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Post by Mr Baggy on Mar 5, 2020 19:50:30 GMT
Out of interest where is our money at the moment and who's gaining from it?
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iRobot
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Post by iRobot on Mar 5, 2020 20:12:16 GMT
Out of interest where is our money at the moment Any number of answers to that: - Sums from lenders' credit balances - in a bank account under the control of the Liquidators1
- Sums from loan redemptions - in a (separate) bank account under the control of the Liquidators1
- Sums 'lent' to borrowers - (possibly) in a bank account, (definitely) not under the control of the COLs Liquidators (but maybe the borrower's Administrators / Liquidators)2
- Some funds may have found their way into actual development projects3
1 - the Liquidators are being paid for out of these sums, so the longer the process continues, the greater the benefit to those Liquidators 2 - if there is anything in the Borrowers' bank accounts (extremely unlikely), Lenders will need to wait a looooonnng time before seeing anything - and as time passes, see 1 above 3 - those projects may or may not be in a state where those funds have enhanced the value, either way sales of distressed development sites (ie partially finished and in a 'forced sale' scenario) are incredibly difficult to sell at anything like their cost price. Difficulty equals time and - yeah, you got it - see 1 above
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ilmoro
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Post by ilmoro on Mar 5, 2020 20:40:55 GMT
Out of interest where is our money at the moment and who's gaining from it? Any recoveries & univested cash will be sat in a client account, everything else is in somebody else's account.
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GeorgeT
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Post by GeorgeT on Mar 6, 2020 22:55:52 GMT
On the failed L platform investors/lenders are getting some money back as and when loans are redeemed or the assets are sold off.
We know that several of the COL assets have been sold for amounts that fully covered the loan, namely several smaller residential properties in the north of England.
Why haven't funders of those loans had a percentage of their cash back.
Presumably BDO are recording their time spent and therefore fees against each individual loan.
Also, when some people had cash balances/cash on account, why has this money still not been returned to them when we are now into the 3rd year of the administration/liquidation.
These are not rhetorical or sarcastic questions, I would really like to know.
I can't remember the last time I heard a peep from BDO. I know they may not be legally required to contact me more than once a year but in view of the massive fees they are charging and racking up it's a very poor show.
I remember being criticised at the time when I objected to certain people who were anxious to get on the creditors' committee coming on here telling us how we should back BDO and how BDO were ready to hit the ground running and sort it all out for us.
It all feels like a big stitch up to me but answers to the questions I posed earlier in this post would still be appreciated.
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tony
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Post by tony on Mar 8, 2020 19:31:05 GMT
Has anyone ever received a reply to an email they sent to BDO and, if they did, how long did they wait for it and did it address the issue raised?
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Post by synchrony on Mar 9, 2020 9:22:17 GMT
I never have. I emailed them in 2018 to tell them I have changed my address and received no acknowledgement. So I can only hope they actually took note of this.
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min
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Post by min on Mar 9, 2020 16:46:41 GMT
I never have. I emailed them in 2018 to tell them I have changed my address and received no acknowledgement. So I can only hope they actually took note of this. Had the same. Emailed them 2 or 3 times to tell them that I had changed my email address. Zilch! Eventually got picked up by one of the committee who assured me that he had got my address changed but I have no proof of this as I've not received an email from them to my new address. A bigger bunch of cowboys would be hard to find.
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michaelc
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Post by michaelc on Mar 9, 2020 17:04:08 GMT
Can't resist venting my frustration either. Lendy admin has started making some payments, FundingSEcure admins made their first payment today.
Still fk all from these vultures at COL and fk all information either.
Even the guy we voted on to the committee whilst doing a great job at the start has abandoned ship so very little info out of that route either. Note I'm sure he had very good personal reasons and I'm not blaming him personally especially if something not good happened in his life to pre-empt it. But why then isn't there a route to put in a new committee member?
