averageguy
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Post by averageguy on Oct 24, 2019 19:09:57 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 I’m more than a bit disappointed they’ve had an enormous amount of time to construct a strategy...pathetic is a word that springs to mind. Thank you Monetus for reporting to us
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am80
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Post by am80 on Oct 24, 2019 20:22:39 GMT
Apologies if this question has been asked before. Does anybody know what happens to money held in a clients account? Does this money become part of the creditors 'pot' at the end, after all BDO costs? Or will it be apportioned to investors based upon how much it cost BDO to rebuild the database (and all other costs attributed purely to this idle money)?
Thank you in advance
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tx
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Post by tx on Oct 25, 2019 8:31:41 GMT
Apologies if this question has been asked before. Does anybody know what happens to money held in a clients account? Does this money become part of the creditors 'pot' at the end, after all BDO costs? Or will it be apportioned to investors based upon how much it cost BDO to rebuild the database (and all other costs attributed purely to this idle money)? Thank you in advance I would love to know as well. Are those loans not yet drawn down also part of this pot? I don’t think I ever see any answers and updates on those not-yet drawn down money. Where do they sit and what happen to them. Any one got any insight?
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picnicman
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Post by picnicman on Oct 25, 2019 9:39:30 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 I’m more than a bit disappointed they’ve had an enormous amount of time to construct a strategy...pathetic is a word that springs to mind. Thank you Monetus for reporting to us averageguy - I will accept that my description was below average Cheers P
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Post by brightspark on Oct 25, 2019 9:39:53 GMT
Questions, questions and no meaningful answers. Is it not time the creditors committee either became more robust in its questioning or resigned in displeasure at the lack of meaningful dialogue with the administrators? i realise the committee is trying to do its best but really - 18 months on and not a penny of our money returned - a very poor outcome.
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james21
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Post by james21 on Oct 25, 2019 9:49:43 GMT
Questions, questions and no meaningful answers. Is it not time the creditors committee either became more robust in its questioning or resigned in displeasure at the lack of meaningful dialogue with the administrators? i realise the committee is trying to do its best but really - 18 months on and not a penny of our money returned - a very poor outcome. Completely agree, but specifically aimed at BDO; slow to make progress, dire at communicating, expensive. Its not as if the loan book was that big to begin with. I am extremely unhappy with them but dont know what anyone can do about that
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kaya
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Post by kaya on Oct 25, 2019 9:56:16 GMT
In my opinion the CC was deliberately set up by BDO to be toothless and ineffectual. It is the classic way of controlling the opposition. You simply create it and steer it as you wish.
Yes is is absolutely disgraceful the way that we have been treated by BDO, at the behest of the FCA.
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neeps
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Post by neeps on Oct 25, 2019 12:52:59 GMT
Question to Monetus.
Bearing in mind the level of involvement you have now with Lendy, do you still feel that it's been worthwhile spending your valuable time attending the CCC meetings? A one word answer will be fine!
My gut feeling is that we're being strung along to a most dissatisfactory conclusion, but I urge anyone who hasn't used duck's letter to write to their MP, to do so asap. At least we can then feel that we've tried.
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hantsowl
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Post by hantsowl on Oct 25, 2019 13:15:11 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 I’m more than a bit disappointed they’ve had an enormous amount of time to construct a strategy...pathetic is a word that springs to mind. Thank you Monetus for reporting to us "Fee building" springs to my mind. Rather similar to W******d locking his funds for months so noone could withdraw whilst still racking up £millions in fees in the meantime....
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Post by many38 on Oct 25, 2019 16:10:05 GMT
Question to Monetus. My gut feeling is that we're being strung along to a most dissatisfactory conclusion, but I urge anyone who hasn't used duck's letter to write to their MP, to do so asap. At least we can then feel that we've tried. I got so tired and depressed by this fiasco I stopped following. Now I'd like to write to my MP so where can I find Duck's letter.
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boundah
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Post by boundah on Oct 25, 2019 16:10:23 GMT
Questions, questions and no meaningful answers. Is it not time the creditors committee either became more robust in its questioning or resigned in displeasure at the lack of meaningful dialogue with the administrators? i realise the committee is trying to do its best but really - 18 months on and not a penny of our money returned - a very poor outcome. Well I for one am very glad we've got people who can represent lenders. brightspark - how do you know how robust the committee has been in its questioning? And how would resigning help?
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neeps
Posts: 81
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Post by neeps on Oct 25, 2019 16:19:31 GMT
many38 - Go to subject 'Request for help - letter to MP. Then ask duck to private message you with the template.
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Monetus
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Post by Monetus on Oct 25, 2019 16:44:42 GMT
Question to Monetus. Bearing in mind the level of involvement you have now with Lendy, do you still feel that it's been worthwhile spending your valuable time attending the CCC meetings? A one word answer will be fine! My gut feeling is that we're being strung along to a most dissatisfactory conclusion, but I urge anyone who hasn't used duck's letter to write to their MP, to do so asap. At least we can then feel that we've tried. Absolutely valuable. Just because I can't tell you what's happening doesn't mean that things aren't happening.
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star dust
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Post by star dust on Oct 25, 2019 17:16:06 GMT
Question to Monetus. My gut feeling is that we're being strung along to a most dissatisfactory conclusion, but I urge anyone who hasn't used duck's letter to write to their MP, to do so asap. At least we can then feel that we've tried. I got so tired and depressed by this fiasco I stopped following. Now I'd like to write to my MP so where can I find Duck's letter.
In Edit: You could just PM your request to duck now and I am sure a copy will be sent when they next login
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Post by brightspark on Oct 25, 2019 19:23:11 GMT
Questions, questions and no meaningful answers. Is it not time the creditors committee either became more robust in its questioning or resigned in displeasure at the lack of meaningful dialogue with the administrators? i realise the committee is trying to do its best but really - 18 months on and not a penny of our money returned - a very poor outcome. Well I for one am very glad we've got people who can represent lenders. brightspark - how do you know how robust the committee has been in its questioning? And how would resigning help? The creditor committee is principally there to give advice to the liquidator and to consider how the liquidator is to be paid from the assets of the insolvent estate. The liquidator should always take in to account the views of the committee although decisions are ultimately the responsibility of the liquidator. In liquidations, some actions may need to be approved by the committee. Bearing in mind this remit I see little chance of the committee doing anything much to help investors. On the contrary they are aiding and abetting the process of ramping up costs.
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