agent69
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Post by agent69 on Aug 19, 2019 17:56:56 GMT
What worries me is how many other P2P firms are operating illegally or fraudulently whilst the FCA twiddles its thumbs. The whole P2P sector seems to be riddled with crooks, fraudsters and liars. The FCA don't seem to have taken any action to validate any other firm or in fact reacted in any way. Also, if there is criminal activity involved, the FCA try to wash their hands of any liability. I just can't see this ending well for investors. I always thought that P2P lending was a bit like the timeshare business.
Great idea in theory, but ruined by the many shysters that want a slice of the action
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duck
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Post by duck on Aug 20, 2019 10:19:30 GMT
... Also, if there is criminal activity involved, the FCA try to wash their hands of any liability. ... This has been an area of concern, so a lot of work has focused on standard FCA procedures. This has shown the procedures to be 'lacking'. For instance if the FCA had checked the Company registration date on Companies House when Col first applied for Full authorisation then they would have realised that there was something wrong with the claimed IP which should have meant that Col wouldn't have been allowed to trade.
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picnicman
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Post by picnicman on Aug 20, 2019 11:37:30 GMT
... Also, if there is criminal activity involved, the FCA try to wash their hands of any liability. ... This has been an area of concern, so a lot of work has focused on standard FCA procedures. This has shown the procedures to be 'lacking'. For instance if the FCA had checked the Company registration date on Companies House when Col first applied for Full authorisation then they would have realised that there was something wrong with the claimed IP which should have meant that Col wouldn't have been allowed to trade. duck - quite!! - now switch off and enjoy your hols!!! Will await your return with much interest, doubtless as will many others? Issue might be as to how many are following this forum? Cheers P
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Post by threeds on Aug 28, 2019 20:45:50 GMT
I keep reviewing the posts 🤙🏻. A big thank you to the input to those applicable, your work is much appreciated x
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picnicman
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Post by picnicman on Oct 17, 2019 9:19:19 GMT
Monetus - Hi - next CC meeting scheduled for 23/10/19 per you previous advice. Assuming it it is still on (and I appreciate these may be on your list - but just in case) can you raise the following please? 1. Have all investor accounts now been reconciled (by total value and individual loan) and if not are their any timescales for this? 2. What is the state of affairs re the chattels loans (the source of the majority of my investments)? One would hope that these have all been sold by now (if so, what sort of return was achieved?). 3. What is the strategy for any repayments of recovered loans (influenced by 1. above of course). Is it until the entire loan book is recovered and total BDO and other costs have been settled or are there likely to be any interim repayments. I fully appreciate that BDO are not required to provide any updates until about April next year and of course that you are bound by NDA etc, but anything they can provide by means of a short update or will allow you to advise (having said that not all investors follow this forum!!), would be appreciated. Not asking for chapter/verse by loan, but just some confirmation of progress on these points would be useful for me and I hope others? I know it has been often said by me and many others, but again my appreciation for your efforts on my behalf and will await to hear some news hopefully after the 23rd. Best regards and cheers P
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Monetus
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Post by Monetus on Oct 23, 2019 22:25:27 GMT
Monetus - Hi - next CC meeting scheduled for 23/10/19 per you previous advice. Assuming it it is still on (and I appreciate these may be on your list - but just in case) can you raise the following please? 1. Have all investor accounts now been reconciled (by total value and individual loan) and if not are their any timescales for this? Yes. The database has been recovered and all accounts reconciled.
2. What is the state of affairs re the chattels loans (the source of the majority of my investments)? One would hope that these have all been sold by now (if so, what sort of return was achieved?). They have been valued but not sold. An appropriate disposal strategy is being formulated. I am unable to disclose value or any further details.
3. What is the strategy for any repayments of recovered loans (influenced by 1. above of course). Is it until the entire loan book is recovered and total BDO and other costs have been settled or are there likely to be any interim repayments. BDO have suggested there should be interim payments once there are sufficient recoveries. i.e. we won't have to wait until the very end. Please see above for answers to your questions. I won't be able to comment any further on today's Collateral meeting other than progress is being made in regards to various recoveries.
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star dust
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Post by star dust on Oct 23, 2019 22:34:14 GMT
Are they planning to make any non-statutory updates for investors, or do we have to wait a further six months or is it a year for one?
