tomp
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Post by tomp on Aug 7, 2017 8:05:51 GMT
Hi Collateral Rep, I was wondering if items held by Collateral are audited by some third part to confirm that they are in your possession. Thank you
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Post by dan1 on Aug 7, 2017 8:52:33 GMT
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tomp
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Post by tomp on Aug 7, 2017 9:46:58 GMT
Thank you, I was under impression that all the audits mentioned in the site visit report were to do with IT infrastructure. I was more concerned with audit of deposit boxes
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tomp
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Post by tomp on Aug 8, 2017 7:50:09 GMT
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micky
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Post by micky on Aug 8, 2017 8:01:08 GMT
Gordon does reply to direct emails. Maybe you will get a quicker response by doing this.
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stub8535
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Post by stub8535 on Aug 8, 2017 8:32:17 GMT
polonius and myself had the offer to go along to one of the secure units. On questioning about security we came to the conclusion that we would not be allowed through to the deposit boxes in order to check. We did see bling being physically valued on the visit. We had no evidence to suggest that the items were not held, if the contract was for it to be so, in Collaterals possession. Some contracts allowed for customers to keep possession of their item but this is stated in the loan particulars I believe. Vehicles in possession were held in a facility in Preston. Bling in 2 depositories in Manchester. Sorry I can not shed total assurance but I would still trust the platform if they say the item is in their possession. At the time of the visit Collateral were just moving into the property side. We registered the desire for them to keep the bling coming as well but, it seems, to no avail. Business finance reasons and the push for profitability may have driven them down this route inho. Stuart Anything to add polonius?
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Post by Collateral Rep on Aug 8, 2017 8:46:11 GMT
Morning,
All loan listings have details of where the items are held.
We do not provide an audit of our safety deposit boxes for security reasons.
Collateral Team
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ash83
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Post by ash83 on Aug 8, 2017 9:38:34 GMT
Collateral RepSo in case of no external audit, how do we know that these items (blings, etc.) do physically exist at all and are in your possession? How do we know for example if Col is in financial difficulty they won't create a new loan with some photos of jewelries and get money from investors with no security? sorry if I'm too paranoid but the OP's question and the Col response just made me think how secure our investments are?!
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stub8535
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Post by stub8535 on Aug 8, 2017 9:59:26 GMT
Collateral RepSo in case of no external audit, how do we know that these items (blings, etc.) do physically exist at all and are in your possession? How do we know for example if Col is in financial difficulty they won't create a new loan with some photos of jewelries and get money from investors with no security? sorry if I'm too paranoid but the OP's question and the Col response just made me think how secure our investments are?! ash83 the maxim that "if you are not comfortable with a proposal then don't invest" applies here I think. We all place a certain level of "trust" in what platforms tell us. Doing some dd ourselves and collectively throws up the regular conundrums. Trusting valuations is in the spotlight all over the boards at the moment. Choice of investment remains with the investor.
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Post by Collateral Rep on Aug 8, 2017 10:02:05 GMT
Hi ash83, We have always been totally transparent and done everything possible to make investors comfortable with Collateral. We put an open invite out to all our investors to come along and meet us in our offices, where two investors took us up on the offer. I think they were happy with what they could see and what was discussed, we are always more than happy to meet and speak with any investor at the trade shows we attend. We speak regularly with investors over the phone answering all sorts of questions and I think we have a very good relationship with many of our investors. The questions you are asking have been raised many, many times before. Ultimately as mentioned on all P2P Independent forums by forum users and experienced investors about all platforms. You have to be happy with your own choices in what you invest in, and if you have any doubts, pass on the opportunity. These questions are probably the main reason why many platforms just concentrate on property. Many thanks, Gordon
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stub8535
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Post by stub8535 on Aug 8, 2017 10:08:39 GMT
Hi ash83, We have always been totally transparent and done everything possible to make investors comfortable with Collateral. We put an open invite out to all our investors to come along and meet us in our offices, where two investors took us up on the offer. I think they were happy with what they could see and what was discussed, we are always more than happy to meet and speak with any investor at the trade shows we attend. We speak regularly with investors over the phone answering all sorts of questions and I think we have a very good relationship with many of our investors. The questions you are asking have been raised many, many times before. Ultimately as mentioned on all P2P Independent forums by forum users and experienced investors about all platforms. You have to be happy with your own choices in what you invest in, and if you have any doubts, pass on the opportunity. These questions are probably the main reason why many platforms just concentrate on property. Many thanks, Gordon @gordon was that the reason you switched to property only then? Poor if it is the only consideration in my opinion.
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greatmarko
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Post by greatmarko on Aug 8, 2017 10:39:18 GMT
At the time of the visit Collateral were just moving into the property side. We registered the desire for them to keep the bling coming as well but, it seems, to no avail. ^ This!! More "bling", less property please Collateral Rep
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Post by Collateral Rep on Aug 8, 2017 10:43:57 GMT
Hi stub8535, We haven't made a decision on property only, it's just that we haven't had any quality opportunities of late. We would still be more than happy to put none property loans up if it is a loan which would be suitable for the platform. Many thanks, Gordon
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littonowl
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Post by littonowl on Aug 8, 2017 11:05:05 GMT
Hi stub8535 , We haven't made a decision on property only, it's just that we haven't had any quality opportunities of late. We would still be more than happy to put none property loans up if it is a loan which would be suitable for the platform. Many thanks, Gordon This is hard for me to understand when not so long ago you were sourcing and presenting jewellery loans on a daily basis, (often more than one loan too) and yet now, we haven't had any bling whatsoever in months...
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stub8535
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Post by stub8535 on Aug 8, 2017 11:29:54 GMT
Maybe if someone was still actively trawling for the opportunities we would have seen something presented. Has the eye been taken off that ball Gordon or are you still as actively looking? Appetite still exists.
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