chris1200
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Post by chris1200 on Mar 10, 2019 21:56:43 GMT
I can understand people being immensely frustrated with how long this process is taking, especially given we are all very concerned about our recoveries. But this constant, pointless sniping at anything and everything that BDO do or do not so is getting ridiculous. When we don't hear anything for a while, you get annoyed. When we do hear something, you get annoyed. BDO might not be doing everything in the way you'd prefer them to, and they might be charging what seem to you to be very high rates for the privilege, but they didn't cause this mess. They are just doing their job. You might think they're overpaid for it, but they're getting the market rate. You might think they should be doing it quicker, but this is difficult work. Just please, please give the constant attacks a rest. They achieve nothing and make coming to this forum to check for useful information such a chore.
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star dust
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Post by star dust on Mar 10, 2019 23:02:58 GMT
I can understand people being immensely frustrated with how long this process is taking, especially given we are all very concerned about our recoveries. But this constant, pointless sniping at anything and everything that BDO do or do not so is getting ridiculous. When we don't hear anything for a while, you get annoyed. When we do hear something, you get annoyed. BDO might not be doing everything in the way you'd prefer them to, and they might be charging what seem to you to be very high rates for the privilege, but they didn't cause this mess. They are just doing their job. You might think they're overpaid for it, but they're getting the market rate. You might think they should be doing it quicker, but this is difficult work. Just please, please give the constant attacks a rest. They achieve nothing and make coming to this forum to check for useful information such a chore. I guess for some venting helps so a certain degree of it is understandable, but I agree some posters are more broken record like than others. They are relatively easy to identify though, so you could try blocking their posts an explanation on how to here and/ or concentrating on the pinned 'significant information' thread which we try to update as quickly as possible - p2pindependentforum.com/post/250274/thread
I would doubt BDO themselves read much here, and maybe all the angst posted prevents venting at BDO directly. And on the other hand, when it's not overcooked, BDO's activities should quite rightly be scrutinised, because they're not guaranteed to do it right, and they should be accountable in some way.
I take it you don't have occasion to read the Lendy board then 
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Greenwood2
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Post by Greenwood2 on Mar 11, 2019 8:17:35 GMT
The only way for lenders to know if BDO have their account correct (or not) is for all lenders to get a breakdown (even if they apparently don't meet the criteria). If I don't get one how do I know they have my account right? They may have missed me, or the email may have gone into a black hole. And if you don't get a breakdown you can't protest it, if it's wrong.
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chris1200
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Post by chris1200 on Mar 11, 2019 9:01:04 GMT
I take it you don't have occasion to read the Lendy board then Sadly I do, but I think the complaints are rather more justified in that case (as are angry criticisms re the Collateral management team here!). Thanks for the other tips, though. And yes, I agree (of course) that scrutiny is necessary. I just think we have a lot of what people in horse racing call 'pocket talk' going on here.
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Post by charliebrown on Mar 11, 2019 12:26:28 GMT
I don’t think posters (including myself) are venting. I think there’s some important points being made here.
6 months in fees were 350k with no visible outcome or progress for investors.
12 months in we might assume fees are 700k? with no visible outcome or progress for investors.
When I think about the work I’ve done for my customers over the last 1 year, I’ve engineered solutions, I’ve delivered change, I’ve delivered outcomes. I can’t get away with telling my customers I’ve achieved nothing but here’s a big bill because I’ve been trying.
It’s not about whether they charge 500 quid per hour or 5000 quid per hour, it’s about us being 1 year down the track and all they’ve come up with is an incorrect total (for some) of what they think we’re owed. Most people know what they’re owed so in that respect we know more than they do and it hasn’t taken a year and 2,000 man hours.
