Monetus
Member of DD Central
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Post by Monetus on Jul 4, 2019 16:15:07 GMT
A much-needed post paul123 thanks for sharing. I know this situation is a real shock and a very unfortunate and difficult time for many. I've personally received a couple of messages from people suggesting they are feeling suicidal in recent weeks due to over-investing in P2P as they have now lost their only income source. I would urge anyone who is struggling mentally due to the Collateral/Lendy situations to please find someone to talk to about their feelings and seek help/professional advice if appropriate. I can assure you that you are not alone. |
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Post by rooster on Jul 4, 2019 21:49:21 GMT
Couldn't agree more. And it goes without saying that how impacted you are by Lendy's spiral, won't be related to how much money you've invested, more what percentage of total disposable income you've invested.
Keep your eyes on the horizon desperate friends, the next milestone is the Administrator's report. Anything could be in it!
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Post by rhea117 on Jul 5, 2019 9:54:58 GMT
If hundreds of people all wrote to BBC Watchdog and said how we have been let down by the FCA not "regulating" the cowboy LB and how the RICS valuations were very poor - would they do a piece on this P2P disaster?
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jul 5, 2019 11:54:39 GMT
If hundreds of people all wrote to BBC Watchdog and said how we have been let down by the FCA not "regulating" the cowboy LB and how the RICS valuations were very poor - would they do a piece on this P2P disaster? I think the actual lack of any investigation etc. is due to the fact none of the current potential (Hate that word) disasters have given any exact losses either of money or investors who have an identifiable actual loss.
Until they are given figures there is nothing to blame anyone for. Only after resoloutions will any there be identifiable loss where blame can be investigated.
Money tied up for long periods is very bad for most and a disaster for others. The links and comments given in this thread are a lifeline and a stark warning to others complacent with P2P investing.
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Post by rhea117 on Jul 5, 2019 18:21:41 GMT
If hundreds of people all wrote to BBC Watchdog and said how we have been let down by the FCA not "regulating" the cowboy LB and how the RICS valuations were very poor - would they do a piece on this P2P disaster? I think the actual lack of any investigation etc. is due to the fact none of the current potential (Hate that word) disasters have given any exact losses either of money or investors who have an identifiable actual loss.
Until they are given figures there is nothing to blame anyone for. Only after resoloutions will any there be identifiable loss where blame can be investigated.
Money tied up for long periods is very bad for most and a disaster for others. The links and comments given in this thread are a lifeline and a stark warning to others complacent with P2P investing.
Thanks, good point. BBC Watchdog in 2024 then.
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Post by rooster on Jul 5, 2019 20:22:55 GMT
I think the actual lack of any investigation etc. is due to the fact none of the current potential (Hate that word) disasters have given any exact losses either of money or investors who have an identifiable actual loss.
Until they are given figures there is nothing to blame anyone for. Only after resoloutions will any there be identifiable loss where blame can be investigated.
Money tied up for long periods is very bad for most and a disaster for others. The links and comments given in this thread are a lifeline and a stark warning to others complacent with P2P investing.
Thanks, good point. BBC Watchdog in 2024 then. I like your thinking though. I'd be happy to contact them when the time's right. Keep me in mind.
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Post by brightspark on Jul 5, 2019 21:09:41 GMT
So before anyone can announce a loss it has to be made "official". Load of codswallop. Investors were deceived by operatives who traded as though Collateral was FCA Regulated even though it wasn't. Anything subsequent to its collapse into Administration is just a tidying up of the mess left behind. If investors get anything at all back in recovery they will be very lucky. By accepting the delusion that the saga is still on-going wishful thinking is perpetuated. Investors have jointly lost most of £17M or thereabouts in Collateral. This pales into insignificance when compared to Lendy losses which are going to be much larger. When you think that practically any Tom, Dick or Harry can set up a p to p platform it is not surprising that a substantial minority of the get rich quick fraternity have been attracted. No need to con OAPs over the phone. Just open a platform offering investments at 12% and money will be thrown at you.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jul 7, 2019 9:08:01 GMT
So before anyone can announce a loss it has to be made "official". Load of codswallop. Investors were deceived by operatives who traded as though Collateral was FCA Regulated even though it wasn't. Anything subsequent to its collapse into Administration is just a tidying up of the mess left behind. If investors get anything at all back in recovery they will be very lucky. By accepting the delusion that the saga is still on-going wishful thinking is perpetuated. Investors have jointly lost most of £17M or thereabouts in Collateral. This pales into insignificance when compared to Lendy losses which are going to be much larger. When you think that practically any Tom, Dick or Harry can set up a p to p platform it is not surprising that a substantial minority of the get rich quick fraternity have been attracted. No need to con OAPs over the phone. Just open a platform offering investments at 12% and money will be thrown at you. " Investors have jointly lost most of £17M or thereabouts in Collateral" As the Lib dems say "Bollocks" . the assects are still assets and recoverable good borroweres will still pay back others will have assets taken. Collateral would have been sorted long ago hade the books beem in order. The law requires a demonstratable loss to claim. That is why "parking charge notices" are rarely enforcable in Scottish law as taking a space in a free carpark involves no loss.
Case to judge. "Can I have money from mr Collateral/Lendy as they have lost it.?"
Judge to Mr Colleteral/Lendy. "Have you lost his money ?"
Mr. Collateral/Lendy to judge. " I may have lost some but at the moment I am collecting all funds due to me and will advise client when this process is over.
Judge to you. "Go away and come back when you have actually lost somthing outwith the risks mentiond in your contract with Mr. Collateral/Lendy"
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Post by brightspark on Jul 7, 2019 9:57:23 GMT
Again the delusion that the investments have not in the main been lost is perpetuated. Wishful thinking.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jul 7, 2019 10:12:49 GMT
Again the delusion that the investments have not in the main been lost is perpetuated. Wishful thinking. Happy to agree if you can show me how a building and land disappear. Or show what nobody else has done with Lendy/Collateral (or any P2P platform) actual written down verified 100% loss on any asset backed first charge loan.
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Post by brightspark on Jul 7, 2019 11:57:47 GMT
Buildings and land do not "disappear" but the investor tied up capital value can be lost or be unavailable for so long as to be effectively denied. It is usually not in the interests of a platform to write down many poor loans which effectively become investment zombies. The Lendy so-called London loan would be one such and the FC series of London loans would be another. Doubtless other investors can think of more. Lendy has had some of my money doing nothing now for nearly 2 years whilst Collateral still owes me a chunk and I very much doubt I shall see much back after the recovery feeding frenzy.
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