cmep
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Post by cmep on Mar 13, 2018 13:15:35 GMT
Does anyone have any idea of when they are going to reactivate this so that we can at least all get our exact last stands on the loans in our portfolio with them? I understand no trading will be allowed, but this is an easy thing to disable on the backend. I got a response to this question from Jessica on 1 March saying it would be looked at. We are now almost 2 weeks down the track with just a silly logo to greet us. I followed up yesterday but have not received a response to my email.
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Post by dualinvestor on Mar 13, 2018 13:43:03 GMT
I think you will just have to be patient. The Administrator's staff will have many urgent tasks and although two weeks (1 Mar was the day after appointment and she probably didn'thave much of a handle on anything) may seem like a long time but their work has has only just begun.
I would advise resisting the urge to contact them as they probably won't be able to tell you much and you will just distract them from and delay their other work.
Knowing your loans information would be good but not of practical use at this stage so it is doubtful it is one of their priorities.
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Post by dualinvestor on Mar 13, 2018 18:11:39 GMT
I think you will just have to be patient. The Administrator's staff will have many urgent tasks and although two weeks (1 Mar was the day after appointment and she probably didn'thave much of a handle on anything) may seem like a long time but their work has has only just begun. I would advise resisting the urge to contact them as they probably won't be able to tell you much and you will just distract them from and delay their other work. Knowing your loans information would be good but not of practical use at this stage so it is doubtful it is one of their priorities. I agree that everyone needs to be patient, but I disagree on the view that the 'administrator's staff' cannot do this. Don't forget that the Collateral team is there in full (including the technical/webmaster people) and certainly they are not very busy (zero support, zero business seeking, zero banking withdrawal/deposits, zero additions, zero loan planning....). I can ensure you that removing the backend-interaction links in a basic site like Collateral would not take more than 2-3 hours of work to a person with an understanding of the structure. The administrators should give directives, orders, not do the website work themselves... So I expect they gave the line of work for any employee in the first 2-3 days of their work. Then your attitude matches your forum name. In real life things are not as simple as you make out As I understand it the IT development work was contracted out and that person is almost definitely on site. However self important you think you are most of you are not even,in law, creditors therefore not the Administrator's top priority.
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hantsowl
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Post by hantsowl on Mar 13, 2018 19:25:50 GMT
I think you will just have to be patient. The Administrator's staff will have many urgent tasks and although two weeks (1 Mar was the day after appointment and she probably didn'thave much of a handle on anything) may seem like a long time but their work has has only just begun. I would advise resisting the urge to contact them as they probably won't be able to tell you much and you will just distract them from and delay their other work. Knowing your loans information would be good but not of practical use at this stage so it is doubtful it is one of their priorities. I agree that everyone needs to be patient, but I disagree on the view that the 'administrator's staff' cannot do this. Don't forget that the Collateral team is there in full (including the technical/webmaster people) and certainly they are not very busy (zero support, zero business seeking, zero banking withdrawal/deposits, zero additions, zero loan planning....). I can ensure you that removing the backend-interaction links in a basic site like Collateral would not take more than 2-3 hours of work to a person with an understanding of the structure. The administrators should give directives, orders, not do the website work themselves... So I expect they gave the line of work for any employee in the first 2-3 days of their work. Not necessarily true that they are not busy. There are a whole load of loans which are now overdue and a load more coming up in the next week or two. Discussions with all these borrowers are needed to determine whether these repay or not. Many were probably intended to renew which may now not be possible. A way forward needs to be found, particularly for any borrowers not in a position to repay immediately. That also brings up a complication with the website. Changes can be made to disable many features fairly quickly, but how are these overdue loans to be represented? Are they in default if they haven’t repaid? Some may have repaid, but is the administrator in a position to credit these to individual investor accounts? Without knowing what is going on in background we cannot really know what to expect at this stage. Best to simply let the administrators get on with it.
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averageguy
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Post by averageguy on Mar 13, 2018 20:07:09 GMT
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.
This was from the email sent out March 1st (see the thread started by Stardust) on March 1st......so it wasn't done last week.....personally if it hasn't happened by the beginning of next I would be looking to drop them a line enquiring about an update..until then i'll sit on my hands
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elliotn
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Post by elliotn on Mar 14, 2018 2:42:16 GMT
cmep , whilst the administrators are very busy getting to grips with this and formulating their initial proposal, keep an eye on the existing thread for this - "new front page" - which quickly captures any portal changes with analysis from IT oriented lenders too.
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Post by dualinvestor on Mar 14, 2018 8:54:36 GMT
Then your attitude matches your forum name. In real life things are not as simple as you make out As I understand it the IT development work was contracted out and that person is almost definitely on site. However self important you think you are most of you are not even,in law, creditors therefore not the Administrator's top priority. As far as I can understand things, the classic Collateral team (4-5 people) would have a very much reduced workload (certainly the IT person) and the task to restore the website is not difficult at all. Lenders are an important stakeholder in this administration. Given the particular configuration of a small P2P company it is very likely that the fnancial size and number of creditors (probably just service providers and brokers) is much lower than the equivalent for lenders. The Administrators will have to keep in mind the lenders and their needs. I did not say lenders did not have an interest in the Administration just that they are not creditors. The Administrators first duty is to credotors. You trivialise a quite complicated job that will provide information that is of no practical use to anyone. Be patient and let them get on with things that matter noto satisfy prurient interest. Eg for most reconciliation of the client account is far more important.
