead developer, compliance officer, accountant, business developer, the office team, me and Pete. We'll visit the safety deposit centre where items will be shown, see certain documentation, answer all questions raised along with a spot of lunch. Please remember that this is our place of work with confidential material etc and some of the suggestions here won't be possible. So let's do the visit and see what gets reported back. Have a good weekend, Gordon Collateral refuse to supply the borrower name to verify the borrower exists and evaluate likely hood of default Collateral refuse to supply an independent valuation (apart from some property) to verify a third party has seen and expertly valued the item appropriately Collateral have a relatively small amount of loan history in this field The loan history Collateral do have has some questionable loans I am also disappointed
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elliotn
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Post by elliotn on Feb 12, 2017 1:45:14 GMT
Apologies if I am been overly suspicious. I think it's great that you have invited investors and if I could get the time to travel up to be there I would. I very much look forward to hearing the feedback and to more opportunities on the platform. I'm sure this will only develop more and more confidence and will be worthwhile for both the Collateral team and its investors on here. Take care and keep up the good work Collateral Rep . If you do not believe that actual items exist or the valuations are correct why do you invest? As a guess I'd say some invest because of greed and the need for diversification from property but may hold more capital back pending further confirmation of a model with higher levels of lender trust required than other more DD-able platforms. I can't answer for wicked obviously, I don't know how little s/he invests or is an interested observer waiting to invest on further affirmation. I personally have a 5 figure platform based on lender engagement, regular redemption/renewals and now verifiable property loans.
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Post by wickedxuk on Feb 12, 2017 20:22:12 GMT
Apologies if I am been overly suspicious. I think it's great that you have invited investors and if I could get the time to travel up to be there I would. I very much look forward to hearing the feedback and to more opportunities on the platform. I'm sure this will only develop more and more confidence and will be worthwhile for both the Collateral team and its investors on here. Take care and keep up the good work Collateral Rep . If you do not believe that actual items exist or the valuations are correct why do you invest? As with all my investments I can still analyse the risk and make a decision based on the return. Collateral forms a very small part of my overall investment portfolio and I have set a limit to what I will invest based on the information we currently have and the potential for return and loss. I look forward to increasing my investment pending the outcome of the visit. 👍
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 18, 2017 19:02:11 GMT
Evening, A little disapointed with the continued suggestion that items don't exist. We have a nice day planned for the investors who have taken us up on our offer to come and visit us. They will be introduced to the team (which is more than two), the lead developer, compliance officer, accountant, business developer, the office team, me and Pete. We'll visit the safety deposit centre where items will be shown, see certain documentation, answer all questions raised along with a spot of lunch. Please remember that this is our place of work with confidential material etc and some of the suggestions here won't be possible. So let's do the visit and see what gets reported back. Have a good weekend, Gordon Collateral refuse to supply the borrower name to verify the borrower exists and evaluate likely hood of default Collateral refuse to supply an independent valuation (apart from some property) to verify a third party has seen and expertly valued the item appropriately Collateral have a relatively small amount of loan history in this field The loan history Collateral do have has some questionable loans I am also disappointed Stevio. Please elaborate on 4th para and 5th para with specifics for discussions.
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