macro
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Post by macro on Apr 4, 2018 8:14:23 GMT
I went into Coll with eyes wide open & only exposed myself with a modest investment. I'm acutely aware that I'm making an investment in P2P & not saving. In Colls case the return was high & so was the risk. If I get any of my cash back I will regard it as a bonus. As for the FCA, I expect nothing from that self serving, 'regulatory' joke. Coll were operating publicly, under their noses & they didn't even have the wit to notice! Absolutely agree with your appraisal of the FCA. While acknowledging no FSCS cover for P2P lenders, my risk / reward assessment was primarily based on due diligence re. borrowers (in which fellow forumites played no small part!). If I continue to invest in this sector, I will be equally concerned about ongoing DD re. the platform.
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Post by lynnanthony on Apr 4, 2018 8:17:10 GMT
No, well maybe but it will take a long time and don't over estimate the power of the press where there are just over a thousand fairly wealthy people "investing" in high risk high return sector. It is unlikely to generate wide public sympathy so not many pages outside the specialist press or Web pages. I'd go further than that and say that the press may well ridicule investors. The Daily Hate might run thus... (irony alert folks!) "Toffs think 'high risk' doesn't apply to them"People who purport to be savvy investors have lost their fortunes - and are now turning on regulators - the platform - and even each other in a bid to find someone to blame. Wooed by promises of high returns and the friendly warm words of a chatty platform rep, they piled into a tiny company believing the prominent 'high risk' warnings applied to other people. They want answers NOW and if they don't get them, speculation will do. Compensation from the taxpayer would be nice too. With other older more established platforms unpopular because their chatty platform reps have gone silent, investors are looking for new shaky start ups promising high returns. etc etc My serious point is that why would we hesitate to hand over money to dodgy car salesmen in dodgy start up salesrooms yet be so trusting of tiny, emerging platforms with new loans that have no bad news to disseminate? The FCA interim position wasn't predictable but then there's presumably dozens of other platform risks that also not predictable. So every time I see someone saying 'I'm out' of Lendy/FC/Zopa/whatever heading for the next Coll-type failure - I wince. Jack P The story could go the other way if we could find some vulnerable little old ladies who have lost their life savings, or perhaps some favoured minority group who have been duped by the nasty establishment, but otherwise I fear you are correct in the way the story would be presented. And they could well be right.
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Greenwood2
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Post by Greenwood2 on Apr 4, 2018 8:40:54 GMT
No, well maybe but it will take a long time and don't over estimate the power of the press where there are just over a thousand fairly wealthy people "investing" in high risk high return sector. It is unlikely to generate wide public sympathy so not many pages outside the specialist press or Web pages. I'd go further than that and say that the press may well ridicule investors. The Daily Hate might run thus... (irony alert folks!) "Toffs think 'high risk' doesn't apply to them"People who purport to be savvy investors have lost their fortunes - and are now turning on regulators - the platform - and even each other in a bid to find someone to blame. Wooed by promises of high returns and the friendly warm words of a chatty platform rep, they piled into a tiny company believing the prominent 'high risk' warnings applied to other people. They want answers NOW and if they don't get them, speculation will do. Compensation from the taxpayer would be nice too. With other older more established platforms unpopular because their chatty platform reps have gone silent, investors are looking for new shaky start ups promising high returns. etc etc My serious point is that why would we hesitate to hand over money to dodgy car salesmen in dodgy start up salesrooms yet be so trusting of tiny, emerging platforms with new loans that have no bad news to disseminate? The FCA interim position wasn't predictable but then there's presumably dozens of other platform risks that also not predictable. So every time I see someone saying 'I'm out' of Lendy/FC/Zopa/whatever heading for the next Coll-type failure - I wince. Jack P Is this a released press story or just a leaked draft? 
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m2btj
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Post by m2btj on Apr 4, 2018 9:18:49 GMT
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k6
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Post by k6 on Apr 4, 2018 10:10:44 GMT
I would like to be member of DDC but I don’t have a time to do any DD on loans. I respect others knowledge and strongly appreciate theirs DD. Trying to not post just anything in order to get my count...or did I just done one ?
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guff
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Post by guff on Apr 4, 2018 10:49:00 GMT
One could be forgiven for thinking that Marc is reading this thread.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 4, 2018 10:53:53 GMT
It has been mentioned before, and I reiterate, that posters on here should consider being VERY circumspect when stating what they will/won't accept/expect etc regarding Loan Repayments, Interest & Capital Due etc from this COLL failure.
Platforms and Other Interested Parties read this site and will ruthlessly use anything and everything posted on here to their advantage when the time may come. eg Potential statements such as "I have written off my capital/I'd be happy to get back just my capital without interest/etc" will obviously be noted and utilised as a basis for negotiations.
