Godanubis
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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 Oct 17, 2018 17:22:17 GMT
We can only hope that the FCA/BDO make all efforts to ensure that the Curry Bros. are made to pay - from what ever other fortunes they have - to cover all costs. These chancers could probably have elected to wind up the business in an orderly fashion themselves once they realized that the 'game was up', but oh no, oh no, they decided to call in their RR administrator buddies.... and....what trouble and pain these f*%$£ s have caused.
They could also have filed for bankruptcy. What then
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Post by lendinglawyer on Oct 18, 2018 8:50:33 GMT
While it is obviously tough if you get caught out in something like this for a big sum (I myself am only a couple of thousand as I was winding down COL), I think we have to remember that at the end all of us seem to have other ways out. I see comments like the "capital rich, income poor, need an income to live on" - heaven forbid they have to draw on their capital/pension a bit early, like george. Or the "capital poor, income rich", who fortunately have years of high incomes to live on. COL is undoubtedly a scandal but ultimately it only hits those who had some spare cash with which to make risky investments. As much as it is in my interest to have lots of rich older people with spare cash swilling around piling into P2P, I would seriously implore those saving for retirement / already not working to avoid putting anything meaningful into P2P.
I'll keep my sympathy for the "capital poor, income poor" who have none of the luxuries.
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elliotn
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Post by elliotn on Oct 18, 2018 11:31:40 GMT
I'll keep my sympathy for the "capital poor, income poor" who have none of the luxuries. I’m income poor (per state definition ie my income is so low as to be untaxable). I’m capital poor vs the average U.K. property owner (disclaimer: at this moment I would contribute to my social care, cannot say for when actually required). I certainly have none of the luxuries ie drinking water, hot water, flushing toilet, plumbed gas, earthed electric etc etc that claimants on Benefit St take for granted. So, I think, I’m thanking you for an authoritative, yet sympathetic, intervention :* <3 .
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Monetus
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Post by Monetus on Oct 19, 2018 19:04:36 GMT
The minutes and summary of the first Creditors Committee meeting were sent through via email earlier today - both of which are covered by the non-disclosure agreement.
Regardless of this, you'll have to take my word for it when I say that the content is sensitive and it would certainly not be in the interests of investors if the information contained within was shared in the public domain.
The administration is likely going to take some time and patience is going to be required.
The next meeting will potentially be on December 3rd depending on the availability of the Committee Members.
I shall keep you all posted.
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hazellend
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Post by hazellend on Oct 19, 2018 20:23:04 GMT
The minutes and summary of the first Creditors Committee meeting were sent through via email earlier today - both of which are covered by the non-disclosure agreement. Regardless of this, you'll have to take my word for it when I say that the content is sensitive and it would certainly not be in the interests of investors if the information contained within was shared in the public domain. The administration is likely going to take some time and patience is going to be required. The next meeting will potentially be on December 3rd depending on the availability of the Committee Members. I shall keep you all posted. Thank you monetus. When you say it will take some time do you think before the end of 2019 is a realistic time frame?
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Monetus
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Post by Monetus on Oct 19, 2018 20:46:57 GMT
The minutes and summary of the first Creditors Committee meeting were sent through via email earlier today - both of which are covered by the non-disclosure agreement. Regardless of this, you'll have to take my word for it when I say that the content is sensitive and it would certainly not be in the interests of investors if the information contained within was shared in the public domain. The administration is likely going to take some time and patience is going to be required. The next meeting will potentially be on December 3rd depending on the availability of the Committee Members. I shall keep you all posted. Thank you monetus. When you say it will take some time do you think before the end of 2019 is a realistic time frame? Impossible to say - couldn't possibly comment on that as it depends on numerous factors. As we've seen from several other (fully-operational) platforms, getting money in from borrowers can be a painstakingly slow process at times and I'm sure BDO are faced with the same challenges that the likes of Lendy, FS and MT all encounter on a regular basis within the P2P industry.
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invester
P2P Blogger
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Post by invester on Oct 19, 2018 21:28:56 GMT
Did you have to opt in to get the email about the minutes?
