duck
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Post by duck on Jul 15, 2024 16:33:03 GMT
Sorry can't help you on the Kypeside loan, I have no information.
As for BDO not replying all I can say is that they have not replied to my 2 emails and others that I know about, so you are not alone!
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metoo
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Post by metoo on Jul 15, 2024 18:20:27 GMT
Does anyone know why the return to investors on the Kypeside loan was so very low compared to the amount actually recovered? (less than 10% IIRC). It did involve court cases I know, but still was resolved much faster than others had been. I've tried enquiring with the administrators, but they don't seem to be replying at all. Typically because of high loan-specific costs, ie professional fees to bear. Each loan will bear general costs of the administration plus its own recovery costs. In theory there is further money to come back, but not much.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 15, 2024 18:40:59 GMT
Does anyone know why the return to investors on the Kypeside loan was so very low compared to the amount actually recovered? (less than 10% IIRC). It did involve court cases I know, but still was resolved much faster than others had been. I've tried enquiring with the administrators, but they don't seem to be replying at all. At a guess it will be be due to the retention of its share of costs which will a pro-rata % in relation to something, loan book, recovery. As one of the larger loans with a recovery, then it is probably contributing a significant amount to platform costs/fees etc which takes a chunk out of funds to be distributed. There is probably detail somewhere in the reports/court orders that defines the methodology. Third party admin costs werent that large, BDO specific costs are unknown
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metoo
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Post by metoo on Jul 15, 2024 20:16:45 GMT
Belgrave Heights had a similar gross recovery percentage on a similar size senior loan, yet 2.5x the interim payment rate. The difference has to be loan-specific costs. ![loan table](https://i.imgur.com/mASDLhZ.png)
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duck
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Post by duck on Jul 16, 2024 15:09:52 GMT
FCA stallingNote this internal review concerns the FOIs for Mattanie (Peter C's dormant company) Auri Developments (Andrew C's girlfriends company) and the 'client account' all of which showed many 'interesting' payments. The FOI's were submitted at the end of March / Start of April this year and I applied for internal review on 20th May. All my current FOI's can be found hereTalking about stalling don't forget the next 4 weekly update on our complaints is due on Friday.
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hazellend
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Post by hazellend on Jul 16, 2024 21:11:36 GMT
Belgrave Heights had a similar gross recovery percentage on a similar size senior loan, yet 2.5x the interim payment rate. The difference has to be loan-specific costs. ![loan table](https://i.imgur.com/mASDLhZ.png) Any idea how much more Darwen Belgrave senior tranche might get back beyond that 25%? I assume the 75% recovery doesn’t include costs.
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metoo
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Post by metoo on Jul 16, 2024 21:55:19 GMT
Belgrave Heights had a similar gross recovery percentage on a similar size senior loan, yet 2.5x the interim payment rate. The difference has to be loan-specific costs. Any idea how much more Darwen Belgrave senior tranche might get back beyond that 25%? I assume the 75% recovery doesn’t include costs. Unfortunately I suspect the final payment will be smaller than the interim dividend, just returning what is left of what was held back, after the further liquidation costs.
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duck
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Post by duck on Jul 18, 2024 10:55:59 GMT
Just a heads up here. A lot of people who previously complained/made representations to their MP will now have a new MP. To avoid having your hard work destroyed you will need to write to your old MP and ask for your file to be transferred to the new MP. Contacts can be found here and here. I note that new MPs are already showing. If you want to do 'belt and braces' also write to the new MP and ask them to ensure that your file is passed over. Thanks to a fellow investor for this info. If you are asking for your file/details to be transferred to a new MP you need to include words to the effect of "I give my full and explicit permission for my personal details and files to be passed to XYZ" This will allow the transfer to take place without anybody from the constituency office (or the MP) having to contact you with a form to sign to allow the transfer to take place. GDPR requirements etc.
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registerme
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Post by registerme on Jul 18, 2024 11:29:33 GMT
Another useless "update" from the FCA.
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jcb208
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Post by jcb208 on Jul 18, 2024 11:31:27 GMT
The email has arrived ,complaint kicked down the road as expected and may now not be answered by the end of the summer
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duck
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Post by duck on Jul 18, 2024 11:49:38 GMT
and the exact words
Quelle surprise
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duck
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Post by duck on Jul 19, 2024 6:09:10 GMT
When reading the latest BDO report did anybody notice the use of " potential loans" made with reference to the chattels loans? For those that invested in these loans they were not 'potential' they were actual loans ..... or at least were presented to them as being so. So what about these loans? BDO were presented with a very incomplete list that they worked from. Investors presented BDO with full details of I believe, every chattel loan. BDO have stated in their annual reports that they have continued to investigate these 'potential loans' but the latest report basically closes the matter. The Curries were unfortunately unable to remember anything about these loans when interviewed under caution by BDO (frighteningly bad memories the pair have!) So what about the FCA's role? The FCA had full access to the Col site so saw the 'potential loans'. Add to that the fact that Collateral supplied details of its loan book to the FCA in October 2016. Things must have concerned the FCA since in May 2017, after 6 months discussion, Collateral agreed with the FCA to cease making chattel loans. Of course investors were never told about this. Then of course everything gets murky. How much work has been put into the chattels by the powers that be? Only they know. The FCA have only said "We can confirm that the FCA obtained and reviewed information relating to the chattel loans." (FOI10230) That's it. So I have raised a FOI asking the very basic questions To my eyes the subject of the chattels have been swept under the carpet which has then been trodden down. My thoughts are contained in the FOI FWIW I had very little in the chattels but I simply hate seeing inconvenient matters being hidden away for the convenience of others.
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Post by 999william on Jul 19, 2024 11:30:35 GMT
[quote author=" duck" source="/post/496625/thread" timestamp=[/quote] FWIW I had very little in the chattels but I simply hate seeing inconvenient matters being hidden away for the convenience of others.[/quote] Pretty much all my investments in Collateral were in chattels as I sought to diversify from property investments in other P2P operators...for this reason I'm particularly interested in what your research has been revealing...As a complainant who has been receiving can kicking emails from the FCA for 6 years now, I hope to live to see the day where the FCA own their errors and compensate investors for the losses they contributed to....time to write to my new MP I think...
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duck
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Post by duck on Jul 26, 2024 9:44:51 GMT
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averageguy
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Post by averageguy on Jul 26, 2024 18:43:45 GMT
[quote author=" duck " source="/post/496625/thread" timestamp= FWIW I had very little in the chattels but I simply hate seeing inconvenient matters being hidden away for the convenience of others.[/quote] Pretty much all my investments in Collateral were in chattels as I sought to diversify from property investments in other P2P operators...for this reason I'm particularly interested in what your research has been revealing...As a complainant who has been receiving can kicking emails from the FCA for 6 years now, I hope to live to see the day where the FCA own their errors and compensate investors for the losses they contributed to....time to write to my new MP I think...[/quote] likewise!
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