registerme
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Post by registerme on Jul 20, 2017 18:10:12 GMT
There are no winners or losers here, and point scoring is pointless. So stop it. Now.
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dermot
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Post by dermot on Jul 20, 2017 18:16:36 GMT
Just seen the email and looks to be a good resolution, no details discussed as per collateral request. Scarcely a week and we have what seems to be a robust and complete answer to the issues - long may it continue, well done chaps.
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hendragon
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Post by hendragon on Jul 20, 2017 18:25:19 GMT
I would like to ask Col if they will allow the loans repayable in Oct,Nov & Dec to be sold on the secondary market or will they still be suspended?
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romy
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Post by romy on Jul 20, 2017 18:30:04 GMT
I could, with equal veracity, contend that my decision to not immediately harass COLL but give them time to prioritise and concentrate on the immediate actions they needed to take, together with my total lack of ranting on this forum has resulted in a very constructive email and default column. Cause/effect...?...
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mason
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Post by mason on Jul 20, 2017 19:57:52 GMT
This is a platform that has always been open and straightforward with its lenders. As it turns out, this situation was no exception, but the priority here was to take the necessary legal steps first. The delay in releasing information will not have been for no reason. I'm very encouraged by the way this situation is being managed, both from the perspectives of process and communication.
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registerme
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Post by registerme on Jul 20, 2017 21:33:41 GMT
Locking pending further mod discussion.
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star dust
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Post by star dust on Jul 20, 2017 22:03:23 GMT
Admin Hat on/ I have just removed a number of bickering and boorish posts aimed at other forum members and forum staff. As registerme indicated this will be discussed further by the whole moderation team. Meanwhile, I have unlocked the thread because I think it would be a disservice to both Collateral and more rational members to leave it locked. However, please note: the next person who strays from polite and constructive discussion will be banned. There may also be other actions as a result of the wider moderator discussion.
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elliotn
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Post by elliotn on Jul 21, 2017 1:02:10 GMT
So, contrary to the recent near hysterical outbursts of some members of the 'wanabe secret squirrel society' it has actually proved not so difficult after all to have an all informed community network;- now has it? Most importantly, if the directors meet their commitments, an excellent and very swift result (especially when I compare to my overdue loans from 2016 on FS or take a quick look at the Ly Def page). I think the robustness of the chattels' mortage in conjunction with the sales' agency agreements must have looked tight and provides some comfort around Collateral's model across other grouped assets types too ie the even more portable jewellery. The potential to lift the veil of incorporation and pursue directors directly has apparently done its job very well. But the likelihood that further legal proceedings might not be necessary may have had some bearing on Collateral's ability to share its good news of the loans being quickly back on track to a wider audience. Had this threatened to be a legal quagmire I would have respected Collateral's right to maintain confientiality to those invested in the loan however rxdav , had they so chosen. This is standard practise in p2p lending and you'll see this with abl (container loans), MT (Birkenhead), Ly (Garden Centre) and others. However, I may benefit at a later date with the next default - as will happen lending directly to higher rate borrowers - if wider communications are available and, with the default page to be implemented too, would like to thank the board for its efforts and in particular to Collateral for its exemplary response to its first default. Long may it continue .
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 21, 2017 1:23:21 GMT
Never in the field of peer to peer has some much rubbish been spoken by so few people in so many posts Sorry Winston
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metoo
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Post by metoo on Jul 21, 2017 3:09:49 GMT
I would like to ask Col if they will allow the loans repayable in Oct,Nov & Dec to be sold on the secondary market or will they still be suspended? Can't see it being possible because the value of recoveries will be uncertain.
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mason
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Post by mason on Jul 21, 2017 5:39:30 GMT
I would like to ask Col if they will allow the loans repayable in Oct,Nov & Dec to be sold on the secondary market or will they still be suspended? Can't see it being possible because the value of recoveries will be uncertain. It's quite possible for defaulted loans to be traded on the secondary market. It happens elsewhere. Provided there is no information asymmetry between investors and non-investors, then informed decisions can be made. I'd be surprised if anyone would want to buy into these loans though, given the short terms and risk of incomplete recovery.
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elliotn
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Post by elliotn on Jul 21, 2017 5:59:26 GMT
Can't see it being possible because the value of recoveries will be uncertain. It's quite possible for defaulted loans to be traded on the secondary market. It happens elsewhere. Provided there is no information asymmetry between investors and non-investors, then informed decisions can be made. I'd be surprised if anyone would want to buy into these loans though, given the short terms and risk of incomplete recovery. FS lock you in 30 days before redemption, abl/hc pause the sm, Ly will be belatedly pausing Defs to be fca compliant - can you think of any others? MT springs to mind with the intra-term warning for Birkenhead (albeit without the subsequent comms that have been provided by Coll).
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bababill
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Post by bababill on Jul 21, 2017 6:01:38 GMT
BC lock you in 30 days before redemption + pause the sm if borrower is late.
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elliotn
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Post by elliotn on Jul 21, 2017 6:05:47 GMT
Ditto AC pausing for significant credit events (iirc?).
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Post by Collateral Rep on Jul 21, 2017 6:21:00 GMT
Morning,
We'll be adding the loans in question to the new Default tab today with updates to the status of these loans in the detail page. Trading on these loans will be paused.
Many thanks,
Gordon
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