snowmobile
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Post by snowmobile on Jun 23, 2018 5:35:47 GMT
I got mine and it shows the amount I had in the platform the last time I was able to check it but shouldn't my claim by greater than that since it should include the interest I might have expected in the meantime (however unlikely such a claim would be met) ? Or is my claim limited to what was owed to me on the date the company went into administration? Echoing this query. Is it not the case that our claimable amount should include interest accrued (but apparently unpaid) and will continue to increase daily? And, if so, should we not be alerting BDO to such claims? Perhaps this is one for the Moorfields help thread... (And yes, I know we care most about getting capital back - but if they do manage to recover enough info to establish our exact loan positions, then getting back interest from a fully repaid loan will help offset any capital losses in others, so I think this is important to pursue if we want to get as close as possible to a net full capital recovery). The treatment of interest definitely needs more clarification. If interest was retained at the start of the loan then it should be held in the bank accounts and included in the amounts owed to us lenders. Another point which I don't think has been considered yet is the effect of the change in date of the administration. Up until now I have been considering the first missed interest payment wasn't due until the day after the company was placed into administration at the end of February. However this first 'purported administration' was declared invalid by the court and the new date of administration was 27 April 2018. Therefore at the new date we were owed our account balance (when the company last traded on 27 February 2018) plus two months interest, which should have been paid on 1st March and 1st April. That's how I'm viewing it anyway and intend to add an estimate of these two months interest to my personal balance owed. I am not sure how to treat accrued interest from 1st April to 27th April, as this wasn't due for payment until 1st May. Interest should continue to be payable at standard rates until the loan end dates, particularly if this was retained at the loan outset. The report specifically mentions that interest will continue to accrue at default rates once a once has passed the end date.
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chriscross
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Post by chriscross on Jun 23, 2018 5:52:22 GMT
Well I have searched high and low for my 'proof of debt', nothing yet, I'm sort of hoping, in a nice way of course, that I'm not the only one..
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jcb208
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Post by jcb208 on Jun 23, 2018 6:08:48 GMT
Well I have searched high and low for my 'proof of debt', nothing yet, I'm sort of hoping, in a nice way of course, that I'm not the only one.. Your not, I'm still waiting so looks like we will not get it until next week
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dawn
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Post by dawn on Jun 23, 2018 6:19:22 GMT
I'm also still waiting but don't expect anything now until Monday.
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SteveT
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Post by SteveT on Jun 23, 2018 6:25:23 GMT
I have one, another yet to come. Both email addresses received the previous day’s report so it’s clearly just work in progress.
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11025
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Post by 11025 on Jun 23, 2018 6:34:13 GMT
Still waiting for myself and my wife joined in 1st week of may 16 .
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Jun 23, 2018 6:50:22 GMT
Have those of you still waiting checked that the email has not been treated as spam? I didn't get one from Swaper telling me I had won an ipad for doing a survey, but fortunately they tried again.
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mason
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Post by mason on Jun 23, 2018 7:11:44 GMT
Nothing would please me more than to learn they have full records of all our transactions on the platform. However, they have stated that all they have at present is a total balance with no breakdown of individual transactions. Hence the data recovery efforts. I'd recommend you read the report if you haven't already - the lack of detailed records is a major part of it. Which raises an interesting question - can administrators not get bank account records for the company in administration? That would be a good way of obtaining detailed in - out records for the company in question, including the source and destination of fund transfers. I'm sure the answer is yes, but I am unsure as to why no mention has, till now, been made of it. Presumably yes, although hopefully it won't come to that as it would produce a significantly lower figure than the one we (or at least some of us) have just received.
