URGENT: Media opportunity for Radio 4's Money Box show

Sorry can’t make it but please can someone bring up the fiasco of collateral being regulated by FCA when they weren’t and ask if the FCA feel responsible for investors having faith in that fiasco...and compensation. I cannot get tomorrow off sadly.

Monetus. I know you are on the lenders board for the collateral fiasco. Can i just ask would there be any reason why Collateral borrows where not given an opportunity to join an action group like this and have the option to go onto the radio to discuss how they were cheated and robbed.
I know Lendy is a bigger fish due to the amounts of the loans in default ( although saying that i know money is money but it appears the majority of people who post on here only have a few hundred quid tied up and they certainly have plenty to say ) but it just seems recently that every post i read people are running up and down corridors to spread the word that we all need to club together which is correct but that never happened over the road for collateral investors
I dont remember that happening for collateral investors. You of all people have a bigger insight into what is going on at the moment and there appears very little.
I get the impression we have been forgot about and are not as important. Maybe i am way off the mark What do you think?

Or because everyone anticipated BDO doing a top notch job?

This is a good question and I am glad you raised it actually. The simple answer is that a group like this wasn't formed for Collateral because enough investors didn't work together in order to create one.

Unfortunately the Lendy collapse was always likely to attract more media attention purely because it's a significantly larger platform. While I may appear to be one of the public "faces" of this Lendy Group I can assure you that countless people are involved and this is a huge collective effort with a significant number of investors working on it (and we need more help urgently as it's growing rapidly!) Organising something like this needs a huge amount of coordination and requires a significant amount of time, energy and resources. We will soon be appealing for more help from here and other forums also as there are many capable people here in the P2P community who can help make a difference.

In all honesty it would have been much easier for me to just sit back and do nothing and be a passive observer of the whole thing as I am extremely busy personally right now and also with my own business. I have been pretty much full-time on this whole thing since Friday 24th May to the detriment of my work (and amazing and extremely patient wife!) However, having been involved with P2P for a number of years I just cannot sit back in good conscience and watch another P2P disaster unfold without at least making an effort to try and do something about it. 

In regards to Collateral, I am currently on the Creditors Committee so I am of course bound by a strict NDA which limits the amount of information I can share publicly to virtually nothing. This isn't the case with Lendy - I am able to speak freely. It would be unrealistic for me to start an action group for Collateral now as I wouldn't be able to say anything. However this doesn't mean someone else can't? There is absolutely nothing stopping anyone from forming a Collateral Action Group but it has yet to materialise. 

The other difference is that prior to the Collateral administration I also had no experience whatsoever of dealing with administrators, lawyers, legal frameworks or insolvency practitioners. Even though the circumstances are clearly awful, the Collateral situation has given me some extremely valuable experience that I otherwise wouldn't have had. To be honest I'm not even sure I would have had the confidence to be involved in setting up something like this until now. 

I can understand where you are coming from, but I can assure you that I am still putting a huge amount of time and attention into the Collateral administration (I have been in communication with BDO several times already this week and there is a Creditors Committee meeting coming up shortly on the 18th of June). On a personal note I also have significantly more capital invested in Collateral than I do Lendy so I most certainly will not be forgetting about all you Collateral investors

The main focus of the segment is the FCA's new regulations and whether or not they make any difference to investors. There will be the opportunity for some Lendy chat regarding your experience but the new rules are the primary topic. 

I can't do interview, but agree supporting lenders, eg forcing mandatory information on each loan, clear indication of how money could be lost (none of this currently covers how money lost at Ly for example). If the Government are keen for this sector to work, then they can't stand back and treat investors as supposedly wealthy who can take the hit/be the collateral damage in order to support SME and others (no pun wished). They shouldn't see it as some form of additional taxation on the wealthy (where it 'doesn't matter' that some money is lost), as it's not only the wealthy who invest.

I find it quite hard to envisage a situation where a person appearing on a show like this could appropriately represent the entire investor base, and worry that it could all too easily end up being "car crash TV" (or radio) eg the investment equivalent of the Jeremy Kyle show.  This won't serve anybody well.

Certainly the evidence to date suggests that the BBC (and Times, and Telegraph etc) might be more interested in sensationalist journalism than they are in balanced, reasoned, analysis.