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Post by francism on Feb 28, 2018 20:34:15 GMT
is it my imagination, or has the message on the website been corrected so that it is centered on the page? maybe someone in collateral is still there!!
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jcb208
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Post by jcb208 on Feb 28, 2018 20:36:55 GMT
is it my imagination, or has the message on the website been corrected so that it is centered on the page? maybe someone in collateral is still there!! Nope same as before for me
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Post by beepbeepimajeep on Feb 28, 2018 20:37:25 GMT
is it my imagination, or has the message on the website been corrected so that it is centered on the page? maybe someone in collateral is still there!! still the same for me.
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Post by davids on Feb 28, 2018 20:41:30 GMT
Did everyone get an email at 8:44am this morning saying an update is being prepared and will be emailed to all lenders later today?
If so, have i missed the next e-mail or was it not sent?
I think i know the answer but just want to be sure
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jcm9000
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Post by jcm9000 on Feb 28, 2018 20:41:58 GMT
Tis the waiting I hate. If i refresh my email one more time my phone screen may wear out. We know we have borrowers and lenders, i Just want to know those records still exist. Burble.
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Post by beepbeepimajeep on Feb 28, 2018 20:42:49 GMT
I wonder what the selling loan parts/withdrawal rates was like on other platforms today. I would wager completely through the roof.
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Post by charlata on Feb 28, 2018 20:42:57 GMT
I don't get the enthusiasm for bringing in journalists. As dualinvestor says, they'll soon be circling any way, but why the enthusiasm? Oh goody, a bunch of articles about stupid investors piling into a crazy internet investment scheme? And yes, I am an one. A smaller platform goes AWOL, for reasons as yet unknown, and we want a rush or articles on why you'd have to be mad to invest in P2P? Or does someone here think journalists are going to pursue Coll in our best interest? That newspaper articles on coll are going to make it more likely that we will get our money back?
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capucino
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Post by capucino on Feb 28, 2018 20:43:25 GMT
Tis the waiting I hate. If i refresh my email one more time my phone screen may wear out. We know we have borrowers and lenders, i Just want to know those records still exist. Burble. well, we can be certain hey still have our emails
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mason
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Post by mason on Feb 28, 2018 20:43:25 GMT
It seems to me that the most plausible explanation remains that the FCA has precipitated these events. Perhaps the window for Collateral obtaining full authorisation has expired, along with any grace period they may have been given to sort things out. Continuing to operate in such circumstances would constitute a criminal offence, so I could understand the directors taking fairly swift action if that really was the situation they faced. I just can't see the FCA making a P2P platform shut down & thus locking in all the investors money. There must be some other reason The closest situation I can recall was that of DotComUnity - a credit union, which was subjected to enforcement action by the PRA. It too locked up people's funds (mostly in the form of cash ISAs) and went quiet for a protracted period, although it didn't go to the extreme of wiping out its website! In that case, deposits were covered by the FSCS and eventually it was declared insolvent and depositors got their money back. We don't have the luxury of that safety net.
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Monetus
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Post by Monetus on Feb 28, 2018 20:44:23 GMT
I just can't see the FCA making a P2P platform shut down & thus locking in all the investors money. There must be some other reason The closest situation I can recall was that of DotComUnity - a credit union, which was subjected to enforcement action by the PRA. It too locked up people's funds (mostly in the form of cash ISAs) and went quiet for a protracted period, although it didn't go to the extreme of wiping out its website! In that case, deposits were covered by the FSCS and eventually it was declared insolvent and depositors got their money back. It’s a shame that P2P funds aren’t covered by the FSCS
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Post by richardthe4th on Feb 28, 2018 20:45:00 GMT
is it my imagination, or has the message on the website been corrected so that it is centered on the page? maybe someone in collateral is still there!! If you stare at the screen long enough you begin to hallucinate. It happened to me as well - have a glass of wine and it will be back to normal...
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withnell
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Post by withnell on Feb 28, 2018 20:46:05 GMT
directorship changed hands on the 18th of Feb A Director who resigned his position in 2016 was reinstated - so the company went from 2, to 1, and back to 2 directors - there's been no changing hands.
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mason
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Post by mason on Feb 28, 2018 20:46:15 GMT
The closest situation I can recall was that of DotComUnity - a credit union, which was subjected to enforcement action by the PRA. It too locked up people's funds (mostly in the form of cash ISAs) and went quiet for a protracted period, although it didn't go to the extreme of wiping out its website! In that case, deposits were covered by the FSCS and eventually it was declared insolvent and depositors got their money back. It’s a shame that P2P funds aren’t covered by the FSCS Indeed, just saw this after editing my post to add a comment to that effect!
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michaelc
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Post by michaelc on Feb 28, 2018 20:50:55 GMT
So aggregating from this thread the most likely scenarios are:
A/ FCA told them to stop trading immediately because they are not registered in any capacity B/ They became unable to trade due to insolvency C/ Fraud D/ Some IT catastrophe - but I think we can rule that out based on lack of communication
In those cases, what would likely happen next and what would we get back? And what are the likely timescales?
C is presumably the worst but even there, money tied up in property loans might have a chance of being recovered? In all other cases all lenders' assets might be recoverable over time ?
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Post by beepbeepimajeep on Feb 28, 2018 20:51:11 GMT
I don't get the enthusiasm for bringing in journalists. As dualinvestor says, they'll soon be circling any way, but why the enthusiasm? Oh goody, a bunch of articles about stupid investors piling into a crazy internet investment scheme? And yes, I am an one. A smaller platform goes AWOL, for reasons as yet unknown, and we want a rush or articles on why you'd have to be mad to invest in P2P? Or does someone here think journalists are going to pursue Coll in our best interest? That newspaper articles on coll are going to make it more likely that we will get our money back? I don't really mind if they give this publicity. I don't see it affecting our chances of money back either way significantly so I don't mind Collateral being given bad press. If the drawn down loans are as described and will be picked up by someone else or not then an article wont make a difference. If money in cash/unfilled loans has been pilfered then I don't see it having an affect either. We have all been duped (if you had money in there like I did). ******* I don't mind the truth in that regard coming out. It's going to have huge negative repercussions for p2p in general. That's starting to happen already with or without articles in papers. It will give me some satisfaction to see the directors named badly in some way and to go down in history like that.
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