I'm unsure exactly what teeth the CC has but I had concerns at the start when I discovered a majority of people on the Committee had BDO connections. It's clear to me the interests of the people on the Committee do not align with mine and it's inevitable they will act in the best interests of themselves and those they represent, rather than individual, small scale 'man/woman in the street' type savers/investors.
That's interesting. Can you elaborate please?
According to the COM1 form lodged at CH, the committee members are:
A*** B**** (on here as Monetus ) P**** L******* R****** W****** S****** W****** and, in a Corporate capacity, BondMason Client Limited
which of those have 'BDO connections' and were those connections declared before or after election / selection to the Committee?
For disclosure, the only connection I have with BDO is a couple of free pens and perhaps some mints from the previous Committee Meeting.
Are they now ornamented with bits of pocket fluff, as all self-respecting surreptitiously squirreled away mints should be ? Or were they "fancy mints", each with their own individual wrapper to safely ring fence your asset ?
Can I just mention that I edited one line of my post shortly after making it but somebody was very quick off the mark and managed to quote what I wrote originally. It should be clear what I refer to and I don't wish to re-quote it.
I wrote what I wrote because I believed it to be true based on my recollection of connections that were revealed some time ago. I think it may have been at the time before the committee was formed and the applicants' credentials were being scrutinised. However I promptly realised I was not able to corroborate it with evidence and that's why I changed my post.
I thank Monetus for his response and I thank him for his efforts, on all our behalves.
The golden days of P2P lending are well behind us, in my opinion. I am now retired from active P2P investing and the undertaking of due diligence. Just awaiting resolution of 2 DEF loans in LY; 2 DEF loans in MT and my entire COL investment.
I know I was in at least a couple of car loans so unlike precious metals/stones they do tend to lose value as they get older. Looking forward to getting updated at some point as to why they weren't sold off earlier.
They say they have taken action over 14 further properties but list 9. Were some of those > 1 loan? I thought there were a lot more property loans but time does make one confused - if only 2 are yet to have enforcement action taken, have the others (if my memory isn't playing up) sold?
There were any number of loan tranches (Col used to call them / notate them as DL or Development Loans). One property, for student accommodation in Bolton, had in the region of 30 DLs in addition to the original 'BL' for £1.6mm. I say 'in the region of' as it is unclear as to whether all 30-odd listed DLs drew down or not.
As for distinct properties, my records show 36 as being outstanding, but 12 of those are individual units on some further student accommodation, this time in Bradford. These did all have unique 'BL' numbers, though.
Re: Sales - to date 7 redemptions have been achieved
I think these can be considered the 'low hanging fruit' - comparatively low value, straight forward transactions. Thanks for the details, but may I ask where did you get these details from, as I don't seem to have received any email / updates from BDO. Also, the OP states 000056 (Wallsend) Loan had a Principal Loan of 122,500 whereas your list shows 80,500 (Principal) and 85,000 (Recovered). Are these 2 separate Loans ?Thanks for the details, but may I ask where did you get these details from, as I don't seem to have received any email / updates from BDO. Also, the OP states 000056 (Wallsend) Loan had a Principal Loan of 122,500 whereas your list shows 80,500 (Principal) and 85,000 (Recovered). Are these 2 separate Loans ?
Thanks for the details, but may I ask where did you get these details from, as I don't seem to have received any email / updates from BDO. Also, the OP states 000056 (Wallsend) Loan had a Principal Loan of 122,500 whereas your list shows 80,500 (Principal) and 85,000 (Recovered). Are these 2 separate Loans ?
Which loans which have redeemed is mostly from this update listed on the BDO portal for this Liquidation.
The loan references came from my own records. There are two Wallsend loans: 0057 is 'Gardens' @ £122.5k; this one, 0056, is 'Road' @ £80.5k.
Hope that helps...
"The risk of financial loss when investing in p2p loans is real, and relying on info posted on a chat forum to make decisions on investments is crazy." [source]
Do BDO have the right to use the monies from these loans to use against recouping the outstanding loans ??
I think you'll find that the liquidator's right to be paid takes precedence over almost everything else - it kind of has to be that way, or no-one would ever take on the role.
For that reason I would never have expected any payout until they got to a point where they at least had a reasonable view of how everything was likely to turn out, when partial payments should be possible. Hopefully some time in 2020!