For me, my stance is that as a Lender, not a Creditor, I have a binding Contract with the Borrower and I expect full repayment of Capital with full Interest, barring Defaults, in due course, just as if COLL were still operating, and I do not expect, or will accept, anything less.
If you too feel this way perhaps you should say so?
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Post by easteregg on Apr 4, 2018 11:13:19 GMT
It has been mentioned before, and I reiterate, that posters on here should consider being VERY circumspect when stating what they will/won't accept/expect etc regarding Loan Repayments, Interest & Capital Due etc from this COLL failure. Platforms and Other Interested Parties read this site and will ruthlessly use anything and everything posted on here to their advantage when the time may come. eg Potential statements such as "I have written off my capital/I'd be happy to get back just my capital without interest/etc" will obviously be noted and utilised as a basis for negotiations. For me, my stance is that as a Lender, not a Creditor, I have a binding Contract with the Borrower and I expect full repayment of Capital with full Interest, barring Defaults, in due course, just as if COLL were still operating, and I do not expect, or will accept, anything less. If you too feel this way perhaps you should say so? I would completly agree with your statement. Once a loan has been made the agreement should be between us (the lenders) and the borrower. The issue comes where there is security which has been registered to one of the Collateral companies; interest on loans; unlent funds and loans that have not been drawn down.
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dermot
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Post by dermot on Apr 4, 2018 11:15:43 GMT
I've not had any *formal* information since the 28th Feb, am I missing out on something?
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Post by precaution on Apr 4, 2018 11:17:17 GMT
Agreed. Can't understand why anybody would want anything less
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elliotn
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Post by elliotn on Apr 4, 2018 11:17:54 GMT
I would like to be member of DDC but I don’t have a time to do any DD on loans. I respect others knowledge and strongly appreciate theirs DD. Trying to not post just anything in order to get my count...or did I just done one ? Don't worry, this post will be excluded for fluffing should you request future access.
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oldgrumpy
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Post by oldgrumpy on Apr 4, 2018 11:18:43 GMT
As RR have not sent me any report (supposedly giving a 6 April date for lodging comments re their proposals), presumably I am not bound in any way to writing to them before that date, and failure to do it until later should not count against my interests. Is that a sound stance dualinvestorI will write a standard letter to register that I claim to be an investor, and that because I have received no interest for the last two months from Collateral, am also a creditor. |
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averageguy
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Post by averageguy on Apr 4, 2018 11:33:19 GMT
It has been mentioned before, and I reiterate, that posters on here should consider being VERY circumspect when stating what they will/won't accept/expect etc regarding Loan Repayments, Interest & Capital Due etc from this COLL failure. Platforms and Other Interested Parties read this site and will ruthlessly use anything and everything posted on here to their advantage when the time may come. eg Potential statements such as "I have written off my capital/I'd be happy to get back just my capital without interest/etc" will obviously be noted and utilised as a basis for negotiations. For me, my stance is that as a Lender, not a Creditor, I have a binding Contract with the Borrower and I expect full repayment of Capital with full Interest, barring Defaults, in due course, just as if COLL were still operating, and I do not expect, or will accept, anything less. If you too feel this way perhaps you should say so? Agreed!!!!!
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mickj
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Post by mickj on Apr 4, 2018 11:35:33 GMT
I've not had any *formal* information since the 28th Feb, am I missing out on something? Just the letter attached to email on the 28th Feb, Refresh report to creditors is all I have, no other formal contact, I have not tried to contact the administrators but may now drop them a note. I do feel with only 1132 lenders into £17,538,817 of loans we are small beer and I am a well below average lender. (page 11 of the report) I would also like to see all of my capital & interest (interest on unpaid interest?) back, I would favor another platform taking on the loan book if that was possible. I would like to be more informed, perhaps after this rumored court case settles things we will be told something.
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mason
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Post by mason on Apr 4, 2018 11:48:11 GMT
Who does have access. Surely anybody with vested interest, like ME! I suggested previously that the COL section on DD-C be closed. There can be little if any discussion on loan Due Diligence and when setting up DD-C, the intention was that anything meaningful posted in DD-C gets posted here. Either there is nothing meaningful being discussed in DD-C or that 'rule' is being ignored. Closing the COL section would 'force' all discussion here for the benefit of COL investors without access. I've nothing against DD-C, I just despair of the dozens of rubbish posts that are made just in order to reach a post-count based entry criterion. ( Whinge over  ) I think DDC COL is needed now more than ever. There are things it would simply be against forum rules to post here. I've engaged in as much discussion as possible here, to the point of reproducing information I found in DDC so far as it can be posted here. It would be a real shame if the only exchange of such information going forward could be by PM or on another site, meaning it might not even reach anyone willing to share it here.
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