registerme
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Post by registerme on Feb 28, 2018 21:51:21 GMT
Not said to anybody in particular - unfounded speculation helps nobody. You are not sharing your thoughts with a friend over a glass of wine, you are sharing them with the entire internet, and Google is terribly, terrifyingly, efficient.
If you're tempted to throw an idle comment into the mix step away from the keyboard, go outside, and throw a snowball at the moon.
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sarahcount
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Post by sarahcount on Feb 28, 2018 21:52:25 GMT
So, hypothetically, if Coll were to go into administration under these new T&Cs that apparently have secretly been introduced is it the case that all the money we have invested in the platform would rank as an unsecured creditor and the different loans that we think we are in is swept away and counts for nothing? Just one big pile of assets and one larger pile of creditors - with the administrators and the bank presumably at the top. Surely that can't be possible?
Edit - I remember that we used to lend to Lendy and they lent to the borrowers - that then changed and we lent directly to the borrowers. I am pretty sure that on COLL, and most platforms, we are lending to the borrowers so each of our investments should have it's own security attached. More work for the administrators, or the appointed wind down people, but that's the way we were told it was going to be.
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Post by beepbeepimajeep on Feb 28, 2018 21:53:18 GMT
rip
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blender
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Post by blender on Feb 28, 2018 22:01:13 GMT
When the light is switched off, the dark spaces become filled with all sorts of monsters. When it is switched on again the monsters usually disappear. Speculation walks on stilts in this thread. Silence suggests that there is a disciplined process being worked through. I don't have any money with Collateral, but if I had I would not be worrying about the money with borrowers.
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michaelc
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Post by michaelc on Feb 28, 2018 22:03:26 GMT
If you look elsewhere in this thread you will find that the image (a jpg) was created on the day that they took the website off line, i.e. it was not a generic image that was waiting to be used in the unlikely event of a server going down. It was created just prior to pulling the plug. Surely the server can't be down or we wouldn't be getting anything at all from the domain. This is something I do know something about having devoted much of my working life to it. There are typically many "servers" (CDNs, VMs, containers or bare metal) involved. The bigger the website, the more such components are involved but even in the smallest of website setups if the backend origin server is not running, a holding image might be displayed by an intervening cdn or proxy. Regardless of the technicalities, whoever owns the platform website can typically trivially display a holding page whether that arises by default (as might well be the case) or is specifically put up. I am 100% sure (a rare moment for me!) that the reason for radio silence is not technical.
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Post by eascogo on Feb 28, 2018 22:04:06 GMT
... I think the current image being displayed on the website is a default error page, as in, they have turned the servers off and thats what gets shown by default. If you look elsewhere in this thread you will find that the image (a jpg) was created on the day that they took the website off line, i.e. it was not a generic image that was waiting to be used in the unlikely event of a server going down. It was created just prior to pulling the plug. The same image appears on Trustpilot. There are 0 reviews. "This company hasn't claimed its Trustpilot profile, and to our knowledge, doesn't actively invite its customers to write reviews on Trustpilot." uk.trustpilot.com/review/collateraluk.com
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hazellend
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Post by hazellend on Feb 28, 2018 22:05:02 GMT
So, hypothetically, if Coll were to go into administration under these new T&Cs that apparently have secretly been introduced is it the case that all the money we have invested in the platform would rank as an unsecured creditor and the different loans that we think we are in is swept away and counts for nothing? Just one big pile of assets and one larger pile of creditors - with the administrators and the bank presumably at the top. Surely that can't be possible? Edit - I remember that we used to lend to Lendy and they lent to the borrowers - that then changed and we lent directly to the borrowers. I am pretty sure that on COLL, and most platforms, we are lending to the borrowers so each of our investments should have it's own security attached. More work for the administrators, or the appointed wind down people, but that's the way we were told it was going to be. No, it would only be cash in your account that would be lost. The money out on loan isn't cash, it's an loan that is secured by an asset. That money is "safe" as long as no fraud has been committed.