I don't seem to have got it.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 19, 2018 21:34:43 GMT
Understood Monetus. However, I would think that a Demand Letter from professionals like BDO will immediately focus Borrowers attention, unlike a Please Pay Us Letter (and that's as, if & when they get round to it) from a PissWeak Pushover Platform. Or at least I hope and fully expect that BDO are going in hard & no nonsense when appropriate. Which should typically be by three months after Maturity Date, at the latest, in most cases I'd say.
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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 Oct 19, 2018 21:37:41 GMT
Thank you monetus. When you say it will take some time do you think before the end of 2019 is a realistic time frame? Impossible to say - couldn't possibly comment on that as it depends on numerous factors. As we've seen from several other (fully-operational) platforms, getting money in from borrowers can be a painstakingly slow process at times and I'm sure BDO are faced with the same challenges that the likes of Lendy, FS and MT all encounter on a regular basis within the P2P industry. It is easy to determine..... It will be the week after Brexit is finalised
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Monetus
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Post by Monetus on Oct 19, 2018 22:25:58 GMT
Understood Monetus . However, I would think that a Demand Letter from professionals like BDO will immediately focus Borrowers attention, unlike a Please Pay Us Letter (and that's as, if & when they get round to it) from a PissWeak Pushover Platform. Or at least I hope and fully expect that BDO are going in hard & no nonsense when appropriate. Which should typically be by three months after Maturity Date, at the latest, in most cases I'd say. As I said in my original report I’m pleased to see BDO are being firm with borrowers in general and taking a sensible approach when it comes to recoveries. However, their goal (like ours) is to maximise the return for investors and sometimes that can involve patience and letting things play out for various reasons. Where an approach of working with a borrower is likely to yield a better return than simply putting the loan into recovery after 3 months regardless of the borrowers situation and testing the valuation through a forced sale (and we’ve all seen how well valuations can sometimes stack up in the real world elsewhere in P2P!) then that should always be the preferred option IMHO. At the end of the day we all want as much of our money back as possible and as I’ve become more exposed to the “inner workings” of the P2P industry lately through a couple of avenues I’m rapidly learning that things are sometimes a lot more complex than they appear on the surface and for various reasons it can take a while to achieve the best possible result.
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picnicman
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Post by picnicman on Oct 20, 2018 9:54:00 GMT
Monetus - Monetus - thanks for the update and your time and efforts continue to be appreciated. I appreciate everything you have said, but just two points to log for the next meeting if I may. 1. I hope BDO are taking an equally firm hand with regard to the recovery of pre administration 'withdrawal' of £350k+? 2. The last update said that the IT platform data had been recovered and that whilst this was still being worked on, the hope was that investors would be repaid on a loan by loan/by tranche basis. If this comes to fruition, one would hope that some loans that have been recovered could start to be paid back to the relevant investors, rather than wait to the end of the whole affair? I think this would make some investors very happy that progress is truly being made in the absence of any other information? Anyway, will leave you to consider as you wish. - Cheers P
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Monetus
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Post by Monetus on Oct 20, 2018 10:01:16 GMT
I can’t comment on anything but feel free to leave your queries and questions here in this thread and I’ll be sure to take them on board for the next meeting.
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gwenynwyr
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Post by gwenynwyr on Oct 20, 2018 10:37:11 GMT
Did you have to opt in to get the email about the minutes? I don't seem to have got it. Did you sign the non-disclosure agreement?
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SteveT
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Post by SteveT on Oct 20, 2018 10:52:54 GMT
Did you have to opt in to get the email about the minutes? I don't seem to have got it. More to the point, are you a member of the Creditors Committee?
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7d7
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Post by 7d7 on Oct 20, 2018 11:27:35 GMT
I can’t comment on anything but feel free to leave your queries and questions here in this thread and I’ll be sure to take them on board for the next meeting. Has the Creditors' Committee approved the Joint Administrators' fees? If so, are BDO being paid at present? If not, is there an agreed deadline? To incentivise the administrators to conclude the process promptly, could the Committee ensure remuneration is based on a percentage of each loan recovered? Is a progress report to investors due on 2nd November, six months post appointment?
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