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Post by thecleaner on Jun 26, 2018 8:17:37 GMT
Can somebody please give a definitive response one way or the other - do we need to sign and return these PoD forms to BDO or not (there seems a bit of ambiguity in this regard)?
Thanks. I think a response has been given quite a while back. You do not need to return the form unless you plan to stand on the creditors commitee or you disagree with the amount on the form.
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Post by pmac67 on Jun 26, 2018 9:08:26 GMT
SnipI expect 100% of my money back and if anything criminal was done also somebody serving sentence in jail. Snip Hmmm. There was a global banking/financial crash 10 years ago which wreaked havoc and it's been established (I think) that some bankers committed acts like rate rigging and false accounting and to best of my knowledge no bankers have gone to jail. So I think your expectation in relation to a relatively tin pot P2P platform may be over optimistic, although I share your sentiment. Some Bankers were jailed in 2016 for rigging the LIBOR rate, the heaviest sentence was six-and-a-half years. The BDO report conclusively confirms the money in the clients account is in place although it was widely reported <correctly or not> that this money was transferred into the personal account of one of the Directors. I think the FCA appointed joint administrators to this case so one can sort out the loan book and the other can audit the companies' dealings in preparation for criminal charges. Sounds like the Directors are being cooperative with the new administrators which is good for us investors and will probably keep them out of jail...
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TenKay
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Post by TenKay on Jun 26, 2018 10:04:36 GMT
Sounds like the Directors are being cooperative with the new administrators which is good for us investors and will probably keep them out of jail... exactly how are they cooperating ?
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Post by Deleted on Jun 26, 2018 10:21:57 GMT
COL Lessons learnt for other P2P portals
1) I'd hope that other Directors do not "take home" assets
2) Core data files have been recovered but not from the IT consultant but from his subcontractor which might have been wiped due to non payment of fees. It would seem that something needs to change for all portals with all data being safely held in house not subcontracted by a subcontractor.
3) It seems like many of the borrowers have just walked away from paying their dues, again something needs to be done to ensure that does not happen in any other P2P failure
the FCA needs to change its rules to sort this out and I hope that other, live P2P portals can confirm that they would not be in this mess
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picnicman
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Post by picnicman on Jun 26, 2018 10:38:30 GMT
Still nothing for me - My wife's turned up on Friday!! Thanks in advance for your concern!!!!!!!!! I assume you’re giving her a hard time for talking you into such a risky investment?! Not really - a portfolio of bling diversified over virtually every bling loan on the platform seemed like a good strategy! Like 1100+ others, I did not see a complete platform failure coming - have a guess which distribution method I would like?? Perhaps serves me right for investing in a platform that did not have full permissions (even if you do, it does not prevent defaults of course) Do you have any views on the £477k initial shortfall - I sincerely ask because you have lots of knowledge and have been on the forums a long while - if you do not want to comment, I understand. Cheers P
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SteveT
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Post by SteveT on Jun 26, 2018 10:49:54 GMT
I assume you’re giving her a hard time for talking you into such a risky investment?! Not really - a portfolio of bling diversified over virtually every bling loan on the platform seemed like a good strategy! Like 1100+ others, I did not see a complete platform failure coming - have a guess which distribution method I would like?? Perhaps serves me right for investing in a platform that did not have full permissions (even if you do, it does not prevent defaults of course) Do you have any views on the £477k initial shortfall - I sincerely ask because you have lots of knowledge and have been on the forums a long while - if you do not want to comment, I understand. Cheers P It's all very hazy but, from comments gleaned from the "leaked" RR draft report and the court hearing, it sounds to me like the COL directors were playing fast and loose with FCA Client Money rules, using funds raised against some unfilled loans (eg. Chesterfield) to fund urgently needed draw-downs on others (eg. Bolton) and also to pay themselves "business profit". Frankly it stinks and I suspect will end up with prosecutions or at least directorship bans. It's impossible to know whether there will be an overall shortfall, nor how big it may end up. The huge variables include success in extracting loan repayments, quality of the underlying security under recovery, whether freezing the directors' personal accounts will yield any funds, time taken to Administer the whole mess, etc. It's also impossible to know yet how any shortfall would be borne by lenders. If the COL loan book can properly be reconstructed from the retrieved digital records then I think there's little doubt that trust asset rules should apply and individual loans should be repaid from the relevant proceeds (in ranking priority order). If it can't, God only knows, but an "all in one pot" haircut seems logical.
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james100
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Post by james100 on Jun 26, 2018 11:36:50 GMT
Can somebody please give a definitive response one way or the other - do we need to sign and return these PoD forms to BDO or not (there seems a bit of ambiguity in this regard)?
