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Post by df on Jul 15, 2017 15:16:37 GMT
I am not in this loan but I am a COL investor and therefore this matter is of interest to me. However - I cant find the loan on the COL website so I don't know the size of the loan or anything like that. I didn't get an email telling me a loan had defaulted - I guess because I'm not invested in it. There doesn't seem to be a Defaulted Loans tab on the website and I can't find it under Completed Loans or anywhere else. Where does this loan appear on the COL website? Thanks. I can't find them either, the loans have vanished from the website it seems, unless Collateral's developers are busy constructing a 'default loans' tab I think this is very misleading for any new (or even existing) investors. If you weren't in the loans, and don't look at the forum, you would probably be blissfully unaware Collateral had any defaults. Hope this will be remedied soon even if potentially sensitive information is redacted if necessary. I'm involved in four of them and they all appear on 'my loans' page. 'SELL' button has been removed, but everything else is there.
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elliotn
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Post by elliotn on Jul 15, 2017 15:20:00 GMT
I am not in this loan but I am a COL investor and therefore this matter is of interest to me. However - I cant find the loan on the COL website so I don't know the size of the loan or anything like that. I didn't get an email telling me a loan had defaulted - I guess because I'm not invested in it. There doesn't seem to be a Defaulted Loans tab on the website and I can't find it under Completed Loans or anywhere else. Where does this loan appear on the COL website? Thanks. You can't see them on Fully Funded Loans atm & no Defaulted tab yet as they haven't had one before. I think the largest loan was bb508, 77.5k loan vs 111k stock, a cool 70% RETAIL value. Over 100 days left, sold in a flash so very, very high class - I've got over 4 figs in it so have an interest too.
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star dust
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Post by star dust on Jul 15, 2017 15:24:39 GMT
I can't find them either, the loans have vanished from the website it seems, unless Collateral's developers are busy constructing a 'default loans' tab I think this is very misleading for any new (or even existing) investors. If you weren't in the loans, and don't look at the forum, you would probably be blissfully unaware Collateral had any defaults. Hope this will be remedied soon even if potentially sensitive information is redacted if necessary. I'm involved in four of them and they all appear on 'my loans' page. 'SELL' button has been removed, but everything else is there. My point is, if you are not in them and in the event you don't read the forum (improbable I know ) you are unlikely to realise there are any defaulted loans on this Platform. There are a long list of loans, if a couple you were not invested in disappeared off the list of 'fully-funded' or 'completed' loans would you notice?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 15, 2017 15:26:24 GMT
I am not in this loan but I am a COL investor and therefore this matter is of interest to me. However - I cant find the loan on the COL website so I don't know the size of the loan or anything like that. I didn't get an email telling me a loan had defaulted - I guess because I'm not invested in it. There doesn't seem to be a Defaulted Loans tab on the website and I can't find it under Completed Loans or anywhere else. Where does this loan appear on the COL website? Thanks. You can't see them on Fully Funded Loans atm & no Defaulted tab yet as they haven't had one before. I think the largest loan was bb508, 77.5k loan vs 111k stock, a cool 70% RETAIL value. Over 100 days left, sold in a flash so very, very high class - I've got over 4 figs in it so have an interest too. Remove that tongue from the inside of your cheek Sir!!!!
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duck
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Post by duck on Jul 15, 2017 15:33:20 GMT
......because you can't move land or property. The chalet building itself was shipped from Switzerland in three pieces back in 1882
Wonder where I have seen that before?
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Post by dan1 on Jul 15, 2017 15:39:31 GMT
I'm involved in four of them and they all appear on 'my loans' page. 'SELL' button has been removed, but everything else is there. My point is, if you are not in them and in the event you don't read the forum (improbable I know ) you are unlikely to realise there are any defaulted loans on this Platform. There are a long list of loans, if a couple you were not invested in disappeared off the list of 'fully-funded' or 'completed' loans would you notice? The individual loan pages are visible to all registered investors. Go into one of the individual loan pages and replace the number at the end with the following: BB00375 - 3022 BB00508 - 4180 BB00514 - 4221 BB00521 - 4458 BB00534 - 4630 I'm only in one of those thankfully so I've just searched for the rest. star dust - I realise this doesn't address the issue, just thought other users may benefit from the pseudo links Edit: would have save myself a lot of hard work by getting df to look up 4 of the numbers!
