moist
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Post by moist on Jun 25, 2018 5:52:13 GMT
I have put myself forward. In conjunction with Mrs Moist I have in excess of 1% of the loan book.
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moist
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Post by moist on Jun 19, 2018 17:45:42 GMT
Afternoon Here at Moorfields Advisory Ltd, a firm of Insolvency Practitioners who have experience in advising P2P firms, we have been contacted by MoneyThing and have been discussing internally the difficulties lenders / creditors potentially face following the administration of Collateral UK Ltd. We are advised that the current Administrators, BDO, are proposing to circulate a report on 22 June 2018 and from the posts we have seen to date, creditors will be taking a keen interest in their latest update. We would be willing in the first instance to review the report, then answer questions that might arise as common themes. Therefore, please raise your queries via this thread between 22 June 2018 and 29 June 2018, after which we will be happy to summarise the report and answer those common concerns raised during that period. We join MoneyThing in expressing our sympathy for the lenders’ situation and we hope to be able to provide some practical assistance. We can confirm that we will not charge for conducting this review. Regards Moorfields Advisory Ltd A very generous offer, and hopefully a start to a common direction for investors. If action is needed, I for one will happily help to fund advice going forwards.
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moist
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Post by moist on May 21, 2018 9:15:49 GMT
got a reply, but took about a week.....
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moist
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Post by moist on May 11, 2018 16:53:53 GMT
worlds most useless update...... we are having a meeting 2 weeks ago to discuss....
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moist
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Post by moist on May 8, 2018 14:38:52 GMT
Simple issue...site is worthless.
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moist
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Post by moist on Apr 28, 2018 5:00:38 GMT
lets hope not to many of the borrowers were in on this. Some of the unstarted developments valuations looked shaky, with potential connections between borrowers and the Kormas.....
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moist
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Collateral (COL) in Liquidation
Loan structure
Apr 17, 2018 15:25:09 GMT
Post by moist on Apr 17, 2018 15:25:09 GMT
yep, have passed on full terms and conditions. Issue is simply, if they are not authorised, all contracts nul and void = we are creditors.
however the FCA balls up on their site may reverse that
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moist
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Post by moist on Apr 17, 2018 12:53:43 GMT
Does anyone have a copy of details from the Col website of how loans were structured? ie We were loaning direct to the borrower, and not through the platform. Was there a formal statement on the platform before it was taken down?
I ask as it could well be the difference between us being creditors or investors. I have been chatting to the FCA at length.
essentially if Col were not authorised, loan agreements are nul and void, so we become creditors......
However, FCA painfully aware that they displayed temp authorisation on their website, potentially making them culpable for any losses.
They are very keen for BDO to take over....I would agree. I quote Jessica
'I can confirm that based on all the information I hold all investor monies are secured against properties and the value considerably outweighs investments made, all investors are intended to get 100pence in the pound should we remain in office, if another firm are appointed, I cannot determine what the outcome might be. I can say as a matter of fact that the balance you refer to has not been part of a ponzi scheme and has not been used by the Directors. I can only assume at present that this balance isn’t against the Chesterfield property but against some of the other larger developments, but I can’t say this for definite at the moment as detailed above.'
You will note her complete lack of understanding of p2p....Chesterfield money put to other loans!!
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moist
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Post by moist on Apr 12, 2018 13:03:17 GMT
well if B** get in I reckon 50p in the £ if lucky!
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moist
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Post by moist on Apr 10, 2018 18:15:42 GMT
Now we can have another 100 pages speculating on the reason for Jessica's sick leave!!! me telling her Col was a ponzi scheme.....and the FCA agreeing
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moist
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Post by moist on Apr 6, 2018 6:12:46 GMT
Whilst beyond belief if its true that the Chesterfield money isn't in cash in a COL bank account, perversely if the funds have been advanced to the Bolton project, it may actually be good news for those in the Bolton loans as it may mean the funds required to complete the development could be much less than we were imagining. The smaller the funding gap, and the closer to completion the project is when funds becomes required, the easier it will be for the developer to either secure funds ranking behind the COL loans, or refinance the entire project as the development's value shouldn't be that far below the GDV. On the otherhand it would effectively have increased the Chesterfield''s lenders' exposure (=risk) to the Bolton development beyond what they had put in directly, and would presumably be equivalent to the 15% third rank tranches for ranking purposes in the current loanbook windup situation. If true (and it's a big if), it would explain this post: p2pindependentforum.com/post/255476and make Col a fraudulent ponzi scheme......just my thought.
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moist
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Post by moist on Apr 4, 2018 13:11:13 GMT
Does this not set a precedent for the industry. Living wills not worth the paper they are written on if the FCA gets its way.....
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moist
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Post by moist on Apr 3, 2018 19:10:06 GMT
the loans would potentially be launched on other platforms...hence paying back current investors.
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moist
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Lendy (L) in Administration
phonecalls
Mar 30, 2018 17:56:15 GMT
Post by moist on Mar 30, 2018 17:56:15 GMT
had my call...just call me Frank.
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moist
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Post by moist on Mar 29, 2018 12:18:21 GMT
If this one does not pay back in full, I will spend my spare time explaining to all who will listen just how Lendy operate. I have a lot of good contacts. Put that in yr pipe and smoke it Paul@Lendy
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