GeorgeT
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Post by GeorgeT on Oct 11, 2019 11:57:11 GMT
I'm afraid the last thing BDO and their fatcat buddies on the gravy train want is to get this relatively small matter of a £15 million loan book sorted out because then the gravy train hits the buffers.
That they have been trying to sell the flat by private treaty for over a year in a falling market is ridiculous. It should have been placed in auction six months ago.But unfortunately there is this huge conflict between BDO who want to maximise their fees and investors who want some of their money back.
I won't be surprised if they are STILL having the chattels valued and relentlessly charging £600 an hour for overseeing the exercise.
The creditors' committee have got to get a lot tougher when they meet again later this month and BDO mustn't be allowed to keep putting the frequency of the creditors' committee meetings back.
Investors ought to be able to apply to the court for a judicial review of the progress to date and the fees.
It strikes me that the people dealing with the LY situation are getting on with it at a far better speed and with vastly superior communication to investors.
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GeorgeT
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Post by GeorgeT on Jun 19, 2019 14:33:03 GMT
As expected sadly, a scandalous lack of progress. But I am sure a very substantial increase in BDO's extortionately charged hours on the case.
I mean, how long does it take to value something and stick it in the next monthly auction with a competitive reserve price. A three legged tortoise on dope could have made more progress in the past six months.
It's now 16 months since Collateral went into administration and with every passing month the prospect of any meaningful capital recovery to investors reduces.
BDO's earnings must be entering the £ millions now though.
Still, we are due the next Administrators' report from BDO by May 2020 so at least that's something to look forward to next year.
Pressure on the FCA needs to be maintained.
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GeorgeT
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Post by GeorgeT on Jun 15, 2019 12:15:37 GMT
About 3 or 4 years ago Lendy sent a similar email saying they were offering safer loans at lower rates to give investors a choice.
We all know that wasnt true and it was just an excuse to increase their profit margin even further. I remember saying at the time on this forum that even 12% was not really commensurate with the risk and nobody should invest with a P2P company at an even lower rate.
Predictably , numerous of the 'safer', lower rate loans got into trouble including the castle which was a sub 12% loan and lenders lost about two thirds of their capital on that lower risk loan. I'm also pretty sure that the infamous London loan which caused investors massive amounts of anxiety for months for fear of being sued was also a safer, sub 12% loan.
I'm afraid my confidence in the P2P sector is shot to pieces and every penny I recover goes straight into FSCS protected accounts and premium bonds.
Even though I was one of the very first investors on Saving Stream when it was all boats and I almost completely bailed out before the brown stuff hit the fan (only bit in old terms Devon left) and therefore made a substantial profit on Lendy, I am left significantly out of pocket due to the Collateral debacle which has wiped out all my LY and MT gains and then a lot more.
And this despite some fairly cautious investing with Collateral in which I was in all of the 12% buy-to-let residential properties, many of which have already repaid 100% capital. I try not to think that over 1 year's salary that I worked incredibly hard for is likely going to end up paying the obscenely extortionate and unaudited, un-broken down fees of some fatcat administrators in central London instead of being returned to my bank account.
I rue the day I ever heard of P2P investing. My missing money has had a quite substantial impact on my life in my early retirement years, health and lifestyle.
I'm sad to say I think there are other investors like me and the activities of failed platforms like COL and LY have done it in for the rest. There will always be hobbyist investors and mega rich people who will like to take a punt but I don't see the sector ever attracting the number of investors it did at its peak. Too many of the P2P participants were really savers hunting for some interest from their capital and a lot of them have been badly burnt and won't be returning to the field regardless of how the product changes.
I'm afraid , in my view, there was a lot of mis selling in the P2P sector in the early days and the risks were glossed over to attract investors. Now the high risks are fully in the spotlight and have smacked most investors in the face.
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GeorgeT
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Post by GeorgeT on Jun 14, 2019 16:32:48 GMT
Update on site, Good news I didn't think it was good news. I was hoping to get some of my money back this summer.
