ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 11, 2018 15:50:43 GMT
to say everyone will get 100% back is wishful thinking imo what about borrowers who cant pay the full amount back ? but they only lent up to 70% of the value of the property i hear you say, great if the valuation was accurate and is still valid, and im now not sure that the company did their valuations in the lenders interests, recent events have shown they are not the most trust worthy of companies, so we could see properties being sold off less than the loan value, it only takes one such loan and the 100% goes out of the window some people maybe lucky and others wont You're rather new on here jeffmk? The thoroughly dishonest Dodgy VRs/LTVs saga has been rumbling along on here for over a year now. Reaching a crescendo sometime soon I'd have thought where one or more Platforms and/or "Professional Valuers" and/or Borrowers swing for it. Which is desperately needed and can't happen soon enough. Proud to say I believe I started it!
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Greenwood2
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Post by Greenwood2 on May 11, 2018 15:59:25 GMT
Funds that were in non-drawndown loans aside, other loans are in the same state that they were in before - yes there may be more enthusiasm to game the situation by borrowers assuming a less robust response, but the underlying security hasn't changed, just the name of the firm administering the loans. If you're an investor expecting only 50% recovery, then you must have expected that pre-collapse also? ... Not sure if that was addressed to me, but I was putting a pessimistic worst case of greater than 50% and a best case of 100%. My confidence in Collateral has been dented by the revelations, which in turn reduces my confidence in the loans/borrowers/security provided by Collateral (and maybe my interpretation of the security etc) so things have changed, for me anyway, hopefully mainly in perception not outcome. And I suspect the chances of defaults has probably increased because the company is in administration.
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Post by df on May 11, 2018 20:40:10 GMT
Funds that were in non-drawndown loans aside, other loans are in the same state that they were in before - yes there may be more enthusiasm to game the situation by borrowers assuming a less robust response, but the underlying security hasn't changed, just the name of the firm administering the loans. If you're an investor expecting only 50% recovery, then you must have expected that pre-collapse also? ... Not sure if that was addressed to me, but I was putting a pessimistic worst case of greater than 50% and a best case of 100%. My confidence in Collateral has been dented by the revelations, which in turn reduces my confidence in the loans/borrowers/security provided by Collateral (and maybe my interpretation of the security etc) so things have changed, for me anyway, hopefully mainly in perception not outcome. And I suspect the chances of defaults has probably increased because the company is in administration. Overall, property loans were of "Lendy" quality, so do expect substantial capital loss. I think pawn loans have brighter future, probably little loss in this part of loan book.
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Post by charliebrown on May 12, 2018 1:07:45 GMT
I don't think it is a good idea to start lowering expectations. 100% of capital was predicted by RR and that should remain the firm expectation of lenders - which is what Village Idiot expects. The purpose of FCA in having RR replaced by BDO was to ensure that lenders (by whatever name) were properly protected in the administration and what may follow. FCA and RR should be held to account by lenders against that commitment, the target being to do as well for lenders as RR said they would do. Otherwise there was no purpose in the action, except for FCA to beat its chest at the expense of others. If there is a chunk of lenders funds missing 100% recovery of capital may not be possible, unless it can be retrieved somehow. RR apparently hadn't noticed that funds were apparently missing, so presumably they thought there should be the funds to repay lenders in full. We will have to wait for the outcome of the FCA and BDO investigations to see the actual situation. Additionally there may be defaults that would reduce lenders returns. Agree. It was reckless for RR to promise 100% return. With that type of spin they can apply for a job writing Lendy updates. As Lenders do we need to do anything other than sit and wait? RR had said we don’t need to do anything, then they said we were creditors and need to register as such. What has BDO said? Do we need to take any action?
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blender
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Post by blender on May 12, 2018 8:26:32 GMT
See the BDO website:
What do I need to do to register my interest in the Administration(s)?
Once the Companies’ books and records have been recovered, the Joint Administrators will be taking steps to reconcile the position of all investors, other creditors and borrowers.
In the meantime, investors and other creditors who wish to register their interest can send an email with details at the dedicated email address below:
investorcollateral@bdo.co.uk
[You also need to keep an eye on the 'state of play' thread, where the BDO advice is repeated/updated.]
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TenKay
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Post by TenKay on May 12, 2018 9:56:00 GMT
to say everyone will get 100% back is wishful thinking imo what about borrowers who cant pay the full amount back ? but they only lent up to 70% of the value of the property i hear you say, great if the valuation was accurate and is still valid, and im now not sure that the company did their valuations in the lenders interests, recent events have shown they are not the most trust worthy of companies, so we could see properties being sold off less than the loan value, it only takes one such loan and the 100% goes out of the window some people maybe lucky and others wont yes im new here and only joined due to having a near 5 figure sum invested in this bunch of '#*@~ and wanted try and find some info regarding the saga all i see is mostly speculation though, which i guess is to be expected
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 12, 2018 10:24:45 GMT
The comments about VRs and LTVs are not speculation though, most are hard fact.
