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Post by dudester on Mar 1, 2018 10:48:00 GMT
I understand we dont need to do anything if money is invested in loans.
I am in the Chesterfield loan however which was filled but hasnt drawn down afaik. Do I need to register as a creditor?
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Post by steve11 on Mar 1, 2018 10:53:04 GMT
Received just now...By the way, I am also invested 6 figs but I don't mind everybody emailing the Administrator. At worst she will tack on 1 days wages which is a drop in the ocean. Besides, it may not be us investors that need to foot that bill anyway. Also, if everybody emails with their queries, my guess is they will send out a global email later today with all appropriate answers.
Good Morning
We are at the very start of this process and I do not have answers to all queries at present, I can only confirm that the intention of the Administrator is for all investors to recover their funds in full as the various investments are realised. I can confirm however that any monies that are sat on the platform and are not invested are ring fenced in a separate client account and the intention is for these to be returned to all investors after the Administrator has obtained control of the bank account and carried out a reconciliation.
We are currently looking into the website and the possibility of this being reopened in order for investors to view the balance of their investments, however this isn’t something that will be dealt with until next week at the earliest.
Some of the information contained in that letter is general information that we are legally required to distribute to creditors of the Company, however in the circumstances your position would be different in that your investment is secured against either an item or property as detailed in your agreement, consequently when the item is disposed of, your investment would be settled.
I am will be going into matters in finer detail next week, then I should have more information in this regard.
Yours sincerely
For Collateral (UK) Limited
Jessica Hodgson
For Gordon Craig
Administrator
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jcm9000
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Post by jcm9000 on Mar 1, 2018 11:00:36 GMT
Many thanks Steve, a good update, especially with regards to the cash/client monies.
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Post by beepbeepimajeep on Mar 1, 2018 11:02:54 GMT
Many thanks Steve, a good update, especially with regards to the cash/client monies. Yep what a great update thanks Steve.
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Carter
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Post by Carter on Mar 1, 2018 11:03:54 GMT
A positive note, thanks for posting steve11. We can take some comfort from this I think. |
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averageguy
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Post by averageguy on Mar 1, 2018 11:04:25 GMT
Many thanks Steve, a good update, especially with regards to the cash/client monies. Yes that answers a few questions and gives us an idea of timescales on the preliminary stuff ..ie website
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Post by angrykittens on Mar 1, 2018 11:05:08 GMT
Received just now...By the way, I am also invested 6 figs but I don't mind everybody emailing the Administrator. At worst she will tack on 1 days wages which is a drop in the ocean. Besides, it may not be us investors that need to foot that bill anyway. Also, if everybody emails with their queries, my guess is they will send out a global email later today with all appropriate answers. ... Snip Thanks for posting this, I just received the exact same reply from Jessica, which answered some but not all of my questions, so I guess they are going with boiler plate replies at this point. Knowing that money is ring fenced makes me feel a lot better however, I am assuming this also extends to interest sufficient to cover existing loans. (Fingers crossed at any rate)
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m2btj
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Post by m2btj on Mar 1, 2018 11:05:41 GMT
I can only confirm that the intention of the Administrator is for all investors to recover their funds in full as the various investments are realised. I can confirm however that any monies that are sat on the platform and are not invested are ring fenced in a separate client account and the intention is for these to be returned to all investors after the Administrator has obtained control of the bank account and carried out a reconciliation.
This is very reassuring, especially for those worried about uninvested cash. Let the lady do her job! She appears to have a good understanding of the issues & investor concerns.
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jcm9000
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Post by jcm9000 on Mar 1, 2018 11:20:54 GMT
This may be a good question to ask of them at the beginning of this journey together.  Magenta - that will be clarified once their plan is out for approval as noted in the letter.
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moist
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Post by moist on Mar 1, 2018 11:21:55 GMT
I can only confirm that the intention of the Administrator is for all investors to recover their funds in full as the various investments are realised. I can confirm however that any monies that are sat on the platform and are not invested are ring fenced in a separate client account and the intention is for these to be returned to all investors after the Administrator has obtained control of the bank account and carried out a reconciliation.This is very reassuring, especially for those worried about uninvested cash. Let the lady do her job! She appears to have a good understanding of the issues & investor concerns. Bang on it would be a very canny idea to allow Jessica to undertake her work without distractions from us; how much do insolvency practitioner's get paid by the hour? It would be interesting to read their fee's structure as it may likely relate to ourselves. This may be a good question to ask of them at the beginning of this journey together. Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans.
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micky
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Post by micky on Mar 1, 2018 11:26:56 GMT
Well done Moist. You have persevered to get the answers that we all need to hear.
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sj
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Post by sj on Mar 1, 2018 11:26:57 GMT
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. Ouch hazellend - just because you might have more money in COL than some others doesn't mean that you are more important. Indeed, some of those with less money in might be much more in need of that than yourself.
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hantsowl
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Post by hantsowl on Mar 1, 2018 11:28:01 GMT
Helpful and reassuring email from ABLrate just now about their processes were administration to occur. MT have followed suit and added an update in their 'general updates' tab.
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Post by dualinvestor on Mar 1, 2018 11:29:18 GMT
I can only confirm that the intention of the Administrator is for all investors to recover their funds in full as the various investments are realised. I can confirm however that any monies that are sat on the platform and are not invested are ring fenced in a separate client account and the intention is for these to be returned to all investors after the Administrator has obtained control of the bank account and carried out a reconciliation.This is very reassuring, especially for those worried about uninvested cash. Let the lady do her job! She appears to have a good understanding of the issues & investor concerns. This is good news on a number of fronts, firstly the obvious one, secondly people who place money on the platform in the last few days will not feel duped and will get it back and thirdly the administrators have shown they know what they are doing. I would add a note of caution. The operative word in their reply is reconcile. If the balance of everyone's account with Colateral does not add up to the bank account there will, probably be a lot of work to find the discrepancies and until done delay any payments. Also the loan book represents c.90% of lenders assets so in the overall picture for most it will depend on how that petforms
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savernake
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Post by savernake on Mar 1, 2018 11:31:47 GMT
If Collateral aren't insolvent then could it be possible for them to re-apply for authorisation from the FCA? This would allow them to continue trading. This is surely one of the options the administrator will be looking at? It seems like overkill to dissolve the company just because their license has expired.
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