The last update in April said there were 15 completed sales and 2 more sales were set to complete within a week and 5 others were on the brink of sale and interest was strong.
2 months later and, in fact, only 1 more unit has been sold and interest has withered away.
The April update implied that 2 more sales would repay the finance in full so that interest costs to lenders would cease. Even that doesn't seem to have happened.
A year ago this looked like being a good capital returner, now it looks like it's going to be giving lenders quite a big loss.
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GeorgeT
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Post by GeorgeT on Jun 4, 2019 17:47:36 GMT
It's been nearly 2 months. I'm itching for another update.
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GeorgeT
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Post by GeorgeT on May 24, 2019 22:31:03 GMT
Monetus wrote -
"Anyone invested in "old terms" loans may now be an unsecured creditor potentially? As they technically invested directly into Lendy they may have gone from being in allegedly "safe" loans that were "100% guaranteed by Lendy" to having no security at all and being at the back of the queue. Time will tell..."
The above is an interesting point. I only had money left in Devon old terms and I had submitted a claim for my money because Lendy were clearly in breach of the terms and conditions applicable to those loans in that they hadn't put the assets into auction etc etc etc.
Lendy treated my claim as a complaint and then completely ignored it and the 8 week period came and went without any formal response. I then escalated the matter to the Ombudsman as a formal complaint against Lendy for being in breach of FCA rules and that matter was ongoing with the Ombudsman as of today.
I had considered submitting a claim in the small claims court which you can now do online to get judgement against Lendy but the court fee for that would have been another £105 of my money and I thought they would probably just ignore the judgement against them.
I am one of the fortunate ones because I was an early investor and have made more in interest from lendy than I have stuck in them as of now so even if I get a total wipeout on what I have left I will still come out on top. However I realise the situation for a lot of other investors will be quite worrying.
All I can say is that this has come as little surprise to me and I'm sure other forum users because the writing has been on the wall for quite a long time now.
Frankly I am staggered that the FCA gave them full authorisation less than 1 year ago when they were clearly already in difficulty with the very high level of defaults and adverse press articles and bad online reviews.
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GeorgeT
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Post by GeorgeT on May 24, 2019 22:21:03 GMT
With Lendy going into administration today I wonder what this means for Lendy Cowes week in August.
Presumably a company in administration can't have its name all over a big event or can it.
And presumably quite a lot of money will have been paid upfront for sponsorship of this event, which appeared to be a vanity project for LB.
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GeorgeT
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Post by GeorgeT on May 24, 2019 19:22:38 GMT
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GeorgeT
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Post by GeorgeT on Apr 30, 2019 15:57:21 GMT
Disappointing BDO didn't send me an email telling me about this important report they published 6 days ago. I wouldn't have known about it if I hadn't looked on this forum today.
I rarely read P2P stuff online now because, with the COL situation, it was causing me additional worry and anxiety and affecting my health. What will be, will be.
This progress report is about what I would have expected. At least it's a little bit more thorough than some previous updates.
Exorbitant fees continuing to rack up nicely for BDO. They've already made themselves a million I see. Still only a few recoveries and, to date, these total less than BDO's fees.
Positive - "the Joint Administrators currently anticipate that two further redemptions may close by the end of April 2019."
* Well, the end of April is today and these would boost the recoveries pot. I wonder if we will be able to be informed if these have gone through ? It would improve our position a little bit and make some people feel better.
Negative ? - "In addition to the claims of investors, the Joint Administrators have received three claims to date from unsecured creditors, totalling c£758,000.These claims are still being reviewed by the Joint Administrators and have not yet been adjudicated."
I don't know enough to know if this could be relevant or not.
As I see it, our best chance of a decent recovery would seem to be the FCA having to make up our shortfall for misleading us into investing with COL by having an incorrect Register and then allowing us to invest for 3 more months after they knew they shouldn't have been operating.
I have already made one formal complaint to the FCA. After reading the forum today, I shall make another.
I will now try and forget about this matter for another few months.
