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Post by beepbeepimajeep on Apr 7, 2018 1:37:14 GMT
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mickj
Member of DD Central
Posts: 435 
Likes: 191
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Post by mickj on Apr 7, 2018 10:09:41 GMT
April showers, lets hope this court case at the end of the month helps and we don't get a 'come back in three weeks bump'.
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jimc99
Member of DD Central
Posts: 284
Likes: 115
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Post by jimc99 on Apr 7, 2018 11:03:42 GMT
Are we supposed to send off the "proof of debt" form attached to the administrators recent letter? Anyone know?
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archie
Posts: 1,866
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Post by archie on Apr 7, 2018 11:29:15 GMT
Are we supposed to send off the "proof of debt" form attached to the administrators recent letter? Anyone know? You don't know who the administrators will be. I won't be sending it but it's your choice.
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Post by mrclondon on Apr 7, 2018 11:41:04 GMT
Are we supposed to send off the "proof of debt" form attached to the administrators recent letter? Anyone know? Quoting from the document the administrators sent you on 28th Feb 2018 (page 4) "I have lent money via the Collateral platform do I need to do anything? No." That is the stated instruction to lenders by the current administrators (who will very likely be relieved of their duties later this month.)
If you are in any doubt take independent legal advice - this is not just a stock phrase, it is important that if you feel you may need to take legal action in the future against any party in this matter, you do now that (and only that) which is advised by the lawyers you will be instructing in the future to take action on your behalf.
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Imothep
Member of DD Central
Posts: 106
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Post by Imothep on Apr 7, 2018 13:35:17 GMT
That makes sense to me and if so I am really pissed off. Collateral were using the funds as a play bucket and due to some loans not filling as fast as anticipated were stealing from the tin. Its not quiet a ponzi scheme but its not far off. using funds & nicking from the tin & bringing new lenders money in, what part of that ain’t a ponzi !
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yorky
Posts: 28
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Post by yorky on Apr 7, 2018 13:51:14 GMT
What proof do we have that this as happened we must wait and see what the FCA come up with and then we may get some Facts to comment on.I dont think all this speculation is of any benefit. Just my thoughts in this trying time.
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
Posts: 56
Likes: 76
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Post by amanda373 on Apr 7, 2018 16:15:14 GMT
As one new to this thread i wonder if there is any benefit to us to consider forming a group of investors? As such if necessary we could take a Class Action or some other legal action . I have heartsink when I read that liquidators like B** is potentially going to be involved as my experience of their ( big name liquidators) action is to leave little money for the investors and endless time .it woild however mean a lot of work co ordinating the names etc...has been done though! Or perhaps it will not be necessary.
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yorky
Posts: 28
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Post by yorky on Apr 7, 2018 16:55:43 GMT
First thing we need to establish what is our relationship with col and are we liable for administration costs or is our liabilities just for the loans we invested in and any potential losses that may occur.
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mason
Member of DD Central
Posts: 666
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Post by mason on Apr 7, 2018 17:28:13 GMT
What proof do we have that this as happened we must wait and see what the FCA come up with and then we may get some Facts to comment on.I dont think all this speculation is of any benefit. Just my thoughts in this trying time. Quite right. The only usefulness the speculation from the administrator's office serves is to show that the person who wrote it isn't someone we'd want involved in operating the Group going forward. It also suggests some of the other comments made about 100p in the pound recoveries were probably misguided.
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oik
Member of DD Central
Posts: 254
Likes: 349
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Post by oik on Apr 7, 2018 17:52:30 GMT
Are we supposed to send off the "proof of debt" form attached to the administrators recent letter? Anyone know? According to the (current) Administrator: "I have lent money via the Collateral platform do I need to do anything?
No. Subject to the borrower continuing to make payments of interest and capital those will
be returned to you in accordance with the Collateral terms and conditions."May get a little more complicated where funds have been transferred to Collateral but have not as yet been lent to any borrower.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Apr 7, 2018 21:55:32 GMT
Hi all let's just have a little post Easter break and wait for court case. As most of the loans were not due to mature for several weeks yet there is no point in fruitless worrying. We are only short a few weeks interest into our accounts which most would have reinvested anyway.
One caveat let us all who are not too badly affected spare a thought for those who used the interest for their monthly survival, hopefully the won't have to wait too much longer and you don't suffer too much. 
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GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
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Post by GeorgeT on Apr 7, 2018 22:03:17 GMT
Hi all let's just have a little post Easter break and wait for court case. As most of the loans were not due to mature for several weeks yet there is no point in fruitless worrying. We are only short a few weeks interest into our accounts which most would have reinvested anyway.
One caveat let us all who are not too badly affected spare a thought for those who used the interest for their monthly survival, hopefully the won't have to wait too much longer and you don't sumffer too much. Yes. All this debate and speculation fills the forum with posts but it doesn't bring us any further forward and all we can do is sit back and wait. To be honest I do not even read the massive amount of posts in this thread because there is little point and I am probably as heavily involved financially as most people in this debacle.
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lotti
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Post by lotti on Apr 8, 2018 20:55:05 GMT
Hi all let's just have a little post Easter break and wait for court case. As most of the loans were not due to mature for several weeks yet there is no point in fruitless worrying. We are only short a few weeks interest into our accounts which most would have reinvested anyway.
One caveat let us all who are not too badly affected spare a thought for those who used the interest for their monthly survival, hopefully the won't have to wait too much longer and you don't suffer too much. Whilst I do agree with you on the taking a break and avoiding pointless worrying, well over half of my loans (value-wise) were due to repay in the last month, with more due in the next fortnight! This makes me a little more nervous than a few weeks worth of interest 
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Apr 8, 2018 23:38:22 GMT
Hi all let's just have a little post Easter break and wait for court case. As most of the loans were not due to mature for several weeks yet there is no point in fruitless worrying. We are only short a few weeks interest into our accounts which most would have reinvested anyway.
One caveat let us all who are not too badly affected spare a thought for those who used the interest for their monthly survival, hopefully the won't have to wait too much longer and you don't suffer too much. Whilst I do agree with you on the taking a break and avoiding pointless worrying, well over half of my loans (value-wise) were due to repay in the last month, with more due in the next fortnight! This makes me a little more nervous than a few weeks worth of interest I understand being apprehensive but would you have withdrawn the money from repayments or re-invested it ?? If you would normally re-invest then had the site not gone down you would be none the worse off apart from compounded interest loss. Like negative equity you only suffer if you need to sell. Last year from January my S&S were down most of the year. I did not need the money then when things recovered and went into profit I took some out and invested in the less volatile P2P the result S&S down 8% in one month p2p up 1.3% . I hope your investments were for a rainy day at the moment the weather is cloudy with a little drizzle so you may not NEED the funds immediately.
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