moist
Member of DD Central
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Post by moist on Mar 1, 2018 7:54:29 GMT
Just a thought, perhaps someone who is attempting to call the administrators this morning could ask some questions and post on here? Saves 1200 of us calling......
As investors do we need to act at this point
Can we get details of all our investments, or do we need to put that together ourselves
Will funds allocated but not drawndown be returned
Will interest be paid this month or in future months
Are the refinances of BL00046 etc actually happening or was that BS
Any repaid loans, will they come back to their investors
Will the website return in any form
someone want to add more!?
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Post by beepbeepimajeep on Mar 1, 2018 7:59:36 GMT
Are we secured creditors on the cash in our accounts or not. Is it still segregated despite the underhand t&c changes.
Do we have to file a claim for it or will it be sent without us doing anything as the letter says for active loan repayments.
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cmep
Posts: 43 
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Post by cmep on Mar 1, 2018 8:22:12 GMT
Please excuse my ignorance on this matter but I've never been in this position before. The letter states that creditors need to prove the debt owed. My question is therefore twofold:
1) Are we classified as creditors (i.e. if we are lenders)
2) If so, surely Collateral are obligated to put the site back up (without 'trading' functionality) so that we can get our current position on the various loans.
Thanks
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Steerpike
Member of DD Central
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Post by Steerpike on Mar 1, 2018 8:25:06 GMT
Please excuse my ignorance on this matter but I've never been in this position before. The letter states that creditors need to prove the debt owed. My question is therefore twofold: 1) Are we classified as creditors (i.e. if we are lenders) 2) If so, surely Collateral are obligated to put the site back up (without 'trading' functionality) so that we can get our current position on the various loans. Thanks
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.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
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Post by stub8535 on Mar 1, 2018 8:58:02 GMT
See message in " in administration thread before wasting your time ringing administrators today.
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greatmarko
Member of DD Central
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Post by greatmarko on Mar 1, 2018 9:34:10 GMT
Please excuse my ignorance on this matter but I've never been in this position before. The letter states that creditors need to prove the debt owed. My question is therefore twofold: 1) Are we classified as creditors (i.e. if we are lenders) 2) If so, surely Collateral are obligated to put the site back up (without 'trading' functionality) so that we can get our current position on the various loans. Thanks
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.Yeah, but which T&C's though? The ones we all signed up under, or "current" T&C's containing the sneaky & underhanded changes they made to them earlier this month? (See this post)
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Post by p2pimpressed on Mar 1, 2018 10:42:04 GMT
has anyone managed to get through to Jessica yet and get any questions/emails answered?
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hantsowl
Member of DD Central
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Post by hantsowl on Mar 1, 2018 10:46:40 GMT
Just a thought, perhaps someone who is attempting to call the administrators this morning could ask some questions and post on here? Saves 1200 of us calling...... As investors do we need to act at this point Can we get details of all our investments, or do we need to put that together ourselves Will funds allocated but not drawndown be returned Will interest be paid this month or in future months Are the refinances of BL00046 etc actually happening or was that BS Any repaid loans, will they come back to their investors Will the website return in any form someone want to add more!? There are a lot of loans (non-property) which are shortly due for renewal/redeeming and some which have become overdue in the last week. Will the borrowers be refused the option of renewing and be forced to find the cash to repay when the date becomes due? If forced to repay when wanting to renew, does this breach their terms of contract? I have a list of my loans in a spreadsheet which shows that quite a few are due to renew/repay in the next month. We also have BB00595 (-4 days), BB00588 (-5 days) and BB00589 (-5 days) which are all overdue. Have these been repaid or renewed and if the former, how do we access the funds? I do not include property loans because they are much larger and have a tendency to overrun by weeks/months and probably need to be handled differently.
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hantsowl
Member of DD Central
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Post by hantsowl on Mar 1, 2018 10:53:20 GMT
Please excuse my ignorance on this matter but I've never been in this position before. The letter states that creditors need to prove the debt owed. My question is therefore twofold: 1) Are we classified as creditors (i.e. if we are lenders) 2) If so, surely Collateral are obligated to put the site back up (without 'trading' functionality) so that we can get our current position on the various loans. Thanks I have no expertise in these matters, but i would assume that funds invested in loans which are in drawdown state mean that the borrower has our cash and not Collateral. In these instances I do not think we are classified as creditors. As for loans not yet in drawdown or simply cash in our account the situation is different since Collateral should be holding our cash. In this case we probably are classified as creditors. Please be aware this is simply how i read the situation and have no financial knowhow to back this up.
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Post by spareapennyor2 on Mar 1, 2018 14:50:34 GMT
wonder at what point we will be able to download a tax statement?
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IFISAcava
Member of DD Central
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Post by IFISAcava on Mar 1, 2018 15:07:39 GMT
wonder at what point we will be able to download a tax statement? A good point. On the optimistic scenario that previously credited interest will outweigh capital losses that is. I have no record of interest payments so couldn't possibly calculate it unilaterally. Would need to be a rough estimate for HMRC purposes.
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Post by p2pimpressed on Mar 1, 2018 16:07:46 GMT
wonder at what point we will be able to download a tax statement? Tax year 2017/18 is not even over (5th April 2018). You then have until 31st January 2019 to submit your self-assessment and pay tax etc. From email extract received from Jessica Hodgson (Administrator) "We are currently looking into the website and the possibility of this being reopened in order for investors to view the balance of their investments, however this isn’t something that will be dealt with until next week at the earliest."
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ceejay
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Post by ceejay on Mar 1, 2018 16:19:09 GMT
Tax year 2017/18 is not even over (5th April 2018). You then have until 31st January 2019 to submit your self-assessment and pay tax etc. This is often given as a reason/excuse for delay by institutions in providing the necessary information to their clients, and I have to say it cuts absolutely no ice with me at all. There are many circumstances in which I might want or even need to submit my tax return long before the deadline, and there are few excuses for not providing information within a reasonable time (meaning weeks, not months) after the end of the tax year. Granted, administration might be such an excuse! But still I want tax information as soon as it can reasonably be provided, not six or more months later.
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