andy1
Member of DD Central
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Post by andy1 on May 21, 2018 9:50:07 GMT
Do we have to contact the administrator with our details? I've not been formally asked to - so haven't bothered. Is there any advantage in doing so? Not to you as far as I can see but 5 minutes spent reading and replying to an email is probably worth about £40 to BDO.
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on May 21, 2018 10:20:41 GMT
Do we have to contact the administrator with our details? I've not been formally asked to - so haven't bothered. Is there any advantage in doing so? Not unless our friends at COL have run dropdb; before shutting the door and turning the lights off.
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DeafEater
Member of DD Central
Extremely Moderate
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Post by DeafEater on May 21, 2018 21:10:05 GMT
F****** Collateral con-men. I am very ANGRY!!! I'm also a tad miffed with them but I find my blood pressure rises when I use adjectives with too many asterisks. As a calming measure I've taken to referring to the Currie brothers are 'Rogue and Dosh'.
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macro
Member of DD Central
Posts: 86
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Post by macro on May 22, 2018 6:10:07 GMT
F****** Collateral con-men. I am very ANGRY!!! I'm also a tad miffed with them but I find my blood pressure rises when I use adjectives with too many asterisks. As a calming measure I've taken to referring to the Currie brothers are 'Rogue and Dosh'. That's funny, I call them Rogan Josh 
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m2btj
Member of DD Central
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Post by m2btj on May 22, 2018 7:17:30 GMT
Do we have to contact the administrator with our details? I've not been formally asked to - so haven't bothered. Is there any advantage in doing so? I'm not aware of any requirement to do this. If we all emailed it would take an extra month just replying to individual investor queries. I expect the administrator to be the only real winner in this ugly saga.
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averageguy
Member of DD Central
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Post by averageguy on May 22, 2018 9:00:15 GMT
Do we have to contact the administrator with our details? I've not been formally asked to - so haven't bothered. Is there any advantage in doing so? I'm not aware of any requirement to do this. If we all emailed it would take an extra month just replying to individual investor queries. I expect the administrator to be the only real winner in this ugly saga. Not really ..if its purely a confirmation email....on a separate note it would be nice to know if they have at least achieved access to company records
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insideout
Member of DD Central
Posts: 55
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Post by insideout on May 22, 2018 9:38:56 GMT
Assuming some cooperation from the COL directors so the loan book and all other records are easily accessed, attention on this case needs to focus on three issues. 1. The rapid repayment in whole or in part of loans that come to maturity.
2. The funds taken illegally from investors - if any wrong-doing is discovered. 3. The inordinate fees charged by insolvency companies. In respect of item 3. it is perhaps fortunate that Collateral investors may be able to ride the wave of publicity generated by both the Beaufort Securities collapse and that of the huge engineering/construction firm Carillion. Already there have been calls for the fees to be examined or capped. Collateral is a much smaller case. There is no rational point in charging £500 per hour to tidy up the last few pence of investor cash - unless of course you are the person being charged out at £500 per hour. Recent posts on the other (purple) forum have discussed that it may be the FCA who eventually hold things up, maybe in an effort to deflect attention from their own handling of the whole affair or to get investors to pay for investigations that should properly have been undertaken by the FCA. Winding down and repaying the Collateral loans should be quite quick if the FCA allowed it to happen as was originally envisaged - that is, if the platform was allowed to continue to operate in much the same way as it did for years (but without any money being improperly removed from the client account, if indeed this did happen!). In particular, a forum member (mason) has said: "The major factors at play will be the FCA's willingness to allow the platform to carry out regulated activities for which it is not at present authorised, any loss of staff who of course were not paid during the legal dispute, and the willingness of the directors to cooperate with BDO (without considering the underlying loanbook). It's the first of these I'm currently most concerned about. Further regulatory hurdles could slow things down considerably and create a lot of work for the administrator.
