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Post by petebutt43 on Jun 20, 2020 2:18:33 GMT
Just had the e-mail with my positionon Collateral, which is almost exactly 50% short. What can I do?
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archie
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Post by archie on Jun 20, 2020 6:08:11 GMT
Just had the e-mail with my position on Collateral, which is almost exactly 50% short. What can I do? Cash that wasn't invested isn't included on the new form. I have a difference of £482 between the proof of debt figure issued on 22/06/18 and the holdings email received yesterday. That may well have been cash but I don't know for certain.
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Post by petebutt43 on Jun 20, 2020 8:07:21 GMT
no cash not invested, or very little 100 quid max I'm11,000 short!!
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SteveT
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Post by SteveT on Jun 20, 2020 8:41:30 GMT
no cash not invested, or very little 100 quid max I'm11,000 short!! I believe that, where BDO found other lenders had large inconsistencies, the cause was mainly found to be loan parts that had been listed for sale via the SM at the point COL collapsed. Did you have 50% of your holdings offered for sale via the SM? Either way, definitely something to raise with BDO!
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hantsowl
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Post by hantsowl on Jun 20, 2020 10:28:30 GMT
I have 2 discrepancies with one of my accounts....
- I am missing £540 in COLBB00589 (10.04ct Brilliant Cut Natural Diamond).
- The list shows I have £50 invested in COLBL00009 (F******** Hotel Ltd). This is odd since COLBL00009 was the Elms Hotel which seemed to repay in April 2017. Can anyone shed any light on this loan?
Bottom line is that I am £490 down on the total that I expect, but I really need to know what cash they are holding on account before I can say for certain that their numbers agree with those I expect.
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chris1200
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Post by chris1200 on Jun 20, 2020 10:45:32 GMT
Just had the e-mail with my positionon Collateral, which is almost exactly 50% short. What can I do? Is this the same inconsistent figure as you received in BDO's previous estimation of your total exposures? If so, did you follow up with them at the time - as I understand others have - to get to the bottom of this? Or is this the first time you've noted the discrepancy?
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ganymede
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Post by ganymede on Jun 20, 2020 11:23:04 GMT
I had a "proof of debt form" from BDO which had the correct amount this was sent 23rd June 2018, which was from my records £0.99 cash plus the loans.
The sum of the amounts in individual loans sent out yesterday match exactly. I'm seeing no problems. I've yet to check the individual amount in each loan.
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peteuk
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Post by peteuk on Jun 20, 2020 11:29:46 GMT
Isnt it about time the police were asked to investigate where the univested 700 pounds cash of my money has gone .seeing it was supposed to be kept in a ring fenced client account , surelly BDO and the FCA have a duty to do this
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chris1200
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Post by chris1200 on Jun 20, 2020 11:40:13 GMT
Isnt it about time the police were asked to investigate where the univested 700 pounds cash of my money has gone .seeing it was supposed to be kept in a ring fenced client account , surelly BDO and the FCA have a duty to do this I am quite sure that this will be pursued (or, even, that it is already being pursued), but it is highly unlikely that BDO would keep us informed about such matters. Unfortunately, these things take time because building a strong case, with solid evidence, is vital. We have to be patient, I'm afraid. If you want to make a specific complaint to the police, though, you are of course well within your rights to do so. That may, in fact, be one way for you to discover what is potentially already happening in relation to this.
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michaelc
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Post by michaelc on Jun 20, 2020 11:54:39 GMT
Isnt it about time the police were asked to investigate where the univested 700 pounds cash of my money has gone .seeing it was supposed to be kept in a ring fenced client account , surelly BDO and the FCA have a duty to do this I am quite sure that this will be pursued (or, even, that it is already being pursued), but it is highly unlikely that BDO would keep us informed about such matters. Unfortunately, these things take time because building a strong case, with solid evidence, is vital. We have to be patient, I'm afraid. If you want to make a specific complaint to the police, though, you are of course well within your rights to do so. That may, in fact, be one way for you to discover what is potentially already happening in relation to this. 2 years and 4 months is quite a lot of time. To the OP, I feel your pain. I'm in a similar position although for a lot less. In my case the pre-populated total amount given a couple of years ago was correct but the new figures are 1K down.
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chris1200
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Post by chris1200 on Jun 20, 2020 12:00:27 GMT
I am quite sure that this will be pursued (or, even, that it is already being pursued), but it is highly unlikely that BDO would keep us informed about such matters. Unfortunately, these things take time because building a strong case, with solid evidence, is vital. We have to be patient, I'm afraid. If you want to make a specific complaint to the police, though, you are of course well within your rights to do so. That may, in fact, be one way for you to discover what is potentially already happening in relation to this. 2 years and 4 months is quite a lot of time. Well yes, but you're conflating two things here. Keep in mind that BDO have only just got to this point in terms of reconciling accounts. I'm not going to get into yet another debate about how reasonable or not that is on BDO's part, but it's a fairly material bit of evidence to any criminal probe (nothing to do with BDO) that you establish that there actually is cash missing! It's also worth nothing that, although criminal charges may satisfy our anger at the Collateral lot somewhat, it's unlikely to be the main avenue for us seeking financial recompense.
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Post by petebutt43 on Jun 20, 2020 12:09:33 GMT
Just had the e-mail with my positionon Collateral, which is almost exactly 50% short. What can I do? Is this the same inconsistent figure as you received in BDO's previous estimation of your total exposures? If so, did you follow up with them at the time - as I understand others have - to get to the bottom of this? Or is this the first time you've noted the discrepancy? Yes i brought it to their attention then, though it was not as bad then!! only 4k short!
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chris1200
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Post by chris1200 on Jun 20, 2020 12:15:05 GMT
Is this the same inconsistent figure as you received in BDO's previous estimation of your total exposures? If so, did you follow up with them at the time - as I understand others have - to get to the bottom of this? Or is this the first time you've noted the discrepancy? Yes i brought it to their attention then, though it was not as bad then!! only 4k short! