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Post by Deleted on Mar 1, 2018 0:26:52 GMT
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Post by beepbeepimajeep on Mar 1, 2018 0:28:38 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? Sounds good to me.
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greatmarko
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Post by greatmarko on Mar 1, 2018 0:37:52 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.  Not according to the recent "update" they sneakily made to their T&C's without informing us or asking for our consent: "• In particular you should note that if Collateral was to become insolvent then any money held by it would not be held in accordance with the FCA’s client money rules, which require in particular that client money is held separately from a firm’s own money, and it is likely you would rank as an ordinary unsecured creditor. Ordinary unsecured creditors rarely make any recovery on insolvency."
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Liz
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Post by Liz on Mar 1, 2018 0:46:44 GMT
Good idea, if anyone wants to volunteer. Info could be shared in DD-central. I'm sure other groups will be doing the same. Please, not DD-C. There could be any number of COL investors who come here looking for answers and support and may have their own questions to throw into the mix. First there'll be 'any number of' questions along the lines of " how do I get access" and then there'll be 'any number of' x 49 inane posts just trying to reach that entry criterion. Also, and as good an idea as it is, before spending too much time and effort on such a facility, it might be worth touching base with the Administrator to see whether they'll support and respond to contact from an individual representing multiple (potential) creditors. (For all I know, these guys could be on piece-rate and we'd be diminishing their revenues!  ) Sorry if I wasn't clear. I meant the answers from the Administrators could be posted on DD-Central, as it may contain sensitive information; Maybe in a pinned locked thread.
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dovap
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Post by dovap on Mar 1, 2018 0:50:44 GMT
whole thing reeks
wonder how many more surprises we'll find from these chancers
sounds like it'll be complicated (expensive) for the admins
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Monetus
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Post by Monetus on Mar 1, 2018 0:51:06 GMT
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. "• In particular you should note that if Collateral was to become insolvent then any money held by it would not be held in accordance with the FCA’s client money rules"The one ray of light here is that Collateral aren't insolvent.
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gt94sss2
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Post by gt94sss2 on Mar 1, 2018 1:38:43 GMT
Has anyone else not received the letter/Q&A?
I got the email in the morning saying an update was being prepared etc. but no subsequent email
Any chance someone could send it to me? (though I have obviously got the gist..)
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Post by francism on Mar 1, 2018 1:42:37 GMT
as Business will continue under supervision,
I predict that fully financed loans will proceed
To drawdown. If terms are maintained, then
Perhaps bonuses promised on these
Loans will be honoured. Of course, we’ll have
To wait and see!! But I think this is a reasonable
Inference from the letter
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star dust
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Post by star dust on Mar 1, 2018 1:44:03 GMT
Has anyone else not received the letter/Q&A? I got the email in the morning saying an update was being prepared etc. but no subsequent email Any chance someone could send it to me? (though I have obviously got the gist..) A link and part of the text (the Qs) have been posted in DDC ( link) - if you are an investor you should've received it so perhaps you should contact them. It was sent by Survey Monkey though so check your spam.
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mikeymike
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Post by mikeymike on Mar 1, 2018 1:45:18 GMT
The one ray of light here is that Collateral aren't insolvent.
How do you know that?
e.g. Administrator fees?
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gt94sss2
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Post by gt94sss2 on Mar 1, 2018 1:49:04 GMT
Many thanks for the link! Email checked including the spam folder with no success unfortunately.
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Post by beepbeepimajeep on Mar 1, 2018 1:50:46 GMT
Has anyone else not received the letter/Q&A? I got the email in the morning saying an update was being prepared etc. but no subsequent email Any chance someone could send it to me? (though I have obviously got the gist..) link to it is posted in DD central
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 1, 2018 2:46:07 GMT
whole thing reeks wonder how many more surprises we'll find from these chancers sounds like it'll be complicated (expensive) for the admins Dosn't seem that complicated. Site will run without new loans or secondary market. Loanbook/lenders money secure,Expenses etc from unsecured debtors funds ie. Rent,electricity/lawyers,surveyors the cleaners and a host of other poor little guys who unlike us do not have spare hundreds or thousands to invest in asset secured investments. So when we all toddle off with probably all of our investment and Interest let's spare a thought for the little guy (While we sit in our enforced home leave with spare time to send off puerile emails) who may not be able to pay his higher heating bill due to the snow and have to trek to their third job to keep their families alive. I doubt ANY investor here has a clue of what it would be like. I certainly don't and can only imagine how they feel with yet another kick in the teeth while down. So let us all just take a few weeks let the dust settle and thank our lucky stars that platform failure and not a platform for us to find a place to sleep is our only worry.
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Carter
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Post by Carter on Mar 1, 2018 3:09:53 GMT
What an awful few days it's been. Although I've been following the threads I haven't posted until now as I honestly couldn't bring myself to. I did go to bed earlier but restlessly got back up to find the administration notice had landed. At least now the nature of the event has been confirmed although of course there is still uncertainty.
Reading the notice through a number of times there does seem to be some positive information here and we'll have to see how this progresses.
I've spent the last few hours compiling all the monthend statements I've been downloading to come up with my account summary and cross-checked it with a download of my bank account. The process has at least made me certain of my exact position if it needs to be proved at some point and I'd recommend everyone does something similar if they can. I'd like some clarity on whether we need to be submitting the creditor form along with supporting data and hopefully this will become clearer in the coming days.
Like a few others I've been caught with cash on account but not as much as it was until fairly recently so not as bad as it could have been but still considerable. Needless to say I've pulled static cash out of all my other platforms just as a point of good practice going forward. My overall exposure here is not pretty but I'm hopeful that all is not lost although I'm prepared to take a knock.
Best of luck to everyone.
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agent69
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Post by agent69 on Mar 1, 2018 3:57:53 GMT
Bloody marvelous. You travel half way around the world to see England play a bit of cricket and the first time you get a bit of spare time to log in and check your investments this happens.
Fortunately, I'm not massively committed to Col (about a third of the cost of a holiday in New Zealand) so hopefully the administrators will be able to sort things out with minimal losses. Overall a salutary tale for those that forgot the golden rule .... never invest more in p2p than you can afford to loose.
Anyway must dash. It's +25 deg in downtown Napier and my melting ice cream is dripping all over the keyboard.
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