GeorgeT
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Post by GeorgeT on Apr 3, 2018 13:56:18 GMT
Well, for what it is worth, I have just got back from the Post Office where I have sent a letter to the current administrator just so I am on the record and have made some formal communication with them. I doubt it was necessary or will alter my position but it makes me feel a bit better that I have at least provided some sort of formal response and made formal contact to prove that I am not dead and will be following the developments closely.
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johnfleet
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Post by johnfleet on Apr 3, 2018 14:20:26 GMT
Just received this less than encouraging response from Jessica in reply to my email last week asking for confirmation of the detail of my investments:
Good Afternoon
The intention was for all investors to be provided with a formal report on the current position of Collateral (UK) Limited, however the FCA have advised that this report cannot be released.
Until matters are resolved in this regard I am unable to provide a formal response to individuals on their current position.
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TitoPuente
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Post by TitoPuente on Apr 3, 2018 15:08:41 GMT
Has anyone contacted the FCA? Was there any formal or informal response?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 3, 2018 15:18:49 GMT
(Good Afternoon The intention was for all Investors to be provided with a formal report on the current position of Collateral (UK) Limited, however the FCA have advised that this report cannot be released.) I find it worrying to be classed as an investor rather than a Lender, we all know what happens to investors when a company gets in trouble How do you get rid of a double post?Click on the cog top right corner of post and select delete
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 3, 2018 16:11:40 GMT
"Has anyone contacted the FCA? Was there any formal or informal response?" - Spoke with The FCA just this afternoon as I decided it might now be about time to at least register my interest with them re this COLL debacle. I was told by a V helpful lady that Collateral are not on their system because " they are not FCA Authorised". I have no idea how this squares with the fact that The FCA acknowledges (I believe) that COLL had previously held Interim Permission at least. Are The FCA therefore culpable for the current situation through their ongoing incompetence/ineptitude of the past year or so? Anyway, I explained to the lady about the upcoming court case and Administration duties being possibly wrested away from Refresh, etc, etc and she took notes on the system and duly gave me a Reference Number. Not sure what else can be done until an Official Administrator acceptable to The FCA is appointed and we start receiving official information. I have said before that I was rather relaxed but as I also more recently said, the omens are increasingly not good IMHO. There is ample scope here for matters to be REALLY messed up, with Lenders being the losers. As usual. I sincerely hope I am wrong. Toodle Pip! EDIT: Seems that cross referencing on The FCA's system is non-existent (gawd help us!) so will phone 'em tomorrow and enquire re Regal Pawnbrokers. What a Merde Storm approacheth.  2nd EDIT: Just emailed The FCA:- Hello V*****i, It seems that there is no cross referencing on The FCA's systems? FYI from Companies House:- - Fitwilliam Black Ltd, dissolved 14/3/17, formerly named Regal Pawnbroker Ltd 27/2/13-25/11/15 - Collateral (UK) Ltd incorporated 17/11/14, no other names Regarding notification today of my vested interest/enquiry, please check your system for an entry under Regal Pawnbroking, insert appropriate comments & cross references and then advise me. Many thanks,
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guff
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Post by guff on Apr 3, 2018 16:18:24 GMT
<snip>I was told by a V helpful lady that Collateral are not on their system because " they are not FCA Authorised". I have no idea how this squares with the fact that The FCA acknowledges (I believe) that COLL had previously held Interim Permission at least. <snip> There website certainly did/does. 
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elliotn
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Post by elliotn on Apr 3, 2018 16:44:05 GMT
<snip>I was told by a V helpful lady that Collateral are not on their system because " they are not FCA Authorised". I have no idea how this squares with the fact that The FCA acknowledges (I believe) that COLL had previously held Interim Permission at least. <snip> There website certainly did/does. Retreading old ground but a reminder the current adminstrator managed to make no mention of the above IP in their leaked draft. Per CH: - Fitwilliam Black Ltd, dissolved 14/3/17, formerly named Regal Pawnbroker Ltd 27/2/13-25/11/15 - Collateral (UK) Ltd incorporated 17/11/14, no other names FCA should never have accepted CUK attaching their "p2p" IP to Regal Pawnbroker's credit finance IP in the consumer finance register - the companies were never the same according to CH and CUK was incorporated after p2p IPs were allowed - and the adminstrators should have fully explained exactly what the company directors were up to in trading for c2 years while advertising an apparently unrelated FCA permission on their website knowing it would take the FCA a while to get round to such a tiddler - present the FCA a fait accompli with a full p2p authorisation submission? Look where that has landed investors 😞 .
