agent69
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Post by agent69 on Jun 25, 2018 10:37:19 GMT
agent69 we are simply never going to agree;
I'm at an age where lots of things is life irritate me. People who complain without offering facts or evidence to back up their moaning are among that group. I don't want to make things unnecessarily protracted, but just to pick up on a couple of things you have said:
- BDO staff could call & agree a repayment plan with every, single borrower in a single afternoon - Administration is covered by an arcane set of rules. Administrators have only routinely been allowed to use electronic communications with debtors since 2016, so the idea that they can just have a polite phone call to all the debtors in one afternoon is fanciful. I have been involved with administration more than once and I can assure you that you don't get a polite phone call asking for repayment. You get a letter from Harry the (redacted by poster to save mod resources) threatening court action if Mr B doesn't receive immediate repayment.
- Coll used an external IT firm who should have been contacted on day one & the server information secured - When BDO visited the COL offices on day one there was nothing there. Not one person, not one computer, not one piece of paper. BDO then contacted the COL directors who said that all information was held electronically, and managed by an external IT consultant. The IT man wasn't initially keen on cooperating, but eventually confirmed that the data was stored on a third party server. The server operator wasn't initially keen to help out either, but was eventually persuaded to do so. Given the facts I'm struggling to see what BDO could have done to secure the data any sooner. Clearly if they don't know the IT consultant exists, expecting contact to be made on day one is a little optimistic.
For those that continue to moan, don't forget that the insolvency act contains a provision for creditors to make formal application to the court to complain about the conduct of the administrator ......... Don't all rush at once.
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rxdav
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Post by rxdav on Jun 25, 2018 10:53:13 GMT
Mine just arrived - correct to within a few coppers - doesn't include February interest (as has been noted by others previously).
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james21
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Post by james21 on Jun 25, 2018 11:04:31 GMT
agent69 we are simply never going to agree;
I'm at an age where lots of things is life irritate me. People who complain without offering facts or evidence to back up their moaning are among that group. I don't want to make things unnecessarily protracted, but just to pick up on a couple of things you have said:
- BDO staff could call & agree a repayment plan with every, single borrower in a single afternoon - Administration is covered by an arcane set of rules. Administrators have only routinely been allowed to use electronic communications with debtors since 2016, so the idea that they can just have a polite phone call to all the debtors in one afternoon is fanciful. I have been involved with administration more than once and I can assure you that you don't get a polite phone call asking for repayment. You get a letter from Harry the (redacted by poster to save mod resources) threatening court action if Mr B doesn't receive immediate repayment.
- Coll used an external IT firm who should have been contacted on day one & the server information secured - When BDO visited the COL offices on day one there was nothing there. Not one person, not one computer, not one piece of paper. BDO then contacted the COL directors who said that all information was held electronically, and managed by an external IT consultant. The IT man wasn't initially keen on cooperating, but eventually confirmed that the data was stored on a third party server. The server operator wasn't initially keen to help out either, but was eventually persuaded to do so. Given the facts I'm struggling to see what BDO could have done to secure the data any sooner. Clearly if they don't know the IT consultant exists, expecting contact to be made on day one is a little optimistic.
For those that continue to moan, don't forget that the insolvency act contains a provision for creditors to make formal application to the court to complain about the conduct of the administrator ......... Don't all rush at once.
If I remember rightly RR had access to the full web site before BDO came on the scene, if so what have they to say? Clearly they had the spreadsheet of the loan book (but not by lender detail) as do BDO because that is what BDO noted
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huxs
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Post by huxs on Jun 25, 2018 11:25:39 GMT
We must have to wait for their US office to get in, moving the work from Birmingham to London was not enough 
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travolta
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Post by travolta on Jun 25, 2018 11:55:39 GMT
We must have to wait for their US office to get in, moving the work from Birmingham to London was not enough Me too (no#)
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keystone
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Post by keystone on Jun 25, 2018 12:07:48 GMT
I have received mine+1 other now, and both are incorrect.  I have my figures from the start of February, plus I have deposits and withdrawals during February and a number of transaction emails. I am going to spend time over the weekend reconstructing all transaction during February to try to find the discrepancies. Did anyone else who has incorrect figures carry out purchases/sales during February? Ok, I went through my emails and I do definitely have a shortfall on the figure stated in the form from BDO. I can not quantify the shortfall amount atm as I do not know how much interest was paid from several renewals during February ( see this thread) and hence the amount of my cash balance. But the deposit I made during February would have taken me above the BDO stated figure regardless. I made several transaction during February, both purchases and sales but this should not have affected the overall total in my account.