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GeorgeT
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Post by GeorgeT on Jul 15, 2017 20:57:59 GMT
Thanks for the help. I've had a look and I'm feeling a bit rocked. I definitely didn't get the email about this.
I quote from the COL web -
In a nutshell there is a loan here with 106 days remaining and it's been suspended from trading.
Hopefully these vehicles are all as described and in a safe place and can be readily sold to cover the loan amounts and interest. But the schedule I looked at only had the mileages and not the vehicle ages or specific model details.
e.g. There's a Porsche 911 with only 14,500 on the clock - the value of £10,500 against that sounds quite low. Then there's a Vauxhall Astra GTC with 7,500 miles and a value of £8,340. I'd expect the Porsche to be worth loads more than the Vauxhall. But I'm not in the motor trade.
Overall, it's a salutary lesson for us investors about what can go wrong.
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applets
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Post by applets on Jul 15, 2017 22:00:50 GMT
Assuming this is the company shown at Companies House with Collateral as a creditor, it is worrying that Collateral did not know about the situation until yesterday afternoon. Even if the liquidator did not contact Collateral, a document is posted at Companies House on 7 July and dated 14 June. If Collateral were aware before yesterday afternoon, it is odd that secondary market trades were permitted to continue in that knowledge. I dont think you are talking about the same company. There is not charge for Collateral registered, they are listed as an unsecured creditor If it is not the same company then it is a coincidence that Collateral are an unsecured creditor for over £140,000 in another car dealer that went into liquidation on 26 June. I am however pleased to be corrected. It presumably means another Collateral loan has defaulted that is yet to be made public.
Alternatively, of course, this could be the correct company and Collateral have no charge over any of the assets.
In any event, it seems odd that the liquidators appointed on 26 June did not contact Collateral until the afternoon of 14 July and that Collateral did not get any inkling of a problem when they were trying to establish if the loan was going to be redeemed or renewed.
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ilmoro
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Post by ilmoro on Jul 15, 2017 22:34:42 GMT
I dont think you are talking about the same company. There is not charge for Collateral registered, they are listed as an unsecured creditor If it is not the same company then it is a coincidence that Collateral are an unsecured creditor for over £140,000 in another car dealer that went into liquidation on 26 June. I am however pleased to be corrected. It presumably means another Collateral loan has defaulted that is yet to be made public.
Alternatively, of course, this could be the correct company and Collateral have no charge over any of the assets.
In any event, it seems odd that the liquidators appointed on 26 June did not contact Collateral until the afternoon of 14 July and that Collateral did not get any inkling of a problem when they were trying to establish if the loan was going to be redeemed or renewed.
Apologies, we are probably talking about the same company, though some of the info in your first post didnt seem to tally on first look.
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Post by df on Jul 15, 2017 23:25:00 GMT
My point is, if you are not in them and in the event you don't read the forum (improbable I know ) you are unlikely to realise there are any defaulted loans on this Platform. There are a long list of loans, if a couple you were not invested in disappeared off the list of 'fully-funded' or 'completed' loans would you notice? The individual loan pages are visible to all registered investors. Go into one of the individual loan pages and replace the number at the end with the following: BB00375 - 3022 BB00508 - 4180 BB00514 - 4221 BB00521 - 4458 BB00534 - 4630 I'm only in one of those thankfully so I've just searched for the rest. star dust - I realise this doesn't address the issue, just thought other users may benefit from the pseudo links Edit: would have save myself a lot of hard work by getting df to look up 4 of the numbers! I'm involved in 375,508,514 and 534.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 16, 2017 0:11:02 GMT
If it is not the same company then it is a coincidence that Collateral are an unsecured creditor for over £140,000 in another car dealer that went into liquidation on 26 June. I am however pleased to be corrected. It presumably means another Collateral loan has defaulted that is yet to be made public.
Alternatively, of course, this could be the correct company and Collateral have no charge over any of the assets.
In any event, it seems odd that the liquidators appointed on 26 June did not contact Collateral until the afternoon of 14 July and that Collateral did not get any inkling of a problem when they were trying to establish if the loan was going to be redeemed or renewed.
