hazellend
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Post by hazellend on Mar 1, 2018 22:26:15 GMT
Maybe this comment is a little naive and premature for a professional to make. Absolutely, if it is what she actually said (with no caveats) then it demonstrates naivity with respect to the recovery prospects of p2p loans in a default situation, and is a statement no one in the p2p sector would dream of making. I have a feeling they are meekly expecting capital repayments will generally appear on the maturity date of the loan agreements. I don't think she is as naive as that. She has already commented that the loans may not repay in full if the borrowers default.
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Post by dualinvestor on Mar 1, 2018 22:29:32 GMT
That makes her comment all the more puzzling
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IFISAcava
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Post by IFISAcava on Mar 1, 2018 22:33:09 GMT
Bold statement that I hope she doesn't regret it later not least because it relies on all borrowers paying in full. Well, getting 100 % of the investment is the first stage. Getting it repaid and converted into cash is the next one.
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Post by dualinvestor on Mar 1, 2018 22:36:21 GMT
Bold statement that I hope she doesn't regret it later not least because it relies on all borrowers paying in full. Well, getting 100 % of the investment is the first stage. Getting it repaid and converted into cash is the next one. If quoted correctly it does say receive.
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james100
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Post by james100 on Mar 1, 2018 22:44:38 GMT
Absolutely, if it is what she actually said (with no caveats) then it demonstrates naivity with respect to the recovery prospects of p2p loans in a default situation, and is a statement no one in the p2p sector would dream of making. I have a feeling they are meekly expecting capital repayments will generally appear on the maturity date of the loan agreements. I don't think she is as naive as that. She has already commented that the loans may not repay in full if the borrowers default. ...even in that article her comment is stated to be an add-on to the caveat already made by Gordon Craig regarding loan repayments. Nobody knows if/how/when the loans will repay; I read her as referencing only that collateral has not run off with the cash or securities. Moreover, from the direct, timely correspondence that we've seen from her today in the face of a heaving mess and a shed-load of anxious lenders, I'd suggest she's showing early signs of doing a rather good job. Hopefully, if the admins are working with the coll team in a harmonious manner, the old guard can focus on keeping the loan repayments coming in, but only time will tell.
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reinvestor
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Post by reinvestor on Mar 1, 2018 22:48:57 GMT
I think that the comment maybe from someone not familiar with the p2p market. 100p in the £. I have never seen that for any company in administration let alone a finance company that goes into administration.
In the case of Cattles PLC who traded as Welcome Finance, went they went bust, the borrowers took the view of “you are bankrupt, why the hell should we pay you?” They got back less than 20% of the outstanding (high risk) book.
This is often the case when finance companies go pop as it is not in the Administrator’s best interest to peruse payments from debtors in the way a trading company would.
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reinvestor
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Post by reinvestor on Mar 1, 2018 22:50:18 GMT
Persue not peruse!
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registerme
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Post by registerme on Mar 1, 2018 22:55:18 GMT
You can edit your posts  .
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hazellend
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Post by hazellend on Mar 1, 2018 22:56:02 GMT
I think that the comment maybe from someone not familiar with the p2p market. 100p in the £. I have never seen that for any company in administration let alone a finance company that goes into administration. In the case of Cattles PLC who traded as Welcome Finance, went they went bust, the borrowers took the view of “you are bankrupt, why the hell should we pay you?” They got back less than 20% of the outstanding (high risk) book. This is often the case when finance companies go pop as it is not in the Administrator’s best interest to peruse payments from debtors in the way a trading company would. If borrower's don't repay, they lose the asset. The P2P originator should not affect their motivation to pay.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Mar 1, 2018 22:59:44 GMT
Could someone please confirm that there have now been TWO emails sent out to COL investors? One last night and one today. If so I don't appear to have received the second one today. (Obvisouly checked my spam folder etc)
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hazellend
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Post by hazellend on Mar 1, 2018 23:03:13 GMT
Could someone please confirm that there have now been TWO emails sent out to COL investors? One last night and one today. If so I don't appear to have received the second one today. (Obvisouly checked my spam folder etc) none today
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Post by Badly Drawn Stickman on Mar 1, 2018 23:08:05 GMT
Could someone please confirm that there have now been TWO emails sent out to COL investors? One last night and one today. If so I don't appear to have received the second one today. (Obvisouly checked my spam folder etc) The only official email was yesterdays, the other one being shown in posts is a copy of a reply received to questions asked by individual posters
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hantsowl
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Post by hantsowl on Mar 1, 2018 23:14:05 GMT
Could someone please confirm that there have now been TWO emails sent out to COL investors? One last night and one today. If so I don't appear to have received the second one today. (Obvisouly checked my spam folder etc) None today. We had 2 yesterday. The first early morning simply saying that an update will follow later in the day. The second was late evening explaining the situation regarding administration. You may have seen another couple of emails posted in forum updates today, but these were from people who had emailed Jessica directly and got a specific response. They kindly posted these to the forum.
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reinvestor
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Post by reinvestor on Mar 1, 2018 23:15:36 GMT
“If borrower's don't repay, they lose the asset.
The P2P originator should not affect their motivation to pay. “
Should not I agree with. Reality is a different thing.
I don’t want to cast aspersions but those people that pay p2p rates of interest are paying those rates for a reason.
For a recent example of this (and something that could have previously and still may topple another p2p platform) I would have a look at the “borrower intervention” thread on the Ratestter section of this forum. V****** T******G**** have gone into administration owing £52m which makes Collateral’s potential losses look like small fry!
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Jeepers
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Post by Jeepers on Mar 1, 2018 23:25:32 GMT
With losses of 294k in 2016 and 82k in 2015 I'd say the writing was on the wall for a while.
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