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Post by brightspark on Mar 20, 2018 10:12:57 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? Was the implication that an update would be personalised or just along the lines of beavering away to sort out the situation with a further up-date to be expected six months hence?
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mickj
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Post by mickj on Mar 20, 2018 10:37:04 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? Yes, it would be nice to view our accounts, but I don't see see it as anything more than that, but it would be nice. A good formal update would be great, cannot wait, lets hope that comes true.
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Post by dualinvestor on Mar 20, 2018 10:48:15 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? Was the implication that an update would be personalised or just along the lines of beavering away to sort out the situation with a further up-date to be expected six months hence? The Administrators are obliged to publish proposals within eight weeks of their appointment, that is the only "formal" (using her word) communication that is due in the near future. It may be that they are planning on making another formal announcement but I suspect it will be a general communication rather than individually addressed.
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seb8072
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Post by seb8072 on Mar 20, 2018 13:42:52 GMT
I find it very disappointing that there is no longer a plan to have read only access ( I cannot remember where I saw/was told that that was the plan). I am surely not the only person who does not download the information daily (I update a hand written book every couple of weeks) and had put in a considerable amount over the 2 weeks prior to shutdown. Doing a data access request as per dualinvestor seems a good idea to me, despite the fact that it affects the workload (just a print off I suspect), if they are not going to make the site viewable. 8 weeks is a long time as a requesting individual, so best to get started methinks. It is also perhaps helpful as backup in case of HMRC queries of estimated interest. Edit - request done - will feedback. I cannot help but think this is a bad idea. The maximum fee chargeable for this service is £10 irrespective of the workload involved. I suspect the costs of the resources involved will greatly exceed the fee. To think it involves "just a print off" is in my view rather naive. It will result in an excessive burden and potentially stall any resolution.
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withnell
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Post by withnell on Mar 20, 2018 14:00:01 GMT
Maybe everyone should do it, they'll soon prioritise a read-only website then! As the company is in administration, and therefore being run as a going concern, I'm confused as to why the administrators are not actively seeking to administer the loan contracts, which are the major source of income for Collateral (UK) Limited, rather than leave investors (/customers) hanging?
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seb8072
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Post by seb8072 on Mar 20, 2018 14:40:25 GMT
Well on e organisation which details its information requests under the data protection act thus: 1. Ensure the request is logged and complied with promptly ...personnel who might receive such requests should be trained in data protection compliance... 2. Check that there is sufficient information to respond to the request ...The 40-day time limit for responding to the request will not start until this information, if requested, has been obtained.... 3. Ensure that the individual making the request is entitled to the requested information 4. Carry out a search for the information requested
However, I shall follow your progress with interest.
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Post by dualinvestor on Mar 20, 2018 15:20:31 GMT
I cannot help but think this is a bad idea. The maximum fee chargeable for this service is £10 irrespective of the workload involved. I suspect the costs of the resources involved will greatly exceed the fee. To think it involves "just a print off" is in my view rather naive. It will result in an excessive burden and potentially stall any resolution. Would I be correct in thinking that the max fee chargeable by COL to the individual may be £10, but the fees charged by the Administrators to COL to administer those requests (with whatever impact that has on returns to lenders) will be far greater? Yes £10 is the maximum COL can charge the person making the request The Administrator if they respond to the request will charge COL the hourly rate of the personnel required for the time it takes. He may just ignore the request because the penalty will be a fine on the company that, if levied, will end up as an unsecured creditor and have little chance of being paid. It is unlikely there is anyone on the Administrator's staff trained to respond to such requests (or given their size any of the COL staff) My guess is they will just give a print off of personal details (Ie no accounting data) if anything at all.
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elliotn
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Post by elliotn on Mar 20, 2018 15:52:30 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. dandy, as littleoldlady later said, dualinvestor may not be the administrator (in this instance) but is a lifelong professional in insolvency practice who is trying to impart the benefit of their expertise to the forum as what we may (or may not) reasonably expect - we don’t even have to pay 500/hr for the privilege, merely pay some attention and show a little gratitude.
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seb8072
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Post by seb8072 on Mar 20, 2018 16:02:35 GMT
Would I be correct in thinking that the max fee chargeable by COL to the individual may be £10, but the fees charged by the Administrators to COL to administer those requests (with whatever impact that has on returns to lenders) will be far greater? Yes £10 is the maximum COL can charge the person making the request The Administrator if they respond to the request will charge COL the hourly rate of the personnel required for the time it takes. He may just ignore the request because the penalty will be a fine on the company that, if levied, will end up as an unsecured creditor and have little chance of being paid. It is unlikely there is anyone on the Administrator's staff trained to respond to such requests (or given their size any of the COL staff) My guess is they will just give a print off of personal details (Ie no accounting data) if anything at all. I think dualinvestor is correct. Having read a little more it would seem that information requests under the data protection act refer to "personal data". I doubt this includes loan details.
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blender
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Post by blender on Mar 20, 2018 17:10:39 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? I guess we'll find out in the next week or two, but I'm wondering (hoping?) whether there's a possibility that by 'platform' the IPs are referring to the trading aspect of the site -- loan details, SM mechanism, etc -- as opposed to client area of the site which has transaction details and account balances. Might just be wishful thinking on my part... I think you're right; that's wishful thinking. A great shame, though.
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jlend
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Post by jlend on Mar 20, 2018 17:57:45 GMT
Yes £10 is the maximum COL can charge the person making the request The Administrator if they respond to the request will charge COL the hourly rate of the personnel required for the time it takes. He may just ignore the request because the penalty will be a fine on the company that, if levied, will end up as an unsecured creditor and have little chance of being paid. It is unlikely there is anyone on the Administrator's staff trained to respond to such requests (or given their size any of the COL staff) My guess is they will just give a print off of personal details (Ie no accounting data) if anything at all. I think dualinvestor is correct. Having read a little more it would seem that information requests under the data protection act refer to "personal data". I doubt this includes loan details. It looks like you might be able to ask for details of loans you hold ico.org.uk/for-the-public/personal-information/In the example letter provided by the ico it lists the following as an example of what you can ask for - copies of statements (between 2006 & 2009) held in account number xxxxx).Am not saying you should do this rather than wait though.
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investibod
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Post by investibod on Mar 20, 2018 20:19:32 GMT
I think dualinvestor is correct. Having read a little more it would seem that information requests under the data protection act refer to "personal data". I doubt this includes loan details. It looks like you might be able to ask for details of loans you hold ico.org.uk/for-the-public/personal-information/In the example letter provided by the ico it lists the following as an example of what you can ask for - copies of statements (between 2006 & 2009) held in account number xxxxx).Am not saying you should do this rather than wait though. Indeed. Back in the days before electronic banking, I resorted to this method to obtain copies of bank statements. I needed to get some statements that I had either misplaced or had never received. The bank wanted to charge £5 per page. I instead sent a subject access request and got copies of all of my statements for a flat £10.
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