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ceejay
Posts: 975
Likes: 1,149
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Post by ceejay on May 22, 2018 13:34:27 GMT
...I do wonder also if the Collateral collapse has been one cause of the severe lack of funding from investors to some P2P loans in the last few months - Lendy have been imploring people to invest and even offering 2% cashback. On the BC platform, there is apparently a queue of loans for sale on both primary and secondary markets - something never seen before? If funds do dry up, many large existing development type projects could fail. Millions of pounds of funds from investors are simply not being provided.... Is it the case that there are fewer funds coming in to P2P as a whole? I've not seen figures but that's not my impression.
Is it more likely that the COL collapse would lead to a flight to quality - as perceived by lenders?
It doesn't seem to me sustainable to have the massive fragmentation that currently exists in the P2P platform marketplace. Time to place your bets on the ones that you think will survive. RS, Z, FC, AC ... any more? Not that I'm suggesting that all the others will go bust, far from it, but I think that they will either (1) settle on a well-defined niche or (2) get swallowed up.
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shimself
Member of DD Central
Posts: 2,563
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Post by shimself on May 22, 2018 14:06:40 GMT
...I do wonder also if the Collateral collapse has been one cause of the severe lack of funding from investors to some P2P loans in the last few months - Lendy have been imploring people to invest and even offering 2% cashback. On the BC platform, there is apparently a queue of loans for sale on both primary and secondary markets - something never seen before? If funds do dry up, many large existing development type projects could fail. Millions of pounds of funds from investors are simply not being provided.... Is it the case that there are fewer funds coming in to P2P as a whole? I've not seen figures but that's not my impression.
Is it more likely that the COL collapse would lead to a flight to quality - as perceived by lenders?
It doesn't seem to me sustainable to have the massive fragmentation that currently exists in the P2P platform marketplace. Time to place your bets on the ones that you think will survive. RS, Z, FC, AC ... any more? Not that I'm suggesting that all the others will go bust, far from it, but I think that they will either (1) settle on a well-defined niche or (2) get swallowed up.
Well my money is on BC to survive. Two* people both less than full time seems affordable. TC otoh are now up to SIXY FIVE headcount!
*I've been corrected, they claim seven staff.
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ceejay
Posts: 975
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Post by ceejay on May 22, 2018 15:01:55 GMT
Is it the case that there are fewer funds coming in to P2P as a whole? I've not seen figures but that's not my impression.
Is it more likely that the COL collapse would lead to a flight to quality - as perceived by lenders?
It doesn't seem to me sustainable to have the massive fragmentation that currently exists in the P2P platform marketplace. Time to place your bets on the ones that you think will survive. RS, Z, FC, AC ... any more? Not that I'm suggesting that all the others will go bust, far from it, but I think that they will either (1) settle on a well-defined niche or (2) get swallowed up.
Well my money is on BC to survive. Two people both less than full time seems affordable. TC otoh are now up to SIXY FIVE headcount! Funny how two people can look at exactly the same facts and come up with opposite interpretations: you seem to think that low headcount is a good thing, I don't.
Not that bloated headcount is good, of course, but excess heads can always be trimmed if the growth forecasts don't come true. But if you don't have the people to handle new business, or deal with tricksy borrowers, or to cover for the unexpected, you're in trouble. I'd be VERY wary of putting significant (or, indeed, any) dosh in an organisation with only two people.
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shimself
Member of DD Central
Posts: 2,563
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Post by shimself on May 22, 2018 16:14:06 GMT
Well my money is on BC to survive. Two people both less than full time seems affordable. TC otoh are now up to SIXY FIVE headcount! Funny how two people can look at exactly the same facts and come up with opposite interpretations: you seem to think that low headcount is a good thing, I don't.
Not that bloated headcount is good, of course, but excess heads can always be trimmed if the growth forecasts don't come true. But if you don't have the people to handle new business, or deal with tricksy borrowers, or to cover for the unexpected, you're in trouble. I'd be VERY wary of putting significant (or, indeed, any) dosh in an organisation with only two people.
