duck
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Post by duck on Nov 28, 2019 4:22:54 GMT
So if I invested a load of money in Col, received a load of interest, but sold out because I could see the sticky brown stuff was about to hit the fan ..... your'e saying I should give the interest back in order that I was in the position that I was in before investing? No. If you have sold out you will not have submitted a complaint and therefore will not be in the 'conversation' wrt ex-gratia payments. If you were an investor when the FCA forced closure you will (or at least should have) received interest. Countering that we have so far 20 months* of lost 'opportunity'. Then there is Tax paid, lower or higher rate? Did you offset losses on other platforms against Col interest? Will crystalised losses be offset-able against Tax? So far my 13/02/19 letter to HMRC (and follow up 31/10/19) remain unanswered. Oh and you can add in the taxable position of ex-gratia payments. HMRC rules (unsurprisingly) do not cover ex-gratia payments of the type we hope to be paid. As you can see this can and probably will get horribly complicated. The position taken so far is a simple laying out investors positions so that everybody understands the problem/solution and that an apology will not be sufficient**. The FCA caused investors to loose money and should therefore be liable to make good the losses. you are right there multiaccountmanager *expect this to increase to 32 to 38 at a rough guess (I have no inside knowledge of the Admin/liquidation) ** that might be harder to extract than a payment!
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Post by multiaccountmanager on Nov 28, 2019 16:33:54 GMT
So if I invested a load of money in Col, received a load of interest, but sold out because I could see the sticky brown stuff was about to hit the fan ..... your'e saying I should give the interest back in order that I was in the position that I was in before investing? No. If you have sold out you will not have submitted a complaint and therefore will not be in the 'conversation' wrt ex-gratia payments. If you were an investor when the FCA forced closure you will (or at least should have) received interest. Countering that we have so far 20 months* of lost 'opportunity'. Then there is Tax paid, lower or higher rate? Did you offset losses on other platforms against Col interest? Will crystalised losses be offset-able against Tax? So far my 13/02/19 letter to HMRC (and follow up 31/10/19) remain unanswered. Oh and you can add in the taxable position of ex-gratia payments. HMRC rules (unsurprisingly) do not cover ex-gratia payments of the type we hope to be paid. As you can see this can and probably will get horribly complicated. The position taken so far is a simple laying out investors positions so that everybody understands the problem/solution and that an apology will not be sufficient**. The FCA caused investors to loose money and should therefore be liable to make good the losses. you are right there multiaccountmanager *expect this to increase to 32 to 38 at a rough guess (I have no inside knowledge of the Admin/liquidation) ** that might be harder to extract than a payment! Regrettably I don't have the skills when using my phone to make tidy partial working forum replies. On a lighter note, perhaps there will be so much money coming to lenders in ex gratia payments and so on that the politicians swerve and informal guidance is given that surely it was evident this whole sector was unsound so anyone investing in it is liable to have done the same with any compensation, hence they would be back in the same position again if we gave them a payment. Hence there can be set up a never ending loop of compensation deemed to be badly reinvested without cash movement about which the lenders claim again, and HMG need not make any payments (however the bureaucracy will be happily expanding). Yes Minister.
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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 Nov 29, 2019 1:58:58 GMT
Well we have the answer now ! Good news on outcome of investors being voted onto CC.
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Mucho P2P
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Post by Mucho P2P on Nov 30, 2019 21:09:49 GMT
My guess FCA will not become involved until after the final report of the Administrators. My guess is that they wont become involved at all, unless they are forced to, and cant see that happening without a major legal battle.
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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
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Post by Godanubis on Nov 30, 2019 23:19:21 GMT
My guess FCA will not become involved until after the final report of the Administrators. My guess is that they wont become involved at all, unless they are forced to, and cant see that happening without a major legal battle. Don’t worry they won’t need to get them involved as we will get everything paid. Jo Swinson school of likely outcomes along with her as PM in a carbon neutral UK 🇬🇧
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taffy
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Post by taffy on Dec 16, 2019 10:53:06 GMT
Well we have the answer now ! Good news on outcome of investors being voted onto CC.Has it been determined for certainty which investments via the site are being classed as Investments or Creditors? I`m lucky enough to have investments in Lendy as well (who said the Welsh were dumb?) and their administrators seem to have things sorted. My loans made when Lendy was Saving Stream were loans to Lendy to lend on to borrowers (Model 1 Loans) and are classed as Creditors, later loans made though Lendy as an intermediary (Model 2 Loans) are classed as investor. Incidentally, money being returned into my cash account as loans are recovered are easily transferred to my bank account. Do we have the right Administrators here at F.S. ?
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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.
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Post by Godanubis on Dec 17, 2019 1:05:30 GMT
Latest 4 loans in last month I had something in that were paid back were 100% successful so no complaints yet. Overall still very much ahead so happy to see how things pan out.
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taffy
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Post by taffy on Dec 17, 2019 9:53:38 GMT
Paid back and you have transferred the money into your bank account? Thought not!
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criston
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Post by criston on Jan 5, 2020 19:29:49 GMT
The following statement has been made on the FCA website.
'The administrators, CG Recovery Ltd, are now responsible for the business of Funding Secure Ltd. Among other things this means that they will seek to operate the P2P platform and credit investors with return of capital and interest as per the terms you have signed up to.'
1) This implies we are investors.
2) This is what we signed up to.
It was the FCA who were supposed to ensure FS complied with those terms.
I am wondering if the administrators were given this brief by the FCA.
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adrian77
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Post by adrian77 on Jan 5, 2020 20:05:50 GMT
glad to hear it but are you expecting to be compensated for the additional time the money is frozen - if we have to wait a year for our interest then it is really going to hammer to actual rate returned (per annum) and that is before admin fees etc whatever they will be!
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Mucho P2P
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Post by Mucho P2P on Jan 5, 2020 20:25:41 GMT
The following statement has been made on the FCA website. 'The administrators, CG Recovery Ltd, are now responsible for the business of Funding Secure Ltd. Among other things this means that they will seek to operate the P2P platform and credit investors with return of capital and interest as per the terms you have signed up to.'1) This implies we are investors.
2) This is what we signed up to.
It was the FCA who were supposed to ensure FS complied with those terms.
I am wondering if the administrators were given this brief by the FCA. is the operative word here.
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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.
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Post by Godanubis on Jan 5, 2020 20:53:39 GMT
glad to hear it but are you expecting to be compensated for the additional time the money is frozen - if we have to wait a year for our interest then it is really going to hammer to actual rate returned (per annum) and that is before admin fees etc whatever they will be! I’d be happy with current capital return as previous returns mean a profit overall. Obviously the more the merrier and with capital return minimum return. The quicker the resolution the more interest I would be prepared to give up. With similar amounts in S&S last year were down 15% at one point. Happiness depends on actual time you need to realise an investment. Thousands of people in negative equity will never be affected because they have no immediate need to liquidate their investment and will probably make a profit when they eventually do. Others will lose unfortunately that’s life. Peoples choice in the election means fewer of us will end the financial year in a poorer position overall.
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