Greenwood2
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Post by Greenwood2 on Apr 14, 2018 9:21:20 GMT
I think there may be multiple reasons that RR say we are creditors. 1. It means that they acknowledge we are owed so we don’t need to write to them and claim to be creditors. 2. Because they are not regulated so there are no “client money” rules not any direct lender/borrower relationship. 3. Because FCA told them to say so. 4. Because administrators legally only have a duty to creditors so we have to be creditors so they can care about us. 5. Because they are tired of being asked. 6. Because looking at the bank accounts and records they can’t tell one thing from another. Put me to sleep until the 27th please... 7. Because if Lenders are Creditors they can say the Creditors support them as Administrators.
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snowmobile
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Post by snowmobile on Apr 14, 2018 9:43:11 GMT
I think there may be multiple reasons that RR say we are creditors. 1. It means that they acknowledge we are owed so we don’t need to write to them and claim to be creditors. 2. Because they are not regulated so there are no “client money” rules not any direct lender/borrower relationship. 3. Because FCA told them to say so. 4. Because administrators legally only have a duty to creditors so we have to be creditors so they can care about us. 5. Because they are tired of being asked. 6. Because looking at the bank accounts and records they can’t tell one thing from another. Put me to sleep until the 27th please... 7. Because if Lenders are Creditors they can say the Creditors support them as Administrators. Good point. It does appear from the letter that they are trying to muster support for their court case from lenders. The 'leak' of the 23rd March report generally failed in that respect. The letter states that our emails will be sent to the FCA and/or the court accordingly. According to what I wonder? I continue to have doubts whether a balanced view will be represented to the court. If a lender were to send an email stating they do not want RR to continue and their reasons why, would that be sent to the court? I doubt it 
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11025
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Post by 11025 on Apr 14, 2018 10:14:57 GMT
7. Because if Lenders are Creditors they can say the Creditors support them as Administrators. Good point. It does appear from the letter that they are trying to muster support for their court case from lenders. The 'leak' of the 23rd March report generally failed in that respect. The letter states that our emails will be sent to the FCA and/or the court accordingly. According to what I wonder? I continue to have doubts whether a balanced view will be represented to the court. If a lender were to send an email stating they do not want RR to continue and their reasons why, would that be sent to the court? I doubt it I thought that too ,
But if they were actually correctly appointed the question has to be do RR have the lenders best interest in mind or the directors or hopefully both
something which I personally would struggle to answer
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Monetus
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Post by Monetus on Apr 14, 2018 11:58:16 GMT
I am concerned that a number of development loans which required further funding from Collateral like the Bolton student development are now totally stuck in limbo... Do you think they would already be obtaining additional finance elsewhere or trying to refinance?
I’m hoping this Collateral Administration internal battle isn’t going to result in these projects being put into jeopardy and increasing the risk of default...
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theshape
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Post by theshape on Apr 14, 2018 12:54:17 GMT
I am concerned that a number of development loans which required further funding from Collateral like the Bolton student development are now totally stuck in limbo... Do you think they would already be obtaining additional finance elsewhere or trying to refinance? I’m hoping this Collateral Administration internal battle isn’t going to result in these projects being put into jeopardy and increasing the risk of default... I did see a post where someone had visited the site where work appeared to be ongoing. Hopefully the development completes.
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averageguy
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Post by averageguy on Apr 14, 2018 20:23:07 GMT
7. Because if Lenders are Creditors they can say the Creditors support them as Administrators. Good point. It does appear from the letter that they are trying to muster support for their court case from lenders. The 'leak' of the 23rd March report generally failed in that respect. The letter states that our emails will be sent to the FCA and/or the court accordingly. According to what I wonder? I continue to have doubts whether a balanced view will be represented to the court. If a lender were to send an email stating they do not want RR to continue and their reasons why, would that be sent to the court? I doubt it In my opinion following my convo with JH last week that the use of terminology is not connected with any mustering of support..sometimes i think people read too much into things....but i guess thats what happens when you have this vacuum.
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Godanubis
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Post by Godanubis on Apr 15, 2018 1:19:42 GMT
I can't believe there is so much Cr*P still being posted here. If this ? , What about that ? We are all doomed etc.
1 Col. had registration Issue. Thats it !!!!
2 Lenders money in ring fenced account and not legally accessible other than to go to borrower/Lender
3 Payments/lender interest would be paid to ring fenced account again only payable to Lenders. Col interest may be paid here also and then paid to them .
4 Borrowers would continue to make payments to Lenders account.
After 27th Administrators (Whoever) could start to pay Lenders/Col
5 Col's Bills paid from their interest payments.
Only issue is is if borrower pays loan back there would be no further interest on that loan.
That's it
Just WAIT !!!
Nothing Else will change a thing. (No matter how much we want or rant)
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Post by crabbyoldgit on Apr 15, 2018 6:53:45 GMT
Not involved in this in anyway, by the skin of my teeth, but if the loan book is not properly managed until close. In particular if borrowers are allowed to walk away by the company now managing it, due to lack of return for them. Peer to peer is finished, every lender out there is watching this with great interest, the results confirm platform security in failure or destroys it utterly.c
If the authorities want an alternative financial loan market they better keep a very close eye on this one.
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nush
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Post by nush on Apr 15, 2018 9:53:36 GMT
I can't believe there is so much Cr*P still being posted here. If this ? , What about that ? We are all doomed etc. 1 Col. had registration Issue. Thats it !!!!2 Lenders money in ring fenced account and not legally accessible other than to go to borrower/Lender 3 Payments/lender interest would be paid to ring fenced account again only payable to Lenders. Col interest may be paid here also and then paid to them . 4 Borrowers would continue to make payments to Lenders account. After 27th Administrators (Whoever) could start to pay Lenders/Col 5 Col's Bills paid from their interest payments. Only issue is is if borrower pays loan back there would be no further interest on that loan. That's it Just WAIT !!!
Nothing Else will change a thing. (No matter how much we want or rant)
love it when someone talks good sense.
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angrysaveruk
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Post by angrysaveruk on Apr 15, 2018 11:41:27 GMT
Not involved in this in anyway, by the skin of my teeth, but if the loan book is not properly managed until close. In particular if borrowers are allowed to walk away by the company now managing it, due to lack of return for them. Peer to peer is finished, every lender out there is watching this with great interest, the results confirm platform security in failure or destroys it utterly.c If the authorities want an alternative financial loan market they better keep a very close eye on this one. I dont know if that is the case. This situation is unique in that from what I understand the platform was operating without the correct regulatory authorization which could add a number of legal complications - if they had just had to go into insolvency because they were making a loss and couldnt continue the operation it would be alot simpler (and preferable from the perspective of the lenders) to deal with
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rgog
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Post by rgog on Apr 15, 2018 13:52:34 GMT
I can't believe there is so much Cr*P still being posted here. If this ? , What about that ? We are all doomed etc. 1 Col. had registration Issue. Thats it !!!!2 Lenders money in ring fenced account and not legally accessible other than to go to borrower/Lender 3 Payments/lender interest would be paid to ring fenced account again only payable to Lenders. Col interest may be paid here also and then paid to them . 4 Borrowers would continue to make payments to Lenders account. After 27th Administrators (Whoever) could start to pay Lenders/Col 5 Col's Bills paid from their interest payments. Only issue is is if borrower pays loan back there would be no further interest on that loan. That's it Just WAIT !!!
Nothing Else will change a thing. (No matter how much we want or rant)
Awww, don't spoil their fun! Anyway, I have been having a great time with my bag of popcorn and mug of tea watching it all happen!! Yep I am invested but as I said hundreds of pages ago, no point in getting stressed about what I can't control or affect. 
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ceejay
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Post by ceejay on Apr 16, 2018 9:39:07 GMT
I can't believe there is so much Cr*P still being posted here. If this ? , What about that ? We are all doomed etc. 1 Col. had registration Issue. Thats it !!!!2 Lenders money in ring fenced account and not legally accessible other than to go to borrower/Lender 3 Payments/lender interest would be paid to ring fenced account again only payable to Lenders. Col interest may be paid here also and then paid to them . 4 Borrowers would continue to make payments to Lenders account. After 27th Administrators (Whoever) could start to pay Lenders/Col 5 Col's Bills paid from their interest payments. Only issue is is if borrower pays loan back there would be no further interest on that loan. That's it Just WAIT !!!
Nothing Else will change a thing. (No matter how much we want or rant)
For a post that is complaining about ranting, there are a lot of CAPITALS, bold, underlining and exclamation marks!!!! And while I'd agree that there isn't a whole lot we can do except wait, I think that the exchanges here have served two very important purposes. First, they tell all of us that are potentially facing a loss that we are not alone. And, second, they have provided a means for people to express their feelings. You might think that neither of those is important, but I'd disagree. Don't forget that among us there are some that are potentially seriously affected. And psychological health is more important than almost anything else, including any amount of money. Bottling stuff up is rarely a good strategy. Think of this thread as a self-help group!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 16, 2018 10:11:17 GMT
I can't believe there is so much Cr*P still being posted here. If this ? , What about that ? We are all doomed etc. 1 Col. had registration Issue. Thats it !!!!2 Lenders money in ring fenced account and not legally accessible other than to go to borrower/Lender 3 Payments/lender interest would be paid to ring fenced account again only payable to Lenders. Col interest may be paid here also and then paid to them . 4 Borrowers would continue to make payments to Lenders account. After 27th Administrators (Whoever) could start to pay Lenders/Col 5 Col's Bills paid from their interest payments. Only issue is is if borrower pays loan back there would be no further interest on that loan. That's it Just WAIT !!!
Nothing Else will change a thing. (No matter how much we want or rant)
For a post that is complaining about ranting, there are a lot of CAPITALS, bold, underlining and exclamation marks!!!! And while I'd agree that there isn't a whole lot we can do except wait, I think that the exchanges here have served two very important purposes. First, they tell all of us that are potentially facing a loss that we are not alone. And, second, they have provided a means for people to express their feelings. You might think that neither of those is important, but I'd disagree. Don't forget that among us there are some that are potentially seriously affected. And psychological health is more important than almost anything else, including any amount of money. Bottling stuff up is rarely a good strategy. Think of this thread as a self-help group! There are agony aunts and other places to get self help . Speculation only increases the fears of those who have that type of personality. This is a serious forum to assist those who invest or wish to invest in P2P. Only verified or at least correct information should be posted. I have 10's of thousands in Coll and 100s of thousands in P2P and don't have to worry that Aliens will come and steal it (probably listed here as a possibility). As with all investments only invest what you can risk loosing. I say risk rather than afford as the two are not the same for everyone. Again I repeat the greater the risk the greater the reward. The greater the effort ie. DD and diversification the less the Risk. A good combination of both results in a healthy return. P2P is not for the feckless or fearful. .
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Greenwood2
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Post by Greenwood2 on Apr 16, 2018 10:24:43 GMT
I can't believe there is so much Cr*P still being posted here. If this ? , What about that ? We are all doomed etc. 1 Col. had registration Issue. Thats it !!!!2 Lenders money in ring fenced account and not legally accessible other than to go to borrower/Lender 3 Payments/lender interest would be paid to ring fenced account again only payable to Lenders. Col interest may be paid here also and then paid to them. 4 Borrowers would continue to make payments to Lenders account. After 27th Administrators (Whoever) could start to pay Lenders/Col 5 Col's Bills paid from their interest payments. Only issue is is if borrower pays loan back there would be no further interest on that loan. That's it Just WAIT !!!
Nothing Else will change a thing. (No matter how much we want or rant)
Most of this thread is about how true all of these facts are. Lenders are concerned and need to vent. It won't change anything, but at least many potential problems have been identified and discussed. I'm sure everyone hopes you are correct and everything works as intended, we will have to wait and see. But not having access to their funds is already causing some lenders problems, not so easy to just wait if you are in that position.
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oik
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Post by oik on Apr 16, 2018 12:56:02 GMT
There are agony aunts and other places to get self help . Speculation only increases the fears of those who have that type of personality. This is a serious forum to assist those who invest or wish to invest in P2P. Only verified or at least correct information should be posted. I have 10's of thousands in Coll and 100s of thousands in P2P and don't have to worry that Aliens will come and steal it (probably listed here as a possibility). As with all investments only invest what you can risk loosing. I say risk rather than afford as the two are not the same for everyone. Again I repeat the greater the risk the greater the reward. The greater the effort ie. DD and diversification the less the Risk. A good combination of both results in a healthy return. P2P is not for the feckless or fearful. . Those posts are obviously causing you a great deal of unhappiness. A trick I learned was that if I don't want to read something, I don't look. Works for me.
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