I guess the "sufficient recoveries" means over and above their existing fees - given they had barely made enough recoveries to cover their fees six months ago I presume we still have an inordinate wait. I wouldn't be surprised if recoveries are only ever sufficient to pay their bills.
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jj
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Jolly Jammy
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Post by jj on Oct 24, 2019 6:29:08 GMT
Even yet! I don't understand why we have to pay for the reconstruction of the database.
To keep a financial transaction record is the directors responsibilty - by law!
If Tesco goes down the tubes is it its suppliers responsibilty to pay for the reconstruction of their books ?
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james21
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Post by james21 on Oct 24, 2019 7:10:05 GMT
Anyone know if its been indicated by BDO that a part distribution of recovered money will be made, and when?
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hantsowl
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Post by hantsowl on Oct 24, 2019 9:24:41 GMT
Monetus - Hi - next CC meeting scheduled for 23/10/19 per you previous advice. Assuming it it is still on (and I appreciate these may be on your list - but just in case) can you raise the following please? 1. Have all investor accounts now been reconciled (by total value and individual loan) and if not are their any timescales for this? Yes. The database has been recovered and all accounts reconciled.
2. What is the state of affairs re the chattels loans (the source of the majority of my investments)? One would hope that these have all been sold by now (if so, what sort of return was achieved?). They have been valued but not sold. An appropriate disposal strategy is being formulated. I am unable to disclose value or any further details.
3. What is the strategy for any repayments of recovered loans (influenced by 1. above of course). Is it until the entire loan book is recovered and total BDO and other costs have been settled or are there likely to be any interim repayments. BDO have suggested there should be interim payments once there are sufficient recoveries. i.e. we won't have to wait until the very end. Please see above for answers to your questions. I won't be able to comment any further on today's Collateral meeting other than progress is being made in regards to various recoveries. Thanks Monetus for the prompt update. Good that the database is finally recovered in full. I realize you are restricted with what info you can give, but generally regarding the second point above did BDO give any indications whether the valuations were fairly inline with the originals or were they considerably less? My understanding is that they had the bulk (if not all) the chattels in possession 6 months ago at the time of the last meeting. It has taken 6 months to get them valued. Are they likely to drag the sale out for another 6-12 months to build up yet more admin fees?
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Post by mattygroves on Oct 24, 2019 9:31:25 GMT
Even yet! I don't understand why we have to pay for the reconstruction of the database.
To keep a financial transaction record is the directors responsibilty - by law!
If Tesco goes down the tubes is it its suppliers responsibilty to pay for the reconstruction of their books ?
Yes it would be as they would be unsecured creditors and likely to get very little. The directors should get banned from being directors and any PGs can be called in but after that unless criminal fraud can be proved they are free. The point of limited companies is to limit personal exposure to business failures. This isn’t the first business to collapse leaving creditors, shareholders or investors fearing the outcome - many small businesses are pushed under by someone big above them failing every day.
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oldtimer
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Post by oldtimer on Oct 24, 2019 9:33:31 GMT
Any chance of getting a tax statement for 17/18 eventually now the database is recovered do you think? Monetus
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peteuk
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Post by peteuk on Oct 24, 2019 10:12:56 GMT
Are they planning to make any non-statutory updates for investors, or do we have to wait a further six months or is it a year for one?
I guess the "sufficient recoveries" means over and above their existing fees - given they had barely made enough recoveries to cover their fees six months ago I presume we still have an inordinate wait. I wouldn't be surprised if recoveries are only ever sufficient to pay their bills.
If the loan book has now been reconciled when are we going to get back the moneys held in the client account
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picnicman
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Post by picnicman on Oct 24, 2019 11:49:35 GMT
Monetus - thanks for the update - 'good' news on 1 and 3, bit disappointed on 2 given the time they have had, hopefully the disposal strategy will yield results in the not too distant future? Cheers P
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shimself
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Post by shimself on Oct 24, 2019 16:15:59 GMT
Sorry if I've missed it but the line about waiting until they've collected enough before distributing sounds like they are not intending to distribute on a loan by loan basis. Assuming that the odd loan of a few hundred K has been repaid (?) then some people will be expecting a 4 or 5 figure amount
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