stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Mar 1, 2018 8:56:57 GMT
I have contacted administrator. She is snowed in and unavailable. I have asked for her email address to be made available to interested parties for questions.
I am just letting you know what is found out. Nothing more.
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micky
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Post by micky on Mar 1, 2018 9:00:32 GMT
I have just made contact with 'refreshrecovery' and found out that Jessica Hodgson our named contact is working from home today-.
I have emailed the following questions and post the reply as soon as I get a reply-
With regard to yesterday’s letter-
• Could you let me know when the website will be available? I assume read and withdrawal only.
• When will this month’s interest be paid?
• A loan was due to repay at the end of Feb- Darwin.. I think.. when will this be completed?
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sarahcount
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Post by sarahcount on Mar 1, 2018 9:06:29 GMT
Small world. I've had dealings with the Administrator Mr G***** C**** before. Choosing my words very carefully but let's just say that he is very well aware of; 1) The fact that he has been appointed by the directors and not anyone else 2) Exactly what actions he can take without falling foul of insolvency law or his regulator the ICAEW.
Administrators in general have enormous power and it is extremely difficult to successfully challenge their actions or decisions.
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micky
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Post by micky on Mar 1, 2018 9:10:13 GMT
These sound like words of caution.
'appointed by the directors' ... do you think to have the directors welfare as a priority?
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Post by dualinvestor on Mar 1, 2018 9:11:04 GMT
'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... Eight weeks is the priod set out in the Insolvency Act (as amended by the Enterprise Act) for the Administrators to publish their proposals. They may apply to the court to extend the period.
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hendragon
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Post by hendragon on Mar 1, 2018 9:11:36 GMT
I've got an email which doesn't seem to have a letter with it??!! Could someone oblige me by posting the contents? Thanks.. You should see a link within the email that you click to access the letter which is on a dropbox style service. Possible your antivirus removed it though! I thought the same thing. The phrase "investor letter" did not appear to be a link in my e-mail. When I did click on it was.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Mar 1, 2018 9:12:06 GMT
I have just made contact with 'refreshrecovery' and found out that Jessica Hodgson our named contact is working from home today- I have emailed the following questions and post the reply as soon as I get a reply- With regard to yesterday’s letter- • Could you let me know when the website will be available? I assume read and withdrawal only. • When will this month’s interest be paid? • A loan was due to repay at the end of Feb- Darwin.. I think.. when will this be completed? I take it you had permission given to post Jessica's email address in a public place micky .
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moist
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Post by moist on Mar 1, 2018 9:15:05 GMT
I have just made contact with 'refreshrecovery' and found out that Jessica Hodgson our named contact is working from home today- I have emailed the following questions and post the reply as soon as I get a reply- With regard to yesterday’s letter- • Could you let me know when the website will be available? I assume read and withdrawal only. • When will this month’s interest be paid? • A loan was due to repay at the end of Feb- Darwin.. I think.. when will this be completed? I take it you had permission given to post Jessica's email address in a public place micky . seriously Stub! Whose side are you actually on?
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keystone
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Post by keystone on Mar 1, 2018 9:16:00 GMT
I was fully invested since first investing in collateral. I sold most of my loans last week and over the weekend and had a few loans left to sell. The funds were sitting in cash waiting to withdraw. I have no records or statements. It looks like I am going to lose it all.  |
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btc
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Post by btc on Mar 1, 2018 9:18:16 GMT
We are just considering the practicalities of reopening the website in order for people to view their balances. I am hoping this is something that can be done, but I need to discuss it further with the Directors. So at present I can’t say for definite that this will be an option.
If a balance of funds was transferred over yesterday, these will returned to you once I am able to access the bank and reconcile the accounts.
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micky
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Post by micky on Mar 1, 2018 9:19:01 GMT
I must admit stub, that I was surprised to read your comment, however each to their own. The email was offered ,as it would be to anyone who called them. really!
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micky
Member of DD Central
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Post by micky on Mar 1, 2018 9:22:11 GMT
We are just considering the practicalities of reopening the website in order for people to view their balances. I am hoping this is something that can be done, but I need to discuss it further with the Directors. So at present I can’t say for definite that this will be an option. If a balance of funds was transferred over yesterday, these will returned to you once I am able to access the bank and reconcile the accounts. How did you receive this info btc?
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Mar 1, 2018 9:22:33 GMT
I take it you had permission given to post Jessica's email address in a public place micky . seriously Stub! Whose side are you actually on? is the side I am on moist if they do not have permission. One needs to be careful. I suggest anyone that posts anything from communications directly on the forum may be breaching conditions of receipt. I do not see it as sides either. Everyone is in this shxt as stake holders together including me.
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Post by angrykittens on Mar 1, 2018 9:24:19 GMT
I too have emailed "the contact" given to us in the administration letter for clarification on some points, I assume some will have similair if not the same questions so will update here when or if I hear back.
Paraphrasing my questions here:
How will loan repayments be made to us - directly or will we need to withdraw from the website manually as loans are repaid (also will the website be made available to us in some form to allow this
Will interest continue to be paid to us monthly (and ideally one today)
Will unallocated funds be repaid to us or do we have to apply as an unsecured creditor for these
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hendragon
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Post by hendragon on Mar 1, 2018 9:25:44 GMT
I will declare a holding of zero cash or at least very little all has been invested in loans. The purpose of administration, as I undertand it, is to recover the business if at all possible. Given that Col stopped trading because the made a mess of their required permissions rather than couldn't pay their bills should allow us to hope that another provider may take on the business, it can be saved in some way, or there may be a positive way forward.
The only interests that will be served if this is a poor outcome are those vested interests in the financial world that have had the knives out for the p2p sector for some time. It is not in the interests of the industry as a whole for this to be done badly.
For those with cash in Col I wish you luck, but you may have to be patient, as will those who hold loan parts.
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