star dust
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Post by star dust on Mar 1, 2018 15:22:16 GMT
Received just now...By the way, I am also invested 6 figs but I don't mind everybody emailing the Administrator. At worst she will tack on 1 days wages which is a drop in the ocean. Besides, it may not be us investors that need to foot that bill anyway. Also, if everybody emails with their queries, my guess is they will send out a global email later today with all appropriate answers. Good Morning We are at the very start of this process and I do not have answers to all queries at present, I can only confirm that the intention of the Administrator is for all investors to recover their funds in full as the various investments are realised. I can confirm however that any monies that are sat on the platform and are not invested are ring fenced in a separate client account and the intention is for these to be returned to all investors after the Administrator has obtained control of the bank account and carried out a reconciliation. We are currently looking into the website and the possibility of this being reopened in order for investors to view the balance of their investments, however this isn’t something that will be dealt with until next week at the earliest. Some of the information contained in that letter is general information that we are legally required to distribute to creditors of the Company, however in the circumstances your position would be different in that your investment is secured against either an item or property as detailed in your agreement, consequently when the item is disposed of, your investment would be settled. I am will be going into matters in finer detail next week, then I should have more information in this regard. Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator
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star dust
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Post by star dust on Mar 2, 2018 14:16:34 GMT
<snip>... It would be interesting to read their fee's structure as it may likely relate to ourselves. This may be a good question to ask of them at the beginning of this journey together. Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans. is the interest then paid altogether at the end of each loan (assuming the loan do not default)? or are they paid monthly? Jessica said at the end, on repayment.
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moist
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Post by moist on Mar 14, 2018 6:28:00 GMT
Had a brief chat with Jessica yesterday.
Comments:
1. the website is taking a little longer than hoped due to the IT guys being a bit slower now Col are in admin (they outsourced the website). 2. all money appears to be where it should be (uninvested funds etc)
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star dust
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Post by star dust on Mar 16, 2018 10:44:57 GMT
Good Morning We are currently in discussions with the FCA and cannot discuss matters further until these discussions are finalised. As soon as I am able, I will update investors accordingly Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator ....... I thought that this was a general email that I received at 9.30am. Maybe not! I didn't think so as my only email to Jessica was at the start of the week asking about progress with the read only website, moist then posted information which covered my query. I suspect that email was a response to the one you sent at the start of the week and is probably being sent to all inquiries at present.
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star dust
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Post by star dust on Mar 20, 2018 10:47:47 GMT
Got an email from Jessica this morning stating the following: "At present we have no intention of reinstating the platform for the Company. However I can advise that I expect all investors to receive a formal update in the next 2 weeks"Surely we are entitled to access our accounts?
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Post by dan1 on Mar 21, 2018 9:19:20 GMT
I talked to Jessica directly yesterday (by phone), having resisted calling to date but being rather unnerved at the comment that the platform would not be reactivated. Like many I suspect I had no up to date hard copy of the extant state of my loans when COL went belly up.
She confirmed that a generic report would be published to all stakeholders within the next two weeks - she hoped to finish the report this week. Furthermore, she confirmed that the platform would not be reactivated and understood the position that left lenders like me in - i.e. blind. I asked if there were any current plans to sell the platform on to another company and she said not. She offered that borrowers were being contacted to get loans refinanced and that the Administrator would oversee the run down of the loan book - with lenders being informed of the situation on a loan by loan basis (which seemed a bit long winded to me?). However, when I offered that the FCA has done lenders no favours here she responded (rather ominously) that they were actually currently making matters harder (from her perspective) - but that they would work through this?
Nevertheless, she sounded positive and crucially confirmed all monies were accounted for (no sudden first-class flights to the Caribbean by Directors!!) and that she hoped to recover 100p in the £1 - but that's the generic mission I guess. I finished the conversation feeling better than when I started - and felt reassured that whilst P2P was an unusual case for the Administration (and this was not denied by Jessica) that they were 'on the case', competent and making progress.
Hope this helps.
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star dust
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Post by star dust on Apr 13, 2018 9:58:02 GMT
It doesn’t add much to current knowledge, but just to record the fact that an email entitled “Collateral (UK) Limited, Collateral Security Trustee Limited and Collateral Sales Limited - In Administration ("the Group")” Was sent out by Refresh Recovery (the current Administrators) on the 12 March 2018 @ approx. 14:03 Some relevant extracts were “Many investors will be aware that the FCA made an application to court to have my appointment as Administrator declared void and to have 2 Insolvency Practitioners from BDO, London replace me as Joint Administrators. An initial hearing was held was on 16 March 2018 and this hearing was adjourned until 27 April 2018 to allow all parties to file evidence. Consequently, I have provided certain undertakings in the interim which provide restrictions upon my dealings with the Group and its assets and funds and my ability to deal with investors.” <snip> “I deem all investors to be creditors of the Group.” <snip> “If you do wish to raise any further issues please email jh @ refreshrecovery dot co dot uk detailing your name and the amount you believe to be invested in to the Group and your email will be sent to the FCA and/or the court accordingly.” And a subsequent follow-up elicited what appeared to be a ‘boiler-plate’ response: I emailed Jessica, and have received a reply. I'll post it here, as it's quite relevant to the ongoing situation and not just inane waffle like 90% of the rest of this thread. ************************* In the circumstances, all investors are creditors, but we deem you to be secured creditors. So as and when the relevant assets of the loan book were dealt with, the intention was to then start corresponding with investors with regard their relevant claims to ensure that all figures were correct, it seemed unnecessary to do it at a time when things were uncertain and balances couldn’t be reconciled properly due to interest etc. However how this is dealt with after the 27 April 2018, I can’t be certain at this time and will depend on who deals with the Administration. Apologies for the minimal information but it is all I am allowed to provide at this time. Yours sincerely For Collateral (UK) Limited Jessica Hodgson ************************* Discussion in the Administration thread started here: p2pindependentforum.com/post/260817/thread
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