The issue is that we could all have been able to recreate our loan book if... Collateral had sent us e-mail confirmations containing the Loan ID and not only a loan description. I kept all my emails, but having invested in bling, a lot of notifications are alike. I can't make any difference between this "Jewellery Grouped Asset Loan" and that "Jewellery Grouped Asset Loan". Now I really hope they can recover the data, otherwise it's going to be a complete mess even if I know what I'm owned by the penny...
Having read the BDO report this morning I am still optimistic of a decent conclusion to all this; As I suspected it seems just a copy & paste job of the RR report, which is unsurprising as I believed the RR one to be largely correct (unlike the conspiracy theorists who believed RR was a front for a couple of criminals who were or had already spirited away investors funds), the other good news appears to be that the digital loanbook ought to be reconstructed, again I would have been amazed if this wasn't possible with modern digital forensic techniques. Happy BDO now seem to be able to differentiate between lenders & creditors & not surprised that they are paying themselves handsomely for shuffling paperwork (£600/hr top whack & £430/hr average) & they hope to generate £1/2 million for themselves, which I am certain the court will deem "reasonable".
Disappointed in the progress in general & specifically the amount already received in payments but understand that borrowers would be unwilling to remit funds until the situation & who was in charge became clearer, hopefully this can now be pursued with increased vigour. Still no timescale as to when disbursements will happen, even interim payments, but I am not surprised at all, as BDO have a clear £430/hr reason to drag their feet on returning investor funds. The only remaining big issue is the individual investor claim that I assume will be correct. given the tone of the report on information available to compile it, just surprised it has taken so long to generate, as correctly identifying who is owed what is really the essence of the whole process- what else have they had to do?
Overall I remain optimistic investors will get a large proportion of what they are owed (90%+) & BDO will get very well paid & the FCA will be exonerated of any blame - everyone is satisfied.
The platform was decommisioned in March after the High Court instructed RR to cease all activity other than collect borrower repayments. It would have been illegal for the directors or RR to pay the invoices to keep the platform running. The courts should have placed a Legal Hold on the data to protect it.
Talk of anything less than 100% return of Capital will become a self fulfilling prophecy if repeated enough.
I expect 100% Return Of Capital.
And I expect my Interest too.
Yes, yes, I know, BDO's fees have to be paid etc (yawn).
There will I believe be a 100% of capital recovery (less defaults which will be subject to legal action to recover). Capital will be returned to lenders once borrowers repay; some have repaid but its not in the accounts as only March and April receipts are shown, 2 loans are/have been refinanced that we know about. It could be anything up to year at a guess to receive capital back from expires loans or earlier if refinanced. Interest is an unknown because that is the source of funding for BDO and to repay creditors eg Col solicitors, IT provider. We are fortunate that interest is the source of income to fund BDO and the creditors. Otherwise costs would have to be paid from lenders capital. BDO are no doubt charging the market rate for their services and have provided a projection of their costs, we have to accept that and not gripe about hourly rates. Some interest may be returned to lenders, I believe we will get some interest but its too early in the process to know what %
I must admit considering their comments about how ready to the go they were etc etc , I am a little taken aback by how little has actually really been achieved ...
Me too. Also disappointed there's no alternatives mentioned other than the Admins managing the loan book. What about the offers from other P2P companies? A property loan in default can take years to resolve and the Admins will be charging the whole time. As things stand, sicne they don't have individual loan details we can't get our money back until the last loan is resolved.