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Post by df on Apr 27, 2018 19:53:55 GMT
I'm slightly encouraged by this extract within BDO's notice to borrowers: Until further notice, borrowers should continue to make all payments of interest and capital as they fall due. Failure to do so may result in recovery proceedings being taken against youMy guess is they won't mess around for months/years before taking action unlike certain platforms I could mention... Yes, that was in bold and very encouraging. Hard to predict how long the whole process will take, but they definitely won't be waiting on borrowers to sell the assets or trying different auctions and we'll get back what the security is really worth.
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Greenwood2
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Post by Greenwood2 on Apr 27, 2018 20:05:57 GMT
But it sounds like money not actually lent, that should be in the client account may be in jeopardy, if funds have been removed.
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blink
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Post by blink on Apr 27, 2018 20:38:12 GMT
Yes, that was in bold and very encouraging. Hard to predict how long the whole process will take, but they definitely won't be waiting on borrowers to sell the assets or trying different auctions and we'll get back what the security is really worth. There was a similar statement from RR aimed at borrowers, that they should continue to make payments. Contained in the letter emailed 28 February 2018. I've tried to attach it. Again I had the feeling that a number of borrowers were in court.. They never returned after a dinner recess. One lady who myself and Leopard Cat spoke to briefly stated that one of our loans a villiage development was progressing well and everything was in order.. I can't think which loan she may have been referring to, but I took that as a good sigh that all was going well.
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Post by dan1 on Apr 27, 2018 20:42:05 GMT
There was a similar statement from RR aimed at borrowers, that they should continue to make payments. Contained in the letter emailed 28 February 2018. I've tried to attach it. Again I had the feeling that a number of borrowers were in court.. They never returned after a dinner recess. One lady who myself and Leopard Cat spoke to briefly stated that one of our loans a villiage development was progressing well and everything was in order.. I can't think which loan she may have been referring to, but I took that as a good sigh that all was going well. Many thanks for your reporting blink. I guess the "village development" refers to loans BL00074-77, the Eco Village in Scotland.
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Monetus
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Post by Monetus on Apr 27, 2018 22:43:40 GMT
Once the new administrators have settled in the first key question I'd like answered is what has happened to the funds that were part of loans that didn't draw down - especially as the Currie's have seemingly been dipping into the client money accounts in February to the tune of £400k
- £1.2 million for Chesterfield Development - Additional Bolton tranches
Are these funds accounted for and present? And if so... are they protected/ring-fenced or will investors be treated as creditors and potentially lose this money? Refresh Recovery seemingly couldn't answer...
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GeorgeT
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Post by GeorgeT on Apr 27, 2018 22:46:01 GMT
Thanks to everyone for the updates.
I would not have known what had happened or have seen the BDO link and the Notice to Investors posted thereon and dated 27th April were it not for this forum.
Will this Notice to Investors be emailed to one and all because many must still be in the dark.
Also and I suppose it is too early to pose the question but I am one of many who still does not know within a few thousand pounds how much I have tied up in this mess as I never kept records and my balance changed from day to day according to my activity and events. I read that BDO will not be accepting telephone calls so will there be some method by which we can ascertain our balances etc.
Rhetorical questions at this stage I suppose and I would hope to receive a email from BDO early next week informing me what is happening and what has happened rather than having to obtain this information secondhand off an internet forum.
I suppose the forum is ahead of the curve in the communication department and after the Court hearing today the new administrators were not yet at a stage where they could send an email to all investors.
I am glad the court was able to make a decision on the day itself as I had feared that there would be a further delay while the Judge prepared the ruling.
At least now I hope it is all systems go because I am suffering some anxiety and issues relating to this matter because I had pulled all my cash out of P2P except Collateral with the exception of a few defaults stuck in LY and MT and I was massively over exposed to this platform. A lesson learnt the hard way.
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micky
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Post by micky on Apr 27, 2018 22:52:16 GMT
Great to meet you today Blink and Leopardcat plus one other. I really enjoyed our conversations over lunch and then the opportunity to discuss issues with Shane Crooks from BDO and the FCA's legal representative was eye-opening.
Our contact with BDO will be Sarantis Chiotis, his email will be released shortly for 'investor creditors' to make direct contract with him. BDO will then have a website for investors to access and to keep updated on the progress that BDO is making. Blink.. well done, what a thorough review of the day's proceedings. I will try to develop some of the points but will no doubt duplicate your detail.
Judge Pelling stated that the FCA had been successful with all points raised and had no issue with their conduct throughout other than to question the costs of their legal team and reduce them by 6K, these are the for the duplication of silks and juniors work when the FCA authorized the freezing of the partner's financial accounts. Then again these costs are the legal responsibility of the Curry's and not payable from the Collateral businesses.
Mr. Craig of RR was not in court and left a witness statement withdrawing from any involvement in the administration process. The FCA commented that RR had not presented any documentation that had been requested re the business activities of Collateral. Mr. Craig has also stated that he would return to the business all fees that he has been paid by the partners.
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micky
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Post by micky on Apr 27, 2018 23:02:55 GMT
Once the new administrators have settled in the first key question I'd like answered is what has happened to the funds that were part of loans that didn't draw down - especially as the Currie's have seemingly been dipping into the client money accounts in February to the tune of £400k - £1.2 million for Chesterfield Development - Additional Bolton tranches Are these funds accounted for and present? And if so... are they protected/ring-fenced or will investors be treated as creditors and potentially lose this money? Refresh Recovery seemingly couldn't answer... I am afraid that these funds are not obviously available. During our discussions with Shane Crooks of BDO he made it clear that locating these funds is one of their immediate priorities. BDO assured the judge that they are primmed and ready to go. From the basics of gaining control of the website to litigation procedures. Letters and staff teams are prepared. We should see swift action if they are true to their word.
