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Post by dualinvestor on Mar 6, 2018 13:52:54 GMT
I doubt that the administrators will be allowed to create new loans or allow any loan tranches to be drawn down. The regulated activities have to stop, presumably. Whatever they are in total. Indeed the administrator has specifically stated that "The Company is continuing to trade under my supervision, however for the timebeing, until the Company position is clarified, the Company will not be facilitating any new loans or allowing the transfer of any loan portion." However, I understand (though am no expert) that administrators do generally have quite wide reaching powers. The Administrator does have wide powers intra company but only the same as the company as regards 3rd parties. Therefore if the Administrator made unregulated loans in any circumstances he would be breaking the law as Collateral would, even estenstons of existing ones. So it is very unlikely he will extend further funds to existing loans
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hantsowl
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Post by hantsowl on Mar 6, 2018 16:14:08 GMT
I am very keen to see the state of play when the system comes online again. Property loans will by their nature have a tendency to run past deadline, but bling and vehicles loans have always either renewed or repaid on time. From my list we now have BB00588 and BB00589 (10 days overdue), BB00595 (9 days overdue) , BB00597 and BB00596 (4 days overdue), PL00006 (1 day overdue). There are also another 13 bling loans due in the next 7 days. It will be very informative to see the state of these loans when the system comes back online.
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Post by opulence on Mar 6, 2018 16:16:22 GMT
The homepage now appears to have been changed to just a large collateral logo now...
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TenKay
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Post by TenKay on Mar 6, 2018 17:42:30 GMT
remarkable progress  |
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Mar 6, 2018 20:12:47 GMT
I distinctly remember checking it out last summer and everything was in order according to the FCA register at that time. That’s the problem with on going checks. If you invest in multiple platforms, in order to know changes like these on a daily basis, it’s almost like a full time job to check all sources for all platforms you interested in. If only FCA can provide a notification of change service. Their data download service cost 1600£. Perhaps a google sheets would help? e.g. 1) get the direct url of the platform 2) use formula =IMPORTHTML("http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=633741","table",3) replacing the url with the platform you want (the above is ratesetter). 3) put all these checks on one/several working tabs then have a main page just showing a summary of all OR have a script to copy and paste into a history tab and schedule to run each day
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tx
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Post by tx on Mar 6, 2018 20:29:18 GMT
That’s the problem with on going checks. If you invest in multiple platforms, in order to know changes like these on a daily basis, it’s almost like a full time job to check all sources for all platforms you interested in. If only FCA can provide a notification of change service. Their data download service cost 1600£. Perhaps a google sheets would help? e.g. 1) get the direct url of the platform 2) use formula =IMPORTHTML("http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=633741","table",3) replacing the url with the platform you want (the above is ratesetter). 3) put all these checks on one/several working tabs then have a main page just showing a summary of all OR have a script to copy and paste into a history tab and schedule to run each day Wow, never knew that! This is gonna be a great help! I’ll try it tonight. Thumb up X100!
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rogerbu
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Post by rogerbu on Mar 6, 2018 20:54:20 GMT
Has anyone else received a 'Referral Fee Payment' notice this evening
it says
"Congratulations, your account balance has just received a boost.
Your unique link has been used by a new investor earning you a referral commission which has now been added to your available balance.
Thank you for recommending Collateral."
I seem to remember that I was missing a referral fee payment from months ago, I had forgotten it.
Perhaps there is life in the COL system yet.
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hazellend
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Post by hazellend on Mar 7, 2018 11:50:18 GMT
It's weird but I miss Gordon, I hope he pops in to say hi when the website is back up and running
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micky
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Post by micky on Mar 7, 2018 11:55:50 GMT
Seriously!! For months he would have known what was happening. I feel that he has a lot to answer for and if I don't get my money and interest back I would feel like lynching him.. not literally I add.. but I really don't want to hear anything else from him, I just want him to contribute to putting it right and then to never be involved in the finance business again.
Or am I too harsh forumites?
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micky
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Post by micky on Mar 7, 2018 12:07:41 GMT
I've not bought into the idea that all of a sudden they had legal advice that their IP was not valid, the history of the companies that the brothers ran before along with the dodgy loans that martin told us about a few days ago. It all seems far too flaky to me.
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hazellend
Member of DD Central
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Post by hazellend on Mar 7, 2018 12:16:47 GMT
Seriously!! For months he would have known what was happening. I feel that he has a lot to answer for and if I don't get my money and interest back I would feel like lynching him.. not literally I add.. but I really don't want to hear anything else from him, I just want him to contribute to putting it right and then to never be involved in the finance business again. Or am I too harsh forumites? I thought Gordon was just reviewing the loans and not a director? Correct me if I'm wrong.
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micky
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Post by micky on Mar 7, 2018 12:19:28 GMT
I agree, as far as I know not a director as for simply 'reviewing the loans' I'm not convinced about that. I, however, always accept that everyone has their own opinion and respect it.
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Post by easteregg on Mar 7, 2018 12:22:34 GMT
I distinctly remember checking it out last summer and everything was in order according to the FCA register at that time. That’s the problem with on going checks. If you invest in multiple platforms, in order to know changes like these on a daily basis, it’s almost like a full time job to check all sources for all platforms you interested in. If only FCA can provide a notification of change service. Their data download service cost 1600£. I have been tracking FCA registrations since they first appeared, and we have a table of every platform and their registration status.
p2pmoney.co.uk/companies.htm#registrations
Collateral was one of the few companies still with interim permission - there are others as you can see from the table.
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Post by easteregg on Mar 7, 2018 12:27:49 GMT
I believe that Collateral did have Interim permission. The Regal Pawnbroker IP lapsed in March 2016, but another Interim Permission was visible on the FCA website in May 2016. p2pindependentforum.com/post/112860/thread. There is no suggestion that it was in any name other than Collateral. I wonder if @bobo can remember what name was used. I suspect other early investors would have read the post and also checked the FCA register at the time. A few days later dualinvestor and ilmoro also posted about FCA registration, and again there is no mention that the IP was in a different name. This leads me to believe that the FCA had an application from Collateral and displayed it in the register. Yes it was the entry posted by guff above, which was in the name "Collateral (UK) Limited" between March 2016 and January 2018. The FCA only changed it to Regal Pawn Broker Limited at the end of January when they updated the status to lapsed. I distinctly remember checking it out last summer and everything was in order according to the FCA register at that time. I checked every platform's status in December and I can confirm that Collateral had interim permission at that time.
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micky
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Post by micky on Mar 7, 2018 12:27:49 GMT
I've really have finished with these thoughts. Unless you can explain the detail accurately of what really did happen. I simply feel no desire to hear any explanations/excuses from anyone involved in running the business I just want them to get on and sort it out with the administrators.
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