rgog
Member of DD Central
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Post by rgog on Mar 9, 2018 12:50:43 GMT
Well that was exciting, very pretty but it doesn't do much!
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dermot
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Post by dermot on Mar 9, 2018 16:48:15 GMT
So, any bets as to the Col website being available for read only access next week? A note from the administrator implied it might be at least a couple of weeks, as I recall.
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seb8072
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Post by seb8072 on Mar 19, 2018 8:41:35 GMT
If I haven't lost count we are now into "next week" after "next week". - Never mind, I'm sure it will be all sorted "next week"!
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cmep
Posts: 43
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Post by cmep on Mar 19, 2018 11:30:00 GMT
Has anyone on this group had any feedback about when we can expect this? My email in this regard last week remains unanswered by Jessica...
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micky
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Post by micky on Mar 19, 2018 11:35:19 GMT
Check out the top post-
Locked Administration - State of Play & Significant Information
Received 9.30am 16th March
Good Morning We are currently in discussions with the FCA and cannot discuss matters further until these discussions are finalised. As soon as I am able, I will update investors accordingly Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator
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Post by dualinvestor on Mar 19, 2018 13:15:11 GMT
I don't understand the clamour to get the Web site up and information from it.
The information, at this stage, will be of no use and you are unlikely to see any return of money in the short term. You should keep your own records and even if you do and they don't accord with the website do not expect the Administrator to deal with any anomalies as a matter of priority.
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dandy
Posts: 427
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Post by dandy on Mar 19, 2018 14:00:55 GMT
I don't understand the clamour to get the Web site up and information from it. The information, at this stage, will be of no use and you are unlikely to see any return of money in the short term. You should keep your own records and even if you do and they don't accord with the website do not expect the Administrator to deal with any anomalies as a matter of priority. If you had a substantial amount of money in collateral you would also want to see the website up with your loan parts showing - so that you can see their records are accurate at the very least and not heading into a battle to prove it. Not that hard to understand surely. Thankfully you are not the administrator.
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Post by brightspark on Mar 19, 2018 14:18:27 GMT
As things stand a platform with a doubtful permission to trade was closed down by the regulating government agency whose competence has regularly been questioned in the media. No explanation has been offered of the why. Many small investors relied on the platform for their detailed record keeping. Some small investors have relatively large sums tied up and are naturally anxious to see the wheels turning even if slowly. Dualinvestors remarks come across as unsympathetic. I hope it was not intended.
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seb8072
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Post by seb8072 on Mar 19, 2018 14:41:39 GMT
I don't understand the clamour to get the Web site up and information from it. The information, at this stage, will be of no use and you are unlikely to see any return of money in the short term. You should keep your own records and even if you do and they don't accord with the website do not expect the Administrator to deal with any anomalies as a matter of priority. Because it would demonstrate that some progress, however small, is being made, which means we are a little closer to being able to regain control of our money. No evidence of any progress is the equivalent of staring into a great big black hole.
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sjg
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Post by sjg on Mar 19, 2018 15:09:24 GMT
I don't understand the clamour to get the Web site up and information from it. The information, at this stage, will be of no use and you are unlikely to see any return of money in the short term. You should keep your own records and even if you do and they don't accord with the website do not expect the Administrator to deal with any anomalies as a matter of priority. Perhaps it will also give us an idea how loans are performing. There are some big loans which should have been repaid at the end of February so some information would be a big improvement on none!!
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Post by mrclondon on Mar 19, 2018 15:58:27 GMT
I don't understand the clamour to get the Web site up and information from it. The information, at this stage, will be of no use and you are unlikely to see any return of money in the short term. You should keep your own records and even if you do and they don't accord with the website do not expect the Administrator to deal with any anomalies as a matter of priority. Perhaps it will also give us an idea how loans are performing. There are some big loans which should have been repaid at the end of February so some information would be a big improvement on none!! Whilst not 100% conclusive, there is no evidence at companies house or land registry that any of the loans being flagged as due for repayment late Feb / during March have been repaid. It is therefore probable that most if not all such loans will simply be showing the appropriate negative days if/when the website returns. I may be wrong but I doubt there will be any subsequent informational updates made on the individual loans through the platform's website. Most likely the best that can be hoped for is that the six monthly administrators update documents will provide some clues as to the fate of some of the bigger loans.
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Post by dualinvestor on Mar 19, 2018 17:38:02 GMT
I don't understand the clamour to get the Web site up and information from it. The information, at this stage, will be of no use and you are unlikely to see any return of money in the short term. You should keep your own records and even if you do and they don't accord with the website do not expect the Administrator to deal with any anomalies as a matter of priority. If you had a substantial amount of money in collateral you would also want to see the website up with your loan parts showing - so that you can see their records are accurate at the very least and not heading into a battle to prove it. Not that hard to understand surely. Thankfully you are not the administrator. So if it is not correct what are you and the Administrator going to do about it? No doubt you will conact them, they will say they will look into it, it will take an indeterminate length of time (as there are 2000 or so lenders) and in the meantime you will fret and worry even more. Over the course of this Administration you will learn things move at their own pace and that is not fast with lenders information not the highest priority. I am not saying the records were in disarray but is is more important to issue accurate information than it is to satisfy your curiosity. As they wil not be distrbuting any funds for some time data for claims is to them not a burning issue however much it is to you.
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Post by dualinvestor on Mar 19, 2018 17:42:01 GMT
It’s also the case that the 5th April is rapidly approaching which will be a strong reason to get a read-only website in operation soon - otherwise they will get a flood of phone calls about tax figures. Have HMRC brought the tax return deadline forward 10 months then without us knowing then? 5th April is the tax year end you have nearly a year to report that income and I'll wager it will take all mof that time to assess what your bad debts are.
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SteveT
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Post by SteveT on Mar 19, 2018 18:20:11 GMT
I doubt HMRC would agree that COL loans are now “irrecoverable” simply because the platform has entered Administration. The “entered legal recovery procedures” test applies to the loan itself, not the platform.
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Steerpike
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Post by Steerpike on Mar 19, 2018 18:36:02 GMT
My accountants, quite reasonably, offer a discount for tax return data submitted early, so platform delays cost me real money.
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