SteveT
Member of DD Central
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Post by SteveT on Apr 12, 2018 6:38:46 GMT
There is no “report”, just a copy of a couple of responses (that add little) to questions someone sent to the FCA. No idea why they posted it in DD-C. Full post reads:
Response from FCA to questions asked ;
I would firstly like to apologise for the time we have taken to get back to you, regarding the additional questions you raised around Collateral (UK) Ltd. I have now been provided with information and it is listed below:
1. Who ordered the pause of the administration?
The FCA made an application to the High Court to appoint new administrators in respect of Collateral (UK) Ltd, Collateral Sales Ltd and Collateral Security Trustee Ltd (the Collateral Companies) on 16 March 2018. The Collateral Companies requested that the Court adjourn the applications on the basis of certain undertakings, one of which was, effectively, a pause in the administration process. The FCA agreed the terms of the undertakings but submitted that the applications should be determined as soon as possible. The Court adjourned the applications until 27 April 2018 and made an order in the terms agreed by the parties.
2. In terms of this court case, what is it in relation too?
Companies which have carried on regulated activities without authorisation from the FCA are required to obtain the FCA’s written consent before appointing an administrator. Neither the Collateral Companies nor the administrator (Mr Craig) sought this consent and we believe that this rendered the appointments of Mr Craig invalid. It is on this basis that we have made our application to appoint new administrators.
2. Will there be further updates after 27th April 2018?
We hope to provide further information after this date, but at this stage cannot confirm. You can contact us within the first week of May, to see if we can mention anything.
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Post by jackpease on Apr 12, 2018 7:06:43 GMT
>>>>I don't mind admitting that i am in COL for just shy of £50K and without the £600 interest payments which pay my bills each month I am collapsing into a hole that I hope I can crawl out of soon.
If one good thing comes out of this (and other platform messes) it would be for the forum community to find a way to reach out to investors to steer others in the future to get caught out in such a worrying fashion. As a forum we can't influence those who invest before they bump across this board. But if people read this board - and invest too much in a particular platform because it is in its 'cozy warm feeling' stage of evolution - I wonder how we can help people think twice about sinking so much into one basket?
A sticky 'health warning'? Saying somesuchlike "Posters on this board represent a small proportion of total p2p investors, and that proportion is likely to disproportionately contain angry people who have lost money. It is the nature of the beast that mature platforms that have reached the default end of the lending cycle receive disproportionately bad press from those that have lost money - while newer platforms are treated favourably. Please do not invest simply on whether posters on this board 'like' a platform and its rep."
Jack P
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Post by Deleted on Apr 12, 2018 7:29:38 GMT
Jack, we've been doing that ever since this site has been going, all newbies who ask newbie questions get that sort of advice. What can you do?
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blender
Member of DD Central
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Post by blender on Apr 12, 2018 8:24:49 GMT
Quite so. It's just laziness rather than any attempt to hide material. There is much useful DD info on DD Central, but misuse for Coll puts it at risk. There is no way that a general reply from FCA to a lender is private, as you see from SteveT's post. And every reason that all Coll lenders should have access, or none.
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11025
Member of DD Central
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Post by 11025 on Apr 12, 2018 9:36:50 GMT
Right , here below is a full copy of the email reply I received from the FCA ,
for the record I am neither lazy (I have spent much time on this matter) , nor am I trying to create a 2 tier forum .
I am however very busy and doing the best I can to try and make some sense out of this situation ,
so it is likely if I didn't think before posting this on the DD forum and just followed the thread I was in
anyway here it is :
Dear Mr
I would firstly like to apologise for the time we have taken to get back to you, regarding the additional questions you raised around Collateral (UK) Ltd. I have now been provided with information and it is listed below:
1. Who ordered the pause of the administration?
The FCA made an application to the High Court to appoint new administrators in respect of Collateral (UK) Ltd, Collateral Sales Ltd and Collateral Security Trustee Ltd (the Collateral Companies) on 16 March 2018. The Collateral Companies requested that the Court adjourn the applications on the basis of certain undertakings, one of which was, effectively, a pause in the administration process. The FCA agreed the terms of the undertakings but submitted that the applications should be determined as soon as possible. The Court adjourned the applications until 27 April 2018 and made an order in the terms agreed by the parties.
2. In terms of this court case, what is it in relation too?
Companies which have carried on regulated activities without authorisation from the FCA are required to obtain the FCA’s written consent before appointing an administrator. Neither the Collateral Companies nor the administrator (Mr Craig) sought this consent and we believe that this rendered the appointments of Mr Craig invalid. It is on this basis that we have made our application to appoint new administrators.
2. Will there be further updates after 27th April 2018?
We hope to provide further information after this date, but at this stage cannot confirm. You can contact us within the first week of May, to see if we can mention anything.
I hope this helps.
Yours Sincerely
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
08001116768
This email is FCA restricted unless marked otherwise
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hantsowl
Member of DD Central
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Post by hantsowl on Apr 12, 2018 10:06:20 GMT
I also have a 5 figure investment with Col and find the lack of any real information very frustrating. I accept that Col, the FCA and any administrators involved are probably under a legal obligation to say nothing until the outcome of the court case, but at latest count around 40% of my investment should have either renewed or repaid by now. By the day of the court case this will have risen to around 50%. What I would like to know is whether anything is going on behind the scenes regarding these loans. Are they being automatically renewed pending the outcome of the court case? Are they being repaid and money gradually accumulating in Col’s coffers? I realize that I haven’t a cat in hells chance of an official response to these questions, but are there any borrowers out there reading this who could maybe give some idea as to what is happening with loans at renewal date? Maybe this is a pointless question and borrowers have been gagged also, but I am simply trying to get some kind of idea of what is going on with my money.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 12, 2018 10:08:38 GMT
New filing at Companies House. Is it RR or B** ?
