star dust
Member of DD Central
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Post by star dust on Jun 21, 2018 22:31:02 GMT
Mod Hat on/
This one's long enough 
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jlend
Member of DD Central
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Post by jlend on Jul 4, 2018 20:26:33 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. After 3 years graft the FOS this week issued a final decision of merit in favour of two test case investors in this case. They now have another 900 to process. www.thisismoney.co.uk/money/investing/article-5917139/SEB-mini-bond-investors-victory-three-years-7-5m-collapse.htmlwww.telegraph.co.uk/investing/bonds/failed-mini-bond-investors-win-case-against-regulated-firm-helped/paulfdonovan.blogspot.com/2018/07/private-investors-set-to-get-back.htmlwww.ft.com/content/9b3b9ade-7edd-11e8-8e67-1e1a0846c475Another big step forward. Dont take no for an answer over the next couple of years as things progress with Collateral, BDO and the FCA.
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andyc
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Post by andyc on Jul 5, 2018 10:28:47 GMT
I had a relatively small amount of money invested in Collateral. Luckily I withdrew the majority of funds in December. I don't know precisely how much I had left invested as the site was taken down immediately (and I don't routinely take screenshots) but less than £200.
I rather assumed I would just have to wait, potentially a long time, for the administration process to be completed and possibly ultimately receive a percentage of my funds so I wasn't holding my breath and just occasionally checked this forum.
Since Collateral went into administration I have received no emails from them, the administrators or anyone else. However, it seems that folk here are getting email updates about the administration process and now proof of debt forms in the post.
I know that Collateral had my details correct as they sent me emails about loan notices as recently as January 2018. Do I have to explicitly register my interest with the administrator ? If so, how ? Or is my claim too trivial to bother about ?
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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 Jul 5, 2018 10:51:19 GMT
I had a relatively small amount of money invested in Collateral. Luckily I withdrew the majority of funds in December. I don't know precisely how much I had left invested as the site was taken down immediately (and I don't routinely take screenshots) but less than £200.
I rather assumed I would just have to wait, potentially a long time, for the administration process to be completed and possibly ultimately receive a percentage of my funds so I wasn't holding my breath and just occasionally checked this forum.
Since Collateral went into administration I have received no emails from them, the administrators or anyone else. However, it seems that folk here are getting email updates about the administration process and now proof of debt forms in the post.
I know that Collateral had my details correct as they sent me emails about loan notices as recently as January 2018. Do I have to explicitly register my interest with the administrator ? If so, how ? Or is my claim too trivial to bother about ? Did you get the emails from Collateral/Refresh when the site first went down in Feb/Mar? If not that suggests that you dont have any funds invested or emails are being blocked by your spam filter. If youre sure you have got funds on Collateral and nothing in spam etc then I would contact BDO with your details investorcollateral@BDO.co.uk so they can check records/provide you with the relevant info/forms.
Cant tell you if its trivial or not, but the average investement is less than £7k so there are a lot of small investors.
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andyc
Posts: 18
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Post by andyc on Jul 5, 2018 11:13:37 GMT
Many thanks for the BDO contact details. Unfortunately Gmail has expunged all Spam > 30 days old but I have contacted BDO as suggested. I'm convinced I had some residual money left in Collateral - ironically due to suspended loans. Maybe it was 200 pence not £200 :-)
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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
Posts: 11,318
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Post by ilmoro on Jul 5, 2018 11:22:58 GMT
Many thanks for the BDO contact details. Unfortunately Gmail has expunged all Spam > 30 days old but I have contacted BDO as suggested. I'm convinced I had some residual money left in Collateral - ironically due to suspended loans. Maybe it was 200 pence not £200 :-) Suspended loans - dont recall there being any left - the various car loans that were in default had all been recovered IIRC pre-shutdown.
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andyc
Posts: 18
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Post by andyc on Jul 5, 2018 12:00:50 GMT
Aha - thanks. Makes sense. Good luck to those still waiting with fingers crossed.
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Post by thecleaner on Jul 12, 2018 18:46:19 GMT
The Collateral threads are now one of the quietest of all the p2p companies. Who would ever have thought that with the company in admin and peoples money tied up in it. I think we have talked it to death.
Hello................hellooooooooooooooo............i am going back to bed.
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tx
Member of DD Central
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Post by tx on Jul 12, 2018 21:54:20 GMT
Good to make some noise here .....
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empirica
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Post by empirica on Jul 18, 2018 11:32:03 GMT
Interesting. Maybe another reason to claim a lucky escape re: RR. (Would this have happened regardless of Collateral, or is this a result of the FCA / Courts / etc, re: Collateral)
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Greenwood2
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Post by Greenwood2 on Jul 18, 2018 12:27:39 GMT
I wonder if RR actually got round to paying back their Col fees, or if that has now got swallowed up in the administration.
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Brainer
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Post by Brainer on Jul 18, 2018 12:55:07 GMT
Interesting. Maybe another reason to claim a lucky escape re: RR. (Would this have happened regardless of Collateral, or is this a result of the FCA / Courts / etc, re: Collateral) I suspect it has more to do with the pension scandal GC is involved in mentioned a few pages back.
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picnicman
Member of DD Central
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Post by picnicman on Jul 18, 2018 13:18:27 GMT
I wonder if RR actually got round to paying back their Col fees, or if that has now got swallowed up in the administration. This was mentioned in the 21/6 update from BDO - it has been paid back - the other question is what has happened to the £350k+ withdrawn by the Directors - there has been no mention of that?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jul 18, 2018 13:52:02 GMT
I wonder if RR actually got round to paying back their Col fees, or if that has now got swallowed up in the administration. This was mentioned in the 21/6 update from BDO - it has been paid back - the other question is what has happened to the £350k+ withdrawn by the Directors - there has been no mention of that? Thanks. I couldn't remember whether the RR money had been paid or was going to be paid and couldn't find the reference off hand. It would have been unfortunate if RR going into administration meant that money was lost.
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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 Jul 27, 2018 12:14:26 GMT
FCA post implementation review
We propose to strengthen rules on plans for the wind down of P2P platforms. This includes proposals to ensure arrangements are in place that take account of the practical challenges that platforms could face in a wind-down scenario; for example, in relation to the continued functioning of the complex IT infrastructure underpinning the business models of some P2P platforms.
Wonder why they came up with that one? 
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