hazellend
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Post by hazellend on Mar 1, 2018 23:31:05 GMT
With losses of 294k in 2016 and 82k in 2015 I'd say the writing was on the wall for a while. Normal for P2P companies. I think Lendy is the only one making money so far!
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littonowl
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Post by littonowl on Mar 1, 2018 23:35:31 GMT
With losses of 294k in 2016 and 82k in 2015 I'd say the writing was on the wall for a while. Normal for P2P companies. I think Lendy is the only one making money so far! AC too...
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Jeepers
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Post by Jeepers on Mar 1, 2018 23:40:29 GMT
The 3 I use, LY, MT and FS are all making a profit.
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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 23:48:13 GMT
With losses of 294k in 2016 and 82k in 2015 I'd say the writing was on the wall for a while. Well you could have warned us ...... 
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tx
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Post by tx on Mar 2, 2018 0:33:41 GMT
If they played by the FCA rules, as they “thought” they were (leaving aside T&C secret change and email footer removal), then the loss is reduction of company retained profits and shareholder equities. It should not be investors money though.
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Post by winger on Mar 2, 2018 0:40:33 GMT
One issue which I have not yet seen mentioned anywhere in this thread (as far as I recall) is this: assuming it takes many weeks for the administrator to unravel the situation at Collateral, what do we all tell the tax man in the coming months?
Do we have to delay submitting Tax Returns until we have accurate information?
Could we be prudent and assume much lost capital, let alone interest, especially if it suits us to offset gains this year?
Are we perhaps deemed to have already received the interest, even if we rolled it over into another loan straight away (as I usually do) and it is potentially lost?
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hantsowl
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Post by hantsowl on Mar 2, 2018 0:48:16 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. Whilst i agree that 100p in the £ is optimistic, I don't think you can compare to Welcome Finance. From what I remember they dealt with sub-prime and unsecured loans. All Collateral's loans are secured, and in the case of bling they have physical possession of most of the items. If borrowers fail to repay, follow the Unbolted route and sell at auction to recover the funds. Property could be more complicated since they would need to take possession and then sell, which takes time and then a lot depends on the initial valuation being accurate.
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Liz
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Post by Liz on Mar 2, 2018 4:21:08 GMT
Normal for P2P companies. I think Lendy is the only one making money so far! AC too... FS too. 442k in 2017 & 549k 2016. Lendy made £3.3m! That must be charging some seriously high rates to desperate borrowers.
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elliotn
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Post by elliotn on Mar 2, 2018 4:28:54 GMT
MT too. Although none to the extent of Ly.
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elliotn
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Post by elliotn on Mar 2, 2018 6:13:51 GMT
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elliotn
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Post by elliotn on Mar 2, 2018 6:23:39 GMT
FS too. 442k in 2017 & 549k 2016. Lendy made £3.3m! That must be charging some seriously high rates to desperate borrowers. They also charge up to 12% to desperate lenders. Sadly, lender exit fee ie on sale after midnight not separated in fee income although it may be possible for a rough guestimate from the SM scrapes. abl also charge highest rates on loans I'm invested in.
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mouse
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Post by mouse on Mar 2, 2018 6:45:13 GMT
With losses of 294k in 2016 and 82k in 2015 I'd say the writing was on the wall for a while. So COL was operating at a loss. Thus for the fees of the administrator to be met, we as investors can not expect returns of 100p in the £ . or am i missing something ?
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Post by flx123 on Mar 2, 2018 6:46:38 GMT
One issue which I have not yet seen mentioned anywhere in this thread (as far as I recall) is this: assuming it takes many weeks for the administrator to unravel the situation at Collateral, what do we all tell the tax man in the coming months? Do we have to delay submitting Tax Returns until we have accurate information? Could we be prudent and assume much lost capital, let alone interest, especially if it suits us to offset gains this year? Are we perhaps deemed to have already received the interest, even if we rolled it over into another loan straight away (as I usually do) and it is potentially lost? Tax Returns for the current tax year are due in Jan 2019...
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mouse
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Post by mouse on Mar 2, 2018 6:48:48 GMT
FS too. 442k in 2017 & 549k 2016. Lendy made £3.3m! That must be charging some seriously high rates to desperate borrowers. They also charge up to 12% to desperate lenders. Sadly, lender exit fee ie on sale after midnight not separated in fee income although it may be possible for a rough guestimate from the SM scrapes. abl also charge highest rates on loans I'm invested in. Is ABL making money ?
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Post by beepbeepimajeep on Mar 2, 2018 7:11:51 GMT
With losses of 294k in 2016 and 82k in 2015 I'd say the writing was on the wall for a while. So COL was operating at a loss. Thus for the fees of the administrator to be met, we as investors can not expect returns of 100p in the £ . or am i missing something ? moist posted this earlier in the thread which is pertinent to that concern. 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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