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chris1200
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Post by chris1200 on Mar 11, 2019 15:45:43 GMT
I don’t think posters (including myself) are venting. I think there’s some important points being made here. 6 months in fees were 350k with no visible outcome or progress for investors. 12 months in we might assume fees are 700k? with no visible outcome or progress for investors. When I think about the work I’ve done for my customers over the last 1 year, I’ve engineered solutions, I’ve delivered change, I’ve delivered outcomes. I can’t get away with telling my customers I’ve achieved nothing but here’s a big bill because I’ve been trying. It’s not about whether they charge 500 quid per hour or 5000 quid per hour, it’s about us being 1 year down the track and all they’ve come up with is an incorrect total (for some) of what they think we’re owed. Most people know what they’re owed so in that respect we know more than they do and it hasn’t taken a year and 2,000 man hours. Look, I'm not here to defend BDO and I wasn't planning on singling anyone out - but now that you've replied... You clearly have some valid complaints above re how long this is taking (although we also need to recognise the complexity of this administration and the entirely sh*t hand that BDO have been dealt). But making ridiculous, baseless accusations like: " Of course BDO aren’t going to send letters with the correct totals on. By sending incorrect totals they will generate a lot of letters/calls/emails from aggrieved investors, which they will no doubt charge for handling. They’ll probably delay for another year and table a massive bill for having a second attempt at getting the totals correct." is just entirely unhelpful. We've been told the issues they're having and why they're trying to address these with investors whose totals don't match up. Your insinuation that they've somehow created this scenario in order to drive up costs is conspiracy theory level rubbish. This is not an 'important point' - it's unhelpfully generating groundless resentment which contributes to people's anxiety about this process and misleads them at the same time. You can have complaints about how long it's taken BDO to get to this stage (although, again, my assumption is that that has a lot more to do with what the Collateral managers did to/with this data than it has to do with BDO's work ethic) - but to lambast them for doing something eminently sensible (trying to sort out these mis-match totals with investors) is pretty unfortunate behaviour.
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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 Mar 11, 2019 16:06:21 GMT
I don’t think posters (including myself) are venting. I think there’s some important points being made here. 6 months in fees were 350k with no visible outcome or progress for investors. 12 months in we might assume fees are 700k? with no visible outcome or progress for investors. When I think about the work I’ve done for my customers over the last 1 year, I’ve engineered solutions, I’ve delivered change, I’ve delivered outcomes. I can’t get away with telling my customers I’ve achieved nothing but here’s a big bill because I’ve been trying. It’s not about whether they charge 500 quid per hour or 5000 quid per hour, it’s about us being 1 year down the track and all they’ve come up with is an incorrect total (for some) of what they think we’re owed. Most people know what they’re owed so in that respect we know more than they do and it hasn’t taken a year and 2,000 man hours. Look, I'm not here to defend BDO and I wasn't planning on singling anyone out - but now that you've replied... You clearly have some valid complaints above re how long this is taking (although we also need to recognise the complexity of this administration and the entirely sh*t hand that BDO have been dealt). But making ridiculous, baseless accusations like: " Of course BDO aren’t going to send letters with the correct totals on. By sending incorrect totals they will generate a lot of letters/calls/emails from aggrieved investors, which they will no doubt charge for handling. They’ll probably delay for another year and table a massive bill for having a second attempt at getting the totals correct." is just entirely unhelpful. We've been told the issues they're having and why they're trying to address these with investors whose totals don't match up. Your insinuation that they've somehow created this scenario in order to drive up costs is conspiracy theory level rubbish. This is not an 'important point' - it's unhelpfully generating groundless resentment which contributes to people's anxiety about this process and misleads them at the same time. You can have complaints about how long it's taken BDO to get to this stage (although, again, my assumption is that that has a lot more to do with what the Collateral managers did to/with this data than it has to do with BDO's work ethic) - but to lambast them for doing something eminently sensible (trying to sort out these mis-match totals with investors) is pretty unfortunate behaviour. Sorry "Charlie" "chris1200" is right on this. Unless there is concrete evidence of malfeasance we should wait for final statements detailing exactly the work done.
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travolta
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Post by travolta on Mar 11, 2019 16:14:39 GMT
Defending BDO technique, at this stage in the game seems ingenuous. Their delivery is sparse and abrupt and does not leave me reassured that I'm in safe hands, or that they are up to the job. Whether this is the macho email brief or the wringing of hands at the complexity of the issue. I feel that considering the cost of their employment ,a little customer relations wouldn't go amiss or are they all wordless cowboys, eyes narrowed on the screen horizon. (If it is , in fact , an' all', or just Yvonne and a couple of hours after a latte in Pret .
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chris1200
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Post by chris1200 on Mar 11, 2019 16:18:42 GMT
Defending BDO technique, at this stage in the game seems ingenuous. Their delivery is sparse and abrupt and does not leave me reassured that I'm in safe hands, or that they are up to the job. Whether this is the macho email brief or the wringing of hands at the complexity of the issue. I feel that considering the cost of their employment ,a little customer relations wouldn't go amiss or are they all wordless cowboys, eyes narrowed on the screen horizon. (If it is , in fact , an' all', or just Yvonne and a couple of hours after a latte in Pret . Yes but if they had more communication with us, then costs would be even higher and people would complain even more. I’m not happy with every aspect of this, but they just can’t win on this forum!