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 3, 2018 16:50:16 GMT
Whatever happens, as sure as the sun will rise tomorrow, The FCA are blameless, have done nothing wrong, and will cover their backside vigorously and relentlessly.
For 'twas ever thus.
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poppyland
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Post by poppyland on Apr 3, 2018 16:54:11 GMT
This article mentioned above says that there have been multiple offers to buy out Collateral's loanbook, with one interested party offering "to buy the whole of the loanbook and satisfy investors at 100p in the pound". I would be extremely satisfied with that. Is there anything we can do to expedite this option as a solution to the whole affair?
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Post by Proptechfish on Apr 3, 2018 17:03:16 GMT
Just had an email reply from confirming my last know account status and personal details from Jessica 'Thank you for your email, I will add this to my records accordingly' Bit worrying if i was not already on a record of some sort, but at least there is life in the old dog yet  |
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Post by dualinvestor on Apr 3, 2018 17:05:34 GMT
This article mentioned above says that there have been multiple offers to buy out Collateral's loanbook, with one interested party offering "to buy the whole of the loanbook and satisfy investors at 100p in the pound". I would be extremely satisfied with that. Is there anything we can do to expedite this option as a solution to the whole affair? No Even if it was a genuine offer. A lot of people make seemingly good offers who dissappear into the ether when it is accepted and time to perform.
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averageguy
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Post by averageguy on Apr 3, 2018 17:24:12 GMT
This article mentioned above says that there have been multiple offers to buy out Collateral's loanbook, with one interested party offering "to buy the whole of the loanbook and satisfy investors at 100p in the pound". I would be extremely satisfied with that. Is there anything we can do to expedite this option as a solution to the whole affair? No Even if it was a genuine offer. A lot of people make seemingly good offers who dissappear into the ether when it is accepted and time to perform. Absolutely right we can’t do anything.....as far as the rest is concerned not everyone disappears into the ether
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averageguy
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Post by averageguy on Apr 3, 2018 17:29:57 GMT
Just received this less than encouraging response from Jessica in reply to my email last week asking for confirmation of the detail of my investments: Good Afternoon
The intention was for all investors to be provided with a formal report on the current position of Collateral (UK) Limited, however the FCA have advised that this report cannot be released.
Until matters are resolved in this regard I am unable to provide a formal response to individuals on their current position.Given everything that’s been said on here over the weekend it’s not surprising that you’ve got that response
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mason
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Post by mason on Apr 3, 2018 18:00:02 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
I find this even more concerning, but it does explain why a report to creditors contains so much information pertinent to lenders through the platform, even though the administrator does not consider any of us creditors. We will just have to wait for the conclusion of the legal case and hope that we are treated fairly given the fact we acted in good faith and took could not reasonably have identified the regulatory inconsistencies in advance of the FCA itself.
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mary
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Post by mary on Apr 3, 2018 18:30:12 GMT
This article mentioned above says that there have been multiple offers to buy out Collateral's loanbook, with one interested party offering "to buy the whole of the loanbook and Saturday satisfy investors at 100p in the pound". I would be extremely satisfied with that. Is there anything we can do to expedite this option as a solution to the whole affair? I think that this is not correct, no one in their right mind would buy at 100p in the pound and immediately repay all lenders and take on the risk of even one loan defaulting. My working assumption is that there are offers to purchase the loan book, which is entirely different. This would only take over the management of the loans, with NO lender being repaid until (and if) the loan is repaid. In this scenario the purchaser get the platform cut of the outstanding interest and all Lender details, and no loan default risk.
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