stub8535
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Post by stub8535 on Mar 2, 2017 17:11:00 GMT
Great visit today. Thanks to the team at Collateral for their hospitality. Polonius and I will put our thoughts together shortly and post them here.
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dermot
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Post by dermot on Mar 4, 2017 22:00:42 GMT
Thanks to you both - await your report with interest. (and hope you report lots of new non property loans coming) Yep, me too ....
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stokeloans
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Mar 6, 2017 17:58:58 GMT
Post by stokeloans on Mar 6, 2017 17:58:58 GMT
Great visit today. Thanks to the team at Collateral for their hospitality. Polonius and I will put our thoughts together shortly and post them here. How we doing with that report stub8535 ? I and I'm sure many others are very interested in your findings
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stub8535
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Post by stub8535 on Mar 6, 2017 18:18:45 GMT
I need to talk to John tonight and then add my thoughts to his initial report. I was at a sick relatives over the weekend and only got back in the small hours of this morning. We will then check facts and understanding with Collateral team before posting. If you are in Stoke (stokeloans) there is an open invitation to go see the set up. Just email Gordon.
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stub8535
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Post by stub8535 on Mar 8, 2017 4:55:30 GMT
Initial report is now in the hands of Collateral for fact checking. John was also away until yesterday.
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stub8535
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Post by stub8535 on Mar 8, 2017 17:06:13 GMT
QuestionsforCollateralvisit2-stu- final.pdf (343.84 KB) Here is the report from the visit to Collateral on 2.3.17 by Polonius and myself. It is split into 3 so you can see lender comments and, in blue, Collaterals clarifications. Stuart
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stub8535
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Post by stub8535 on Mar 8, 2017 17:36:25 GMT
I have had the first mistake pointed out. I have put 100 investors when it was meant to say 1000.
Stuart
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stub8535
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Mar 8, 2017 17:43:01 GMT
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Post by stub8535 on Mar 8, 2017 17:43:01 GMT
View AttachmentHere is the report from the visit to Collateral on 2.3.17 by Polonius and myself. It is split into 3 so you can see lender comments and, in blue, Collaterals clarifications. Stuart Meant to say 1000 not 100 lenders.
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pauls
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Mar 8, 2017 18:25:03 GMT
Post by pauls on Mar 8, 2017 18:25:03 GMT
Thanks guys. Very informative.
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Mar 8, 2017 18:43:00 GMT
Post by Deleted on Mar 8, 2017 18:43:00 GMT
Here is the report from the visit to Collateral on 2.3.17 by Polonius and myself. It is split into 3 so you can see lender comments and, in blue, Collaterals clarifications. Stuart Stuart and Polonius - a big thank you to you both for this reassuring report on one of my favourite platforms. Cheers S
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Post by peerlessperil on Mar 8, 2017 23:33:14 GMT
Here is the report from the visit to Collateral on 2.3.17 by Polonius and myself. It is split into 3 so you can see lender comments and, in blue, Collaterals clarifications. Stuart Many thanks for taking the time to write up your visit. I once called the National Pawnbrokers Association to verify Collateral's standing as Trade Members....and they admitted that no site visit was necessary to become a trade member. The untested nature of the bespoke Assignment of Chattels contract remains my primary concern. (I very much doubt that the partner undertakings to purchase goods at the agreed valuation are legally enforceable should push come to shove....e.g. a big fall in the gold price. Nor do I think that sight of valuation certificates for most pawn items is remotely practical). However, any of the following would help to build confidence further ( Collateral Rep ) 1. A legal opinion from a recognised and reputable law firm or barrister indicating that that the Assignment of Chattels contract has been reviewed 2. The name of the company that will step in to administer the loans should Collateral fail 3. The GIA/AGS/EGL certificates for larger loose stones 4. Screenshots of the HPI screen for charges on vehicles (with personal data blurred out as necessary) 5. Some successfully recovered defaults (although perhaps we should be careful what we wish for!) I have to admit that I steer clear of most of the property loans, although I do understand that the economics drive every p2p platform in this direction eventually.
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Post by Collateral Rep on Mar 9, 2017 8:17:47 GMT
Hi peerlessperilOn your first comment, this is not true (certainly not in our case), the NPA do visit every prospective new member or trade member. We did have a visit by the Chief Executive of the NPA and have regular contact with the NPA. 1. The Assignment of Chattels agreement was written by our lawyer who is National Head of Financial Services of one of the top 5 UK law firms 2. Refresh Recovery who are business continuity specialists and property receivers 3. When we have these, we will put certificates up in future 4. Will put HPI certificates up in future 5. We haven’t had any defaults Many thanks, Gordon
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stub8535
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Mar 9, 2017 11:27:44 GMT
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Post by stub8535 on Mar 9, 2017 11:27:44 GMT
Thanks for the summary and apologies if I've missed it, but I don't see an answer to: Did you look at a range of jewellery valuation reports and why do Collateral refuse to publish them? Good morning Hoy. We had a look at one random loan agreement secured on sparkly things. We did not ask about Collateral publishing them. Sorry. @gordon, could you respond please? We were happy that valuations are robust and checked and that contracts are in place with valuers or partners, that have been written by, and are currently under review by, their external legal service. I hope this helps. Stuart
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stub8535
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Mar 9, 2017 11:30:55 GMT
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Post by stub8535 on Mar 9, 2017 11:30:55 GMT
Hi peerlessperilOn your first comment, this is not true (certainly not in our case), the NPA do visit every prospective new member or trade member. We did have a visit by the Chief Executive of the NPA and have regular contact with the NPA. 1. The Assignment of Chattels agreement was written by our lawyer who is National Head of Financial Services of one of the top 5 UK law firms 2. Refresh Recovery who are business continuity specialists and property receivers 3. When we have these, we will put certificates up in future 4. Will put HPI certificates up in future 5. We haven’t had any defaults Many thanks, Gordon Thanks Gordon. I would not have a clue how to answer this one as it did not fully come up in our discussions not having been notified prior to the visit.
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Mar 9, 2017 12:29:38 GMT
Post by peerlessperil on Mar 9, 2017 12:29:38 GMT
Hi peerlessperil On your first comment, this is not true (certainly not in our case), the NPA do visit every prospective new member or trade member. We did have a visit by the Chief Executive of the NPA and have regular contact with the NPA. 1. The Assignment of Chattels agreement was written by our lawyer who is National Head of Financial Services of one of the top 5 UK law firms 2. Refresh Recovery who are business continuity specialists and property receivers 3. When we have these, we will put certificates up in future 4. Will put HPI certificates up in future 5. We haven’t had any defaults Many thanks, Gordon Thanks Gordon - your communication on this forum is one of Collateral's stronger points. I will clarify my NPA comments further - I was informed that the NPA do require a visit to the premises of regular new members, but they do not require a site visit for trade members, merely a meeting with the directors. I wasn't informed as to whether they had actually visited Collateral's premises or not (and to be fair, neither did I press for a specific answer on that point) - we were discussing trade membership in general terms. Thank you for your specific answers to each suggestion I raised. On the legal front it would be very helpful to have an identified individual or firm standing behind their opinion - it is the barrister/law firm putting their reputation on the line that gives the opinion credibility. Whilst I have no reason to doubt what you have said, there is no way for us to verify it. I am aware that you have had no defaults as yet. When they do start to appear (and any sensible investor lending at these rates should be anticipating quite a few defaults) it is very revealing how the various platforms handle and communicate the recovery process. Platforms that seek to downplay defaults generally do not enhance their longer-term reputations, so my hope is that Collateral opts to take it on the chin when it (inevitably) happens.
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