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Post by steve11 on May 23, 2018 18:17:47 GMT
I just like the fact we are being called Investors and are being differentiated from Creditors, and also that they do not need us to do anything at this stage (but Creditors need to get their claim in). Even if it is not the case, it gives me a bit more re-assurance that our money may be ring-fenced as the first outfit initially led us to believe.
Edit - My other half-glass-full take is that they may have seen there is sufficient money in the coffers and will not need Investors to cough up, so don't need us to contact them! It's good to keep optimistic until the fat lady sings!
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tx
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Post by tx on May 23, 2018 20:44:05 GMT
The long wait has only just begun ...
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TitoPuente
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Post by TitoPuente on May 23, 2018 21:50:28 GMT
Administration should have “started” at the end of February. We are at the end of May. FCA incompetence? Probably to early to call. Maybe we can review this every 6 months.
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tx
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Post by tx on May 23, 2018 22:08:54 GMT
It seems to me that the administrator has been waiting for the CH record to be updated and send the latest letter straight after.
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hazellend
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Post by hazellend on May 23, 2018 22:35:30 GMT
Extreme patience required
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 24, 2018 0:54:36 GMT
I've said this before, but it tends to get drowned out by the sheer number of posts on this thread.
If you invested in a loan which did NOT drawdown, then you should claim the pre-drawdown interest as a creditor.
I would be very interested to see the BDO response to such a claim.
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radar
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Post by radar on May 24, 2018 1:30:29 GMT
I've said this before, but it tends to get drowned out by the sheer number of posts on this thread. If you invested in a loan which did NOT drawdown, then you should claim the pre-drawdown interest as a creditor.
I would be very interested to see the BDO response to such a claim.There seems to be confusion about which loans have been drawndown and which were not, and as we do not have access to the site how are we to know. on a similar note are we not creditors for any loans that have been repaid. I am going to wait until I get access to the site i just hope it is still there!
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mason
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Post by mason on May 24, 2018 6:01:23 GMT
If you invested in a loan which did NOT drawdown, then you should claim the pre-drawdown interest as a creditor. I would be very interested to see the BDO response to such a claim. It's difficult to say whether the cost of processing such claims would be greater or less than the amount owed.
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agent69
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Post by agent69 on May 24, 2018 7:22:21 GMT
I would be very interested to see the BDO response to such a claim. I suspect their response would be to tell you to get to the back of the queue with all the other unsecured creditors.
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Post by dan1 on May 24, 2018 7:48:29 GMT
I've said this before, but it tends to get drowned out by the sheer number of posts on this thread. If you invested in a loan which did NOT drawdown, then you should claim the pre-drawdown interest as a creditor.
I would be very interested to see the BDO response to such a claim.There seems to be confusion about which loans have been drawndown and which were not, and as we do not have access to the site how are we to know. on a similar note are we not creditors for any loans that have been repaid. I am going to wait until I get access to the site i just hope it is still there! - an extract of a post on DD Central in which I analysed a screen grabs taken on 25 Feb 18... Property As at 25 Feb 2018: Loan value £15,045,820 [of which drawndown £12,860,820] Loans not drawndown: - BL00087 & BL00088: 2 x Blackpool [fully funded £125k] - BL00079 1-4: Chesterfield [fully funded £1,460k] - DL00034-39: Bolton 26th-31st drawdown [26th drawdown fully funded £100k, 27th-31st drawdown funded £72,268.30, available £427,731.70] => Loan value funded by investors £14,618,088 I've not attempted to derive the asset value because of the numerous drawdowns.
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Post by investor1925 on May 24, 2018 11:03:28 GMT
I'm interested in how to PROOVE what you have invested in COL.
I have a spreadsheet of the investments I have - but I could have written that myself
I have bank statements showing where I put cash in (or out) - but not how much is in there now
Most of the emails I ever got from COL have been deleted as my email box is usually full (maybe I should archive them all)
What other info does anyone have ?
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chris1200
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Post by chris1200 on May 24, 2018 11:44:05 GMT
I'm interested in how to PROOVE what you have invested in COL. I have a spreadsheet of the investments I have - but I could have written that myself I have bank statements showing where I put cash in (or out) - but not how much is in there now Most of the emails I ever got from COL have been deleted as my email box is usually full (maybe I should archive them all) What other info does anyone have ? Which is exactly why the administrators have said: " It is recognised that, without access to the Companies’ online platform, many investors will not presently be able to confirm the amounts that they consider are owed to them. At this stage, the Joint Administrators do not, therefore, require investors to provide a proof of debt form." So let's just all calm down and let them do their work for a little longer...
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empirica
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Post by empirica on May 24, 2018 19:03:58 GMT
I'm interested in how to PROOVE what you have invested in COL. I have a spreadsheet of the investments I have - but I could have written that myself I have bank statements showing where I put cash in (or out) - but not how much is in there now Most of the emails I ever got from COL have been deleted as my email box is usually full (maybe I should archive them all) What other info does anyone have ? Which is exactly why the administrators have said: " It is recognised that, without access to the Companies’ online platform, many investors will not presently be able to confirm the amounts that they consider are owed to them. At this stage, the Joint Administrators do not, therefore, require investors to provide a proof of debt form." So let's just all calm down and let them do their work for a little longer... Absolutely. First date for the diary would be on or around 22/06.
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Post by peerlessperil on May 24, 2018 19:11:44 GMT
In the interests of managing expectations, it is worth noting that a year has now elapsed since Strand Capital was put into special administration, and based on that timing the FSCS has started to pay out.
This was a small DFM (Discretionary Fund Manager) with about 3000 clients, so perhaps in the same broad ballpark as Collateral. Google it for more info.
Given Strand were subject to the CASS regime for client money and Collateral (apparently) weren't, I'm not sure why we can expect Collateral to be resolved any more rapidly?
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Post by Deleted on May 25, 2018 4:46:14 GMT
In the interests of managing expectations, it is worth noting that a year has now elapsed since Strand Capital was put into special administration, and based on that timing the FSCS has started to pay out.
This was a small DFM (Discretionary Fund Manager) with about 3000 clients, so perhaps in the same broad ballpark as Collateral. Google it for more info.
Given Strand were subject to the CASS regime for client money and Collateral (apparently) weren't, I'm not sure why we can expect Collateral to be resolved any more rapidly?
Unless things have changed since the process I was involved in a few years back, then an FSCS payout is VERY different from an overall resolution. Effectively, what the FSCS can do is pay out early once what is owed to who has been established, up to the protection limit, and the FSCS then takes over the position as creditor. When the administrators start to actually distribute money, it will then go to reimburse the FSCS, either partially or fully. This can take months or even years longer. So the timing of an FSCS payout says very little about the timing of when the administrators eventually start paying out. And of course, an FSCS payout only applies to those platforms which are actually covered in this first place...
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