BC is a special case, a solicitor (sort of?) doing bridging loans, nothing else, with a trusted set of enforcers and valuers. I don't see them as aiming for a flotation in a couple of years. I think he earns a very decent living and doesn't work too hard (a lifestyle business if you like). Chief danger is probably key man and that's it. His oppo, lovingly entitled investor happiness, is in the office from time to time and responds to prodding. I reckon the business is worthwhile on income of only say 250K pa (which the seat of my fag packet says equates to a loan book of 3M)
Practically all the rest are desparate for s c a l e. Never mind the quality, never mind profits to date just feel the 6 9 figure loan book. The moment they start reducing headcount is the moment they abandon the flotation, the yacht, the Ferrari. The VCs get shot of the business as quickly as they can. Our hope is that whoever buys the right to run down the loan book is actually interested in the income from so doing
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kaya
Member of DD Central
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Post by kaya on May 22, 2018 16:48:44 GMT
F****** Collateral con-men. I am very ANGRY!!! I'm also a tad miffed with them but I find my blood pressure rises when I use adjectives with too many asterisks. As a calming measure I've taken to referring to the Currie brothers are 'Rogue and Dosh'. Yes you are quite right DeafEater. I shall seek to remain calm, and mutter quietly into another bottle of super-cider. 
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Greenwood2
Member of DD Central
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Post by Greenwood2 on May 22, 2018 19:53:18 GMT
Funny how two people can look at exactly the same facts and come up with opposite interpretations: you seem to think that low headcount is a good thing, I don't.
Not that bloated headcount is good, of course, but excess heads can always be trimmed if the growth forecasts don't come true. But if you don't have the people to handle new business, or deal with tricksy borrowers, or to cover for the unexpected, you're in trouble. I'd be VERY wary of putting significant (or, indeed, any) dosh in an organisation with only two people.
BC is a special case, a solicitor (sort of?) doing bridging loans, nothing else, with a trusted set of enforcers and valuers. I don't see them as aiming for a flotation in a couple of years. I think he earns a very decent living and doesn't work too hard (a lifestyle business if you like). Chief danger is probably key man and that's it. His oppo, lovingly entitled investor happiness, is in the office from time to time and responds to prodding. I reckon the business is worthwhile on income of only say 250K pa (which the seat of my fag packet says equates to a loan book of 3M)
Practically all the rest are desparate for s c a l e. Never mind the quality, never mind profits to date just feel the 6 9 figure loan book. The moment they start reducing headcount is the moment they abandon the flotation, the yacht, the Ferrari. The VCs get shot of the business as quickly as they can. Our hope is that whoever buys the right to run down the loan book is actually interested in the income from so doing
I thought BC said they were going to reported an end year profit of £500K ish.
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empirica
Member of DD Central
Posts: 326
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Post by empirica on May 23, 2018 7:42:22 GMT
Well my money is on BC to survive. Two people both less than full time seems affordable. TC otoh are now up to SIXY FIVE headcount! Funny how two people can look at exactly the same facts and come up with opposite interpretations: you seem to think that low headcount is a good thing, I don't.
Not that bloated headcount is good, of course, but excess heads can always be trimmed if the growth forecasts don't come true. But if you don't have the people to handle new business, or deal with tricksy borrowers, or to cover for the unexpected, you're in trouble. I'd be VERY wary of putting significant (or, indeed, any) dosh in an organisation with only two people.
BC are another platform I'm interested in _ although the 'reassuringly expensive' minimum stake of £5,000 per loan is a bit of a turnoff from a diversification perspective. But where did you get the idea there were only two part-time staff? Their meet the team page has 7 listed and I've had email dealing with another employee there who isn't listed. (https://www.thebridgecrowd.com/meet-the-team)
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insideout
Member of DD Central
Posts: 55
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Post by insideout on May 23, 2018 9:02:00 GMT
"I do wonder also if the Collateral collapse has been one cause of the severe lack of funding from investors to some P2P loans in the last few months - Lendy have been imploring people to invest and even offering 2% cashback.
It may therefore be in the interests of all persons connected with P2P to try and ensure that the Collateral saga is wrapped up speedily and at a transparently reasonable cost.
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