jcm9000
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Post by jcm9000 on Apr 12, 2018 12:59:15 GMT
Oh great, so now we ARE creditors. Flip flop.
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averageguy
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Post by averageguy on Apr 12, 2018 13:00:05 GMT
I think she will be getting a few emails. One just sent!
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dp
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Post by dp on Apr 12, 2018 13:03:15 GMT
No mention of secured and unsecured creditors.
Seems a very generic response.
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moist
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Post by moist on Apr 12, 2018 13:03:17 GMT
well if B** get in I reckon 50p in the £ if lucky!
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withnell
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Post by withnell on Apr 12, 2018 13:08:29 GMT
well if BDO get in I reckon 50p in the £ if lucky! This implies they'll charge several million in fees - assuming the RR "state of balance sheet" figures per the creditor's report (as shared on financialthing etc) they'd break into investor funds after c. 200k of fees. Although BDO are Big6, the fees won't be an order of magnitude higher, maybe double (so 1-2% haircut maybe?)
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 12, 2018 13:10:24 GMT
I'm not convinced that RR still understand the difference between Creditors and Lenders.
Also, IF we are Creditors, are we not Secured Creditors? (Assuming there's a difference to Unsecured Creditors)
Still many clarifications to be made and tbh I think RR are not the best to make them, whilst BDO will probably be more knowledgeable?
Not looking good as the days go by is it?
Roll on the 27th.
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Post by beepbeepimajeep on Apr 12, 2018 13:12:26 GMT
Received the same letter. Going to be honest regarding our cash as investors held in the segregated accounts. I refrained from commenting before as I am not an expert but I do believe the fact it is in an "segregated account" does not mean it is completely untouchable. In fact it was explained to me a while back a "segregated account" simply raises us to the status of secured creditors rather than unsecured if the  hits the fan. |
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Post by beepbeepimajeep on Apr 12, 2018 13:13:52 GMT
Also, IF we are Creditors, are we not Secured Creditors? (Assuming there's a difference to Unsecured Creditors) I believe this is the difference and that the segregated account makes us "secured" creditors. It is huge because unsecured creditors are at the very back of the queue and almost always get next to 0. Let us hope fully invested loans that are paying out cannot be touched and this secured creditors argument applies to cash on the platform and money allocated to loans that were not drawn down. I had my biggest p2p holding on collateral out of 6 platforms  . Only a small amount in cash though.
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IFISAcava
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Post by IFISAcava on Apr 12, 2018 13:15:29 GMT
I think she will be getting a few emails. One just sent! And another
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11025
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Post by 11025 on Apr 12, 2018 13:15:58 GMT
Also, IF we are Creditors, are we not Secured Creditors? (Assuming there's a difference to Unsecured Creditors) I believe this is the difference and that the segregated account makes us "secured" creditors. It is huge because unsecured creditors are at the very back of the queue and almost always get next to 0. So what are you if you have no cash in account , just money that is still out with the borrower - an investor ?
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Post by beepbeepimajeep on Apr 12, 2018 13:19:23 GMT
I believe this is the difference and that the segregated account makes us "secured" creditors. It is huge because unsecured creditors are at the very back of the queue and almost always get next to 0. So what are you if you have no cash in account , just money that is still out with the borrower - an investor ? This is only my understanding and I hope someone more knowledgeable than me corrects this but.... Technically I believe the loan agreement is directly between us and the borrower and any loans drawn down and active should be fine. I am concerned about any interest or capital repayments that are made on these loans going forward. Are they just going to lumped in as cash we are owed or will they be sent straight to us as investors/lenders/creditors/whatever?
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victors
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Post by victors on Apr 12, 2018 13:20:06 GMT
Can someone give an example of what they are stating in the emails they are sending.
Thanks
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invester
P2P Blogger
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Post by invester on Apr 12, 2018 13:20:35 GMT
It is not pointless sending emails to them?
I can't see why the FCA would retain them, and it'll be someone else managing it.
It surely would be in the best interests of all lenders and the P2P industry itself that the loan book is sold to another firm.
That course of action doesn't seem to be in the interests of administrators though, as it wouldn't be a drawn-out affair.
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Post by beepbeepimajeep on Apr 12, 2018 13:21:37 GMT
Can someone give an example of what they are stating in the emails they are sending. Thanks 
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sj
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Post by sj on Apr 12, 2018 13:23:50 GMT
I emailed Jessica, and have received a reply. I'll post it here, as it's quite relevant to the ongoing situation and not just inane waffle like 90% of the rest of this thread.
*************************
In the circumstances, all investors are creditors, but we deem you to be secured creditors. So as and when the relevant assets of the loan book were dealt with, the intention was to then start corresponding with investors with regard their relevant claims to ensure that all figures were correct, it seemed unnecessary to do it at a time when things were uncertain and balances couldn’t be reconciled properly due to interest etc.
However how this is dealt with after the 27 April 2018, I can’t be certain at this time and will depend on who deals with the Administration.
Apologies for the minimal information but it is all I am allowed to provide at this time.
Yours sincerely
For Collateral (UK) Limited
Jessica Hodgson
*************************
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hits the fan.
. Only a small amount in cash though.