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Post by dualinvestor on Mar 19, 2018 19:21:10 GMT
My accountants, quite reasonably, offer a discount for tax return data submitted early, so platform delays cost me real money. I doubt the deadline for a discount expires for a few months nevertheless. Most people don't have the information for at least a few weeks. The discount is designed toease work flow in January so I expect it lasts to August at least.
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Post by vindhi on Mar 19, 2018 19:23:47 GMT
Some accounts that investors have with COL are business rather than personal accounts (mine being one). Fortunately my company year has only just ended, but I daresay there will be other corporate investors with a more pressing need for website access.
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Post by dualinvestor on Mar 19, 2018 19:37:58 GMT
Some accounts that investors have with COL are business rather than personal accounts (mine being one). Fortunately my company year has only just ended, but I daresay there will be other corporate investors with a more pressing need for website access. The tax return date is still 9 months after the financialyear end. Unless it's a PLC in which case you should have adequate records of your own (you should have for a private company for that matter)
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Post by dualinvestor on Mar 19, 2018 19:49:17 GMT
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. You continue mixing the Clients' segregated account with the company (Collateral) assets, which are totally separate things. Only the Collateral account should be used to repay claims, so the Clients' account should be released as soon as possible. Whatever mountain of claims the administrator receives, the Clients' segregated account is in any case not the place to take money from. I do understand that administrators tend to work at a crawling pace (and this is not to add precision to their work, but to add money to their fat bank accounts). The FSCS have accurately dealt with defaults and refunds 10x the size of this, in a very few days. Now, being efficient might not be the aim of this administrator, but could become if enough lenders start complaining directly with the FCA about total lack of progress and/or undue sizing of their segregated cash accounts. And yes, I am ready to wait a long way for the loans recovery. But this is a totally separate issue from the clients segregated account, which should be released immediately. Incorrect You are not even creditors of Collateral and the Administrator has no obligations to you. Money in the client account does not belong to the company but until it is reconcilled it is going nowhere. The Web site may or may not have correct information but it is not definitive so until the Administrator (and possibly the FCA) are sure that the company records are accurate it is not going anywhere. And even living up to your forum name is not going to change that or the speed of the process however much you protest.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Mar 19, 2018 19:58:22 GMT
For those of you that are not aware I strongly advise not arguing with dualinvestor on matters of insolvency and the like. He is IMHO the leading authority on such matters on this forum.
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Post by dualinvestor on Mar 19, 2018 20:21:53 GMT
Incorrect You are not even creditors of Collateral and the Administrator has no obligations to you. Money in the client account does not belong to the company but until it is reconcilled it is going nowhere. The Web site may or may not have correct information but it is not definitive so until the Administrator (and possibly the FCA) are sure that the company records are accurate it is not going anywhere. And even living up to your forum name is not going to change that or the speed of the process however much you protest. Your sentence (in bold) is repeating what I said, i.e. that the clients' segregated account should be released to its owners (the lenders) as soon as the reconciliation is finished. My guess is that 10 days is a very ample time to do a reconciliation (also considering that Collateral should have done that daily since the start...), hence after 20 days (and today is the 20th), the administrator should have a clear picture and be ready to act. My goal is not to change the speed of the process. Just to get back my money in a reasonable time. Whatever your "goal" is posting and postulating on this forum is not going to further it. Simimilarly your estmates of timescales are irrelevant, it will take however long it takes No amount of complaints here or to other authorities such as the FCA is going to speed it up, in fact if anything it may have the opposite effect. However much you dislike the prospect patience is the only thing you can exercise nothing else will further or expedite the process EDIT I am not saying the process will definitely nòt happen as soon as tomorrow but I wouldn't rely on it especially if you are looking to use themoney promptly for some other purpose
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guff
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Post by guff on Mar 19, 2018 20:56:34 GMT
You are not even creditors of Collateral and the Administrator has no obligations to you. Money in the client account does not belong to the company but until it is reconcilled it is going nowhere… As you say, reconciling the client account is not going to be high on the Administrator's list of priorities. Once the Administrator believes it to be fully reconciled, there may well be challenges from investors once the website becomes functional, which presumably will then need to be investigated and reconciled. Even once this final reconciliation is complete, the Administrator will have to ensure that money is only returned to bone fide accounts. These are all sequential tasks which are not going to be high on the list of priorities, so I can't imagine there will be a rapid return of funds.
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Post by mrclondon on Mar 19, 2018 21:30:41 GMT
thegrumbler it is possible / probable that the return of client funds from COL will be governed by the FCA's policy statement PS17/18: CASS 7A and the special administration regime review (pdf link is red button part way down the page)which came into force last July. The introduction from that pdf reads Maybe somewhere in the 79 page pdf is a clue as to the expectations of the FCA for the timescale of distributing client funds by administrators.
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cmep
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Post by cmep on Mar 20, 2018 7:32:14 GMT
Got an email from Jessica this morning stating the following:
"At present we have no intention of reinstating the platform for the Company. However I can advise that I expect all investors to receive a formal update in the next 2 weeks"
Surely we are entitled to access our accounts?
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micky
Member of DD Central
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Post by micky on Mar 20, 2018 8:35:38 GMT
Not good news but thank you for posting so promptly.
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Post by dualinvestor on Mar 20, 2018 8:51:10 GMT
Got an email from Jessica this morning stating the following: "At present we have no intention of reinstating the platform for the Company. However I can advise that I expect all investors to receive a formal update in the next 2 weeks"Surely we are entitled to access our accounts? Thank you for posting that. You have surprisingly few rights either as a lender individually or as a group. You can apply for a data access order under the Data Protection Act but they have eight weeks after receipt to respond
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blender
Member of DD Central
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Post by blender on Mar 20, 2018 9:06:51 GMT
Got an email from Jessica this morning stating the following: "At present we have no intention of reinstating the platform for the Company. However I can advise that I expect all investors to receive a formal update in the next 2 weeks"Surely we are entitled to access our accounts? That's ominous. Without the platform there is no Company. That does not preclude the sale of the platform to another company, but not before sorting out the client accounts. Get ready to grumble.
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dandy
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Post by dandy on Mar 20, 2018 9:50:12 GMT
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. I never mentioned contacting them. In fact, the reason it would be good to have the platform up is to avoid 2000 lenders needing to do so. Seems from today's posts that isn't going to happen though.
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dandy
Posts: 427
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Post by dandy on Mar 20, 2018 9:52:12 GMT
Got an email from Jessica this morning stating the following: "At present we have no intention of reinstating the platform for the Company. However I can advise that I expect all investors to receive a formal update in the next 2 weeks"Surely we are entitled to access our accounts? this is a shame I have sent the loans I am invested in to some finance companies to see if they have any interest in refinancing the loans
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Post by dualinvestor on Mar 20, 2018 10:05:44 GMT
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. I never mentioned contacting them. In fact, the reason it would be good to have the platform up is to avoid 2000 lenders needing to do so. Seems from today's posts that isn't going to happen though. I didn't say you would contact them. I speculated what you would do if the information was incorrect and the dismay and delay that would entail. Therefore accuracy rather than speed is more important.
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