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Post by scrooge on Mar 1, 2018 11:32:27 GMT
Unlike others on here, I have received no communication whatsoever. Fortunately, I am only in for a pocket money amount - all in jewellery loans - but nonetheless am entitled to know what is going on.
Could some kind soul let me have the Administrator's e-mail please, so that I can be sure I'm on their radar?
Thanks.
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TitoPuente
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Post by TitoPuente on Mar 1, 2018 11:38:30 GMT
Bang on it would be a very canny idea to allow Jessica to undertake her work without distractions from us; how much do insolvency practitioner's get paid by the hour? It would be interesting to read their fee's structure as it may likely relate to ourselves. This may be a good question to ask of them at the beginning of this journey together.  Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans. Just a note to highlight that one more time a body that should be adding value, structure and order to a system has wrecked havoc and created unnecessary disarray. I am sure there was a softer, more intelligent way to enforce regulation. Shame on FCA. Hopefully this situation is resolved without investors losing a penny. Otherwise, the FCA will have defeated its own purpose.
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jcm9000
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Post by jcm9000 on Mar 1, 2018 11:39:55 GMT
Helpful and reassuring email from ABLrate just now about their processes were administration to occur. MT have followed suit and added an update in their 'general updates' tab. Mmm. Interesting their plans if something happens to the site!
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mynyddrob
I was greedy , like everyone else ! £40 k down at least !
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Post by mynyddrob on Mar 1, 2018 11:42:34 GMT
Helpful and reassuring email from ABLrate just now about their processes were administration to occur. MT have followed suit and added an update in their 'general updates' tab. My worry is that we have all been shafted and the monies have gone !!
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Post by p2pimpressed on Mar 1, 2018 11:42:50 GMT
Bang on it would be a very canny idea to allow Jessica to undertake her work without distractions from us; how much do insolvency practitioner's get paid by the hour? It would be interesting to read their fee's structure as it may likely relate to ourselves. This may be a good question to ask of them at the beginning of this journey together. Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans. - any further "juice" you can share from your chat with Jessica? thanks
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mynyddrob
I was greedy , like everyone else ! £40 k down at least !
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Post by mynyddrob on Mar 1, 2018 11:46:05 GMT
I have spoken with the FCA this morning. No news from them but I have forwarded the message from the administrators to them , awaiting response.
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k6
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Post by k6 on Mar 1, 2018 11:46:19 GMT
Excellent idea. My first question is about the status of upfront interest that borrowers have paid; is it ringfenced or does it become subject to unsecured creditor rules, ie probably lost? Note that I'm not volunteering for this prestigious position. Or does it just pay off the administrator fees? Capital return is the aim here, interest would be an unexpected bonus. My mid-3 figures cash on account I have written off. "Capital return is the aim here, interest would be an unexpected bonus." 100% agree.
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Post by francism on Mar 1, 2018 11:46:46 GMT
I’m very pleased to see that the cash balances
will be repatriated. This was my main concern
as I had 5 figures in cash with them. As all loans,
Whatever their state, are allocated to investors,
I’m confident that we won’t be out of pocket to
Any great extent. I have 6 figures invested here
So initially I was concerned, but it sounds like the
Investors interests are being looked after. I no expert,
but I think that the creditor aspect in the letter does
Not apply to investors but to other companies who
Have billed collateral for services rendered. Please
Correct me if I’m wrong. I’ll sleep well tonight (much
Better than last night!!)
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micky
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Post by micky on Mar 1, 2018 11:46:59 GMT
Yes, interesting? why force them into administration/ then again they had not had permission to trade as a financial institution for 11 months. Did FCA discuss any alternatives with Collateral? Perhaps Collateral didn't take the advice they received in the preceding 11 months, it would be interesting to know these things.
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ablender
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Post by ablender on Mar 1, 2018 11:47:01 GMT
Nobody should be emailing the administrators. I have 6 figures with col so just want them to sort this out as soon as possible. I am still amazed this FCA error has been made by Col, who seemed to be an incredibly dilligent bunch. What exactly caused all this? Which FCA error do you refer to?
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micky
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Post by micky on Mar 1, 2018 11:49:21 GMT
Or does it just pay off the administrator fees? Capital return is the aim here, interest would be an unexpected bonus. My mid-3 figures cash on account I have written off. "Capital return is the aim here, interest would be an unexpected bonus." 100% agree. 'Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans.'
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p2pmark
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Post by p2pmark on Mar 1, 2018 11:59:16 GMT
Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans. Just a note to highlight that one more time a body that should be adding value, structure and order to a system has wrecked havoc and created unnecessary disarray. I am sure there was a softer, more intelligent way to enforce regulation. Shame on FCA. Hopefully this situation is resolved without investors losing a penny. Otherwise, the FCA will have defeated its own purpose. It's far too early to blame the FCA. We have no idea how much tolerance they had already extended Col, and the original approval was only supposed to be interim anyway. If Col were operating illegally, then the FCA had no choice, as it would make a mockery of the regulations if sites could ignore them without penalty.
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ablender
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Post by ablender on Mar 1, 2018 12:00:27 GMT
Received just now...By the way, I am also invested 6 figs but I don't mind everybody emailing the Administrator. At worst she will tack on 1 days wages which is a drop in the ocean. Besides, it may not be us investors that need to foot that bill anyway. Also, if everybody emails with their queries, my guess is they will send out a global email later today with all appropriate answers. Good Morning We are at the very start of this process and I do not have answers to all queries at present, I can only confirm that the intention of the Administrator is for all investors to recover their funds in full as the various investments are realised. I can confirm however that any monies that are sat on the platform and are not invested are ring fenced in a separate client account and the intention is for these to be returned to all investors after the Administrator has obtained control of the bank account and carried out a reconciliation. We are currently looking into the website and the possibility of this being reopened in order for investors to view the balance of their investments, however this isn’t something that will be dealt with until next week at the earliest. Some of the information contained in that letter is general information that we are legally required to distribute to creditors of the Company, however in the circumstances your position would be different in that your investment is secured against either an item or property as detailed in your agreement, consequently when the item is disposed of, your investment would be settled. I am will be going into matters in finer detail next week, then I should have more information in this regard. Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator An exact copy of the email I received including the grammatical error "I am will be going" in the last paragraph.
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ablender
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Post by ablender on Mar 1, 2018 12:04:20 GMT
collateral Collateral Rep Is it possible for collateral to set up a new company with FCA approval and transfer the business?
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hazellend
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Post by hazellend on Mar 1, 2018 12:08:05 GMT
Because I don’t want hundreds of investors with a couple of hundred pounds sending panicky emails and wasting time. Ouch hazellend - just because you might have more money in COL than some others doesn't mean that you are more important. Indeed, some of those with less money in might be much more in need of that than yourself. That wasn’t what I meant.
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