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blender
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Post by blender on May 12, 2018 11:11:11 GMT
The comments about VRs and LTVs are not speculation though, most are hard fact. Yes, in p2p this is the gold standard for optimism. However, I don't think Coll has been tested on its property valuations (please correct if wrong). Coll still exists as a company and the loans are still in force. Some borrowers may have an enforced interest-free extension. Otherwise, the position is the same, as long as contractual interest payments are made. Nobody wants to test the LTVs by defaulting loans.
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Post by charliebrown on May 12, 2018 12:09:48 GMT
See the BDO website:
What do I need to do to register my interest in the Administration(s)?
Once the Companies’ books and records have been recovered, the Joint Administrators will be taking steps to reconcile the position of all investors, other creditors and borrowers.
In the meantime, investors and other creditors who wish to register their interest can send an email with details at the dedicated email address below:
investorcollateral@bdo.co.uk
[You also need to keep an eye on the 'state of play' thread, where the BDO advice is repeated/updated.] Thanks for your help. Can you post the link to the “what do I need to do to register my interest in the Administration” page, I can’t seem to find it. Many thanks in advance.
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archie
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Post by archie on May 12, 2018 12:14:49 GMT
See the BDO website:
What do I need to do to register my interest in the Administration(s)?
Once the Companies’ books and records have been recovered, the Joint Administrators will be taking steps to reconcile the position of all investors, other creditors and borrowers.
In the meantime, investors and other creditors who wish to register their interest can send an email with details at the dedicated email address below:
investorcollateral@bdo.co.uk
[You also need to keep an eye on the 'state of play' thread, where the BDO advice is repeated/updated.] Thanks for your help. Can you post the link to the “what do I need to do to register my interest in the Administration” page, I can’t seem to find it. Many thanks in advance. Page 2
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Post by charliebrown on May 12, 2018 12:40:37 GMT
Thanks for your help. Can you post the link to the “what do I need to do to register my interest in the Administration” page, I can’t seem to find it. Many thanks in advance. Page 2Thanks, archie. Much appreciated. Fingers crossed we get an acceptable recovery.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 7, 2018 0:45:16 GMT
5 Weeks Since FDA took over surely something to report to lenders ??
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duck
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Post by duck on Jun 7, 2018 3:57:21 GMT
5 Weeks Since FDA took over surely something to report to lenders ??
FDA? (presuming BDO) I don't see why. They will have a set procedure and a lot of checking/searching to do. Updates to investors will have to be checked and double checked before they are released and at BDO's hourly rate that could become very expensive ...... and that is before they deal with questions that the updates are bound to raise. Whilst it is frustrating for investors I'm afraid we have to/should sit back and wait. Any updates will appear on the website www.bdo.co.uk/en-gb/collateral-companies-in-administration-investor-information
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averageguy
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Post by averageguy on Jun 7, 2018 8:54:19 GMT
I seem to remember someone saying next date to look out for is the 22nd of this month..I know I've stuck that in my diary..not long to wait really
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Post by Butch Cassidy on Jun 7, 2018 9:26:19 GMT
22nd June BDO update will read along the lines; "We thank lenders for their patience we are currently working through the complex financial arrangements & hope to be able report on our progress in due course - If you have any questions please direct them to the dedicated e-mail (Kerching, Kerching, Kerching!)"
Ignoring that RR had already done most of the checking & reconciling work before the FCA/Court replaced them with BDO we are where we are & BDO need to be satisfied that they understand & can account for all the assets & liabilities for themselves but at £500/hour give or take, what incentive do they have to bring this to a speedy conclusion?
Many loans were small & secured against specific assets & should either have repaid already, become due & could therefore be sold to cover the capital or will have been refinanced (or in the process of being) so cash should be flowing into lenders accounts daily but whether this gets distributed to us imminently or not will rather depend on whether it would be legally available to fund the administrators fees or not. If it is legally ring fenced & watertight I expect that a distribution will follow in short order however if it proves to be "in play" I expect some delaying tactic will be found until BDO fees have been settled in full. After all whether the fees charged by BDO are deemed "reasonable" or scaled back will be determined by the court, which presumably means a judge/lawyer who coincidentally is also probably getting £hundreds/hour to oversee all this! There's a reason why this sort of saga is called "jobs for the boys."
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