GeorgeT
Member of DD Central
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Post by GeorgeT on Feb 28, 2018 23:42:52 GMT
It said in the letter that as long as the Borrowers continue to service their debts and repay the capital that we will continue to receive what is due to us but what I do not understand is how we can receive interest and capital repayments when the website isn't working?
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jcb208
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Post by jcb208 on Feb 28, 2018 23:46:25 GMT
I'm hoping we will be able to log in and withdraw,
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dermot
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Post by dermot on Feb 28, 2018 23:47:21 GMT
What is the status of all of the interest paid in advance on the bling loans? Is that ringfenced in any way, or lost in the company's debts.
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Feb 28, 2018 23:47:49 GMT
but they're not - funds (cash) are now unsecured creditors. FCA has made that worse. The loan agreements we have with the borrowers remain in tact, but always were independent of Collateral. Agreed if true. But this hasn't been confirmed as yet. I feel Jessica in the office is going to be having a busy day tomorrow... The big burning question is how will cash balances and funds in loans that aren't drawn down be treated? I think the big burning question is how much cash is there ! We're in a much better position than if the company had gone into administration due to insolvency so there's hope.
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Post by beepbeepimajeep on Feb 28, 2018 23:50:06 GMT
Collateral caused us all undue stress here. Lying about server upgrades. They could have been honest and open from the start of this debacle.
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Post by mrclondon on Feb 28, 2018 23:52:10 GMT
It said in the letter that as long as the Borrowers continue to service their debts and repay the capital that we will continue to receive what is due to us but what I do not understand is how we can receive interest and capital repayments when the website isn't working? Be patient, its going to take the adminstrators days to work through the detail, this is likely to be an administration unlike any other they have handled. If the COL website is to be used it will require some significant code changes before being returned to service. IIRC in the case of two failed platforms a few years ago, YesSecure deployed a brand new simplistic website once they threw in the towel, and Squirl killed the website, and simply sent cash balances across to lender's banks twice a month. (Or it might have been vice-versa, it is a long time ago now).
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Post by Deleted on Feb 28, 2018 23:54:33 GMT
Be patient, its going to take the adminstrators days to work through the detail, this is likely to be an administration unlike any other they have handled. 'Days' may be a little on the optimistic side... we'll see soon enough though.
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dermot
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Post by dermot on Feb 28, 2018 23:54:57 GMT
The way back machine at web.archive.org has snapshots of Collateraluk.com at intervals going back to 2015.
Not found much of interest thus far, except for the disappearance of the FCA registration at the foot of the page.
Hmm, looking on the snapshot for 24th Feb, going to 'terms' link at bottom of page and condition 8.4 still stated that activity was authorised and regulated by FCA. When did that vanish from emails?
I don't know how archive.org does web caches deeper than the first page, so that may not be accurate.
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jcm9000
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Post by jcm9000 on Feb 28, 2018 23:58:19 GMT
Be patient, its going to take the adminstrators days to work through the detail, this is likely to be an administration unlike any other they have handled. 'Days' may be a little on the optimistic side... we'll see soon enough though. Indeed. The letter states 8 weeks i think for their plan to be published and i am expecting not a lot to happen before then. Could be wrong. I work in the same room as a group of liquidators so would ask them except the snow jas shut our offices! I’ll be asking come friday...
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hantsowl
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Post by hantsowl on Mar 1, 2018 0:01:16 GMT
I have to admit that before this week Collateral was my favourite p2p company and i really liked the bling and car loans which total about 88% of my investment. Whenever my cash was low, I would transfer more in and this gradually became my biggest p2p investment. Now, i NEVER thought that i would say this...... Thank goodness for those F********R and W********P bots!! Without those hoovering up almost any bling loan hitting the SM I would have considerably more money sitting with Collateral. Thanks guys, i really appreciate you helping me avoid building up a much bigger investment here.  |
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Post by easteregg on Mar 1, 2018 0:01:17 GMT
Given that a large number of lenders from here will be affected, it is worth having a nominated lender who can act as a representative to collate questions and answers, as I suspect that a lot of these will be common?
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guff
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Post by guff on Mar 1, 2018 0:03:32 GMT
Hopefully most of our (undrawn down) money will still be in an account at Col's bank… Hopefully it will be in a client account as per the FCA handbook since Col believed they were operating under FCA rules. Cheer up and have a banana. 
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Liz
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Post by Liz on Mar 1, 2018 0:05:04 GMT
Given that a large number of lenders from here will be affected, it is worth having a nominated lender who can act as a representative to collate questions and answers, as I suspect that a lot of these will be common? Good idea, if anyone wants to volunteer. Info could be shared in DD-central. I'm sure other groups will be doing the same.
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dermot
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Post by dermot on Mar 1, 2018 0:11:41 GMT
Given that a large number of lenders from here will be affected, it is worth having a nominated lender who can act as a representative to collate questions and answers, as I suspect that a lot of these will be common? Excellent idea. My first question is about the status of upfront interest that borrowers have paid; is it ringfenced or does it become subject to unsecured creditor rules, ie probably lost? Note that I'm not volunteering for this prestigious position.
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IFISAcava
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Post by IFISAcava on Mar 1, 2018 0:21:17 GMT
Given that a large number of lenders from here will be affected, it is worth having a nominated lender who can act as a representative to collate questions and answers, as I suspect that a lot of these will be common? Excellent idea. My first question is about the status of upfront interest that borrowers have paid; is it ringfenced or does it become subject to unsecured creditor rules, ie probably lost? Note that I'm not volunteering for this prestigious position. Or does it just pay off the administrator fees? Capital return is the aim here, interest would be an unexpected bonus. My mid-3 figures cash on account I have written off.
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