keith
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Post by keith on Mar 1, 2018 4:21:31 GMT
I would have thought (and I am no web whizz) that it would have been quite easy to change the website to read only. All that needs to be done is to change the html script to disable the sections associated with any buttons taking money in or out of the account and not allowing sale of loans (some p2p sites don’t have a secondary market - how hard is that to replicate  ) |
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lofty
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Post by lofty on Mar 1, 2018 4:56:22 GMT
I would have thought (and I am no web whizz) that it would have been quite easy to change the website to read only. All that needs to be done is to change the html script to disable the sections associated with any buttons taking money in or out of the account and not allowing sale of loans (some p2p sites don’t have a secondary market - how hard is that to replicate ) Can be a little harder than just tweaking the html. Someone with half decent software dev skills (or a hacker) can easily edit the rendered the downloaded website script in the browser and then submit parts of it. The solution to fixing this is disabling stuff on the server side either by removing the endpoints or ensuring that they cant be posted to. How much of this work has already done is unknown, but as they did have a facility to disable loans before this should have been considered. Personally, I'm not expecting to see the website any time soon because I'd be suspect the administrator will prioritise other matters rather than getting bogged down in IT technicalities.
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keith
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Post by keith on Mar 1, 2018 5:19:18 GMT
I see what you mean. Point taken about the server side and about priorities.
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ptr120
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Post by ptr120 on Mar 1, 2018 6:22:16 GMT
Email received very late last night. The company is now in administration. Refresh Recovery are the administrators.
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mason
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Post by mason on Mar 1, 2018 6:41:35 GMT
Seems to be pretty much as I predicted. They ceased trading immediately and entered administration when it was discovered they were trading without authorisation. From the FAQ, it seems we as lenders don't need to do anything, despite there being an invitation in the letter to register as creditors.
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Post by steelspanner on Mar 1, 2018 6:44:48 GMT
Lots of speculation at the moment. Hopefully in the next few hours we will know a lot more.
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stub8535
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Post by stub8535 on Mar 1, 2018 7:40:45 GMT
It's funny how he doesn't leave his own contact info but gives a direct line and says, ask to speak to Jessica Hodgson. I guess she'll be getting a fair few calls in the morning! Not "funny" at all. The administrator is "running" the company so they are the decision maker. Standard terms I think. I do agree that her phone is going to be rather busy.
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stub8535
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Post by stub8535 on Mar 1, 2018 7:42:58 GMT
is Gordon Craig, the Administrator, the same guy that was running Collateral before? should the fact that he is still allowed to run the show be seen as a big positive ? No. His surname is White.
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applets
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Post by applets on Mar 1, 2018 7:48:30 GMT
"• 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. Before reaching any conclusions about this, I would suggest you read (if you haven't already) the info on the KPMG site in the link provided up thread by eurasian69. While we would all like immediate reassurance about our loans and monies, we are going to have to wait to see how the administration progresses. Unlike speculation, administrations are never quick!
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stub8535
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Post by stub8535 on Mar 1, 2018 7:50:25 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? Liking the idea yet concerned that should anyone wish to take on such an self sacrificing role may find themselves buried by an unrelenting outpouring of questioning, a collated 10 Gigabit administration and a continual 'any news yet' reposte. An unhealthy chalice? Such a person would need to posses the patience of Job, the heart of a Saint and at the very least 365 hours a day to lay upon the altar of another's freedom's preserve, continuance as before. Diplomatic foot-in-the-mouths need not apply so that sadly rules out my pet spider called Yoris, Mr Fake News, Kim and this here too timid author.  Why would the administrator even consider this forum a fit and proper place to put anything to do with a private company they are running? They must have tighter control on who gets what information, I would have thought, and disseminate it to those legitimately entitled to it.
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daveb4
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Post by daveb4 on Mar 1, 2018 7:53:27 GMT
I hope the loans can be 'sold off' (given) to other platform(s) keeps administration costs down. As been said before most platforms have an agreement with another platform to 'help' out in these situations (appreciate saying in blurb could be different to reality), if this is the case it would be more positive. My concern here is Administrator costs and if there is any money here to move this forward. We may have to forgo some interest to cover their costs to run (if we get any interest)? happy to give some of my interest to keep it ticking over as long as they use it appropriately! You never know there may be some of us retired folk who can do some community service to help! |
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invester
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Post by invester on Mar 1, 2018 7:54:49 GMT
The one ray of light here is that Collateral aren't insolvent. Before reaching any conclusions about this, I would suggest you read (if you haven't already) the info on the KPMG site in the link provided up thread by eurasian69. While we would all like immediate reassurance about our loans and monies, we are going to have to wait to see how the administration progresses. Unlike speculation, administrations are never quick! Or cheap - I remember reading before that some of these guys charge hundreds of quid per hour on 'work' done. If loans go bad it is quite literally going to cost thousands of quid every month chasing them, that's probably thousands of quid not budgeted for.
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Post by Deleted on Mar 1, 2018 7:57:44 GMT
Based on our massive experience (sarcastic) of P2P portals going into administration (10 hours) what different actions will you take with your other portals to let you enjoy more comfortable nights sleep?
1) find the page where a portal shows its reg number and set it on auto refresh?
2) download your loan book on a weekly basis and store it incase of need
3) downloand your cash book on ... as above
4) ?
Admin, of course does not mean your loans are safer than they were, appart from moaning I guess there two short-term things that might happen
1) Admin. sells the loans to another portal (yeah my favorite)
2) Admin. continues to receive fees while the loans dribble in thereby consuming cash faster (nooooooo).
Not a big commitment of mine with COL, just the cost of a first class ticket to NZ or a standard punt on the stock market.
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Post by ratetart666 on Mar 1, 2018 8:03:43 GMT
It looks like we have the least worst scenario (at the moment), and we may be cautiously optimistic about getting our investment back. However, my concerns are that Collateral were touting for investors to fund loans very recently, but must already have known that they were not authorised by FCA (much like you know whether you have, or don't have a drivers' licence). They must have known this from the beginning. They must also have known that they were about to be banned from trading by the FCA (the FCA are not like Monty Python's Spanish Inquisition, using fear and surprise as their chief weapons, but are probably more akin to being savaged by a dead sheep). I think we have not had the truth, the whole truth, and nothing but the truth on this. The FCA authorisation disappeared from the site last week (no, I didn't spot it). Yesterday, when I saw that the site had been taken down and replaced by 'We are currently in the process of upgrading our servers and our network administration. We apologise for the inconvenience and are working to get everything back to normal as soon as possible'. I got a distinct whiff of bovine excrement, and I fear that we will hear a lot more of the conduct of the management team at Collateral. Hold on to your hats, it may be a bumpy ride. Investors may be more reassured if and when the website reappears!
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IFISAcava
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Post by IFISAcava on Mar 1, 2018 8:07:41 GMT
Before reaching any conclusions about this, I would suggest you read (if you haven't already) the info on the KPMG site in the link provided up thread by eurasian69. While we would all like immediate reassurance about our loans and monies, we are going to have to wait to see how the administration progresses. Unlike speculation, administrations are never quick! Or cheap - I remember reading before that some of these guys charge hundreds of quid per hour on 'work' done. If loans go bad it is quite literally going to cost thousands of quid every month chasing them, that's probably thousands of quid not budgeted for. easily £500/hr for director level work - with a sliding scale down for less specialist time within the firm. cost will be 5 figures at the very least, and probably well into the six figures. One would hope 7 figures not likely. And they do have to make an estimate up front I think.
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