tx
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Post by tx on Mar 21, 2018 2:38:55 GMT
I am waiting patiently ... and twisting my thumbs ... and waited ... and waited ...
But my heart is not as cool as my head, it is racing faster and faster and can’t wait to hear back from Jessica.
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Post by dualinvestor on Mar 21, 2018 7:15:36 GMT
I am waiting patiently ... and twisting my thumbs ... and waited ... and waited ... But my heart is not as cool as my head, it is racing faster and faster and can’t wait to hear back from Jessica. I understand the frustration you must be feeling but there are a few inevitablis in life. One of them is that all insolvencies seem to take an interminable time especially for those with money tied up in them worried about getting it ba9ck. This is a particularly complicated one due to the circumstances under which it arose and perhaps the Administrator's staff were a little unwise in distributing some information and therfore raising expectations. I hope you don't oVerdo the thunb twisting.
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rxdav
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Post by rxdav on Mar 21, 2018 8:42:13 GMT
I talked to Jessica directly yesterday (by phone), having resisted calling to date but being rather unnerved at the comment that the platform would not be reactivated. Like many I suspect I had no up to date hard copy of the extant state of my loans when COL went belly up.
She confirmed that a generic report would be published to all stakeholders within the next two weeks - she hoped to finish the report this week. Furthermore, she confirmed that the platform would not be reactivated and understood the position that left lenders like me in - i.e. blind. I asked if there were any current plans to sell the platform on to another company and she said not. She offered that borrowers were being contacted to get loans refinanced and that the Administrator would oversee the run down of the loan book - with lenders being informed of the situation on a loan by loan basis (which seemed a bit long winded to me?). However, when I offered that the FCA has done lenders no favours here she responded (rather ominously) that they were actually currently making matters harder (from her perspective) - but that they would work through this?
Nevertheless, she sounded positive and crucially confirmed all monies were accounted for (no sudden first-class flights to the Caribbean by Directors!!) and that she hoped to recover 100p in the £1 - but that's the generic mission I guess. I finished the conversation feeling better than when I started - and felt reassured that whilst P2P was an unusual case for the Administration (and this was not denied by Jessica) that they were 'on the case', competent and making progress.
Hope this helps.
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Post by notascooby on Mar 21, 2018 8:48:43 GMT
Lawrence at Financial Thing blog has sent an email update with the results of his own updates. Here are some excerpts for those who do not subscribe. His blog is here www.financialthing.com/collateral-p2p/I recently called Refresh Recovery (Collateral's Administrators), for an update and here's the information I can share:
Collateral was forced into administration by the Financial Conduct Authority for operating outside of the FCA permissions. The closure had nothing to do with any financial issues, it was purely operational. Refresh informed me there is no possibility of Collateral becoming operational again under FCA permissions. In other words, the company won't be reopening.
Refresh is working in the best interest of the creditors (lenders) to achieve full repayment of capital and interest owed.
Collateral was operating profitably and had an excess of funds. I asked how Refresh would be paid for its services. It is Refresh's intention to the excess funds to pay its fees rather than have these fees come from creditors pockets. Time will tell.
Refresh will attempt to wind down Collateral's loan book. This means contacting each loan borrower to discuss refinancing options. Ideally, all loans would be financed and paid off in full.
A written update is being compiled and should be emailed to lenders in early April 2018.
Collateral's situation is extremely complicated and will take time to be settled. I hope this update provides some comfort. In my opinion, I think this situation is being handled professionally and I have a positive outlook on the outcome.
Collateral's closure is a good reminder of how important diversification is within any investment sector. This is the reason I invest through multiple different peer to peer and crowdlending companies. If one fails, it doesn't have a hugely detrimental impact on my overall portfolio.
So well done Lawrence. |
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archie
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Post by archie on Mar 21, 2018 8:49:49 GMT
I wonder if it's the FCA that is blocking the return of the website?
