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Post by ss5678 on Jun 6, 2019 13:44:19 GMT
Hi Collateral Investors,
I am not sure if it is too late to form a group like this as Collateral has reached liquidation stage. The key question is how much capital each investor can get back and are we as lenders happy with the BDO's fee, actions, etc so far?
What I can do is to contribute a closed-group website like lendyactiongroup.co.uk. But I need someone to step in for legal framework, negotiation/dialogue, etc.
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james21
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Post by james21 on Jun 6, 2019 14:31:37 GMT
would join facebook page, not sure I have much to contribute though. Not happy with administrators from the point of view of communication , its dire
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boundah
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Post by boundah on Jun 6, 2019 15:08:13 GMT
Hi Collateral Investors, I am not sure if it is too late to form a group like this as Collateral has reached liquidation stage. The key question is how much capital each investor can get back and are we as lenders happy with the BDO's fee, actions, etc so far? No. But AFAIK the only other options are to take them to court or have them replaced as administrators. Either option would cost vast amounts and drag the process on even longer, with no guarantee that whoever takes over would be any faster or cheaper.
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duck
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Post by duck on Jun 6, 2019 17:20:29 GMT
would join facebook page, not sure I have much to contribute though. Not happy with administrators from the point of view of communication , its dire Administrators have to report every 6 months, liquidators I believe once a year. So far BDO have kept to their legal requirements and I see no reason why they won't continue to do so. I have already established that BDO charge the 'going rate' for fees (the Lendy Administrators fees are very similar) yes they are (IMHO) ridiculously high but even if BDO were replaced the p/h costs would not alter but the total bill would be higher. Unfortunately with the liquidation what will be will be. That said the FCA made 'mistakes' wrt Col and I can assure you that they are being pursued by several determined Col investors. The Complaints Commissioner is already 'on the case' and when losses are eventually crystalised (following the liquidation) claims will be made to the FCA for these losses. Parliament and the press are already aware of the issues. The Lendy action group is through necessity attacking the problem in a different way. Lendy was regulated but there are questions for the FCA to answer, these questions are already being asked.
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trevor
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Post by trevor on Jun 6, 2019 17:37:49 GMT
No point to an action group. BDO are in charge and no chance of getting them removed and if you do it will just add to expenses and less for us.
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Post by elephantrosie on Jun 6, 2019 21:50:33 GMT
i think its a good idea to have a support group.
btw has anyone received letters (not emails) from BDO?
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Post by df on Jun 6, 2019 22:23:38 GMT
Hi Collateral Investors, I am not sure if it is too late to form a group like this as Collateral has reached liquidation stage. The key question is how much capital each investor can get back and are we as lenders happy with the BDO's fee, actions, etc so far? What I can do is to contribute a closed-group website like lendyactiongroup.co.uk. But I need someone to step in for legal framework, negotiation/dialogue, etc. Nobody can answer "the key question", even BDO. This is something we are to find out at some point regardless... Whether we're happy with BDO or not, I don't think any interference at this stage will be fruitful and can potentially jeopardise the outcome.
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7d7
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Post by 7d7 on Jun 7, 2019 20:21:45 GMT
Regarding capital repayment, it appears the process will be abandoned till the very end, possibly after the JA have informed us of their final bill.
The issue with their liquidation phase is there are no predetermined limits. The meagre information provided on the loan book, the nonexistent response from their dedicated email address coupled with the lack of incentives to ensure they move expeditiously could leave us in the dark for years to come. Although the FCA is to blame for the entire saga, they are beyond reach till their investigation comes to fruition.
Such a group may be useful in pursuing complaints re the conduct of the JA via the gateway of the Insolvency Service (www.gov.uk/complain-about-insolvency-practitioners) if the regulatory body is willing to intervene in an insolvency case.
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Post by elephantrosie on Jun 8, 2019 18:58:57 GMT
are borrowers still paying the loans?
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Godanubis
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Post by Godanubis on Jun 9, 2019 13:00:07 GMT
are borrowers still paying the loans? "Borrowers " are people there are some that will stick to their contracts and pay, others may try to get some advantage from the situation. NONE of them would be able to dispose of a secured asset without the debt being discharged by Lendy ET al .
I would doubt any business would be able to sustain viability with large debts accumulating. Some may go under. The Security then belongs to BDO and ultimately us.
