11025
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Post by 11025 on Jun 11, 2018 18:48:36 GMT
"I wonder if any of the offers to purchase the loan book still stand (if they ever really existed)?"Well, I was told straight by the Director of one Platform that an offer to Purchase certainly does exist. And they are apparently still waiting for a reply. The FCA/BDO can't rush into anything you know, might cost them. If only the FCA really acted in the best interests of those likely to lose money. It's all fine and dandy to blame the owners of Col for the sloppy and stupid way they ran the company but the FCA have been pathetic in their response.
Why could they not have given temporary permission on the understanding that the loan book was run down or sold - it would have saved all this mess.
and also the way the FCA handled their website and the information displayed on it , if that had been put straight then I doubt we would be here either
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Monetus
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Post by Monetus on Jun 11, 2018 19:12:32 GMT
"I wonder if any of the offers to purchase the loan book still stand (if they ever really existed)?"Well, I was told straight by the Director of one Platform that an offer to Purchase certainly does exist. And they are apparently still waiting for a reply. The FCA/BDO can't rush into anything you know, might cost them. I certainly hope that they do respond and consider such as a proposal as it seems it would likely generate the best overall return for creditors which is surely the goal of administration?
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p2pmark
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Post by p2pmark on Jun 11, 2018 19:31:43 GMT
"I wonder if any of the offers to purchase the loan book still stand (if they ever really existed)?"Well, I was told straight by the Director of one Platform that an offer to Purchase certainly does exist. And they are apparently still waiting for a reply. The FCA/BDO can't rush into anything you know, might cost them. If only the FCA really acted in the best interests of those likely to lose money. It's all fine and dandy to blame the owners of Col for the sloppy and stupid way they ran the company but the FCA have been pathetic in their response.
Why could they not have given temporary permission on the understanding that the loan book was run down or sold - it would have saved all this mess.
I get the impression that Col jumped the gun on this. According to an email from FCA to me (link) "The decision to appoint an administrator in respect of Collateral on 28 February 2018 was taken by the directors without reference to the FCA. Until that point, the FCA had been attempting to engage with the directors to ensure that consumers were adequately protected." I agree that it doesn't look good that the FCA didn't notice Col were operating for years without the right permissions. I wonder why the owners decided to shut up shop, shortly after withdrawing "profits"?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 11, 2018 19:38:41 GMT
Folks, it's very, VERY simple, you can roll over like a pussy on matters, and let the bullies kick your head in.
OR, you can stand your ground and fight, heroically and determinedly, in which case most bullies will acquiesce and run away.
It hasn't come to that yet, we certainly don't have near enough facts, but ISTM there may be a tone of acceptance creeping in from one or more posters which doesn't do anyone any good, including themselves.
As always, the FCA and BDO are probably noting this site.
Any so called legal "decision" can be challenged, they always have been, and will be. It's up to YOU.
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jlend
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Post by jlend on Jun 11, 2018 20:10:45 GMT
Folks, it's very, VERY simple, you can roll over like a pussy on matters, and let the bullies kick your head in. OR, you can stand your ground and fight, heroically and determinedly, in which case most bullies will acquiesce and run away. It hasn't come to that yet, we certainly don't have near enough facts, but ISTM there may be a tone of acceptance creeping in from one or more posters which doesn't do anyone any good, including themselves. As always, the FCA and BDO are probably noting this site. Any so called legal "decision" can be challenged, they always have been, and will be. It's up to YOU. This case is very different. I have been caught up in the failure of a mini bond from IPM and have seen the power of an investor action group and the difference it can make when things looked very bad and seen things turned around. www.ftadviser.com/investments/2017/01/11/fos-staring-down-legal-challenge-over-350-claims/www.telegraph.co.uk/investing/bonds/investors-given-green-light-complain-failed-energy-bonds/www.thisismoney.co.uk/money/investing/article-4223064/FOS-probe-case-failed-Secured-Energy-Bonds.htmlA significant amount of progress has been made since these articles, i cant share it all at this stage. A lot of work was done working with the press, lobbing hundreds of MPs, a small amount of paid for initial guidance from a barrister paid for by the group, a small group of investors being a point of contact with Grant Thornton the administrators, a no win no fee deal with a solictors for those that wanted it, registering the issue with www.actionfraud.police.uk etc etc. The Collateral case is very different but i wouldnt give up hope of at least making the FCA and administrators think twice about any decisions they make. Hope all goes well, am not invested with Collateral.