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11025
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Post by 11025 on Mar 21, 2018 8:54:38 GMT
A question that I can't find any further information on , is when do we actually expect to receive interest now ?
The statement from Gordon Craig states as per Collateral original Terms
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archie
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Post by archie on Mar 21, 2018 8:57:50 GMT
A question that I can't find any further information on , is when do we actually expect to receive interest now ?
The statement from Gordon Craig states as per Collateral original Terms There was this post.
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11025
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Post by 11025 on Mar 21, 2018 9:01:20 GMT
A question that I can't find any further information on , is when do we actually expect to receive interest now ?
The statement from Gordon Craig states as per Collateral original Terms There was this post. Ok , I had only seen this ......  
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Post by dualinvestor on Mar 21, 2018 9:20:47 GMT
A question that I can't find any further information on , is when do we actually expect to receive interest now ?
The statement from Gordon Craig states as per Collateral original Terms I think earlier on in the first couple of days of the Administration Ms Hodgson said "interest will be paid at the end of the loan" in either an email or telephone call to a lender later reported on here. Whether she would stand by that statement now I don't know. .
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11025
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Post by 11025 on Mar 21, 2018 9:22:29 GMT
A question that I can't find any further information on , is when do we actually expect to receive interest now ?
The statement from Gordon Craig states as per Collateral original Terms I think earlier on in the first couple of days of the Administration Ms Hodgson said "interest will be paid at the end of the loan" in either an email or telephone call to a lender later reported on here. Whether she would stand by that statement now I don't know. . I see ,
I would rather it is as per the written word 
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Post by dan1 on Mar 21, 2018 9:23:11 GMT
Lawrence at Financial Thing blog has sent an email update with the results of his own updates. Here are some excerpts for those who do not subscribe. His blog is here www.financialthing.com/collateral-p2p/... Refresh is working in the best interest of the creditors (lenders) to achieve full repayment of capital and interest owed.
... So well done Lawrence. Thanks for sharing notascoobyTo pick up one point, I sincerely hope that lenders in fully drawn-down loans are not creditors.
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Post by dualinvestor on Mar 21, 2018 9:31:11 GMT
I think earlier on in the first couple of days of the Administration Ms Hodgson said "interest will be paid at the end of the loan" in either an email or telephone call to a lender later reported on here. Whether she would stand by that statement now I don't know. . I see ,
I would rather it is as per the written word
Can't help you there, and I suspect you won't get anything in writing (or verbally for that matter) from the Administrator on that subject. The best you will get is a trawl through the earlier posts to find the one I referred to above.
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11025
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Post by 11025 on Mar 21, 2018 9:36:37 GMT
I see ,
I would rather it is as per the written word
Can't help you there, and I suspect you won't get anything in writing (or verbally for that matter) from the Administrator on that subject. The best you will get is a trawl through the earlier posts to find the one I referred to above. So just to clarify what was the point of Refresh stating this in the word document that we were emailed (where I took this  excerpt from) ?
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Post by dualinvestor on Mar 21, 2018 9:42:00 GMT
Can't help you there, and I suspect you won't get anything in writing (or verbally for that matter) from the Administrator on that subject. The best you will get is a trawl through the earlier posts to find the one I referred to above. So just to clarify what was the point of Refresh stating this in the word document that we were emailed (where I took this View Attachment excerpt from) ? I am not the right person to ask that question. I tried to help your original enquiry, if my answer is not good enough write to or phone the Administrator, although at this stage I doubt you will get a substantive answer.
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11025
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Post by 11025 on Mar 21, 2018 9:49:25 GMT
So just to clarify what was the point of Refresh stating this in the word document that we were emailed (where I took this excerpt from) ? I am not the right person to ask that question. I tried to help your original enquiry, if my answer is not good enough write to or phone the Administrator, although at this stage I doubt you will get a substantive answer. No worries , I don't doubt that is the case , just confused by the 2 angles ....
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