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tombraider
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Post by tombraider on Jun 9, 2019 18:51:20 GMT
Regarding capital repayment, it appears the process will be abandoned till the very end, possibly after the JA have informed us of their final bill. The issue with their liquidation phase is there are no predetermined limits. The meagre information provided on the loan book, the nonexistent response from their dedicated email address coupled with the lack of incentives to ensure they move expeditiously could leave us in the dark for years to come. Although the FCA is to blame for the entire saga, they are beyond reach till their investigation comes to fruition. Such a group may be useful in pursuing complaints re the conduct of the JA via the gateway of the Insolvency Service (www.gov.uk/complain-about-insolvency-practitioners) if the regulatory body is willing to intervene in an insolvency case. It’s the complaint against FCA that needs the group approach. Realistically I’d be surprised to get any money back from the actual administration ( lendy is different ). The real issue here is the FCA incompetence. That’s the time for the action group when we know our shortfall in returns.
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7d7
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Post by 7d7 on Jun 10, 2019 10:42:57 GMT
'It’s the complaint against FCA that needs the group approach.'
Acknowledged. Nevertheless, the FCA is off the hook till their investigation concludes. Some of us have submitted complaints individually which are still pending.
'That’s the time for the action group when we know our shortfall in returns.'
It's a difficult call but the JA could drag its heels till we forget what we are bleating about.
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Post by ss5678 on Jun 10, 2019 11:03:39 GMT
'It’s the complaint against FCA that needs the group approach.' Acknowledged. Nevertheless, the FCA is off the hook till their investigation concludes. Some of us have submitted complaints individually which are still pending. 'That’s the time for the action group when we know our shortfall in returns.' It's a difficult call but the JA could drag its heels till we forget what we are bleating about. Analysing the current situation, I list down a few options on the table: 1. Send a CAG-led strong letter to FCA to express lenders' dissatisfaction about the current administration. 2. Remove BD* from current administration via court application and appoint a new independent Administrator led by CAG. 3. Launch legal proceeding to current administration in Court to cap the administration fee. 4. Express lenders' strong view to wind up the administration and cap the fee via CC. A very good lawyer will be needed to take this forward may be on "no win no fee"... It is not administrator's fault in that administrators are all like that. They are inefficient, high fee and not really in to protect lenders. Lenders should avoid administrators at all costs because "IF" I have a choice looking back, lenders would crowdfund some money to take over the business themselves and wind down the loan book orderly...I believe lenders will do a much better job at much lower costs...
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iRobot
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Post by iRobot on Jun 10, 2019 11:42:04 GMT
'It’s the complaint against FCA that needs the group approach.' Acknowledged. Nevertheless, the FCA is off the hook till their investigation concludes. Some of us have submitted complaints individually which are still pending. 'That’s the time for the action group when we know our shortfall in returns.' It's a difficult call but the JA could drag its heels till we forget what we are bleating about. Analysing the current situation, I list down a few options on the table: 1. Send a CAG-led strong letter to FCA to express lenders' dissatisfaction about the current administration. 2. Remove BD* from current administration via court application and appoint a new independent Administrator led by CAG. 3. Launch legal proceeding to current administration in Court to cap the administration fee. 4. Express lenders' strong view to wind up the administration and cap the fee via CC. A very good lawyer will be needed to take this forward may be on "no win no fee"...It is not administrator's fault in that administrators are all like that. They are inefficient, high fee and not really in to protect lenders. Lenders should avoid administrators at all costs because "IF" I have a choice looking back, lenders would crowdfund some money to take over the business themselves and wind down the loan book orderly...I believe lenders will do a much better job at much lower costs... I can foresee several hurdles: This: What 'winnings' will the lawyer take their fee from? This: In order to run the company, the 'lenders' would need to be FCA regulated. Would such qualified lenders exist? Especially given that ... Also: Finding a group of lenders to run the wind down that are universally aligned with all other lenders wouldn't be easy. Some will have preferences over the outcome of certain loans versus others. How would that be resolved? (And why do so many posters put asterisks on BDO ?? )
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duck
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Post by duck on Jun 10, 2019 11:43:26 GMT
.... Nevertheless, the FCA is off the hook till their investigation concludes. Some of us have submitted complaints individually which are still pending. .... I can assure you they are not. Matters have been escalated and time limits for completion / updates are being discussed. I would love to post more but am aware of the footer to FCA Emails especially the bit I have bolded. This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority.
There is unfortunately nothing in any of my Emails that says what (if anything) in any of my communications is covered by this sentence so I am treading carefully. The crux of the matter is that until the Liquidation is completed (another year?) losses will not be crystallised. In the meantime work continues 'quietly'.
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