11025
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Post by 11025 on Apr 2, 2018 8:38:03 GMT
An email was sent for each loan-part bought. If you still have those you should be able to piece together your holdings in the non-drawn down loans at least. No, I don't keep every single email sent... Have you done a full search of your PC with the term Collateral in search bar on start menu ?
, worth a go , you may find emails you hadn't realised were still there 
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adrianc
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Post by adrianc on Apr 2, 2018 8:40:04 GMT
Trust me, I'm a techie... They're not there. They've been deleted, which moves them to the bin, which is emptied when the mail client's closed...
It's not a "Ooh, woe is me, I wonder how I can rebuild this?" query. It's a "This would be a lot easier if access was given to balances and holdings" comment.
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11025
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Post by 11025 on Apr 2, 2018 8:41:53 GMT
Trust me, I'm a techie... They're not there. They've been deleted, which moves them to the bin, which is emptied when the mail client's closed...
It's not a "Ooh, woe is me, I wonder how I can rebuild this?" query. It's a "This would be a lot easier if access was given to balances and holdings" comment.
Exactly ...
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hantsowl
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Post by hantsowl on Apr 2, 2018 8:48:49 GMT
I can't find if this has been touched on ,
but I am assuming that any loan parts we had on the secondary market should be treated as loans we still own ?
My understanding is that you still own the loan until someone actually buys it from you.
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GeorgeT
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Post by GeorgeT on Apr 2, 2018 8:51:12 GMT
Yes I'm standing shoulder to shoulder with adrian c and others on this one. It is only by catching up on this thread while I lie in bed this morning that I discover that 2 of the superb looking Blackpool loans were never drawn down. That's a worry because I remember them vividly and the excitement I felt when I managed to grab my maximum allocation of £1,000 in one loan and £500 in the other. It does make you wonder whether they were all looking too good to be true for a reason and things had not been all they seemed for a while.
In view of this development and the missing money that had not been lent to borrowers, that changes the dynamic for me now that I know about Blackpool and I feel I have no alternative but to write to the administrator this week to claim my position as a creditor even if I am not - because it could be that I am. Now that dual investor has sowed a packet of seeds of doubt about the veracity of the secret report we've got to protect our position in everyway we can.
I think it's got to be worth writing to the FCA as well to make my feelings felt and I shall be doing that as well. In fact I will be scratching my head for a while later when I am fully awake and see if I can think of anyone else I can write to in respect of this matter because the more people that we write to and the more we make people know that we exist the better. Really,in any correspondence or comments you have with all manner of different people it is a good idea to mention this sorry affair. I have not decided whether to write to my MP yet but that is another possibility because when an MP sends a letter to anyone they start doing things.
I think it could be time for us, the investors, to start making some noise.
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11025
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Post by 11025 on Apr 2, 2018 8:56:46 GMT
I can't find if this has been touched on ,
but I am assuming that any loan parts we had on the secondary market should be treated as loans we still own ?
My understanding is that you still own the loan until someone actually buys it from you. You think the same as me , hopefully the Administrators do too Cheers
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radar
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Post by radar on Apr 2, 2018 9:43:04 GMT
I’ve got about 8k on there nearly all in bling. for the last few months, when I couldn’t find a better place for the interest or repayments I just put cash into the bling or the stupidest 14% loan. I haven’t downloaded a full transaction log since mid October last year. I’ve got no idea how much cash, bling or loans i’ve got on there. No idea how much interest I’ve received over the last six months. No idea what to put on my tax return. I’ve got no idea if my cash is protected, no idea if the bling is assigned to me because CO are p2p or belongs to CO because they are a pawnbroker. No idea if I’m a creditor or not. No idea if I should be writing to RR or the FCA. No idea what I would put in a letter if I did write. No idea if FCA is trying to takeover because they want to protect me or themselves. Bankers truly must be buying each other drinks and toasting to the very good health of the CO directors, their legal advisors, RR and the FCA. I am in the same position,but the point I am trying to make is that the only correspondence we have had from the Administrators is through an open forum, this surely is not the correct form of communication in a case involving millions of pounds and hundreds of investors, we deserve better.
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mason
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Post by mason on Apr 2, 2018 9:43:53 GMT
I have now changed my opinion on the obligation of COL to pay interest on part-funded loans that have not drawn down. I shall set out my reasoning below and invite criticism.
Referring to the T&Cs that came into force around June 2017, there is absolutely no mention of COL bridging the gap between investors part-funding a loan and the borrower beginning to pay interest (or any mention at all of cashback). The T&C's state:
"13.2. Borrowers are liable to repay Loans to each Lender and pay any interest on such Loans and Collateral and/or the Security Trustee has no liability in respect of the repayment of Loans and payment of any interest."
We know that in practice interest was paid from the date a loan-part was bought. A possible explanation could be that this interest was linked to a payment by the borrower under the loan agreement. If that were the case, this interest would be treated in the same way as the interest repayments we have been unable to receive from borrowers due to the regulatory issues. That does not explain instances where loans did not fill and were withdrawn, unless there was a non-refundable fee taken from the borrower that was used to cover these payments.
