radar
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Post by radar on Sept 3, 2018 16:56:16 GMT
"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."
All the more reason to be giving up todate information, and if any of these loans have been settled. Any bits of information would ease the pain of not knowing but I suppose it would increase the costs and then there would be even less return, I am assuming there will be something left for us all at the end whenever that might be
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Post by Butch Cassidy on Sept 3, 2018 16:59:24 GMT
ceejay Most of the loans were due for repayment within a couple of months of Col going into administration & the borrowers were told in February that no loans would be renewed or rolled over, so they were given plenty enough notice to organise a refinancing. I am happy for all borrowers to be treated fairly & I think that would be considered achieved now we are over 6 months after the notice to refinance was given.
Should that refinancing not have been possible or refused any chattels or residential property could be entered into auction & sold within a few weeks no problem. That cash should now have been received & distributed to lenders - the exception would be the development loans (which I have always made clear would be more problematic) but I am not personally exposed to any, so haven't needed to consider those potential difficulties.
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agent69
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Post by agent69 on Sept 3, 2018 17:05:23 GMT
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?
I'd guess that 99% of people on this forum have no idea about the detailed mechanics of administration. They have no idea how long it should take, no idea what it should cost, and no idea if BDO are doing a good job. Judging by the hysteria from certain parties I get the impression they would rather loose everything (and be able to say I told you so) rather than get a complete recovery (and risk having to eat some humble pie).
Over at the other place there is a person who knows how the system works, and I will take the liberty of reproducing what DI has said in the last couple of weeks:
- .... but it would be naive to expect answers to all queries and a magic unlocking of any funds, let alone 50%, until all legal issues are resolved as to entitlement.
- .... It is the duty of the Administrators to give investors/creditors information and despite all the huffing and puffing on the Independent Forum about lack of information the Insolvency Act 1986 (as amended) sets out the timescale and that is proposals within eight weeks of appointment and a progress report every six months. In this case the operative date is 27th April.
So puff away all you want, it ain't going to get you anywhere. If you want to complain, the correct route is to write to the administrator (I assume some time after 27th October).
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Post by Butch Cassidy on Sept 3, 2018 17:18:01 GMT
There's a big difference between what is the legal minimum an administrator has to do & what is realistic given the size of the job. This isn't House of Fraser or Carrilion which I accept would be very complicated & time consuming & 6 monthly updates might be appropriate.
As for DI defending his ex-colleagues & previous employers - well I think my contempt for the entire "profession" is clear & only matched by RICS professionals & property developers who add a similar amount to the value of humanity.
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TitoPuente
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Post by TitoPuente on Sept 3, 2018 20:52:41 GMT
I'd guess that 99% of people on this forum have no idea about the detailed mechanics of administration. They have no idea how long it should take, no idea what it should cost, and no idea if BDO are doing a good job. Judging by the hysteria from certain parties I get the impression they would rather loose everything (and be able to say I told you so) rather than get a complete recovery (and risk having to eat some humble pie).
Over at the other place there is a person who knows how the system works, and I will take the liberty of reproducing what DI has said in the last couple of weeks:
- .... but it would be naive to expect answers to all queries and a magic unlocking of any funds, let alone 50%, until all legal issues are resolved as to entitlement.
- .... It is the duty of the Administrators to give investors/creditors information and despite all the huffing and puffing on the Independent Forum about lack of information the Insolvency Act 1986 (as amended) sets out the timescale and that is proposals within eight weeks of appointment and a progress report every six months. In this case the operative date is 27th April.
So puff away all you want, it ain't going to get you anywhere. If you want to complain, the correct route is to write to the administrator (I assume some time after 27th October). This is an example of thinking inside the box. The system *is* corrupt to the bones. The accepted rules and principles you repeat and relay are objectively abhorrent. BDO are not inept by exception. They are part of the corrupt system. They are rent seekers as well as the FCA. the criticism here is that having to abide to this corrupt system is ridiculous and defeats the purpose of having rules.
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hazellend
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Post by hazellend on Sept 4, 2018 7:19:39 GMT
I'd guess that 99% of people on this forum have no idea about the detailed mechanics of administration. They have no idea how long it should take, no idea what it should cost, and no idea if BDO are doing a good job. Judging by the hysteria from certain parties I get the impression they would rather loose everything (and be able to say I told you so) rather than get a complete recovery (and risk having to eat some humble pie).
Over at the other place there is a person who knows how the system works, and I will take the liberty of reproducing what DI has said in the last couple of weeks:
- .... but it would be naive to expect answers to all queries and a magic unlocking of any funds, let alone 50%, until all legal issues are resolved as to entitlement.