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micky
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Post by micky on Apr 27, 2018 23:20:37 GMT
Well I’ll put my hands up to say I wasnt keen on FCA ‘controlling’ things and from what I’ve read about today, those feelings were misplaced. Hopefully those appointed can now get on with the job of returning our money (no idea how long that will take) When I saw the leaked report and saw I only about 340k left in client account I smelled foul play immediately with all the yet drawn down loan outstanding. I feel FCA stepping in is completely justified. But why not earlier! They should have stepped in Feb when they notify COL lost their reg. Micky- If I understand the judge correctly they never had IP. I challenged one of the FCA legal team about the timing of FCA's obvious involvement but he was unable to comment about it.
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tx
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Post by tx on Apr 28, 2018 1:00:47 GMT
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Post by elephantrosie on Apr 28, 2018 1:44:36 GMT
Thanks to everyone for the updates. I would not have known what had happened or have seen the BDO link and the Notice to Investors posted thereon and dated 27th April were it not for this forum. Will this Notice to Investors be emailed to one and all because many must still be in the dark. Also and I suppose it is too early to pose the question but I am one of many who still does not know within a few thousand pounds how much I have tied up in this mess as I never kept records and my balance changed from day to day according to my activity and events. I read that BDO will not be accepting telephone calls so will there be some method by which we can ascertain our balances etc. Rhetorical questions at this stage I suppose and I would hope to receive a email from BDO early next week informing me what is happening and what has happened rather than having to obtain this information secondhand off an internet forum. I suppose the forum is ahead of the curve in the communication department and after the Court hearing today the new administrators were not yet at a stage where they could send an email to all investors. I am glad the court was able to make a decision on the day itself as I had feared that there would be a further delay while the Judge prepared the ruling. At least now I hope it is all systems go because I am suffering some anxiety and issues relating to this matter because I had pulled all my cash out of P2P except Collateral with the exception of a few defaults stuck in LY and MT and I was massively over exposed to this platform. A lesson learnt the hard way. may i ask why would you like to know the exact amount you have invested in collateral? apart from self financial management, i see in no way it helps in the administrator work? also, sorry to hear that you have suffered in this saga.
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moist
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Post by moist on Apr 28, 2018 5:00:38 GMT
lets hope not to many of the borrowers were in on this. Some of the unstarted developments valuations looked shaky, with potential connections between borrowers and the Kormas.....
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upland
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Post by upland on Apr 28, 2018 6:29:14 GMT
Many thanks to blink , mickey and others for the information. Much appreciated.
I have an ISA with Beaufort Securities that went into administration in the same week as Collateral. Its interesting to compare the differences between the two. I have had two emails regarding Collateral , one fell foul of my spam filters and the other told me about the high court action and that nothing would happen until the 27th. All in all not very much. If it was not for this forum I would know a great deal about whats happened. With Beauforts the website was changed straight away , it contains information about what had happened , telephone numbers , people , web links to the PWC website... (PWC , the administrators). I have had emails and even a weighty letter outlining the position. Three days ago they published more timelines for what was going to happen. It looks like my ISA assets will still take months to return to me but all in all I could see that something was happening.
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elliotn
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Post by elliotn on Apr 28, 2018 6:35:29 GMT
Thanks to everyone for the updates. I would not have known what had happened or have seen the BDO link and the Notice to Investors posted thereon and dated 27th April were it not for this forum. Will this Notice to Investors be emailed to one and all because many must still be in the dark. Also and I suppose it is too early to pose the question but I am one of many who still does not know within a few thousand pounds how much I have tied up in this mess as I never kept records and my balance changed from day to day according to my activity and events. I read that BDO will not be accepting telephone calls so will there be some method by which we can ascertain our balances etc. Rhetorical questions at this stage I suppose and I would hope to receive a email from BDO early next week informing me what is happening and what has happened rather than having to obtain this information secondhand off an internet forum. I suppose the forum is ahead of the curve in the communication department and after the Court hearing today the new administrators were not yet at a stage where they could send an email to all investors. I am glad the court was able to make a decision on the day itself as I had feared that there would be a further delay while the Judge prepared the ruling. At least now I hope it is all systems go because I am suffering some anxiety and issues relating to this matter because I had pulled all my cash out of P2P except Collateral with the exception of a few defaults stuck in LY and MT and I was massively over exposed to this platform. A lesson learnt the hard way. may i ask why would you like to know the exact amount you have invested in collateral? apart from self financial management, i see in no way it helps in the administrator work? also, sorry to hear that you have suffered in this saga. I know my Feb balance to the penny ahead of the interest run with full transacting data until mid-Feb. Can I ask why you would not want to know it?* What if you needed to challenge a materially lower closing balance assigned to your account? * Your balance, not mine - you would be shocked how one human being could have accumulated such wealth.
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mason
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Post by mason on Apr 28, 2018 7:16:56 GMT
Also and I suppose it is too early to pose the question but I am one of many who still does not know within a few thousand pounds how much I have tied up in this mess as I never kept records and my balance changed from day to day according to my activity and events. I read that BDO will not be accepting telephone calls so will there be some method by which we can ascertain our balances etc. You will have a record of all transactions in and out of your account, so you should be able to arrive at an accurate figure for capital invested. Then you can estimate interest using actual figures from tax statements/returns from previous years and an approximate figure to Feb 2018 using your average balance over that period as a guide. Personally, I did little in the way of record keeping, but did keep a record of my total investment each month.
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