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averageguy
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Post by averageguy on Jun 11, 2018 20:23:06 GMT
Well BDO certainly hit the ground running...how long to find out something as basic as the records....geez
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averageguy
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Post by averageguy on Jun 11, 2018 20:29:37 GMT
Undecided if being regarded as a creditor is a blessing or a curse. Should you be mostly exposed to the grouped asset style of loan (cars and bling), Col never held the items as security, and it sounds as if it will be hell's own job the get the borrowers to repay.At least the property loans have legal charges which should be more enforceable.
If the indivdual investor information is not recoverable then regarding investors as creditors is probably the only solution, and may benefit some, and be to the detriment of others.
With reference to the suggestion that laying a criminal prosecution will not bring the data back..............well that is correct. However if information has been deliberately lost or obscured and is contravention to British law then the b****** that have done so should not be allowed to get away with it, and the FCA (if they are truly intent on protecting investors) need to to get the police involved.
Is that correct..especially re the bling.....see note from BDO below Have chattel assets held as security been located? All chattel assets taken as physical security are held in a safe at a specialist third party secure facility. The Joint Administrators have inspected the contents of the safe, and have taken steps to ensure that the safe is under their sole control.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 11, 2018 20:32:50 GMT
Well BDO certainly hit the ground running...how long to find out something as basic as the records....geez There is a pertinent & seemingly informed comment in an alternative forum universe which suggests that events probably preceeded BDO's arrival.
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averageguy
Member of DD Central
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Post by averageguy on Jun 11, 2018 20:45:35 GMT
Well BDO certainly hit the ground running...how long to find out something as basic as the records....geez There is a pertinent & seemingly informed comment in an alternative forum universe which suggests that events probably preceeded BDO's arrival. I do like your avatar
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rogedavi
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Post by rogedavi on Jun 11, 2018 21:10:14 GMT
I havent really been following the Collateral saga with that much vigour, but piecing together various posts am I right in thinking that
1) the owners took some cash out and have done a runner
2) investor records have been lost
is that a fair summary? seems dodgy as f*ck
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IFISAcava
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Post by IFISAcava on Jun 11, 2018 21:20:46 GMT
If only the FCA really acted in the best interests of those likely to lose money. It's all fine and dandy to blame the owners of Col for the sloppy and stupid way they ran the company but the FCA have been pathetic in their response.
Why could they not have given temporary permission on the understanding that the loan book was run down or sold - it would have saved all this mess.
I get the impression that Col jumped the gun on this. According to an email from FCA to me (link) "The decision to appoint an administrator in respect of Collateral on 28 February 2018 was taken by the directors without reference to the FCA. Until that point, the FCA had been attempting to engage with the directors to ensure that consumers were adequately protected." I agree that it doesn't look good that the FCA didn't notice Col were operating for years without the right permissions. I wonder why the owners decided to shut up shop, shortly after withdrawing "profits"?I take it that's a rhetorical question?
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Post by mrclondon on Jun 11, 2018 21:27:41 GMT
Undecided if being regarded as a creditor is a blessing or a curse. Should you be mostly exposed to the grouped asset style of loan (cars and bling), Col never held the items as security, and it sounds as if it will be hell's own job the get the borrowers to repay.At least the property loans have legal charges which should be more enforceable.