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GeorgeT
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Post by GeorgeT on Mar 13, 2019 20:39:34 GMT
Thanks to Monetus for attending. It sounds like a long day.
With the NDA it's hard to tell but I don't feel encouraged.
Only 2 more recoveries since the previous CC meeting seems pretty poor progress and I expect a lot of that has been swallowed up by fees.
On the subject of the fees, BDO's initial estimate was much too low. I recall the committee had asked them to come up with a revised fee estimate. Is it possible to say whether they have done this?
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GeorgeT
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Post by GeorgeT on Mar 13, 2019 20:34:22 GMT
Monetus - timing is quite similar to my own. Just checked and mine was at the beginning of January also. I got an almost immediate acknowledgement and then I got a holding letter at the start of Feb promising me a response within the 8 week deadline. But that was it. I chased also but still no response to my complaint.
I don't know what's going at LY HQ but it doesn't feel good to me. This is a basic compliance matter and is all set out in the FCA rulebook for authorised firms. LY are no longer complying.
I would have thought with the FCA already on their backs, LY must be in danger of being stripped of their accreditation and forced out of business - if they are still in it.
Perhaps the boss no longer cares.
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GeorgeT
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Post by GeorgeT on Mar 12, 2019 23:26:00 GMT
It's not good enough that Lendy is on the FCA watch list, they should have been struck off.
Many weeks ago I made an official complaint to lendy about a personal matter and I got an initial acknowledgement informing me of the rules and regulations in that they had to respond within 8 weeks under the FCA rules but the 8 weeks has long since passed and I have heard not a jot. it would appear that they are not even bothering to comply with legal compliance rules and regulations any longer.
I have escalated my complaint to the financial ombudsman service and am awaiting a response from them as to why lendy are not dealing with complaints within 8 weeks. I wonder if there are even any staff left to deal with complaints and customers.
Unfortunately it very much feels to me as though these are the dying days of Lendy and the lights could go out any day soon.
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GeorgeT
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Post by GeorgeT on Mar 12, 2019 23:21:31 GMT
Perhaps I am mistaken but I was under the impression there was a creditors' committee meeting today with BDO.
I have logged on to the forum tonight expecting to find a report and update but there is nothing but the sound of silence.
Did I get the date wrong or has the creditors committee run off to Monaco with the BDO boys with all our cash in their back pockets?
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GeorgeT
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Post by GeorgeT on Mar 4, 2019 17:37:45 GMT
Now on Right Move.
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GeorgeT
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Post by GeorgeT on Jan 24, 2019 1:20:16 GMT
I'm working hard as well. Numerous very formal and well researched complaints submitted by me and I have a barrage of holding letters and acknowledgements in the bank so far. I am keeping the pressure on. I am becoming a pest.
This isn't going to go away and the FCA and Ombudsman now realise that.
It's going to get difficult and messy for them.
The creditors' committee is lame and on BDO's leash in my opinion. I have made this point forcefully and with the evidence I have so far mustered and been sent anonymously.
Certain members of the creditors' commitee appear to have proven connections with BDO and the invitation only 'Underground P2P forum' where big hitters were cherry picked off this public P2P forum for preferential investment terms on the strict orders they must not be Admins or Mods. I am now led to believe, and seeking corroboration, that the Underground P2P forum morphed into an even more hidden underground club.
The acceptance of the excessive BDO fees prior to the last creditors' committee meeting was a big mistake in my opinion. The notion that to challenge the fees would cause delay was a nonsense. Investors expect a recovery/return. I believe this was BDO testing the waters to see what they could get away with. Unfortunately the CC capitulated at stage 1 despite acknlowledging the fees were excessive for the work done and in excess of what the Court was told (you must question why they would do that), and now BDO have got tacit approval to charge what they like. This is a power game and BDO have been given the upper hand to bleed investors dry.
The next 12 March CC meeting is critical. If the CC rolls over again, then the FCA and FRCC are going to find the temperature of the water changing from hot to boiling.
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