Meanwhile the FCA who stated via their official register that this company was authorised/allowed/whatever now seems to be taking years deciding what to do to solve the mess they created. They are like the p2p companies themselves except their currency is complaints not loans. They seem only capable to kick the complaint can down the road forever. They need to admit they made a big mistake and consider whether and to what extent COL would have attracted the investments it did if it was known it was in fact wholly unregulated. I suspect most wouldn't touch an unregulated company.
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duck
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Post by duck on Mar 9, 2020 18:33:25 GMT
..... Meanwhile the FCA who stated via their official register that this company was authorised/allowed/whatever now seems to be taking years deciding what to do to solve the mess they created. They are like the p2p companies themselves except their currency is complaints not loans. They seem only capable to kick the complaint can down the road forever. They need to admit they made a big mistake and consider whether and to what extent COL would have attracted the investments it did if it was known it was in fact wholly unregulated. I suspect most wouldn't touch an unregulated company. Whilst I am as frustrated as every other Col investor if you listen carefully to Mr Bailey's statement at the recent Treasury Committee hearing he admitted to 'biggest one' which is pretty far down the road. I have no doubt that the FCA know exactly how large the failures are, it is not just the register being referred to. As I have said in other posts/threads the problem we have is that no actual losses can be stated at present and until the investigation is cleared (as matters are discovered by BDO they will add to the investigation) the Complaints cannot be answered. Whilst I'm not close to the liquidation I know there are some real issues with the chattels and some real large losses pending on the property loans. I have no doubt this will be tied into the FCAs investigation. So what we have is an unholy mess which started with the FCAs acceptance of the 4A approval right through to the eventual liquidation. Little did I know what I was getting into 2 years ago, but now I have spent two years on this subject it would be rude of me not to stick around. So whilst I anticipate another year / 18 months before this matter can be closed I (and hopefully the lings) will be trying our hardest to obtain a just result for Col investors.
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benaj
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Post by benaj on Mar 9, 2020 18:52:59 GMT
🤬
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tommytaylor
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Post by tommytaylor on Mar 10, 2020 8:31:34 GMT
Has anyone ever received a reply to an email they sent to BDO and, if they did, how long did they wait for it and did it address the issue raised? Sent them 2 emails over the course of all this. Never received a reply. A bad outfit
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benaj
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Post by benaj on Mar 27, 2020 11:22:33 GMT
I start to wonder if this is liquidation, or natural decomposition by the bacteria, virus and bugs.
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jcb208
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Post by jcb208 on Mar 27, 2020 12:03:06 GMT
Can not believe 2 years on not a penny returned. This may well end up a massive lost to me,Im glad that I am reducing my P2P exposure ,that is If I ever get my money out
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sqh
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Post by sqh on Mar 27, 2020 13:37:19 GMT
I'd like to see some of the other P2P platforms put pressure on the FCA/ Commissioner to pay up now for their failure. We were conned into believing Collateral was registered. How about it stuartassetzcapital. That would be £50k invested into AC loans, from me, for starters.
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duck
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Post by duck on Mar 27, 2020 14:29:12 GMT
I'd like to see some of the other P2P platforms put pressure on the FCA/ Commissioner to pay up now for their failure. We were conned into believing Collateral was registered. ....... I understand the frustration believe me ............... but paying 'compensation' (ex gratia payments in FCA terminology) at this time is just not possible. Can you put an exact figure of your final losses down on paper and guarantee it to be 100% accurate? Note, the cynic in me might be saying BDO will be returning nothing so my total investment is my total loss but of course I could be proved wrong, BDO may return something. The Commissioner has been involved almost from day one but his hands are tied (like ours are) by the ongoing investigation. If anybody is thinking of contacting the Commissioner that would IMHO be counterproductive at this time. He knows the situation in all its minute detail, we have supplied him with a lot of information so when the time comes (then end of the investigation and possibly any Court cases) he will already be fully briefed. We will of course be supplying a refresher course with formal paperwork that will have to be submitted. I know this situation is putting a lot of stress on a lot of people and the time limits have become protracted but we are governed by both rules and the law (both FCA and Administration/Liquidation) there is no quick solution.
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