If the indivdual investor information is not recoverable then regarding investors as creditors is probably the only solution, and may benefit some, and be to the detriment of others.
With reference to the suggestion that laying a criminal prosecution will not bring the data back..............well that is correct. However if information has been deliberately lost or obscured and is contravention to British law then the b****** that have done so should not be allowed to get away with it, and the FCA (if they are truly intent on protecting investors) need to to get the police involved.
Is that correct..especially re the bling.....see note from BDO below Have chattel assets held as security been located? All chattel assets taken as physical security are held in a safe at a specialist third party secure facility. The Joint Administrators have inspected the contents of the safe, and have taken steps to ensure that the safe is under their sole control. The non-property loans split into two discrete categories - assets held by Collateral in a safety deposit facility (c. 65% by value), and assets which continued to be held by the borrower (c. 35% by value). The latter comprised of most of the "Group Asset Loans" and around half the vehicles. For those with access to DD Central, dan1 compiled a list showing the split as far as it could be deduced as of the end of January - see the table in this thread.
I think, for now, it should be assumed that the BDO statement with respect to chattel assets only applies to those originally held by COL, which is the inference from the post made by hendragon.
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GeorgeT
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Post by GeorgeT on Jun 11, 2018 21:30:00 GMT
I havent really been following the Collateral saga with that much vigour, but piecing together various posts am I right in thinking that 1) the owners took some cash out and have done a runner 2) investor records have been lost is that a fair summary? seems dodgy as f*ck No it's an over simplification of the situation. The administrators know who was invested in the platform and they know how much each investor had invested. What they don't know is what loans and tranches of loans investors were invested in and therefore at the moment it looks like they would only be capable of doing a flat percentage repayment regardless of whether people were in loans that recovered fully or loans that had gone bad. In other words people who invested in the safer loans would end up subsidising the investors who took higher risks and went for lower priority, higher interest rate tranches of big development loans which are unlikely to recover as fully or easily. However it is still relatively early days and all could change and we must await the detailed proposals which are due by 22nd of June unless the administrators get granted an extension to that 8 week deadline date.
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averageguy
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Post by averageguy on Jun 11, 2018 21:33:19 GMT
Is that correct..especially re the bling.....see note from BDO below Have chattel assets held as security been located? All chattel assets taken as physical security are held in a safe at a specialist third party secure facility. The Joint Administrators have inspected the contents of the safe, and have taken steps to ensure that the safe is under their sole control. The non-property loans split into two discrete categories - assets held by Collateral in a safety deposit facility (c. 65% by value), and assets which continued to be held by the borrower (c. 35% by value). The latter comprised of most of the "Group Asset Loans" and around half the vehicles. For those with access to DD Central, dan1 compiled a list showing the split as far as it could be deduced as of the end of January - see the table in this thread.
I think, for now, it should be assumed that the BDO statement with respect to chattel assets only applies to those originally held by COL, which is the inference from the post made by hendragon . Ta
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Post by dan1 on Jun 11, 2018 21:35:02 GMT
Is that correct..especially re the bling.....see note from BDO below Have chattel assets held as security been located? All chattel assets taken as physical security are held in a safe at a specialist third party secure facility. The Joint Administrators have inspected the contents of the safe, and have taken steps to ensure that the safe is under their sole control. The non-property loans split into two discrete categories - assets held by Collateral in a safety deposit facility (c. 65% by value), and assets which continued to be held by the borrower (c. 35% by value). The latter comprised of most of the "Group Asset Loans" and around half the vehicles. For those with access to DD Central, dan1 compiled a list showing the split as far as it could be deduced as of the end of January - see the table in this thread.
I think, for now, it should be assumed that the BDO statement with respect to chattel assets only applies to those originally held by COL, which is the inference from the post made by hendragon . Minor point: the table was updated to be correct as at 25 Feb 2018 based on the captures made available in this post (redacted version available to all logged in users can be found here).
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