mickj
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Post by mickj on Mar 7, 2018 17:31:02 GMT
Just spent some time updating my Coll loans spreadsheet so I have a record of what funds I am in, mostly I just keep totals, £5 @ 12%, £6 @ 13% and so on but December last year got out of sync and downloaded all my bits. Checking emails I was able add a few and remove a few repayments so now have a pucker list, expect the website will be back soon and I will know I wasted my time. But all transactions were easy to sort, good full emails from Collateral made the job easier, the interim emails regarding renewing loans and general updates, deposits and withdrawals all easy to sort. I finished with the feeling that someone was running things properly, withdrawals were paid promptly as was interest at the start of the month. I am beginning to think like oldgrumpy - ‘I can't get my pretty head round the idea that they have been so STUPID’ |
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mickj
Member of DD Central
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Likes: 191
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Post by mickj on Mar 7, 2018 17:37:51 GMT
Some of us mere mortals and investors are not allowed to view this link I expect you will have to up your postcount yorky
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Post by dan1 on Mar 7, 2018 17:46:57 GMT
Hi dan1. Cannot specifically match up because no details are given at this stage about the individual items in the MT loans. The description states... ”The assets used in the LTV calculation includes jewellery, precious metals and stones, high-end handbags and watches. What is excluded is any art, personalised number-plates, fashion, memorabilia and assets classified by the firm as ‘other’, which includes examples such as custom motorbikes, suits of armour, rare stamps and antiques.” The 3 loans will total £300000 out of a max facility of £1200000. It could be totally unrelated to the Col stuff, but the timing is very coincidental. - this post makes interesting reading, particularly the first link to CH. I can't quite see past the similarity in name.
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hantsowl
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Post by hantsowl on Mar 7, 2018 18:24:09 GMT
Hi dan1. Cannot specifically match up because no details are given at this stage about the individual items in the MT loans. The description states... ”The assets used in the LTV calculation includes jewellery, precious metals and stones, high-end handbags and watches. What is excluded is any art, personalised number-plates, fashion, memorabilia and assets classified by the firm as ‘other’, which includes examples such as custom motorbikes, suits of armour, rare stamps and antiques.” The 3 loans will total £300000 out of a max facility of £1200000. It could be totally unrelated to the Col stuff, but the timing is very coincidental. - this post makes interesting reading, particularly the first link to CH. I can't quite see past the similarity in name. The name similarity is interesting, but the people involved are different so unlikely to be anything other than coincidence.
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mason
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Post by mason on Mar 7, 2018 18:28:54 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. The legal advice they obtained was in support of their IP being valid and seems to have been obtained some time ago. It was the FCA that suddenly decided it was invalid after being happy with it for almost 2 years. If you are looking for someone to lynch/libel, may I offer another option...
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mason
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Post by mason on Mar 7, 2018 18:31:16 GMT
It was in MT's pipeline email on 23/02 so prior to events at COL. But only just. (What's that, conspiracy theorists? No, nothing to see here. Go back to sleep, but do remember to keep one eye open, 'cos you never know....  ) Indeed, and it's from a returning borrower.
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micky
Member of DD Central
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Post by micky on Mar 7, 2018 19:58:49 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. The legal advice they obtained was in support of their IP being valid and seems to have been obtained some time ago. It was the FCA that suddenly decided it was invalid after being happy with it for almost 2 years. If you are looking for someone to lynch/libel, may I offer another option... I thought that this was done with mason.....however ... -Let's blame the FCA then! Are you suggesting that the only communication to Coll from the FCA was to force them into administration? Do you really think that this was the case? You might have problems respecting others opinions and offer advice on who might need lynching for this debacle, it definitely wasn't me responsible. I fear you might be far off the mark or just a little gullible.
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kaya
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Post by kaya on Mar 7, 2018 20:54:25 GMT
Well hi micky fellow doom-monger! I think we can safely say that the people running Collateral are not 'stupid'. Many things they may be, but 'stupid' is not one of them. They may even have out-smarted all of us... |
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mason
Member of DD Central
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Post by mason on Mar 7, 2018 21:00:41 GMT
The legal advice they obtained was in support of their IP being valid and seems to have been obtained some time ago. It was the FCA that suddenly decided it was invalid after being happy with it for almost 2 years. If you are looking for someone to lynch/libel, may I offer another option... I thought that this was done with mason.....however ... -Let's blame the FCA then! Are you suggesting that the only communication to Coll from the FCA was to force them into administration? Do you really think that this was the case? You might have problems respecting others opinions and offer advice on who might need lynching for this debacle, it definitely wasn't me responsible. I fear you might be far off the mark or just a little gullible. The fact is that the FCA suddenly decided that Col's interim permissions that it had been ok with until the 29th Jan were invalid. I am certainly not suggesting that the only communication to Col from the FCA was to force them into administration. Again, the fact of that matter is that Col went into administration voluntarily, albeit to avoid legal action being brought against the company. My belief is that there was ample communication between the FCA and Col over the past couple of years (as I don't dispute the assertions made by Gordon that they were working towards full approval). You appear to have taken my comment that you could direct some of your anger elsewhere as me disrespecting your opinion, and in the very next sentence disrespected me personally for expressing the view that others share responsibility for this situation. I wholeheartedly believe the FCA deserves a share in the blame for this. This is the point on which we appear to disagree. Unlike you, I won't call you names for not seeing things my way. Perhaps you would be so kind as not to resort to personal insults going forward?