It has also been pointed out to me that COL would not be permitted to pay interest out of its own funds outside of a P2P loan as this would constitute deposit taking.
I still believe it is the case that we may be creditors in respect of capital apparently removed from the Clients Account to fund the loans that have not drawn down.
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mason
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Post by mason on Apr 2, 2018 9:45:34 GMT
I am in the same position,but the point I am trying to make is that the only correspondence we have had from the Administrators is through an open forum, this surely is not the correct form of communication in a case involving millions of pounds and hundreds of investors, we deserve better. That's not strictly true. All investors were sent an email at the start of the administrator using the platforms messaging system. This is how we received the initial letter from advising us of the administration. It is possible some did not receive it.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 2, 2018 9:50:27 GMT
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oldgrumpy
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Post by oldgrumpy on Apr 2, 2018 9:56:38 GMT
A couple of additional matters to add to @mason 's good summary, especially as it was from memory and there was a lot of technical information. 1 Although you may be relying on a leaked copy of the report it is part of the public record as it should have been filed at Companies House. 2 You have until Friday (6th April) to register your request for a meeting of creditors to consider the Administrators proposals. The report, clearly erroneously, said there are no secured, preferential or unsecured creditors so 10% of the investors, by value, who are owed interest in the undrawn loans is sufficient. radar it has long been possible for official communications to be sent by email there is a specific section of the Companies Act 2006 covering it, but it is irrelevent in this case because he has not sent it to anyone as far as I am aware. I have noted that the administrator gives until 6 April to register any dissent regarding his proposals. I have sent an email to Jessica asking why I have not been sent a copy of the report containing those proposals. As far as she is concerned I don't even know about that 6 April deadline, let alone make a decision on responding to it. She can guess whether I have actually seen it. Highly sloppy and unprofessional, in my opinion.
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radar
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Post by radar on Apr 2, 2018 9:57:36 GMT
I am in the same position,but the point I am trying to make is that the only correspondence we have had from the Administrators is through an open forum, this surely is not the correct form of communication in a case involving millions of pounds and hundreds of investors, we deserve better. That's not strictly true. All investors were sent an email at the start of the administrator using the platforms messaging system. This is how we received the initial letter from advising us of the administration. It is possible some did not receive it. My apology, I have found it, the email was under CollateralUk and not Administrators, so now I shall read it
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oldgrumpy
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Post by oldgrumpy on Apr 2, 2018 10:01:07 GMT
I am considering this. I am holding back until Jessica replies (if she does) and will need to consider exactly what to say. (I'll need help on that, to make my complaint as comprehensive and detailed as possible).
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amphoria
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Post by amphoria on Apr 2, 2018 10:11:38 GMT
I have noted that the administrator gives until 6 April to register any dissent regarding his proposals. I have sent an email to Jessica asking why I have not been sent a copy of the report containing those proposals. As far as she is concerned I don't even know about that 6 April deadline, let alone make a decision on responding to it. She can guess whether I have actually seen it. Highly sloppy and unprofessional, in my opinion. Good luck with getting a response before 6th April. I sent her an email on 21st March and didn't get a response until 28th March which didn't even answer the question that I had asked. The response consisted of "Good Morning I am hoping to get an update out to all investors in the next two weeks, so everyone will have a better understanding of the current position of the Company. As soon as this is available, all investors will be notified accordingly. Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator" So it looks like she is now sending out boilerplate responses. I note that she is quoting the same two weeks that she had given to another Indy member a week earlier, but from a starting point a week later. The question I had asked was whether I needed to put in a creditor claim for the uninvested cash in the client account as Gordon Craig's original letter sent on 28th Feb only referred to money lent via the platform.
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11025
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Post by 11025 on Apr 2, 2018 10:15:20 GMT
I have noted that the administrator gives until 6 April to register any dissent regarding his proposals. I have sent an email to Jessica asking why I have not been sent a copy of the report containing those proposals. As far as she is concerned I don't even know about that 6 April deadline, let alone make a decision on responding to it. She can guess whether I have actually seen it. Highly sloppy and unprofessional, in my opinion. Good luck with getting a response before 6th April. I sent her an email on 21st March and didn't get a response until 28th March which didn't even answer the question that I had asked. The response consisted of "Good Morning I am hoping to get an update out to all investors in the next two weeks, so everyone will have a better understanding of the current position of the Company. As soon as this is available, all investors will be notified accordingly. Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator" So it looks like she is now sending out boilerplate responses. I note that she is quoting the same two weeks that she had given to another Indy member a week earlier, but from a starting point a week later. The question I had asked was whether I needed to put in a creditor claim for the uninvested cash in the client account as Gordon Craig's original letter sent on 28th Feb only referred to money lent via the platform. TBH I am in the same situation and I think I will put a claim in as a creditor anyway for this , as the information we have been given is very unclear
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