Jeez they still haven’t got the investor loans data.
And borrowers don’t want their jewellery back, possibly because it is over valued. Why don’t they refinance with unbolted?
I've got Ratner in my head
The BDO debacle is punishing those platforms who try and do the right thing, it's a hell of a headwind to navigate for those entrepreneurs trying to gain traction and get their platforms into profitability.
Lets be honest here, were we expecting anything less. We all know the practices that go on in large corporates - screw the customer for as much as we can get away with and then add a bit more ! Am I wrong ? I see it every day in my working life in a large global ITO/BPO company
Sadly I am not at all surprised that there has been hardly any progress in the last 6 months and they still haven't achieved the basic task of extracting the data from the database and they have only recovered just over £100,000 but have managed to rack up half of that in their own fees.
Unfortunately ,as I feared at the outset, I think this is going to be dragged out for years and the majority of recovered funds will end up in the back pockets of BDO and their favoured advisers like the solicitors and GVA etc. Even the simplest of tasks that any averagely competent person could achieve in 1 week will take them 6 months to achieve and many many very expensive hours involving a variety of external consultants who are all on the payroll so to speak.
I think it is now clear why certain forum members who are now banned were so keen to get BDO on the job and were telling us they were ready to hit the ground running and why the same were so keen to get their people on the creditors' committee - because of course we found out they were not being honest with us, had failed to declare vested interests and had close connections with BDO and there was a secret special syndicate of people.
I fear the man in the street retail type of investor who does not go to the Lodge and did not go to the right school and does not have connections with the secret syndicate and BDO will end up being shafted so hard that there will be a national vaseline shortage as investors take every measure possible to try and ease their pain.
The golden days of P2P lending are well behind us, in my opinion. I am now retired from active P2P investing and the undertaking of due diligence. Just awaiting resolution of 2 DEF loans in LY; 2 DEF loans in MT and my entire COL investment.