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Post by winger on Mar 1, 2018 12:56:59 GMT
Sadly, only viewable by subscribers.
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Post by vaelin on Mar 1, 2018 12:58:44 GMT
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Post by mrclondon on Mar 1, 2018 12:59:17 GMT
Is it possible for collateral to set up a new company with FCA approval and transfer the business? Do you really want that? What is this attraction to microscopically small, very young, P2P firms that meant posters vote Collateral the 2nd best P2P platform of 2017. I assume it's just the ultra high yields, the fact they are temporarily "default free" and that they "communicate" or something. [...] [Mod hat off] Unfortunately the received wisdom gained from this forum as to which are "good" platforms or "good" loans is being reinforced by the lack of critical challenge to the popular viewpoint, in part due to the mass put-down of critical points of view. I've asked a number of the more professional lenders that I know why they don't post on the forum, and the response is always along the lines of "whats the point, my voice will be drowned out, and the opposite view will have gained mass acceptance as the 'truth' ".
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Post by holmes on Mar 1, 2018 13:01:17 GMT
"Where a firm or other person has failed to comply with the requirements of
the Act, the rules, or other relevant legislation, it may be appropriate to deal
with this without the need for formal disciplinary or other enforcement
action. The proactive supervision and monitoring of firms, and an open and
cooperative relationship between firms and their supervisors, will, in some
cases where a contravention has taken place, lead the FCA to decide against
taking formal disciplinary action. However, in those cases, the FCA will expect
the firm to act promptly in taking the necessary remedial action agreed with
its supervisors to deal with the FCA's concerns. If the firm does not do this,
the FCA may take disciplinary or other enforcement action in respect of the
original contravention"
From FCA handbook www.handbook.fca.org.uk/handbook/EG/2.pdfWill be interesting to know what communication has been between the FCA and Collateral prior to yesterdays enforcement
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zendog
Member of DD Central
Posts: 139 
Likes: 83
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Post by zendog on Mar 1, 2018 13:04:03 GMT
Sadly, only viewable by subscribers. I accessed it and I'm not a subscriber. Instead of using the link, search 'Peer-to-peer lender Collateral enters administration' in Google and select from there
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Post by winger on Mar 1, 2018 13:20:31 GMT
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Mar 1, 2018 13:30:41 GMT
Interesting comment in the FT piece:-
"In 2017, the FCA demanded more detailed information about loan defaults from lenders after finding “evidence of consumer detriment” in the way companies matched lenders and borrowers."
Could this be the long awaited clean up?
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bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
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Post by bugs4me on Mar 1, 2018 13:33:11 GMT
<snip> I've asked a number of the more professional lenders that I know why they don't post on the forum, and the response is always along the lines of "whats the point, my voice will be drowned out, and the opposite view will have gained mass acceptance as the 'truth' ". <snip> - agree with the point(s) you make but in all fairness, purely IMO, there is also a lack of willingness by the platforms and the '....what's the point....' is often raised. It does carry some weight but that excuse used is a weak one - again IMO. The art I would have thought would be for the platform to filter the relevant questions and ignore the others. Simply withdrawing completely is not the answer - nonetheless that does appear to be the route they have chosen. A quick answer would be for loan offerings to be presented in a more detailed and professional way - something along the lines of AC. What seems to have happened in recent times is the information provided by the platform is becoming, or appears to be, less and less. This lack of information automatically prompts more questions so the arrogance assumption of certain platforms that it will automatically get funding has until recently usually been the case. I expect in addition to more DD being carried out on these loan offerings, maybe potential investors may like to carry out DD on the platforms themselves.
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locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
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Post by locutus on Mar 1, 2018 13:35:08 GMT
Do you really want that? What is this attraction to microscopically small, very young, P2P firms that meant posters vote Collateral the 2nd best P2P platform of 2017. I assume it's just the ultra high yields, the fact they are temporarily "default free" and that they "communicate" or something. [...] [Mod hat off] Unfortunately the received wisdom gained from this forum as to which are "good" platforms or "good" loans is being reinforced by the lack of critical challenge to the popular viewpoint, in part due to the mass put-down of critical points of view. I've asked a number of the more professional lenders that I know why they don't post on the forum, and the response is always along the lines of "whats the point, my voice will be drowned out, and the opposite view will have gained mass acceptance as the 'truth' ". There is definitely a lot of noise on this forum and it can require patience to find relevant info but viewpoints from professional lenders are always well received. Just look at the like to post ratio of people like 17drofmas. Unfortunately, liberal use of the block button is required to filter out posts from those who like to talk a lot with very little to actually say. I daresay the policy of 50 posts for entry to DDC hasn't helped.
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Post by dualinvestor on Mar 1, 2018 14:08:32 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!!) The loans and cash balance of the client's account are yours. Subject to two things, performance of the loan book and costs you will get the full proceeds. In fact technically you are not creditors of the company although I expect the administrators to treat you as such in their communications and relationships with you. PS in law they probably do not even owe you a duty of care although again I expect them to exercise one.
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radar
Member of DD Central
Posts: 108
Likes: 63
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Post by radar on Mar 1, 2018 14:41:39 GMT
Comments now on 4thWay site
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cb25
Posts: 3,528
Likes: 2,668
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Post by cb25 on Mar 1, 2018 14:43:20 GMT
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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Post by IFISAcava on Mar 1, 2018 15:48:57 GMT
All we can do now is leave it all to Jess and hope that she gets her head around everything as quickly as possible and of course hope that the Beast from the East moves away and people are able to get out and about and reach their offices again because this terrible weather will also be delaying things I am sure. It is reassuring that we have Jessica's telephone number and email address and that she is very happy to talk to us so I shall contact her as and when necessary to answer my questions and keep up to date but aside from that I think we can all sit down and put our feet up and leave it all to Jess. The biggest inconvenience to me is that today is interest day and as far as I know most of my borrowers had paid the interest up front or had it deducted from their loans so it should be sitting with collateral somewhere and I am entitled to it and having had a very expensive month with builders in I was banking on that interests coming in today to support me through the following month but now of course we have no idea when we will get our next interest payment. But that is life and this is one of the risks of the game and I think the situation as we understand it all today is a lot brighter than it may have looked yesterday evening before the all-important letter arrived by email. Completely agree I'm more worried about capital than interest. Interest would be icing on the retrieving all capital cake.
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Post by GSV3MIaC on Mar 1, 2018 15:59:08 GMT
The web page name is unfortunate, since 'bust' generally implies 'insolvent', which (we have been assured) is not yet the case here. The article ON the referenced web page doesn't use the term 'bust', afaict.
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Post by jeromesh on Mar 1, 2018 16:37:53 GMT
I've not received the email and it's not in my spam. I've only a tiny bit invested here, and had requested a withdrawal on the 26th which clearly never completed. I've no access to DD central so can't see what's been posted there and have no contact details for the administrator. Any suggestions, as I want to make sure I've not been left off the administrator's mailing list for investors?
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