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ganymede
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Post by ganymede on Jun 23, 2018 7:22:04 GMT
Nothing would please me more than to learn they have full records of all our transactions on the platform. However, they have stated that all they have at present is a total balance with no breakdown of individual transactions. Hence the data recovery efforts. I'd recommend you read the report if you haven't already - the lack of detailed records is a major part of it. Which raises an interesting question - can administrators not get bank account records for the company in administration? That would be a good way of obtaining detailed in - out records for the company in question, including the source and destination of fund transfers. I'm sure the answer is yes, but I am unsure as to why no mention has, till now, been made of it. They mention Santander bank statements. What they don't mention are the previous bank accounts with NatWest, looking back over my e-mails from Collateral 24th May 2017 Collateral switched from NatWest to Santander. I would say BDO might be missing some bank account details, statements. In my case I had significant deposits and withdrawals to/from the NatWest account. It does raise a question if all Collateral bank accounts have been found or statements handed over. Surely Santander statements would show an initial transfer over from NatWest at the time of the switch.
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mw
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Post by mw on Jun 23, 2018 7:29:21 GMT
I’ve not received anything yet. I joined early Feb so I never received any interest at all.
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agent69
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Post by agent69 on Jun 23, 2018 7:57:54 GMT
Been sat at home getting bored waiting for my email, so decided to read the report.
- I thought the value of the assets used as security was about £21m, but the report says company assets are £17m
- Circa 1100 investors (average £15k invested)
- Assets to be revalued using proper valuers (not sure I'm looking forward to the outcome of that one)
- No expressions of interest to buy the company, but some to buy the loan book (not certain if these are just tyre kickers)
- One other unsecured creditor in the sum of £8k
- AC, PC and GC gave undertakings at the original court hearing that they would safeguard assets (would this include data?)
I continue to be disappointed that the BDO bashers continue to have a pop (not going fast enough, too expensive, won't achieve 100% recovery, haven't paid any money back yet.). Given the scorched earth policy adopted by Col during their retreat, BDO's progress too date appears more than reasonable. So we all just have to sit tight until the data retrieval issue is sorted and then we will see if it's individual pots for all, or if we are all in the same boat, in the same creek without a paddle.
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agent69
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Post by agent69 on Jun 23, 2018 8:16:44 GMT
Just received mine and it's correct as far as the capital goes but doesn't apparently include any expected interest accrued. Probably difficult to add accrued interest to your account if they don't know which loans you are invested in.
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p2pete
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Post by p2pete on Jun 23, 2018 8:31:50 GMT
Accurate to the penny for me.
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Post by Butch Cassidy on Jun 23, 2018 8:43:27 GMT
Been sat at home getting bored waiting for my email, so decided to read the report.
- I thought the value of the assets used as security was about £21m, but the report says company assets are £17m
- Circa 1100 investors (average £15k invested)
- Assets to be revalued using proper valuers (not sure I'm looking forward to the outcome of that one)
- No expressions of interest to buy the company, but some to buy the loan book (not certain if these are just tyre kickers)
- One other unsecured creditor in the sum of £8k
- AC, PC and GC gave undertakings at the original court hearing that they would safeguard assets (would this include data?)
I continue to be disappointed that the BDO bashers continue to have a pop (not going fast enough, too expensive, won't achieve 100% recovery, haven't paid any money back yet.). Given the scorched earth policy adopted by Col during their retreat, BDO's progress too date appears more than reasonable. So we all just have to sit tight until the data retrieval issue is sorted and then we will see if it's individual pots for all, or if we are all in the same boat, in the same creek without a paddle.
You really can't be serious; cut & paste the RR report, recover a measly £212k out of £17M, secure the servers (but still not reconstructed the loanbook) & sent a few investors their statement of holdings (personally I've still not received anything other than the report) & you would wait 8 weeks & pay £36k for that sort of progress & be happy that you had value for money??? Some people are clearly very easily pleased - I expect you think £1/2M is a reasonable fee as well?
PLEASE BDO - GET ON WITH IT.
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insideout
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Post by insideout on Jun 23, 2018 8:48:03 GMT
"Assets to be revalued using proper valuers (not sure I'm looking forward to the outcome of that one" agent69
This will be an expensive and perhaps largely unnecessary exercise? In a standard insolvency all manner of goods have to be valued, and sold. Here we already have existing valuations and money lent against these valuations. The actual value is simply the figure achieved when the loan is redeemed (which we hope will happen very soon with many of the loans) or the asset eventually sold.
It seems to apply only to chattel assets - but if borrowers are queuing up to redeem their loans (I did say 'if') then no revaluations are needed??
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