moist
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Post by moist on Apr 3, 2018 19:10:06 GMT
the loans would potentially be launched on other platforms...hence paying back current investors.
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rxdav
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Post by rxdav on Apr 3, 2018 19:25:11 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. ozboy:
Stop beating about the bush!
There is actually a far greater chance of the sun failing to rise tomorrow than the FCA ever being to blame for anything, at any time, in any place or jurisdiction, for any conceivable reason - ever. I suspect you are absolutely correct in your intimation that they will commit near limitless resources (at the taxpayers expense of course) to defend themselves from any assertion of even a vague hint of culpability.
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zedi
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Post by zedi on Apr 3, 2018 19:29:06 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. I also doubt that but if the loanbook is of good quality, why not buying it completely and repaying the lenders? You musst consider that a buyer would not only get the interests paid to lenders but also the part which was previously taken from Collateral. If the buyer doesn´t want to operate the platform and maybe already has a recovery team (because he is a specialist lender himself), he also saves a lot of operational costs. I can imagine that this COULD be a good deal for some specialist lenders out there, even if it means to buy the whole bunch at 100p.
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Post by mike1963 on Apr 3, 2018 20:04:36 GMT
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. I also doubt that but if the loanbook is of good quality, why not buying it completely and repaying the lenders? You musst consider that a buyer would not only get the interests paid to lenders but also the part which was previously taken from Collateral. If the buyer doesn´t want to operate the platform and maybe already has a recovery team (because he is a specialist lender himself), he also saves a lot of operational costs. I can imagine that this COULD be a good deal for some specialist lenders out there, even if it means to buy the whole bunch at 100p. I agree with zedi ... plus, the cost of taking on the loan book might in cash terms be zero as the loan borrower/lender relationship stays the same, it is just the administrator that changes..Likely that COL, RR and FCA are very keen to get the loan book into someone else's hands, leaving COL with very little bargaining power. The value of acquiring a customer base and a mature loan book, with ( to date ) no defaults composed of a good mix of bling, smaller DFL and property loans, could be quite high. I would be extremely surprised if MT and ABL did not express an interest. IMHO, they both could do with the additional customer/loan diversification.
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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 Apr 3, 2018 20:10:29 GMT
A few hours interest for Bill Gates would buy the loans and that would solve all our problems. Anybody got his number ?? 
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Post by petebutt43 on Apr 3, 2018 20:34:16 GMT
<quote>Just a heads up to anyone with access, a link to a copy of the Administrator's Report is available in DD Central, posted by stub8535
here - p2pindependentforum.com/post/257160/thread
I'll add to this post as more information becomes available.<quote>
Who does have access. Surely anybody with vested interest, like ME!
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Post by dualinvestor on Apr 3, 2018 20:38:55 GMT
I also doubt that but if the loanbook is of good quality, why not buying it completely and repaying the lenders? You musst consider that a buyer would not only get the interests paid to lenders but also the part which was previously taken from Collateral. If the buyer doesn´t want to operate the platform and maybe already has a recovery team (because he is a specialist lender himself), he also saves a lot of operational costs. I can imagine that this COULD be a good deal for some specialist lenders out there, even if it means to buy the whole bunch at 100p. I agree with zedi ... plus, the cost of taking on the loan book might in cash terms be zero as the loan borrower/lender relationship stays the same, it is just the administrator that changes..Likely that COL, RR and FCA are very keen to get the loan book into someone else's hands, leaving COL with very little bargaining power. The value of acquiring a customer base and a mature loan book, with ( to date ) no defaults composed of a good mix of bling, smaller DFL and property loans, could be quite high. I would be extremely surprised if MT and ABL did not express an interest. IMHO, they both could do with the additional customer/loan diversification. All academic speculation at the moment though I understand nothing can happen until the court hearing which is scheduled for "April" if correct there are nearly another four weeks of the month left.