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tx
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Post by tx on Feb 28, 2018 22:07:30 GMT
I went back to my emails from Collateral UK, and clearly email on 30 Jan has “Collateral (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA).” then on 31 Jan this line is removed. And yet we, I presume none of us, has NOT got any notification of this change.
How can regulatory status change not be notified to ALL clients?
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slush
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Here to learn. Please be gentle.
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Post by slush on Feb 28, 2018 22:07:57 GMT
Surely the server can't be down or we wouldn't be getting anything at all from the domain. I am not suggesting the server is down. I was responding to someone's point of view about it being a generic image for times in which a server does go down. My point, the image was created just before they pulled the plug
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Monetus
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Post by Monetus on Feb 28, 2018 22:13:28 GMT
So, hypothetically, if Coll were to go into administration under these new T&Cs that apparently have secretly been introduced is it the case that all the money we have invested in the platform would rank as an unsecured creditor and the different loans that we think we are in is swept away and counts for nothing? Just one big pile of assets and one larger pile of creditors - with the administrators and the bank presumably at the top. Surely that can't be possible? Edit - I remember that we used to lend to Lendy and they lent to the borrowers - that then changed and we lent directly to the borrowers. I am pretty sure that on COLL, and most platforms, we are lending to the borrowers so each of our investments should have it's own security attached. More work for the administrators, or the appointed wind down people, but that's the way we were told it was going to be. No, it would only be cash in your account that would be lost. The money out on loan isn't cash, it's an loan that is secured by an asset. That money is "safe" as long as no fraud has been committed. Presumably funds that have been invested into loans that hadn't drawn down yet would also be lost - such as the latest Bolton 2% cashback tranches.
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Post by beepbeepimajeep on Feb 28, 2018 22:14:09 GMT
I went back to my emails from Collateral UK, and clearly email on 30 Jan has “Collateral (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA).” then on 31 Jan this line is removed. And yet we, I presume none of us, has NOT got any notification of this change. How can regulatory status change not be notified to ALL clients? I have the same Emails on Jan 31st and before contain the line " Collateral (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA)." at the bottom Emails from Feb 1st and after - none of them have that line.
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IFISAcava
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Post by IFISAcava on Feb 28, 2018 22:22:30 GMT
No, it would only be cash in your account that would be lost. The money out on loan isn't cash, it's an loan that is secured by an asset. That money is "safe" as long as no fraud has been committed. Presumably funds that have been invested into loans that hadn't drawn down yet would also be lost - such as the latest Bolton 2% cashback tranches. And a whole months interest, which COL may have collected already (and was due for payment tomorrow morning). Have to say, I didn't spot the change in T&Cs (and it wasn't pointed out to me by COL) and so I was less prompt than I might have otherwise been at removing cash after selling loans. Also liked to keep a few hundred just in case the odd desirable bling loan popped up. On the (mistaken) assumption that cash was safe as would be kept in a separate client account.
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registerme
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Post by registerme on Feb 28, 2018 22:24:35 GMT
I just had to lock this thread whilst I made a couple of edits to posts that stepped over the line.
The truth will out.
Throwaway comments with no supporting evidence, right now, are not "truth". Be careful you don't limit or diminish the outcomes by saying things that everybody, not just you, may come to regret.
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Monetus
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Post by Monetus on Feb 28, 2018 22:25:17 GMT
Presumably funds that have been invested into loans that hadn't drawn down yet would also be lost - such as the latest Bolton 2% cashback tranches. And a whole months interest, which COL may have collected already (and was due for payment tomorrow morning). I could be mistaken but I believe that Collateral generally take all interest up front from the borrower for their loans - especially property - so it's likely that they are already sitting on the entire interest amount for their loans in advance.
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Post by beepbeepimajeep on Feb 28, 2018 22:25:48 GMT
Shouldn't they have had to point out this (massively significant) change in T&C? I did not get informed or prompted by Collateral either. Regulations for other sectors state users have to be informed of any changes, let alone ones like this, but I don't know in this case.
If we accepted the old t&c and deposited our money under it but not the new one what does that mean?
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