chris1200
Member of DD Central
Posts: 827
Likes: 508
|
Post by chris1200 on Apr 12, 2018 14:08:43 GMT
Received the same letter. Going to be honest regarding our cash as investors held in the segregated accounts. I refrained from commenting before as I am not an expert but I do believe the fact it is in an "segregated account" does not mean it is completely untouchable. In fact it was explained to me a while back a "segregated account" simply raises us to the status of secured creditors rather than unsecured if the  hits the fan. Money being in a segregated account or not has nothing to do with status as a secured or unsecured creditor. The latter relates to whether a creditor, as security for their loan (or whatever it might be), has a charge over some or all of the assets of the company. This is not relevant to our situation and Refresh have done nothing to help the confusion with their latest email.
|
|
rxdav
Member of DD Central
Posts: 354 
Likes: 349
|
Post by rxdav on Apr 12, 2018 14:08:56 GMT
Keep phoning and/or writing RR folks and running up our bill. Needlessly. Why can't everyone just sit tight and wait for the 27th? I agree with ozboy - nothing is going to be resolved or even clarified until after 27 April.
To say it's frustrating doesn't even get close - but there is zero option at this time.
|
|
m2btj
Member of DD Central
Posts: 631 
Likes: 772
|
Post by m2btj on Apr 12, 2018 14:17:08 GMT
Absolutely right ozboy! I am going to do absolutely nothing until the music stops & we all know where we're going. I have no intention of writing to Refresh to find out on the 27th that they're no longer on the case & I then have to start the whole process again with a new FCA appointed administrator. |
|
|
|
Post by notascooby on Apr 12, 2018 14:23:05 GMT
No disrespect intended but having seen their letter head it reminds me of a homeopathic remedy, or possibly a sports drink.
|
|
GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
|
Post by GeorgeT on Apr 12, 2018 14:29:36 GMT
No disrespect intended but having seen their letter head it reminds me of a homeopathic remedy, or possibly a sports drink. Yes and I need 5 bottles a day of it to keep my energy levels up to get through this situation we are suffering. And before bed tonight I will be pouring a large vodka and refresh recovery.
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Apr 12, 2018 14:33:46 GMT
Absolutely right ozboy ! I am going to do absolutely nothing until the music stops & we all know where we're going. I have no intention of writing to Refresh to find out on the 27th that they're no longer on the case & I then have to start the whole process again with a new FCA appointed administrator. To what effect would we be writing to RR, anyway? I really don't get it. As if the FCA and new (or even current) administrators are going to say "well we had a few letters with guesstimates of money invested, so those guys are ok. But, gosh, everyone else is totally screwed. If only there had been an easier way to work out what everyone had...."  Edit: I should say, given their new explicit steer, I don't think it's crazy to submit a creditors claim. Why on earth they've realised this at this point, and what good it does at this stage, I can't imagine.
|
|
seb8072
Member of DD Central
Posts: 177
Likes: 99
|
Post by seb8072 on Apr 12, 2018 14:35:41 GMT
No disrespect intended but having seen their letter head it reminds me of a homeopathic remedy, or possibly a sports drink. Perhaps Jessica should have been on that.
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Apr 12, 2018 14:44:40 GMT
Absolutely right ozboy ! I am going to do absolutely nothing until the music stops & we all know where we're going. I have no intention of writing to Refresh to find out on the 27th that they're no longer on the case & I then have to start the whole process again with a new FCA appointed administrator. To what effect would we be writing to RR, anyway? I really don't get it. As if the FCA and new (or even current) administrators are going to say "well we had a few letters with guesstimates of money invested, so those guys are ok. But, gosh, everyone else is totally screwed. If only there had been an easier way to work out what everyone had...." You mean like looking at the accounts, if it wasn't too much trouble. Since RR have them right in front of them and lots of time to kill until the 27th.
|
|
radar
Member of DD Central
Posts: 108
Likes: 63
|
Post by radar on Apr 12, 2018 14:50:31 GMT
I am not taking any action at this moment in time as I can only assume we will be back at square one on April 27 and have to do it all again
|
|
|
|
Post by Deleted on Apr 12, 2018 14:53:40 GMT
If you are going to submit a claim, I suggest do not confirm or deny that you are a "creditor", "investor" or whatever. Do not put yourself in a particular bucket based on advice given by the administrator who should probably not be giving you advice and whose loyalty is..... uncertain. Make your situation as clear as possible without using her words. This then allows you to re-position yourself later if that becomes relevant.  |
|
chriscross
Member of DD Central
Posts: 63
Likes: 70
|
Post by chriscross on Apr 12, 2018 14:59:41 GMT
To what effect would we be writing to RR, anyway? I really don't get it. As if the FCA and new (or even current) administrators are going to say "well we had a few letters with guesstimates of money invested, so those guys are ok. But, gosh, everyone else is totally screwed. If only there had been an easier way to work out what everyone had...." You mean like looking at the accounts, if it wasn't too much trouble. Since RR have them right in front of them and lots of time to kill until the 27th. Nooo, they looked at that idea and realised it would take them at least 2 weeks work, so why not get the investors to send over what their owed and voila, they have the information and whats better they can still charge for doing the work anyway, who'll know..
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Apr 12, 2018 15:01:44 GMT
The situation is a farce. We should not be general creditors of Collateral in relation to the value of the loans that we hold. We should be treated as creditors only to the extent that Collateral has misplaced or misappropriated any funds that should be held in the client account, either because those funds have not been lent or because payments of capital or interest have been received. And they can’t cross-collateralise the loan book. Any other course of action makes a mockery of the whole concept of peer to peer lending. Your assuming that there is a client account and that the P2P agreements are valid in the standard form. It is quite possible that as Coll were unregulated neither is the case so let's wait & find out what the actual position is once the administrator is confirmed in office (whoever it is)
|
|
btc
Member of DD Central
Posts: 193
Likes: 132
|
Post by btc on Apr 12, 2018 16:12:35 GMT
Keep phoning and/or writing to RR folks and running up our bill. Needlessly. Why can't everyone just sit tight and wait for the 27th? Same reason why you can't sit tight and wait for funding secure to correctly chase up your defaulted investements
|
|
adrianc
Member of DD Central
Posts: 10,019
Likes: 5,147
|
Post by adrianc on Apr 12, 2018 16:12:36 GMT
Your assuming that there is a client account and that the P2P agreements are valid in the standard form. It is quite possible that as Coll were unregulated neither is the case Lots of things are possible, however let's not forget that both Col and the FCA were under the impression that Col were operating under a perfectly valid IP. It just happened to be discovered that the IP wasn't actually originally issued to Col, and the FCA shouldn't have transferred it to them in the first place...
|
|
jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
|
Post by jj on Apr 12, 2018 16:17:39 GMT
I'm in the one-pot-to-feed-them-all camp. It kind of makes sense that we are now creditors and why we were still getting paid when the loans were not drawn down. This would mean that investing in specific loans was all an "illusion" and we'll end up with a % of the total pot.  |
|
hits the fan.