- .... It is the duty of the Administrators to give investors/creditors information and despite all the huffing and puffing on the Independent Forum about lack of information the Insolvency Act 1986 (as amended) sets out the timescale and that is proposals within eight weeks of appointment and a progress report every six months. In this case the operative date is 27th April.
So puff away all you want, it ain't going to get you anywhere. If you want to complain, the correct route is to write to the administrator (I assume some time after 27th October). This is an example of thinking inside the box. The system *is* corrupt to the bones. The accepted rules and principles you repeat and relay are objectively abhorrent. BDO are not inept by exception. They are part of the corrupt system. They are rent seekers as well as the FCA. the criticism here is that having to abide to this corrupt system is ridiculous and defeats the purpose of having rules. Agree, they are similar to other financial  like financial advisors. Their priority is to suck as much money out as they can. I just hope they do a reasonable job.
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moist
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Post by moist on Sept 4, 2018 7:24:46 GMT
What some seem to be forgetting / ignoring is that Col could well be corrupt to the core. If for example large loans against overvalued undeveloped sites were made, perhaps even to or through 'contacts', then why would people want to refinance, they would much prefer to take our money and run. This leaves BDO to clear up...at £500 p/hr. Dont worry about your interest payments! Consider if you will actually see any capital back! I've written mine off, anything returned is a bonus. You will have more luck suing the FCA. JMHO
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 4, 2018 9:03:47 GMT
What some seem to be forgetting / ignoring is that Col could well be corrupt to the core. If for example large loans against overvalued undeveloped sites were made, perhaps even to or through 'contacts', then why would people want to refinance, they would much prefer to take our money and run. This leaves BDO to clear up...at £500 p/hr. Dont worry about your interest payments! Consider if you will actually see any capital back! I've written mine off, anything returned is a bonus. You will have more luck suing the FCA. JMHO There is absolutely no evidence to support your suggestions. Most of there loans were actually very good risk. This was an administrative problem. Borrowers still have to repay to “ring fenced” lenders accounts which will be distributed eventually.
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moist
Member of DD Central
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Post by moist on Sept 4, 2018 12:07:54 GMT
What some seem to be forgetting / ignoring is that Col could well be corrupt to the core. If for example large loans against overvalued undeveloped sites were made, perhaps even to or through 'contacts', then why would people want to refinance, they would much prefer to take our money and run. This leaves BDO to clear up...at £500 p/hr. Dont worry about your interest payments! Consider if you will actually see any capital back! I've written mine off, anything returned is a bonus. You will have more luck suing the FCA. JMHO There is absolutely no evidence to support your suggestions. Most of there loans were actually very good risk. This was an administrative problem. Borrowers still have to repay to “ring fenced” lenders accounts which will be distributed eventually. Thats why all the funds that were not drawn down have disappeared then.... Time will tell.
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blender
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Post by blender on Sept 4, 2018 14:02:13 GMT
That was the only way the owners could extract their well-earned profits, aiui.  |
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Greenwood2
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Post by Greenwood2 on Sept 4, 2018 14:46:17 GMT
Then closed down the website and lost all the backups.
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blender
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Post by blender on Sept 4, 2018 15:12:38 GMT
I think that was Refresh. It would make their job easier, not to have all that un-necessary data and the cost associated with retaining it. |
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GeorgeT
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Post by GeorgeT on Sept 4, 2018 22:53:33 GMT
The fact remains that this was a relatively small company with a relatively small number of customers and a loan book of only 17 million pounds which in the financial world is piffle. It shouldn't turn into a massive protracted job to sort it out and progress reports should be regular. I still don't know how much has been recovered and is sitting in the coffers because we haven't had any sort of meaningful update for weeks despite most of the loans having matured by now. I fear many hours are being racked up dealing with stuff other then recovering the cash which should be all the focus is on.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 5, 2018 0:28:19 GMT
The fact remains that this was a relatively small company with a relatively small number of customers and a loan book of only 17 million pounds which in the financial world is piffle. It shouldn't turn into a massive protracted job to sort it out and progress reports should be regular. I still don't know how much has been recovered and is sitting in the coffers because we haven't had any sort of meaningful update for weeks despite most of the loans having matured by now. I fear many hours are being racked up dealing with stuff other then recovering the cash which should be all the focus is on. Court ordered the brothers to pay the administration fees
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Sept 5, 2018 8:45:23 GMT
Yes we are all p****d off. Fed up to say the least. I have just done my money on Tranche B of Birkenhead over at moneything. Desperate for some good news on this one. I hope the committee are getting stuck in and come back with something soon.
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like financial advisors. Their priority is to suck as much money out as they can. I just hope they do a reasonable job.