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mw
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Post by mw on Mar 14, 2018 12:26:18 GMT
Anyone ever used the wayback machine internet archive - check out web.archive.org/web/20180224071654/http://www.************.com/ This is a snapshot of the site on 24 Feb 2018. However it won't as you'd imagine let you log in with your old credentials but on the home page I saw the loan G**** M*** S*****, Bolton at 12% - I'm sure I got it at 15% looking back at emails. There's not much you can do with the site but you can look at the footer links.
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mason
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Post by mason on Mar 14, 2018 12:39:25 GMT
As far as I can understand things, the classic Collateral team (4-5 people) would have a very much reduced workload (certainly the IT person) and the task to restore the website is not difficult at all. I'd guess the IT contractor is probably reluctant to continue performing work for a company that has entered administration. There must be at least some perceived risk that they won't get paid in full for their services and may well have other projects on the go. Edit: These comments seem to suggest something of this type may be going on: p2pindependentforum.com/post/253703
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oik
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Post by oik on Mar 14, 2018 14:07:34 GMT
I'd guess the IT contractor is probably reluctant to continue performing work for a company that has entered administration. There must be at least some perceived risk that they won't get paid in full for their services and may well have other projects on the go. Edit: These comments seem to suggest something of this type may be going on: p2pindependentforum.com/post/253703That's the way those comments read but would seem a very odd situation if an administrator wasn't in a position to guarantee payment for ongoing professional and other services, including valuations, marketing, and whatever else they might need.
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jlend
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Post by jlend on Mar 14, 2018 14:54:07 GMT
I'd guess the IT contractor is probably reluctant to continue performing work for a company that has entered administration. There must be at least some perceived risk that they won't get paid in full for their services and may well have other projects on the go. Edit: These comments seem to suggest something of this type may be going on: p2pindependentforum.com/post/253703That's the way those comments read but would seem a very odd situation if an administrator wasn't in a position to guarantee payment for ongoing professional and other services, including valuations, marketing, and whatever else they might need. IT contractor - is this an individual or a company with multiple employees working for col?
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Post by easteregg on Mar 14, 2018 16:15:41 GMT
As far as I can understand things, the classic Collateral team (4-5 people) would have a very much reduced workload (certainly the IT person) and the task to restore the website is not difficult at all. I'd guess the IT contractor is probably reluctant to continue performing work for a company that has entered administration. There must be at least some perceived risk that they won't get paid in full for their services and may well have other projects on the go. Edit: These comments seem to suggest something of this type may be going on: p2pindependentforum.com/post/253703Any organisation dealing with a company in administration would want paying in advance and would probably be chasing any outstanding invoices. Given that the reason for administration wasn't financial then there is likely to be sufficient funds to cover this.
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phil
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Post by phil on Mar 14, 2018 16:38:06 GMT
I agree that everyone needs to be patient, but I disagree on the view that the 'administrator's staff' cannot do this. Don't forget that the Collateral team is there in full (including the technical/webmaster people) and certainly they are not very busy (zero support, zero business seeking, zero banking withdrawal/deposits, zero additions, zero loan planning....). I can ensure you that removing the backend-interaction links in a basic site like Collateral would not take more than 2-3 hours of work to a person with an understanding of the structure. The administrators should give directives, orders, not do the website work themselves... So I expect they gave the line of work for any employee in the first 2-3 days of their work. Then your attitude matches your forum name. In real life things are not as simple as you make out As I understand it the IT development work was contracted out and that person is almost definitely on site. However self important you think you are most of you are not even,in law, creditors therefore not the Administrator's top priority. Sorry, I'm a bit lost, if by "that person is almost definitely on site" you mean an IT worker, then wouldn't it be reasonable to reactivate the site given that on 1st March they mentioned the possibility of site been reopened in order for investors to view the balance of their investments?
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Post by dualinvestor on Mar 14, 2018 17:37:20 GMT
Sorrt there is a not missing I.expect. that person is almost definitely not on site Even if s/he were it would not be a simple and priority task. Before the site goes back on all the information is accurate and that does not mean accepting Collateral's staff word for it.
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mason
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Post by mason on Mar 14, 2018 18:15:29 GMT
I'd guess the IT contractor is probably reluctant to continue performing work for a company that has entered administration. There must be at least some perceived risk that they won't get paid in full for their services and may well have other projects on the go. Edit: These comments seem to suggest something of this type may be going on: p2pindependentforum.com/post/253703That's the way those comments read but would seem a very odd situation if an administrator wasn't in a position to guarantee payment for ongoing professional and other services, including valuations, marketing, and whatever else they might need. Agreed, the administrator is very likely to be able to cover the payments, but if I were a contractor I'd want those guarantees and payment terms in a contract, which is likely the origin of the delay - if not the reconciliation of the back-end data before making it available to lenders. Any organisation dealing with a company in administration would want paying in advance and would probably be chasing any outstanding invoices. Given that the reason for administration wasn't financial then there is likely to be sufficient funds to cover this. Agreed. I'm sure once those things are resolved, progress will start to be made.
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