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Post by peerlessperil on Jun 25, 2018 12:45:38 GMT
Mrs PP has received her proof of debt form and it is correct to within a few pence.
I have forwarded the loan listing I have as of as of 20/2/18 to BDO to assist with verifying any reconciliation between investors and individual loans.
I specifically requested that BDO do not respond to my email.
Some of the commentary on this thread appears to be rather unhelpful.
Apart from the initial error of permitting Collateral to amend their own register entry, the FCA seem to be doing exactly what I would expect (and bear in mind we have only partial information, the FCA will be having to tread carefully to ensure that any future prosecution is not compromised). The regulators are not fools, and they have to prioritise the allocation of insufficient resource, within a legislative framework that is not under their sole control. BDO also seem to be doing what would be expected within the constraints that they have to operate, and seem to be progressing sensibly. As for their fees, bear in mind that insolvency practitioners have fixed costs to cover from a fairly volatile income stream, and the hourly rates are similar to what partners at law, accountancy and management consultancy firms will be charging.
We are all investors in an unregulated investment scheme where there may have been an element of misrepresentation. We all knew Collateral did not have full FCA authorisation, regardless of the interim permission issue. We all knew we were not covered by the FSCS. Most of us were aware of the prior association with Regal Pawn. This forum gave plenty of warning that the platform was sailing close to the wind in the early days with the loan made against a Spanish property linked to the directors.
This platform was obviously at the high-risk end of p2p, and p2p as a whole is still the wild wild west. If we get a significant proportion of our money back then the "system" is working pretty damn well.
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stokeloans
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Post by stokeloans on Jun 25, 2018 13:28:31 GMT
My PoD has just arrived,nearly £1,000 more than I thought !
It's not likely to be a mistake,more down to my poor record keeping 😊
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mw
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Post by mw on Jun 25, 2018 13:32:54 GMT
My PoD has just arrived exact to the pound but no accrued interest or anything.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jun 25, 2018 13:34:43 GMT
My PoD has just arrived,nearly £1,000 more than I thought ! It's not likely to be a mistake,more down to my poor record keeping 😊 Great news!!
Does £1000 buy you a half decent seat in the Championship?
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stokeloans
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Post by stokeloans on Jun 25, 2018 13:44:55 GMT
My PoD has just arrived,nearly £1,000 more than I thought ! It's not likely to be a mistake,more down to my poor record keeping 😊 Great news!!
Does £1000 buy you a half decent seat in the Championship?
3 half decent seats....but it's just a temporary stop off on the way back to the premier league,we thought we'd bring some glamour to the league for 1 season 😝
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IFISAcava
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Post by IFISAcava on Jun 25, 2018 13:45:50 GMT
Mine arrive now - correct according to may last record of total balance on site (which would have included spare cash and non-drawn down loans)
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mickj
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Post by mickj on Jun 25, 2018 14:25:46 GMT
My arrived at noon, correct to a few pence.
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SteveT
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Post by SteveT on Jun 25, 2018 14:26:56 GMT
Mine just arrived so I suspect they’re close to finishing. My suitcase is ALWAYS last one to hit the baggage carousel |
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picnicman
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Post by picnicman on Jun 25, 2018 14:35:40 GMT
Still nothing for me - My wife's turned up on Friday!! Thanks in advance for your concern!!!!!!!!!
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I have my figures from the start of February, plus I have deposits and withdrawals during February and a number of transaction emails. I am going to spend time over the weekend reconstructing all transaction during February to try to find the discrepancies. Did anyone else who has incorrect figures carry out purchases/sales during February?