Thanks. I think a response has been given quite a while back. You do not need to return the form unless you plan to stand on the creditors commitee or you disagree with the amount on the form. [my bold] But they are all wrong, aren't they...because the debt form states the figure as being debt at the date of BDO appointment (specifically 27th April) yet all of our figures are taken from the books on 28th February which exclude the contracted interest payments due for end February and end March. Can anyone advise, please: if I don't return my form with a correction for this amount, does this imply my giving up the right to claim for these interest payments, and subsequent interest payments due per the original loan agreements? Obviously I appreciate the shortfall situation, administrator costs to be deducted and relatively small amount this is versus capital etc etc but if a lack of response to this claim form constitutes revoking future claims for even one penny which has been lost through potentially dubious actions of Collateral directors and/or FCA then I'd like to make the decision to do so (or not) with my eyes wide open.
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archie
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Post by archie on Jun 26, 2018 11:48:29 GMT
I think a response has been given quite a while back. You do not need to return the form unless you plan to stand on the creditors commitee or you disagree with the amount on the form. [my bold] But they are all wrong, aren't they...because the debt form states the figure as being debt at the date of BDO appointment (specifically 27th April) yet all of our figures are taken from the books on 28th February which exclude the contracted interest payments due for end February and end March. Can anyone advise, please: if I don't return my form with a correction for this amount, does this imply my giving up the right to claim for these interest payments, and subsequent interest payments due per the original loan agreements? Obviously I appreciate the shortfall situation, administrator costs to be deducted and relatively small amount this is versus capital etc etc but if a lack of response to this claim form constitutes revoking future claims for even one penny which has been lost through potentially dubious actions of Collateral directors and/or FCA then I'd like to make the decision to do so (or not) with my eyes wide open. Report page 21 :-
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andy1
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Post by andy1 on Jun 26, 2018 11:52:48 GMT
There seems to be a lot of confusion about the proof of debt forms. They are to be used for voting on the administrators proposals of 21st June. That's all. Various extracts from the joint administrators proposals (my bold)...
Edit: X posted with Archie
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Post by pmac67 on Jun 26, 2018 13:14:22 GMT
exactly how are they cooperating ? Section 5.3 of the BDO report gives a full explanation of how the Directors are cooperating and assisting.
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TenKay
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Post by TenKay on Jun 26, 2018 13:42:45 GMT
exactly how are they cooperating ? Section 5.3 of the BDO report gives a full explanation of how the Directors are cooperating and assisting. thanks for that well sounds a bit more promising, i was under the impression they had gone to ground
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huxs
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Post by huxs on Jun 26, 2018 14:23:06 GMT
Section 5.3 of the BDO report gives a full explanation of how the Directors are cooperating and assisting. thanks for that well sounds a bit more promising, i was under the impression they had gone to ground
If the directors are cooperating then surely someone can explain the capital shortfall? The money lent buy us should equal the money lent out plus the cash in the client account anything else implies that someone has been diverting funds which I didn't see as something acceptable under the T&C's .
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dandy
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Post by dandy on Jun 26, 2018 14:52:09 GMT
thanks for that well sounds a bit more promising, i was under the impression they had gone to ground
If the directors are cooperating then surely someone can explain the capital shortfall? The money lent buy us should equal the money lent out plus the cash in the client account anything else implies that someone has been diverting funds which I didn't see as something acceptable under the T&C's . How on earth can the directors be expected to know where the cash is or why things don't add up. The data got lost remember? I am sure they are doing little else with their lives other than trying to find it for us
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2018 20:25:22 GMT
Have The Curries been relieved of their passports?
I do hope so.
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pickles
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Post by pickles on Jun 26, 2018 20:26:04 GMT
COL Lessons learnt for other P2P portals
1) I'd hope that other Directors do not "take home" assets
2) Core data files have been recovered but not from the IT consultant but from his subcontractor which might have been wiped due to non payment of fees. It would seem that something needs to change for all portals with all data being safely held in house not subcontracted by a subcontractor.
3) It seems like many of the borrowers have just walked away from paying their dues, again something needs to be done to ensure that does not happen in any other P2P failure
the FCA needs to change its rules to sort this out and I hope that other, live P2P portals can confirm that they would not be in this mess
2) Reading between the lines, the contractor (a) hasn't been paid; (b) has lost his best income stream; and (c) knows he is sitting on something worth a lot. Unless he's a complete idiot nothing has been "wiped". The lawyers have threatened him and he's provided the raw data, but the full transactional history cannot be extracted without the code. The code is his IP and he's not going to give it up lightly (cheaply) but BDO are not in a position to pay for it. BDO will be deciding whether they can achieve a "satisfactory" outcome with the data they've got. All supposition of course. 3) Most of them can't just walk away, there are charges on the property or bling in storage. They might take the opportunity for a payment holiday (I'm not sure if these loans were upfront loaded/monthly/bullet).
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