sj
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Post by sj on Mar 1, 2018 12:09:29 GMT
I get the feeling that the COL lads probably aren't spending their time reading the forums today... If I were them i'd be booking a one-way flight, maybe somewhere nice and warm with no extradition treaty...
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jcm9000
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Post by jcm9000 on Mar 1, 2018 12:09:31 GMT
collateral Collateral Rep Is it possible for collateral to set up a new company with FCA approval and transfer the business? If they respond I will eat my shoe.
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ablender
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Post by ablender on Mar 1, 2018 12:11:32 GMT
collateral Collateral Rep Is it possible for collateral to set up a new company with FCA approval and transfer the business? If they respond I will eat my shoe. I do not need them to respond, although I would love to see you eat your shoe.  I only wish they see it and think about it. It can be a good way forward.
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Post by p2pimpressed on Mar 1, 2018 12:19:48 GMT
As if this wasn't what they have been planning on doing for the last month or so...
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oldgrumpy
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Post by oldgrumpy on Mar 1, 2018 12:21:33 GMT
"The Company is continuing to trade under my supervision ..." (Jessica's letter)
I read this to mean than Gordon and the Curries are still ensconced in chilly Manchester and operating the system, answering to Jessica and Co, so will be well aware of what is what. Whether Gordon is wasting time reading the forum without logging in, I doubt. He's probably been told to post nothing on the forum.
I can't get my pretty head round the idea that they have been so STUPID.
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Post by mrclondon on Mar 1, 2018 12:29:41 GMT
[mod hat off]
There should be no more posts on this forum from representatives of Collateral, all communication has to be authorised by the administrator now, and will likely only be direct to our email addresses.
The setting up of a new company would require the (multi) year long application process for FCA authorisation (or piggy backing on some else's authorisation as an intermediary). IF Collateral were already well down the road to full FCA authorisation, then much of the paperwork/procedures will be available to COL's senior management team and could be reused for a NewCo application to the FCA significantly reducing the timeframe needed for full approval. My understanding is the authorisation process involves a small FCA team working closely with the applicant company and includes site audit visits. If so, the FCA should (would ?) have been aware ever since the application was made for full authorisation of the status of Collateral's interim permission, and that they were trading.
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seeingred
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Post by seeingred on Mar 1, 2018 12:34:09 GMT
"The Company is continuing to trade under my supervision ..." (Jessica's letter)
I can't get my pretty head round the idea that they have been so STUPID.
It is investors who have been stupid not to keep a much closer eye on all the chancers who run these outfits.
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Post by angrykittens on Mar 1, 2018 12:34:33 GMT
collateral Collateral Rep Is it possible for collateral to set up a new company with FCA approval and transfer the business? If they were granted a license tomorrow and started trading as before do you honestly think they haven't destroyed their reputation beyond all repair? Would you trust a company that made the basic mistake of letting it's licence lapse? What other mistakes or oversight's have they made? I truly truly loved COL, it had a good selection of bling loans and I could also dip my toe into the better property loans (I'm a very small scale investor). They engaged and communicated well, they were keen enough to turn away trashy loans even after initial listing on the site, but I'm not sure I could pick back up where I left off. Fool me once shame on you, fool me twice...
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GeorgeT
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Post by GeorgeT on Mar 1, 2018 12:35:06 GMT
All we can do now is leave it all to Jess and hope that she gets her head around everything as quickly as possible and of course hope that the Beast from the East moves away and people are able to get out and about and reach their offices again because this terrible weather will also be delaying things I am sure.
It is reassuring that we have Jessica's telephone number and email address and that she is very happy to talk to us so I shall contact her as and when necessary to answer my questions and keep up to date but aside from that I think we can all sit down and put our feet up and leave it all to Jess.
The biggest inconvenience to me is that today is interest day and as far as I know most of my borrowers had paid the interest up front or had it deducted from their loans so it should be sitting with collateral somewhere and I am entitled to it and having had a very expensive month with builders in I was banking on that interests coming in today to support me through the following month but now of course we have no idea when we will get our next interest payment. But that is life and this is one of the risks of the game and I think the situation as we understand it all today is a lot brighter than it may have looked yesterday evening before the all-important letter arrived by email.
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mary
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Post by mary on Mar 1, 2018 12:37:41 GMT
collateral Collateral Rep Is it possible for collateral to set up a new company with FCA approval and transfer the business? Possible yes. IMO, extremely unlikely as I would assume that they tried their best to achieve FCA already and failed!
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Post by samford71 on Mar 1, 2018 12:40:29 GMT
Is it possible for collateral to set up a new company with FCA approval and transfer the business? Do you really want that? What is this attraction to microscopically small, very young, P2P firms that meant posters vote Collateral the 2nd best P2P platform of 2017. I assume it's just the ultra high yields, the fact they are temporarily "default free" and that they "communicate" or something. The problem is Collateral were operating without FCA permissions which is illegal ( link, link, link). Moreover, Regal Pawnbroker Limited was renamed Fitzwilliam Black Ltd ( link) in Nov15 and dissolved in Mar17 after compulsory strikeoff. Didn't that bother you?
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hector
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Post by hector on Mar 1, 2018 12:40:37 GMT
All we can do now is leave it all to Jess and hope that she gets her head around everything as quickly as possible and of course hope that the Beast from the East moves away and people are able to get out and about and reach their offices again because this terrible weather will also be delaying things I am sure. It is reassuring that we have Jessica's telephone number and email address and that she is very happy to talk to us so I shall contact her as and when necessary to answer my questions and keep up to date but aside from that I think we can all sit down and put our feet up and leave it all to Jess. The biggest inconvenience to me is that today is interest day and as far as I know most of my borrowers had paid the interest up front or had it deducted from their loans so it should be sitting with collateral somewhere and I am entitled to it and having had a very expensive month with builders in I was banking on that interests coming in today to support me through the following month but now of course we have no idea when we will get our next interest payment. But that is life and this is one of the risks of the game and I think the situation as we understand it all today is a lot brighter than it may have looked yesterday evening before the all-important letter arrived by email. Completely agree
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cb25
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Post by cb25 on Mar 1, 2018 12:43:26 GMT
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jcm9000
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Post by jcm9000 on Mar 1, 2018 12:50:59 GMT
If they respond I will eat my shoe. I do not need them to respond, although I would love to see you eat your shoe. I only wish they see it and think about it. It can be a good way forward. As long as I can put some curry sauce on it, I'll be good!
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Post by vaelin on Mar 1, 2018 12:52:35 GMT
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I only wish they see it and think about it. It can be a good way forward.