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11025
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Post by 11025 on Mar 11, 2019 17:37:07 GMT
Defending BDO technique, at this stage in the game seems ingenuous. Their delivery is sparse and abrupt and does not leave me reassured that I'm in safe hands, or that they are up to the job. Whether this is the macho email brief or the wringing of hands at the complexity of the issue. I feel that considering the cost of their employment ,a little customer relations wouldn't go amiss or are they all wordless cowboys, eyes narrowed on the screen horizon. (If it is , in fact , an' all', or just Yvonne and a couple of hours after a latte in Pret . Yes but if they had more communication with us, then costs would be even higher and people would complain even more. I’m not happy with every aspect of this, but they just can’t win on this forum! It isn't always about the quantity of communication - it can be about the quality and the timing of it.
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chris1200
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Post by chris1200 on Mar 11, 2019 17:49:11 GMT
Yes but if they had more communication with us, then costs would be even higher and people would complain even more. I’m not happy with every aspect of this, but they just can’t win on this forum! It isn't always about the quantity of communication - it can be about the quality and the timing of it. My point is just that, if you want more hand-holding that's all well and good, but it will increase costs (given I assume by 'quality' you mean more information, and by 'timing' you mean more frequent). Everyone is going to have a different preference on this and that's fine. This isn't the type of point I was criticising above, and I've only been dragged onto this by travolta's slightly incomprehensible rebuttal to me above. I won't say any more - let's just please stick to fair and reasonable criticism and not dream up baseless conspiracies/have a go at BDO for anything and everything just because we're all very upset about this whole thing? Thanks!
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travolta
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Post by travolta on Mar 11, 2019 21:36:30 GMT
Considering the most recent comms ,I felt my comments to be fair and reasonable, with the exception of denigrating the fictional Yvonne. Are we supposed to be held ransom by BDO because they can up their fees because some one is indicating their past performance is lacking? Shut up and put up ? Should BDO pay any attention to this forum (and they havn't shown that they do) they might take this on board and engage a more positive attitude to gain some justified approval of their efforts.
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Post by df on Mar 11, 2019 22:15:22 GMT
I can understand people being immensely frustrated with how long this process is taking, especially given we are all very concerned about our recoveries. But this constant, pointless sniping at anything and everything that BDO do or do not so is getting ridiculous. When we don't hear anything for a while, you get annoyed. When we do hear something, you get annoyed. BDO might not be doing everything in the way you'd prefer them to, and they might be charging what seem to you to be very high rates for the privilege, but they didn't cause this mess. They are just doing their job. You might think they're overpaid for it, but they're getting the market rate. You might think they should be doing it quicker, but this is difficult work. Just please, please give the constant attacks a rest. They achieve nothing and make coming to this forum to check for useful information such a chore. I guess for some venting helps so a certain degree of it is understandable, but I agree some posters are more broken record like than others. They are relatively easy to identify though, so you could try blocking their posts an explanation on how to here and/ or concentrating on the pinned 'significant information' thread which we try to update as quickly as possible - p2pindependentforum.com/post/250274/thread
I would doubt BDO themselves read much here, and maybe all the angst posted prevents venting at BDO directly. And on the other hand, when it's not overcooked, BDO's activities should quite rightly be scrutinised, because they're not guaranteed to do it right, and they should be accountable in some way.
I take it you don't have occasion to read the Lendy board then I hope they don't. Considering the amount of posts and their hourly rates, it could have a significant impact on what we are going to get back (if anything) 
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boundah
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Post by boundah on Mar 12, 2019 12:54:12 GMT
How I see it:
1. BDO are taking a very long time to unravel the mess.
2. The longer they take, the higher the bill.
However:
3. The more we complain to them, the bill goes up further.
4. If we change Administrators the clock starts again and we lose even more.
So as unhappy as I am, I'd prefer to let them get on with the job, with the occasional prod and request for justification from our worthy rep Monetus.
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Post by df on Mar 12, 2019 15:18:21 GMT
How I see it: 1. BDO are taking a very long time to unravel the mess. 2. The longer they take, the higher the bill. However: 3. The more we complain to them, the bill goes up further. 4. If we change Administrators the clock starts again and we lose even more. So as unhappy as I am, I'd prefer to let them get on with the job, with the occasional prod and request for justification from our worthy rep Monetus. I see it very much the same. No point taking any action, just wait, respond to BDO communications if/when required, and see what happens. Monetus keeps us updated as much as he can, which is great because we're not in complete darkness, but there is nothing we can do to influence a better outcome from Col saga.
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