mickj
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Post by mickj on Sept 3, 2018 8:59:17 GMT
Another 1st of the month slips by, that's seven interest payments not received and I wonder how many more will pass, just thought I would mark it, we are all in the same boat I know.
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Post by brightspark on Sept 3, 2018 9:10:47 GMT
Yes we are all p****d off.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 3, 2018 9:51:00 GMT
Yes we are all p****d off. Yes, we are. However I'm concerned for those who are in a worse position in that they were relying on monthly payments to live on. God only knows how they are feeling.
If nothing else, this whole sorry affair should be a salutary lesson in not putting all your eggs in one basket and relying on one platform (or even P2P as a whole), to provide a "secure and reliable" source of income.
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Post by Butch Cassidy on Sept 3, 2018 10:10:08 GMT
Give anyone legal authority over £millions & tell them they can claim £500/hr for as long as they can look busy & this is what you get - BDO are greedy, self serving, pen pushers who simply have no incentive whatsoever to finalise this sorry saga.
BDO will drag this out for many more months whilst treating investors like mushrooms (kept in the dark & fed S**t) it is a golden goose that just keeps on giving.
How many loans have been repaid or refinanced to date? How much money is current sat in the bank? When will investors see any returned? We may have been prepared to pay £500/hr for a quick & efficient service but their performance so far has been a joke & as for their communication with lenders - could it really be worse? I wouldn't pay £5/hr for what I've seen so far; just hope that the creditors committee can get some action started soon but I'm not holding my breath.
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jj
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Jolly Jammy
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Post by jj on Sept 3, 2018 10:18:56 GMT
I guess the meeting later this month will be a meeting about a meeting thing.
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chriscross
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Post by chriscross on Sept 3, 2018 12:57:13 GMT
It is a disgrace when you think that in reality we have gone six months and BDO have done absolutely nothing to move this on. For F's sake were not dealing with House of Fraser here, although that is what they will want us to believe, Collateral was a tinpot little company which probably had less than half a dozen staff, and a few dozen loans to deal with covering less than 15 million in value. This is such small fry it is too ridiculous for words.. This should have all been resolved and everything in place within a few months and that would include their fortnight in the Caribbean on us. With my pessimistic head on after reading the FCA report on their proposed changes to P2P, I think that the FCA may be wanting this to be a very expensive and long drawn out process and in reality, making a mountain out of this little molehill. Why, you may ask, well, if you read the report, they want to try and restrict P2P towards sophisticated and high wealth investors, enforcing financial certification on all platforms and limiting investments to a max 10% of assets. I am not saying that this is a bad thing as we all know that P2P as it currently stands needs more control and the sharing of information to investors. I can envisage that if Collateral is seen to be a major financial conundrum, then it can only help the FCA's cause to get their bill pushed through. Okay so maybe I am being a bit over pessimistic here, but it’s food for thought.. For those who haven’t seen the FCA’s consultation it’s here in its full glory, a mere 156 pages of it, happy reading: www.fca.org.uk/publication/consultation/cp18-20.pdf |
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 3, 2018 13:21:28 GMT
I understand that BDO have made real progress in their Corporate Governance and reporting structures as follows:
WEEKLY: User Forum Panel; this will meet weekly and report to;
FORTNIGHTLY: Officer Working Group; This will report to;
MONTHLY: Officer and Partner Steering Group;This will report to;
BI-MONTHLY:Joint Consultative Committee; this will report to;
QUARTERLY: Corporate Governance Group; this will report to;
HALF-YEARLY: Strategic Governing Body; this will report to;
ANNUALLY: Creditors Committee (but only if there is anything material to report)
Obviously I've not had this confirmed as the Strategic Governing Body isn't planned to meet until September 2020 
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Post by Butch Cassidy on Sept 3, 2018 13:24:50 GMT
I would be very interested to see any administrator try & run a genuine, real world business whilst paying themselves £500/hr; I am happy to wager that 99.9% would be bust & ironically needing administration within a couple of months.
