elliotn
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Post by elliotn on Sept 26, 2018 11:54:05 GMT
Your omniscience is slipping. COL had a series of car loans default in July last year (which they fully recovered). Corrected ! I ment they never had any losses. All their loans were of reasonable quality and should have been able to refinance those that did not fully redeem. A current state of all loans should be the least we should expect. Quick action on those not performing which should include using their contacts to help borrowers refinance. The car loans were “ technically defaulted” due to company failure they did no go beyond term and did not need recovery as they paid when due you just could not trade the loans. More slippage. I'd call liquidation and dumping us on the state of affairs' list of creditors with a huge deficit a full on default - it was only the threat of legal action against the directors for our missing stock (alleged fraud, theft - take your pick) that rescued us.
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GeorgeT
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Post by GeorgeT on Sept 26, 2018 12:56:59 GMT
I was just wondering how this is going but then I looked at my watch and it is 1.55pm so they might all be in The Ivy enjoying a lavish champagne lunch and paying the bill with our loan repayments. Expenses, disbursements and all that.
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ozboy
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Post by ozboy on Sept 26, 2018 14:55:51 GMT
I think we need to be rather more circumspect.
AFAIK, the attendees representing Lenders are doing so in their own free time, and many are very knowledgeable & informed. If they get a lunch out of it and reimbursement of reasonable travel expenses then I'd say it's a good deal for us?
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michaelc
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Post by michaelc on Sept 26, 2018 15:10:29 GMT
I think we need to be rather more circumspect. AFAIK, the attendees representing Lenders are doing so in their own free time, and many are very knowledgeable & informed. If they get a lunch out of it and reimbursement of reasonable travel expenses then I'd say it's a good deal for us? Have no problem with a free lunch for the reps (really!) unless its the tip of an iceberg of how BDO conduct themselves. I was rather hoping to get an insight into BDO's behaviour/attitude/lifestyle but with NDAs and seemingly not much interest in that I guess it won't be forthcoming.
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capucino
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Post by capucino on Oct 2, 2018 9:17:42 GMT
I think one of the most important things to tackle is the Tax situation.
What should we declare to HMRC and can we use the losses in Collateral to offset p2p income from other platforms.
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SteveT
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Post by SteveT on Oct 2, 2018 9:23:59 GMT
The answer to the 2nd is No. Col weren’t authorised and so the loans aren’t 36H-compliant.
My decision on the 1st was to wait until I discover whether I’ve made any profit on my COL investment before paying any tax on it (I declared this in the Notes to my SA return 3 months ago, without demur to date)
I very much doubt BDO will be able to give any formal guidance for a long time yet, so you make your own decision.
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capucino
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Post by capucino on Oct 2, 2018 9:27:01 GMT
The answer to the 2nd is No. Col weren’t authorised and so the loans aren’t 36H-compliant. Is this the definite answer? I thinks it deserves to be looked at by experts.
My understanding is that Collateral was listed on the FCA website, how are we supposed to know it was not 36H compliant.
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SteveT
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Post by SteveT on Oct 2, 2018 9:34:21 GMT
The answer to the 2nd is No. Col weren’t authorised and so the loans aren’t 36H-compliant. Is this the definite answer? I thinks it deserves to be looked at by experts.
My understanding is that Collateral was listed on the FCA website, how are we supposed to know it was not 36H compliant.
Go read the locked “State of Play” thread, especially the FCA’s statement of 4/4/18
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wuzimu
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Post by wuzimu on Oct 2, 2018 9:48:36 GMT
No skin here for me,
once I was on a CC for a financial services co disaster ( more complex and nefarious than COL, haha).
The main function of the CC is to approve the administrators expenses, which will be large! And pretty much unchallengeable.
But on a moral front, reminding the administrators at the meetings and also in between by email etc of the devastating effect of events on the poor pensioners who put their life savings into COL. etc, etc, and how you are counting on them to save the day..... serves to remind them of their purpose, apart from just turning the regulatory wheels and filling their boots. BDO should be reminded that the outcome of the administration will have wider interest and everything comes out in the end, so a good job will do wonders for their rep.
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11025
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Post by 11025 on Oct 2, 2018 10:14:15 GMT
Is this the definite answer? I thinks it deserves to be looked at by experts.
My understanding is that Collateral was listed on the FCA website, how are we supposed to know it was not 36H compliant.
Go read the locked “State of Play” thread, especially the FCA’s statement of 4/4/18 I see that , but surely that doesn't change the fact that the FCA website was for some time displaying information regarding Collateral that was to put it mildly ; misleading and may have led investors down a different route - so shouldn't that be worthy of further analysis ?
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withnell
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Post by withnell on Oct 2, 2018 13:07:36 GMT
Surely it's in everyone's best interests to get clarity around the state of each loan and some repayments flowing back to us - the tax situation can be resolved in the future, and it's impossible to reclaim (if that does ever become allowable) without knowing which loans are technically in default as opposed to having an approved extension or similar. Unless you're clearly manipulating then HMRC will be happy for you to fill in on a best-efforts basis, as long as you settle up in a later return when you have clarity over the figures then you should have no issues.
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kaya
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Post by kaya on Oct 2, 2018 14:35:50 GMT
Surely it's in everyone's best interests to get clarity around the state of each loan and some repayments flowing back to us - ...in particular for the non-property loans i.e. jewellery, cars, etc. Some of the property loans could take a very long time to resolve if things do not go smoothly, whilst the bling loans should be relatively straightforward and much quicker to settle.
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tommytaylor
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Post by tommytaylor on Oct 2, 2018 15:31:06 GMT
I think one of the most important things to tackle is the Tax situation.
What should we declare to HMRC and can we use the losses in Collateral to offset p2p income from other platforms.
HMRC is the least of my worries. Them toe rags can get right to the back of my very long que. I just want my money back before anything.
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james100
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Post by james100 on Oct 2, 2018 17:36:43 GMT
I think one of the most important things to tackle is the Tax situation.
What should we declare to HMRC and can we use the losses in Collateral to offset p2p income from other platforms.
HMRC is the least of my worries. Them toe rags can get right to the back of my very long que. I just want my money back before anything. Indeed I have assumed that as data has been recovered relating to the loan book that the corresponding interest payments have likely been recovered too and are quite likely to be reported; that my UK tax liabilities will increase in the near future (both personal and political reasons) and that I can retrospectively amend within what I expect to be the (interim, at least) resolution time frame. For these reasons I've submitted my 17/18 tax year's interest total downloaded mid Feb to HMRC as a provisional figure (inc last payment received before the blackout) and no losses, along with a cathartic little rant in the "additional information" section about how I'm expecting compensation from the FCA for their publication of fraudulent authorization data, sharing BDO details and explaining how regrettably slow they are in providing necessary information for legal compliance purposes but stating I'm sure they'll provide accurate information at some point at which time the return can be validated. I'll revisit and amend next year as able/necessary.
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elliotn
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Post by elliotn on Oct 3, 2018 3:46:32 GMT
The answer to the 2nd is No. Col weren’t authorised and so the loans aren’t 36H-compliant. Is this the definite answer? I thinks it deserves to be looked at by experts.
My understanding is that Collateral was listed on the FCA website, how are we supposed to know it was not 36H compliant.
Even if it was the correct company, interim permission did not confirm 36H compliance.
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