jlend
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Post by jlend on Jun 22, 2018 12:34:51 GMT
Just a thought.
I see BDO have received the loan paperwork from various col solictor which I assume they have totalled in Appendix 2.
Might be worth asking if BDO could provide a list of all these loans with the capital outstanding for each to see if there are any missing that were expected. Obviously this will not show which lender is in which loan.
I say this as Appendix 2 Assets and Liabilities already shows a capital shortfall and I assume at least some of the money in the accounts are interest payments from borrowers.
Also one of the properties and some of the chattel were lent with col money not lender money.
I was surprised to see a capital shortfall before BDO etc had applied any fees.
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insideout
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Post by insideout on Jun 22, 2018 12:42:18 GMT
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. The Court proceedings were instigated by FCA. If these did indeed directly or indirectly lead to loss of the data (and this could easily have been foreseen) then FCA are culpable.
The three priorities in any computer based operation are BACKUP, BACKUP and BACKUP.
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Post by tony1974 on Jun 22, 2018 13:14:04 GMT
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 like your optimism. Are you that optimistic for the likes of us who cant prove which loans we were in? (Im not being sarky, but seeing as I cant prove what loans Im in I will be seen as an 'unsecured creditor'.) Joint Administrators have identified and secured servers operated by a third party supplier that appear to contain a significant volume of date belonging to the Companies" I thought this would be able to prove what loans you are in , well at least i hope they do.
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rxdav
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Post by rxdav on Jun 22, 2018 13:14:23 GMT
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. The Court proceedings were instigated by FCA. If these did indeed directly or indirectly lead to loss of the data (and this could easily have been foreseen) then FCA are culpable.
The three absolute priorities in any computer based operation are BACKUP, BACKUP and BACKUP.
Even I know that much - and I'm not a computer expert (or a director of FCA pulling the strings in all of this.)
Details of every loan part could surely have been stored on a decent size of USB drive these days? And what about cloud backups?
I know a lot of folks will consider this thought a bit 'off the wall' but I was just wondering if the 'mystery of the disappearing data' could have been caused by somebody (can't for the life of me think who or why?) trying to dispose of potentially incriminating evidence? I know, I know - it sounds sooooo silly and bizarre doesn't it - what will you all think of me eh!?
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james21
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Post by james21 on Jun 22, 2018 13:19:20 GMT
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 like your optimism. Are you that optimistic for the likes of us who cant prove which loans we were in? (Im not being sarky, but seeing as I cant prove what loans Im in I will be seen as an 'unsecured creditor'.) Page 11; """In respect of the investors, the information that has been retrieved by the Joint Administrators to date contains contact and personal details of the investors, their total exposure to loans on the Companies’ platform""" So they know how much in total an investor has in COL
Page 21, """To enable creditors to vote on the above decision procedures (if they so wish) the Joint Administrators have pre-completed proof of debt forms for each investor, with the “total amount of claim” (Box 3) extracted from the investor details obtained from the Companies’ records (i.e. the amount of investors’ total exposure, including amounts invested in loans and any amount that may be held on the Companies’ client account). These forms will be sent separately by email from investorcollateral@bdo.co.uk.
They will email us all with what they think we have invested in total and/or uninvested in the account as cash
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huxs
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Post by huxs on Jun 22, 2018 13:19:23 GMT
Just a thought. I see BDO have received the loan paperwork from various col solictor which I assume they have totalled in Appendix 2. Might be worth asking if BDO could provide a list of all these loans with the capital outstanding for each to see if there are any missing that were expected. Obviously this will not show which lender is in which loan. I say this as Appendix 2 Assets and Liabilities already shows a capital shortfall and I assume at least some of the money in the accounts are interest payments from borrowers. Also one of the properties and some of the chattel were lent with col money not lender money. I was surprised to see a capital shortfall before BDO etc had applied any fees. Agreed I don't understand how there is a capital shortfall already, where did this come from? Also I am assuming that Col owners and staff had some money lent I hope this didn't leave with them out of the cash till?
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jun 22, 2018 13:27:13 GMT
Just a thought. I see BDO have received the loan paperwork from various col solictor which I assume they have totalled in Appendix 2. Might be worth asking if BDO could provide a list of all these loans with the capital outstanding for each to see if there are any missing that were expected. Obviously this will not show which lender is in which loan. I say this as Appendix 2 Assets and Liabilities already shows a capital shortfall and I assume at least some of the money in the accounts are interest payments from borrowers. Also one of the properties and some of the chattel were lent with col money not lender money. I was surprised to see a capital shortfall before BDO etc had applied any fees. Yes definitely agree with that unless anyone else has a view as to what why there is a shortfall? Perhaps the Director's missus lost some of "her" jewelry recently....
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jlend
Member of DD Central
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Post by jlend on Jun 22, 2018 14:02:04 GMT
Just a thought. I see BDO have received the loan paperwork from various col solictor which I assume they have totalled in Appendix 2. Might be worth asking if BDO could provide a list of all these loans with the capital outstanding for each to see if there are any missing that were expected. Obviously this will not show which lender is in which loan. I say this as Appendix 2 Assets and Liabilities already shows a capital shortfall and I assume at least some of the money in the accounts are interest payments from borrowers. Also one of the properties and some of the chattel were lent with col money not lender money. I was surprised to see a capital shortfall before BDO etc had applied any fees. Agreed I don't understand how there is a capital shortfall already, where did this come from? Also I am assuming that Col owners and staff had some money lent I hope this didn't leave with them out of the cash till? It could be the bank accounts are missing some capital that has been removed for some reason. Or the liabilities total to lenders is too high. I assume there are enough lenders with at least partial records of the loans they think they have invested in that could check to see if any obvious loans appear to be missing from BDOs records they have received from solicitors. Just in case there are a few loans BDO are not currently chasing for whatever reason. There may be a few lenders that between them think they have invested in all or the majority of col loans that could do this.
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dandy
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Post by dandy on Jun 22, 2018 14:22:13 GMT
This seems to be a massive U-turn by BDO from treating us as 'creditors' to 'investors secured by trust assets'
Just how it should be! Would we have seen this u-turn without this forum? I really doubt it ...
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andy1
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Post by andy1 on Jun 22, 2018 14:39:24 GMT
Just got my proof of debt form and the value is exactly what I expected.
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btc
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Post by btc on Jun 22, 2018 14:44:00 GMT
Mine looks a bit low, why isnt it itmised?
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sjg
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Post by sjg on Jun 22, 2018 14:48:25 GMT
Haven't got mine... I know within a pound or so what I had when Collateral went down the pan but no way of proving what I had in each loan. Then again could anyone prove what they had without confirmation at BDOs end?
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mikeh
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Post by mikeh on Jun 22, 2018 14:49:48 GMT
Mine's spot on I think.
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ceejay
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Post by ceejay on Jun 22, 2018 14:50:52 GMT
Mine looks a bit low, why isnt it itmised? Not itemised - perhaps because, as they've said, they only have partial data?
A bit low - could this be because they are only looking at what you have in live loans, whereas you are looking at your platform total, including loans not drawn down and unused cash?
Not had my statement yet...
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archie
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Post by archie on Jun 22, 2018 14:51:17 GMT
Just got my proof of debt form and the value is exactly what I expected. Does it include any cash on your account? Is it split cash/loans?
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