A successful business only pays for results but thanks to the incompetent FCA, corrupt legal system & lack of genuine investor protection we now have an open chequebook operation, for an indefinite administration, that has no ongoing performance monitoring or target end date. There was someone wanting to make a TV expose on the Lendy thread recently but I am thinking that they might be better focusing on this debacle if they want a truly shocking unfolding financial scandal.
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agent69
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Post by agent69 on Sept 3, 2018 14:04:14 GMT
A successful business only pays for results
Lendy would suggest otherwise.
Do you have insider info that the administration is a scandal, or is it just wishful thinking so you can have another moan? If the final outcome is a debacle then I'll join you in complaining, but until then it's best to let BDO get on with their job.
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agent69
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Post by agent69 on Sept 3, 2018 14:10:05 GMT
This should have all been resolved and everything in place within a few months No active P2P platform has been able to resolve troublesome loans to this time-frame. Why do yo expect BDO to be different?
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chriscross
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Post by chriscross on Sept 3, 2018 14:33:22 GMT
This should have all been resolved and everything in place within a few months No active P2P platform has been able to resolve troublesome loans to this time-frame. Why do yo expect BDO to be different? I think we all know that a resolution takes time, but resolution is not what I said. Putting in place means we know where we stand, at the moment we know jack  , to put it bluntly..
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agent69
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Post by agent69 on Sept 3, 2018 14:52:55 GMT
No active P2P platform has been able to resolve troublesome loans to this time-frame. Why do yo expect BDO to be different? Putting in place means we know where we stand, at the moment we know jack Another poster said that 6 monthly updates from the administrator was the norm. Why do you think you are entitled to special treatment?
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Post by Butch Cassidy on Sept 3, 2018 14:57:32 GMT
A successful business only pays for results
Lendy would suggest otherwise.
Do you have insider info that the administration is a scandal, or is it just wishful thinking so you can have another moan? If the final outcome is a debacle then I'll join you in complaining, but until then it's best to let BDO get on with their job.
How long for? & at what cost? just to reiterate there are just under 1200 investors, a couple of hundred loans from a handful of borrowers, possibly 20/30 in total, this could & should have been largely resolved within the first few months, with the exception of a couple of the larger development loans, that understandably might proved more problematic.
Time is money & this has already taken longer than is acceptable & when coupled with the complete lack of communication to inform lenders what is happening (it is OUR MONEY after all) this already rates as a scandal IMHO. Whether or not investors eventually get a full repayment + compound interest; BDO are simply milking what should be a relatively quick & simply job for their own benefit at our expense - they are parasitic vultures of the worst kind.
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Post by Butch Cassidy on Sept 3, 2018 15:01:26 GMT
This should have all been resolved and everything in place within a few months No active P2P platform has been able to resolve troublesome loans to this time-frame. Why do yo expect BDO to be different? Because selling watches, bling, cars even residential flats & property takes a few weeks, a couple of months at worst, if there is the drive & incentive to do it. If BDO were only paid after this had been achieved it would have already happened.
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ceejay
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Post by ceejay on Sept 3, 2018 16:33:45 GMT
No active P2P platform has been able to resolve troublesome loans to this time-frame. Why do yo expect BDO to be different? Because selling watches, bling, cars even residential flats & property takes a few weeks, a couple of months at worst, if there is the drive & incentive to do it. If BDO were only paid after this had been achieved it would have already happened. I have no experience of trying to sell bling but selling property "in a few weeks"?!!
Honestly, I do wonder sometimes ... first of all, it's not just a question of collaring and then selling the property - after all, most of the borrowers are (presumably) not at fault here. They need to be given a chance to pay their bills and then to refinance, if they can.
If they can't, then, sure, the administrators need to get the big stick out - which first of all requires establishing their credentials and then exercising them (which may require court action).
Oh, and then there would be the small matter of finding a buyer for a half-built development.
One final point - the reputation of P2P from the lenders' POV may well be under threat here, but don't forget that P2P reputation to borrowers is also important if you want this model to thrive. And if borrowers who have done nothing wrong find themselves unable to continue because their lender (platform) has disappeared, that makes a pretty nasty smell.
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, to put it bluntly..