Company number 10390795 COLLATERAL SECURITY TRUSTEE LIMITED
12 Apr 2018 Appointment of an administrator
This document is being processed and will be available in 5 days.
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blender
Member of DD Central
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Post by blender on Apr 12, 2018 10:12:39 GMT
Sorry, 11025, but I have inadvertently connected the laziness remark more to you than I intended. And I meant lazy as being less than deliberate choice. Unlike you, I am generally lazy, but not with the forum. At the risk of offending someone else, this is what I mean:
"Is there any reason why this information can't be on the main Collateral page?"
"You can put it there if you wish, but I am several pages behind with that thread and this seemed the correct placed for me."
Ignored by the mods.
The answer is quite simple, post it here where all can see, unless you would otherwise breach the rules about identifying borrowers. Or else those poor stressed mods will be closing DD central.
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blender
Member of DD Central
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Likes: 4,272
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Post by blender on Apr 12, 2018 10:19:45 GMT
I also have a 5 figure investment with Col and find the lack of any real information very frustrating. I accept that Col, the FCA and any administrators involved are probably under a legal obligation to say nothing until the outcome of the court case, but at latest count around 40% of my investment should have either renewed or repaid by now. By the day of the court case this will have risen to around 50%. What I would like to know is whether anything is going on behind the scenes regarding these loans. Are they being automatically renewed pending the outcome of the court case? Are they being repaid and money gradually accumulating in Col’s coffers? I realize that I haven’t a cat in hells chance of an official response to these questions, but are there any borrowers out there reading this who could maybe give some idea as to what is happening with loans at renewal date? Maybe this is a pointless question and borrowers have been gagged also, but I am simply trying to get some kind of idea of what is going on with my money. The current admin is authorised by the court to collect incoming interest and repayments which will be in (a) client account(s). Since they are fighting to retain the position, they should not be neglecting that task. They are not authorised to make or renew loans, and so that will not be happening. If borrowers do not make payments or repayments, then I guess they may not be chased.
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Post by Butch Cassidy on Apr 12, 2018 10:26:40 GMT
I also have a 5 figure investment with Col and find the lack of any real information very frustrating. I accept that Col, the FCA and any administrators involved are probably under a legal obligation to say nothing until the outcome of the court case, but at latest count around 40% of my investment should have either renewed or repaid by now. By the day of the court case this will have risen to around 50%. What I would like to know is whether anything is going on behind the scenes regarding these loans. Are they being automatically renewed pending the outcome of the court case? Are they being repaid and money gradually accumulating in Col’s coffers? I realize that I haven’t a cat in hells chance of an official response to these questions, but are there any borrowers out there reading this who could maybe give some idea as to what is happening with loans at renewal date? Maybe this is a pointless question and borrowers have been gagged also, but I am simply trying to get some kind of idea of what is going on with my money. Administrators are serious & professional operators & will stick to their authorised duties to the letter (as their entire livelihood depends on it) which is why they are refusing to break the court imposed purdah that was initiated by the FCA, so the loans/borrowers that are becoming due will be told that they have to repay &/or refinance off the platform & the resultant cash receipts will be accumulating in your unique account. There maybe delays whilst this is achieved but no loans will be renewed or rolled over as this has explicitly been prevented by the FCA.
Whilst I understand the frustration that such a vacuum of communication creates it is the FCA to thank along with the tardiness of the entire court & legal system but I am confident that everything, with the possible exception of some of the larger development loans, will be repaid & settled in full within a couple of months of the resolution of the court process.
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dovap
Member of DD Central
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Post by dovap on Apr 12, 2018 10:40:12 GMT
Sorry, 11025, but I have inadvertently connected the laziness remark more to you than I intended. And I meant lazy as being less than deliberate choice. Unlike you, I am generally lazy, but not with the forum. At the risk of offending someone else, this is what I mean:
"Is there any reason why this information can't be on the main Collateral page?"
"You can put it there if you wish, but I am several pages behind with that thread and this seemed the correct placed for me."
Ignored by the mods.
The answer is quite simple, post it here where all can see, unless you would otherwise breach the rules about identifying borrowers. Or else those poor stressed mods will be closing DD central. Seems quite simple that if someone has taken the time to for example to contact the FCA and chooses to share that info - great. If furthermore they feel that ddc is more appropriate then fine again It's nonsense frankly to suggest they must post on the open forum if they don't feel it's appropriate. Most of the grumbling (oh I've 'invested' 500K and haven't checked owt - tell me what to do etc etc) seems to be from folk who have been too lazy to read back a few pages in this thread anyway. Not that there is any real news anyway obv.
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Post by steelspanner on Apr 12, 2018 12:50:00 GMT
Email just received from Jessica Hodgson but not had time to read it as yet.
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averageguy
Member of DD Central
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Post by averageguy on Apr 12, 2018 12:53:07 GMT
Confirms position as known ..but also in RR opinion we are seen as creditors
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Post by steelspanner on Apr 12, 2018 12:57:17 GMT
I think she will be getting a few emails.
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11025
Member of DD Central
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Post by 11025 on Apr 12, 2018 12:59:07 GMT
Confirms position as known ..but also in RR opinion we are seen as creditors That sounds contradictory to their previous statement
5.4.2 Secured Creditors
The Group has no registered secured creditors.
5.4.3 Unsecured Creditors
The Group has no unsecured creditors as all trade and expense creditors have been paid up to date.
5.4.4 Investors
The Group has 1132 investors who have secured investments against the various properties
chattels and assets of the Group, these investments amount to £17,538,817.
Sounds like the FCA have got it right by wanting them to be removed
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