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bugs4me
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Post by bugs4me on Mar 7, 2018 22:17:41 GMT
I think some folks need to take a 'chill out' pill. Everything may come out in the wash eventually.
COL may be the first this year and hopefully the last but I certainly have no idea. Maybe platforms will learn something but then again.....
It's really up to investors IMO to carry out DD on the borrowers, assuming they've already carried it out on the platform itself, prior to committing funds. I know DD is time consuming but we are allocating our hard earned cash to strangers and often relying upon the platforms to treat our money as they would their own. That's not how it often works - again IMO.
The problem with many P2P platforms is irrespective as to how they promote themselves, xx years experience in credit control, xx years in loan management, etc - the simple fact remains there exists many borrowers that are far more experienced at extracting money than those we trust to manage it on our behalf.
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gc
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Post by gc on Mar 7, 2018 22:17:45 GMT
Well that was an interesting 39 page read! (what can I say, I have no life!)
I think we can safely say that most of us here had money invested in Collateral, we all did our own DD to the best of our abilities and all invested got thumped with this one....... (I know, my username should be changed to StateTheObvious) ;-)
Blowing off some steam, especially due to not really knowing anything, that is to be expected as heck, who isn't a little pee'd off when this sort of thing happens.
Though it's perfectly understandable due to the nature of the situation, and just in case it happens, lets keep any personal comments out of it.
We're all investors here no matter what level.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 7, 2018 23:38:25 GMT
Well that was an interesting 39 page read! (what can I say, I have no life!) I think we can safely say that most of us here had money invested in Collateral, we all did our own DD to the best of our abilities and all invested got thumped with this one....... (I know, my username should be changed to StateTheObvious) ;-) Blowing off some steam, especially due to not really knowing anything, that is to be expected as heck, who isn't a little pee'd off when this sort of thing happens. Though it's perfectly understandable due to the nature of the situation, and just in case it happens, lets keep any personal comments out of it. We're all investors here no matter what level. "investors" Yes some also opinionated know it alls that keep going on and on and on. Reading some posts is better than Horlicks (other bedtime drinks are available) 
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seb8072
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Post by seb8072 on Mar 8, 2018 7:33:04 GMT
Some of us mere mortals and investors are not allowed to view this link I expect you will have to up your postcount yorky Yes, so will I like posting garbage like this!
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micky
Member of DD Central
Posts: 669
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Post by micky on Mar 8, 2018 7:47:53 GMT
Well hi micky fellow doom-monger! I think we can safely say that the people running Collateral are not 'stupid'. Many things they may be, but 'stupid' is not one of them. They may even have out-smarted all of us... There's no doubt about that Kaya. what I have problems understanding is that some people still seem to think that this sorry business is down to mistakes. I have my own opinion which I think you a few others might share.
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micky
Member of DD Central
Posts: 669
Likes: 572
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Post by micky on Mar 8, 2018 7:51:02 GMT
I thought that this was done with mason.....however ... -Let's blame the FCA then! Are you suggesting that the only communication to Coll from the FCA was to force them into administration? Do you really think that this was the case? You might have problems respecting others opinions and offer advice on who might need lynching for this debacle, it definitely wasn't me responsible. I fear you might be far off the mark or just a little gullible. The fact is that the FCA suddenly decided that Col's interim permissions that it had been ok with until the 29th Jan were invalid. I am certainly not suggesting that the only communication to Col from the FCA was to force them into administration. Again, the fact of that matter is that Col went into administration voluntarily, albeit to avoid legal action being brought against the company. My belief is that there was ample communication between the FCA and Col over the past couple of years (as I don't dispute the assertions made by Gordon that they were working towards full approval). You appear to have taken my comment that you could direct some of your anger elsewhere as me disrespecting your opinion, and in the very next sentence disrespected me personally for expressing the view that others share responsibility for this situation. I wholeheartedly believe the FCA deserves a share in the blame for this. This is the point on which we appear to disagree. Unlike you, I won't call you names for not seeing things my way. Perhaps you would be so kind as not to resort to personal insults going forward? Okay mason, I take your point but we disagree with the finer detail of how we think things happened, perhaps we should leave it there.
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