Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011 
Likes: 1,013
|
Post by Godanubis on Feb 28, 2018 23:03:24 GMT
yes I have a £100 cash and 4k loans and the proving could be difficult as everything was online. so need the site back up ideally Gladly buy them fromy ou for £2k LOL I've mid 5 figure sum invested with lot of others who are happy to wait. If all pans out should be good for P2P to show what a controlled break down can achieve.
|
|
registerme
Member of DD Central
Posts: 6,624
Likes: 6,437
|
Post by registerme on Feb 28, 2018 23:06:06 GMT
I think it would be useful for all lenders on Collateral to make sure that they have copies of all bank statements that record credits / debits to / from Collateral, including interest and capital repayments, and also including payments for loans not yet drawn down.
Do this NOW.
Prepare it carefully, word it precisely, and send it to the administrator.
The rest can.... hopefully.... be reconciled.
|
|
jcm9000
Member of DD Central
Posts: 181
Likes: 153
|
Post by jcm9000 on Feb 28, 2018 23:06:24 GMT
I’m reading this as no action required by lenders as the letter states - we are not creditors of collateral uk, but creditors of those we have loaned to; right? I’ll obv be taking Professional advice as well so do not rely on my reading of the letter pls. I’m def dping as above and getting proof as above for payments to/from the platform.
|
|
sildenafil
Member of DD Central
Posts: 86
Likes: 60
|
Post by sildenafil on Feb 28, 2018 23:06:37 GMT
When the Administrator says: "If you are a creditor of the Company owed more than £1,000, you will be required to submit a proof of the debt owed to you as at the date of my appointment before you can participate in the proceedings". Does this apply to us as lenders? Or as he says later in the letter, lenders just sit tight and do nothing for now? A bit ambiguous at first but I don't think we are classed as creditors in this instance. As it says later on, we sit tight and wait for capital and interest to come in from the borrowers. That's my understanding of it anyway
|
|
|
|
Post by solicitorious on Feb 28, 2018 23:07:26 GMT
Possibly someone (a competitor?) noticed the lapse and tipped-off the FCA, who brought the curtain down on them?
"Why has this happened?
The Company was operating in the belief that it was authorised and regulated by the
Financial Conduct Authority under interim permission. It has transpired that this is not the
case and consequently the Company has ceased lending."
Begs a lot of questions, imho....
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Feb 28, 2018 23:08:19 GMT
I think it would be useful for all lenders on Collateral to make sure that they have copies of all bank statements that record credits / debits to / from Collateral, including interest and capital repayments, and also including payments for loans not yet drawn down. Do this NOW. Prepare it carefully, word it precisely, and send it to the administrator. The rest can.... hopefully.... be reconciled. Whilst I agree records are great and having them is a very useful activity... doesn’t one of the FAQs suggest that sending data isn’t needed at this juncture?
|
|
|
|
Post by beepbeepimajeep on Feb 28, 2018 23:08:33 GMT
I’m reading this as no action required by lenders as the letter states - we are not creditors of collateral uk, but creditors of those we have loaned to; right? I’ll obv be taking Professional advice as well so do not rely on my reading of the letter pls. I’m def dping as above and getting proof as above for payments to/from the platform. I agree with this I think but what about cash on our accounts? Collateral t&c says we are unsecured creditors in that case. What about loans half filled and not drawn down? The same t&c about unsecured creditors could apply there also.
|
|
p2pete
Member of DD Central
Posts: 144
Likes: 142
|
Post by p2pete on Feb 28, 2018 23:08:41 GMT
It's funny how he doesn't leave his own contact info but gives a direct line and says, ask to speak to Jessica Hodgson. I guess she'll be getting a fair few calls in the morning!
|
|
hantsowl
Member of DD Central
Posts: 672
Likes: 546
|
Post by hantsowl on Feb 28, 2018 23:09:10 GMT
I assume this means that no loans will be allowed to rollover and the borrower will be required to payback when due. This could cause cashflow issues with borrowers who were expecting to extend and now have to stump up the full amount for payback. It is then a matter of how we access the payback funds (and monthly interest) and get the monies transferred to our bank accounts. Hopefully the website app will come back online so that we can monitor our investments and initiate withdrawals when cash available.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Feb 28, 2018 23:10:23 GMT
Mod Hat On/
I thought a new thread was called for so I've created it and moved the three (already) pages of posts to it.
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on Feb 28, 2018 23:11:53 GMT
I'm hopeful, although I suspect we'll see some losses, the standing of chasing debts will be even worse now and some of the loans are bound to run into problems or stop repaying.
There could be an orderly run-down. Not being FCA authorised doesn't mean you can't have a website? Hopefully it'll still exist and we can view our balances, have repayments credited and withdraw.
Feel slightly miffed at the directors deceit. They must have known this was coming from the time they erased the FCA authorised message off the bottom of the emails.
Now it's out in the open the least they could do is change the holding message, which was always BS.
|
|
ric
Member of DD Central
Posts: 61
Likes: 35
|
Post by ric on Feb 28, 2018 23:12:35 GMT
is Gordon Craig, the Administrator, the same guy that was running Collateral before?
should the fact that he is still allowed to run the show be seen as a big positive ?
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Feb 28, 2018 23:12:36 GMT
I think it would be useful for all lenders on Collateral to make sure that they have copies of all bank statements that record credits / debits to / from Collateral, including interest and capital repayments, and also including payments for loans not yet drawn down. Do this NOW. Prepare it carefully, word it precisely, and send it to the administrator. The rest can.... hopefully.... be reconciled. Whilst I agree records are great and having them is a very useful activity... doesn’t one of the FAQs suggest that sending data isn’t needed at this juncture? I had less than £1000 cash, so I think I may not have to prove the debt, they can just use the company records. As for what the dividend will be on that cash, who knows. Still stings that unbeknownst to me it wasn't held in a separate account. The loans are ring fenced, though how aggressively they will be chased if in arrears may be an issue.
|
|
registerme
Member of DD Central
Posts: 6,624
Likes: 6,437
|
Post by registerme on Feb 28, 2018 23:16:02 GMT
I think it would be useful for all lenders on Collateral to make sure that they have copies of all bank statements that record credits / debits to / from Collateral, including interest and capital repayments, and also including payments for loans not yet drawn down. Do this NOW. Prepare it carefully, word it precisely, and send it to the administrator. The rest can.... hopefully.... be reconciled. Whilst I agree records are great and having them is a very useful activity... doesn’t one of the FAQs suggest that sending data isn’t needed at this juncture? {shrug} "suggest" and "isn't needed at this juncture" are imho bureaucratic ways of making their (administrators) lives simpler. Making something clear by putting a stake (verifiable data) in the ground is something different.
|
|
kermie
Member of DD Central
Posts: 691
Likes: 462
|
Post by kermie on Feb 28, 2018 23:16:14 GMT
Am I being naive if I think that one of the options the Administrators will be considering is a connected Phoenix company which will take on the loan book (this time under FCA permissions of some kind)?
I can already hear Lord (Adair) Turner on the Today programme tomorrow morning.
In practical terms it would make sense to bring the website back but without any ability to transact anything.
|
|