Apologies, we are probably talking about the same company, though some of the info in your first post didnt seem to tally on first look. It is worth noting that the email states: "Due to the nature of our agreements the vehicles were assigned to Collateral and are therefore under our ownership." In the security section of the loan it states: "After 6 months, the borrower can choose to either buy back the goods or renew by paying a further fee equivalent to the interest payments due for the duration of the renewal." If it is true and Collateral own the vehicles, then they wouldn't need to be registered as a charge at Companies House.
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elliotn
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Post by elliotn on Jul 16, 2017 2:53:00 GMT
Thanks for the help. I've had a look and I'm feeling a bit rocked. I definitely didn't get the email about this. I quote from the COL web - In a nutshell there is a loan here with 106 days remaining and it's been suspended from trading. Hopefully these vehicles are all as described and in a safe place and can be readily sold to cover the loan amounts and interest. But the schedule I looked at only had the mileages and not the vehicle ages or specific model details. e.g. There's a Porsche 911 with only 14,500 on the clock - the value of £10,500 against that sounds quite low. Then there's a Vauxhall Astra GTC with 7,500 miles and a value of £8,340. I'd expect the Porsche to be worth loads more than the Vauxhall. But I'm not in the motor trade. Overall, it's a salutary lesson for us investors about what can go wrong. Yes, the one over 100 days was selling instantly (even the overdue one was selling inhumanly quickly before I could refresh the sales page 😎). I do not think the inventory at go-live is updated for sales in the loan details so the spreads you're looking at may only be indicative.
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rs
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Post by rs on Jul 17, 2017 21:11:50 GMT
Thanks for the help. I've had a look and I'm feeling a bit rocked. I definitely didn't get the email about this. I quote from the COL web - In a nutshell there is a loan here with 106 days remaining and it's been suspended from trading. Hopefully these vehicles are all as described and in a safe place and can be readily sold to cover the loan amounts and interest. But the schedule I looked at only had the mileages and not the vehicle ages or specific model details. e.g. There's a Porsche 911 with only 14,500 on the clock - the value of £10,500 against that sounds quite low. Then there's a Vauxhall Astra GTC with 7,500 miles and a value of £8,340. I'd expect the Porsche to be worth loads more than the Vauxhall. But I'm not in the motor trade. Overall, it's a salutary lesson for us investors about what can go wrong. Yes, the one over 100 days was selling instantly (even the overdue one was selling inhumanly quickly before I could refresh the sales page 😎). I do not think the inventory at go-live is updated for sales in the loan details so the spreads you're looking at may only be indicative. have Coll found the cars yet or were they sold before company went into liquidation?
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stevio
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Post by stevio on Jul 18, 2017 3:55:48 GMT
Apologies, we are probably talking about the same company, though some of the info in your first post didnt seem to tally on first look. It is worth noting that the email states: "Due to the nature of our agreements the vehicles were assigned to Collateral and are therefore under our ownership." In the security section of the loan it states: "After 6 months, the borrower can choose to either buy back the goods or renew by paying a further fee equivalent to the interest payments due for the duration of the renewal." If it is true and Collateral own the vehicles, then they wouldn't need to be registered as a charge at Companies House. Will be interesting to see how these buy back loans pan out In this scenario the assets were not in Collaterals posession. For the Bling loans they are said to be in COs vaults under (near) CO towers. Again interesting to see the difference in default scenarios and the amounts recovered from either and learn from the risk involved in each
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elliotn
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Post by elliotn on Jul 18, 2017 6:54:32 GMT
It is worth noting that the email states: "Due to the nature of our agreements the vehicles were assigned to Collateral and are therefore under our ownership." In the security section of the loan it states: "After 6 months, the borrower can choose to either buy back the goods or renew by paying a further fee equivalent to the interest payments due for the duration of the renewal." If it is true and Collateral own the vehicles, then they wouldn't need to be registered as a charge at Companies House. Will be interesting to see how these buy back loans pan out In this scenario the assets were not in Collaterals posession. For the Bling loans they are said to be in COs vaults under (near) CO towers. Again interesting to see the difference in default scenarios and the amounts recovered from either and learn from the risk involved in each A substantial portion of my jewellery loans were at the borrowers' premises. The risk that by the time Collateral know what's happening there's nothing left has now been portfolio managed (I'd rather earn 0.05% at the bank).
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