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Post by dualinvestor on Apr 3, 2018 20:50:26 GMT
<quote>Just a heads up to anyone with access, a link to a copy of the Administrator's Report is available in DD Central, posted by stub8535 here - p2pindependentforum.com/post/257160/thread I'll add to this post as more information becomes available.<quote> Who does have access. Surely anybody with vested interest, like ME! I am on the mobile version so I don't know if you meet the criteria but there is a thread about getting access to restricted boards (accessible to all) consult that. However I would mention this is not an official website of the company or the Administrator so there is no obligation upon it to give you access whether you have a vested interest or not.
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pickles
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Post by pickles on Apr 3, 2018 20:52:27 GMT
As you say, it's all speculation, but I'd speculate that a buyer would take over the loan on a refinance basis - they would have to have a new agreement with the borrower under their own terms anyway. They would then offer to transfer existing lenders in if they were agreement, and I would bet that a lot would (especially those not on this forum). The remainder of the loan would be then be offered under their own platform. I'd also speculate that many of these loans would fill quickly on another platform at lower rates to lenders, giving a healthy margin for the new platform. EDIT: this is a response to dualinvestor 's post from earlier. |
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investibod
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Post by investibod on Apr 3, 2018 22:20:57 GMT
I have used the letter created by georget as a template for one of my own. I have emailed a scanned copy to Jessica and will post it tomorrow.
I am coming to the conclusion that unpaid interest and investments into non-drawdown loans has pushed me over into being a creditor.
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johnfleet
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Post by johnfleet on Apr 4, 2018 5:36:52 GMT
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Apr 4, 2018 6:39:11 GMT
I hope this spreads through the media. If the FCA were to cause a loss for investors would they have to pay compensation?
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Post by dualinvestor on Apr 4, 2018 6:58:38 GMT
..... If the FCA were to cause a loss for investors would they have to pay compensation? No, well maybe but it will take a long time and don't over estimate the power of the press where there are just over a thousand fairly wealthy people "investing" in high risk high return sector. It is unlikely to generate wide public sympathy so not many pages outside the specialist press or Web pages.
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Post by jackpease on Apr 4, 2018 7:16:38 GMT
..... If the FCA were to cause a loss for investors would they have to pay compensation? No, well maybe but it will take a long time and don't over estimate the power of the press where there are just over a thousand fairly wealthy people "investing" in high risk high return sector. It is unlikely to generate wide public sympathy so not many pages outside the specialist press or Web pages. I'd go further than that and say that the press may well ridicule investors. The Daily Hate might run thus... (irony alert folks!) "Toffs think 'high risk' doesn't apply to them"People who purport to be savvy investors have lost their fortunes - and are now turning on regulators - the platform - and even each other in a bid to find someone to blame. Wooed by promises of high returns and the friendly warm words of a chatty platform rep, they piled into a tiny company believing the prominent 'high risk' warnings applied to other people. They want answers NOW and if they don't get them, speculation will do. Compensation from the taxpayer would be nice too. With other older more established platforms unpopular because their chatty platform reps have gone silent, investors are looking for new shaky start ups promising high returns. etc etc My serious point is that why would we hesitate to hand over money to dodgy car salesmen in dodgy start up salesrooms yet be so trusting of tiny, emerging platforms with new loans that have no bad news to disseminate? The FCA interim position wasn't predictable but then there's presumably dozens of other platform risks that also not predictable. So every time I see someone saying 'I'm out' of Lendy/FC/Zopa/whatever heading for the next Coll-type failure - I wince. Jack P
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m2btj
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Post by m2btj on Apr 4, 2018 7:38:20 GMT
I went into Coll with eyes wide open & only exposed myself with a modest investment. I'm acutely aware that I'm making an investment in P2P & not saving. In Colls case the return was high & so was the risk. If I get any of my cash back I will regard it as a bonus. As for the FCA, I expect nothing from that self serving, 'regulatory' joke. Coll were operating publicly, under their noses & they didn't even have the wit to notice!
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