radar
Member of DD Central
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Post by radar on Mar 1, 2018 10:02:54 GMT
Until the web site is put BACK UP so we can check our balances match our records, we seem to be wasting our time on here and could find a less stressful pastime. I know it is a worry but it seems to me the we are just going round in circles.
I am going to chillout for a while and keep hoping for return of the web site,then I will feel a lot better, probable not financially
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dovap
Member of DD Central
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Post by dovap on Mar 1, 2018 10:07:27 GMT
Nobody should be emailing the administrators. I have 6 figures with col so just want them to sort this out as soon as possible. I am still amazed this FCA error has been made by Col, who seemed to be an incredibly dilligent bunch. Error? This was no error, there was deliberate deception at play here (I refer you to the unannounced changing of T&Cs as proof). They knew full well what they were doing. Hopefully they'll incur the full wrath of the authorities! yep 'error' - utter nonsense still these chancers did seem incredibly diligent gonna be grim if answering a few emails makes the square root of fa difference to the returns from this shambles tbh hard to see how a flaky loan book is going to be shunted off to other platforms given the woes most of them have atm ho hum
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adrianc
Member of DD Central
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Post by adrianc on Mar 1, 2018 10:11:38 GMT
While I am also on the "let the administrators do their job, instead of flooding them with pettiness" side, surely the administrators' fees are coming from Collateral's money - and the client money in loans is not their money. Even for non-drawn-down loans.
So all that's at risk from fees is anybody's cash balance, right? No, I'm not playing that down. But for anybody sensible, that's going to be fairly minimal, right? At most, the amount you'd be willing to throw at a juicy, rarely-available SM loan if it suddenly popped up - and few of COL's loans were even remotely scarce, bling excepted - and the bottybrigade were all over them like a rash, meaning nobody sane would even bother.
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invester
P2P Blogger
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Post by invester on Mar 1, 2018 10:16:10 GMT
The oversight seems way too big to be considered an error.
I wonder what would have happened if someone else took up the opportunity to meet them in February, most likely they would have got the 'jam tomorrow' treatment as well.
ISTM that the easiest way out would have been a transfer of Collateral to a platform that did have the FCA authorisation, then operations could simply go on as they have been doing.
Trouble is how much is a business worth that has booked only losses, has no assets, and whose products have no customer loyalty at all?
I'll be furious if the directors managed to rearrange the deckchairs before the ship went down for their own benefit, but not entirely surprised. It seems likely they had sufficient inkling.
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averageguy
Member of DD Central
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Post by averageguy on Mar 1, 2018 10:26:44 GMT
Am i right in assuming that because my cash balance is below £1000 i don't have to fill in the proof of debt form (i have a few grand lent in loans)
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james21
Member of DD Central
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Post by james21 on Mar 1, 2018 10:26:52 GMT
if not already posted link |
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Post by lionelrichtea on Mar 1, 2018 10:29:32 GMT
Every letter, every phone call, every email, every pencil, every note pad every visit *will* be added to the administrators bill and, by law, administrators get paid before everyone else. Something to think about perhaps. ...and they don't use cheap stationery either 
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Post by richardthe4th on Mar 1, 2018 10:29:43 GMT
Nobody should be emailing the administrators. I have 6 figures with col so just want them to sort this out as soon as possible. I am still amazed this FCA error has been made by Col, who seemed to be an incredibly dilligent bunch. Fully agree....leave them to get on with their job...
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btc
Member of DD Central
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Post by btc on Mar 1, 2018 10:29:52 GMT
Indeed - did this come from the administrators? Absolutely in agreement with the other calls - lay off the administrators, at least for now. It will take them time to figure this all out. As an ICAS CA I shall reserve judgement on my ICAEW brothers and sisters (only kidding....they'll do a professional job and I am heartened this has gone to a proper firm, but again please let them do their job). Yes
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btc
Member of DD Central
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Post by btc on Mar 1, 2018 10:31:47 GMT
Nobody should be emailing the administrators. I have 6 figures with col so just want them to sort this out as soon as possible. I am still amazed this FCA error has been made by Col, who seemed to be an incredibly dilligent bunch. Why do you say that? Wasn't we invited to ask for clarification? I was not harassing them. I too have 6 figures
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micky
Member of DD Central
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Post by micky on Mar 1, 2018 10:33:45 GMT
This is what we wanted to hear. Now we can sit and wait for developments to take place. Thanks, btc, I'm impressed as this seems to be the only reply received from them.
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hazellend
Member of DD Central
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Post by hazellend on Mar 1, 2018 10:34:33 GMT
Nobody should be emailing the administrators. I have 6 figures with col so just want them to sort this out as soon as possible. I am still amazed this FCA error has been made by Col, who seemed to be an incredibly dilligent bunch. Why do you say that? Wasn't we invited to ask for clarification? I was not harassing them. I too have 6 figures Because I don’t want hundreds of investors with a couple of hundred pounds sending panicky emails and wasting time.
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Post by GSV3MIaC on Mar 1, 2018 10:37:05 GMT
/mod hat off
An after the horse has bolted comment (although I've already said it elsewhere about balances and transfers) .. you need to keep your own records of what you invested, withdrew, and currently own (for ALL platforms), with as much of it as possible sourced from some place other than the platform itself. Just in case.
If you can't manage automated scraping, or downloads, then at least screenshots or similar. Archived emails if the platform sends them. If all that is too much trouble, you are probably in the wrong investment sphere. Relying solely on the platform to tell you the answers is risky on so many different levels (server failure, hacking, dishonesty, human error, business failure, death of key personnel .. the list goes on).
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averageguy
Member of DD Central
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Post by averageguy on Mar 1, 2018 10:37:23 GMT
Nobody should be emailing the administrators. I have 6 figures with col so just want them to sort this out as soon as possible. I am still amazed this FCA error has been made by Col, who seemed to be an incredibly dilligent bunch. Why do you say that? Wasn't we invited to ask for clarification? I was not harassing them. I too have 6 figures Just ignore....its your money you have to do what you think is best
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mrk
Posts: 807
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Post by mrk on Mar 1, 2018 10:41:56 GMT
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