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Post by GSV3MIaC on Mar 2, 2018 17:13:02 GMT
"Heading off to Unbolted", or anywhere else, with the bling loans might be a bit problematic if the borrower's only security is currently locked in a Collateral safe somewhere. Depends how trusting the new lender is I guess .. 'here's £20k, drop the watches in tomorrow' ? That's even assuming that showing up at Collateral waving £20k could/would get you the security back right now. In response to upland .. totally agree. The current collateral.com 'server upgrade' web page might more accurately say 'we are lying to you'. |
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tx
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Post by tx on Mar 2, 2018 17:16:56 GMT
I still feel angry that Collateral vanished for a few days leaving all of us in the dark! And we still don’t know if our holdings were safe and no fraud committed ...
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Post by martin44 on Mar 2, 2018 17:18:10 GMT
Phew.. That's a shock, or maybe not... first time i been here this year (incapacitated) so i knew nothing of this. I had my own reasons last year to completely liquidate everything i had with collateral, and never went back, looking back i maybe should have revealed what i knew then, and left everyone to make up their own minds.
Personally i lost all trust in collateral.
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andy1
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Post by andy1 on Mar 2, 2018 17:18:46 GMT
Having said which the senior person G C managed to write a complete howler abot FSCS in his first communication, so there's learning to be done on all sides. Having also said which you never know they might manage to switch the business to offshore, out of the FCA's jurisdiction I didn't notice an FSCS howler. What are you referring to?
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micky
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Post by micky on Mar 2, 2018 17:20:49 GMT
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micky
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Post by micky on Mar 2, 2018 17:25:37 GMT
I just can't accept that Gordon said in January 2017... 'Yes we're currently under interim permissions and our lawyers and compliance advisers are comfortable that we have the requisite permissions in our application for full FCA approval. '....On the 18th January 2018, Gordon states that 'Our FCA application is still ongoing...Then at the end of January 2018 changes are made to the information on the website as they continue to trade and then yesterday Collateral claim that '“The company was operating in the belief that it was authorized and regulated by the Financial Conduct Authority (FCA) under interim permission,” What is the reason you can't you accept it? We have no reason to believe the application was not ongoing on the 18th January 2018. We know as of the 29th January 2018 it was not still ongoing. This is consistent with a decision having been made by the FCA not to continue the application on or around that latter date. Whether that decision resulted in the change in IP or was the result of a lapse of IP remains to be seen. One possible explanation is that the FCA found something they didn't like and did not believe it could be fixed. If that's the case, we'll probably never find out exactly what it was. The events that occurred in February could be the desperate actions of a management team trying to save the business by brokering some sort of takeover, which ultimately fell through. But that's just one of many possible scenarios. I think that this is very generous of you Mason. However, there are just too many possible scenarios. they were just dishonest with us and for me that's it. Let's move on and discuss more interesting points like the recovery of our investments and interest.
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micky
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Post by micky on Mar 2, 2018 17:29:45 GMT
Phew.. That's a shock, or maybe not... first time i been here this year (incapacitated) so i knew nothing of this. I had my own reasons last year to completely liquidate everything i had with collateral, and never went back, looking back i maybe should have revealed what i knew then, and left everyone to make up their own minds. Personally i lost all trust in collateral. Please develop this point martin.
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averageguy
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Post by averageguy on Mar 2, 2018 17:31:53 GMT
Jessica said at the end, on repayment. Is Jessica's comment saying that all interest will be held back till a loan repays, then interest will be payed at the same time? If so, was this in an email somewhere or was it in a phone call?If the interest is being held back, can we expect interest on interest? I wouldn't mind some clarity on this point
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upland
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Post by upland on Mar 2, 2018 17:32:40 GMT
I still feel angry that Collateral vanished for a few days leaving all of us in the dark! And we still don’t know if our holdings were safe and no fraud committed ... Me as well , as I have just posted above another firm I use has just been shut down by the FCA and their old website now contains links , explanations , telephone numbers etc. Not just a "WE ARE MENDING IT" banner.
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shimself
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Post by shimself on Mar 2, 2018 17:37:09 GMT
Howler:
The Company was operating in the belief that it was authorised and regulated by the Financial Conduct Authority under interim permission. ....
Is my money at risk?
The main difference between the previous situation and the current situation is that if the Company became insolvent and you suffered any loss you would not be able to recover any of those losses through the Financial Services Compensation Scheme.
So he seems to think that if they had been authorised then the FSCS would apply
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micky
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Post by micky on Mar 2, 2018 17:39:32 GMT
I'm pretty sure/certain that P2P is not covered at all by FSCS.
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Post by martin44 on Mar 2, 2018 17:44:38 GMT
Phew.. That's a shock, or maybe not... first time i been here this year (incapacitated) so i knew nothing of this. I had my own reasons last year to completely liquidate everything i had with collateral, and never went back, looking back i maybe should have revealed what i knew then, and left everyone to make up their own minds. Personally i lost all trust in collateral. Please develop this point martin. The short story is there were two loans on collateral , one a property and the other some land, both being quoted at specific value's , when i looked deeper into it, both the assets were owned by companies that belonged to curries brother, and both had been purchased at significantly lower prices (10x lower) than the valuations . I contacted collateral and challenged them, and they agreed to remove both from their platform. I could have revealed this on the forum, but they were a fairly new co, and i certainly did not want to start any unrest. It was enough for me to pull everything out of collateral and i never had any inclination to return, i just never trusted them after that.
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micky
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Post by micky on Mar 2, 2018 17:50:24 GMT
A very sound decision martin.
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mason
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Post by mason on Mar 2, 2018 17:53:46 GMT
I'm pretty sure/certain that P2P is not covered at all by FSCS. There is FSCS protection afforded to P2P investors in two respects: 1) Cash held on the platform is covered up to £85k (this could include bids on loans that have not yet drawn down) 2) Investments made under advice from a regulated adviser up to £50k
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micky
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Post by micky on Mar 2, 2018 17:55:38 GMT
I stand corrected, that's great news, thanks, Mason.
However, I have just copied this from Lendy's website-
All loans made through Lendy's platform are secured on UK property; however, your capital is at risk should a borrower default. Funds lent through a peer-to-peer website are not covered by the Financial Services Compensation Scheme (FSCS). Remember, past performance is not a guarantee of future performance. With all investment, capital is at risk. Please obtain independent advice if you are in any doubt as to whether this platform is suitable for you or if you require tax advice. Please review our full risk assessment here.
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