averageguy
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Post by averageguy on Mar 14, 2018 18:20:00 GMT
I assume everyone saw this post on the thread at the top
Had a brief chat with Jessica yesterday.
Comments:
1. the website is taking a little longer than hoped due to the IT guys being a bit slower now Col are in admin (they outsourced the website). 2. all money appears to be where it should be (uninvested funds etc)
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yorky
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Post by yorky on Mar 23, 2018 16:33:54 GMT
As there are no signs of website being put back on as anybody got any screen shots or details of the loan book up to 28/2 so as to help identifying the loans Im sure this would help us all.and remind us to make copies of all loans on all other p2p sites thank you
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elsee
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Retired:D
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Post by elsee on Mar 23, 2018 16:37:48 GMT
I believe there is something in DD central.
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mickj
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Post by mickj on Mar 23, 2018 16:49:28 GMT
yorky , yes there is This Post dan1 has placed a couple of csv files in a zip. With your post count I doubt you will be able to see them - sorry perhaps pm dan 1 and ask if they could be forwarded to you or something. I have not used these files and assume this is what you are after, Yes good advice to keep track of at least which loans you are in on each platform.
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Post by charliebrown on Mar 25, 2018 8:35:29 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested in COL? Will the website ever be brought back?
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archie
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Post by archie on Mar 25, 2018 8:50:09 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested against tax? Will the website ever be brought back? It's currently unclear whether any losses could be offset as that option only applies to platforms with FCA approval. There's no reason to suspect there will be any losses yet. I note the ABL 'living will' has provision for a read only version of the website so lenders can follow loan progress. It also states lenders would receive their cash on account quickly. It's a pity the COL site hasn't returned, we were led to believe it would.
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Post by dualinvestor on Mar 25, 2018 9:36:18 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested in COL? Will the website ever be brought back? You have over 10 months to file your tax return. I can appreciate wanting to know what the liability might be but even if the Web site was available you won't know what your bad debt will be, if anything, for some time. Statistically on a month by month basis the highest number of tax returns are filed in January.
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james21
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Post by james21 on Mar 25, 2018 9:44:16 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/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. While Col had funds as already stated by the administrator and will have monthly income from borrowers (I assume) I think there is a good chance some or all of the income from lenders investments will be called for. In the end I have an expectation of full return of capital assuming no defaults but doubt I will get all of the interest as well
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hazellend
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Post by hazellend on Mar 25, 2018 9:46:48 GMT
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. While Col had funds as already stated by the administrator and will have monthly income from borrowers (I assume) I think there is a good chance some or all of the income from lenders investments will be called for. In the end I have an expectation of full return of capital assuming no defaults but doubt I will get all of the interest as well I think we will get all capital and interest but no point in speculating.
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Post by charliebrown on Mar 25, 2018 9:57:40 GMT
I just wish they’d bring back the website to give us some visibility. My bad for not keeping any records. But I took the position that I can’t record everything. I don’t record all my credit card transactions because I can log into Lloyds online banking and see them, for example. I took the same stance on my p2p transactions.
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markyg61
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Post by markyg61 on Mar 25, 2018 10:11:12 GMT
Lesson learnt ??
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Post by charliebrown on Mar 25, 2018 10:21:09 GMT
I’m exploring option A before I start documenting every single penny I spend. Does COL or the receiver have any obligation to provide details of our historic investments and transactions? In other words, any obligation to bring back the website?
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Post by dualinvestor on Mar 25, 2018 10:25:20 GMT
I just wish they’d bring back the website to give us some visibility. My bad for not keeping any records. But I took the position that I can’t record everything. I don’t record all my credit card transactions because I can log into Lloyds online banking and see them, for example. I took the same stance on my p2p transactions. I know this is the benefit of hindsight but Lloyds is one of the largest compsnys in the UK (by market cap one of the Top100). By comparison Collateral and all the other P2P companies are tiny. It stands to reason that Lloyds IT resources are vastly superior and more robust. May be you should review how you keep your P2P records because although I am sure the Administrator is trying to help he has no legal obligation to do so.
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Post by charliebrown on Mar 25, 2018 10:35:42 GMT
I’ve got literally hundreds of loan parts across various p2p sites. With buying and selling that translates to, I’d guess, many hundreds if not thousands of individual transactions over the years. Looks like the only way to go is to document each and every transaction Even then it’s only my word against theirs as to how much I had invested and in which loans. Not very reassuring.
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Post by Badly Drawn Stickman on Mar 25, 2018 10:59:23 GMT
I’ve got literally hundreds of loan parts across various p2p sites. With buying and selling that translates to, I’d guess, many hundreds if not thousands of individual transactions over the years. Looks like the only way to go is to document each and every transaction Even then it’s only my word against theirs as to how much I had invested and in which loans. Not very reassuring. Arguably most platforms have a download facility that could be downloaded weekly, there is no real need to do anything else with it unless the need arises. You could take the argument further that platforms could be asked to send a pdf format 'current position' at the end of each week, this would give even those of us prone to laziness a simple means of recovering data if the need (as in this case) may be needed.
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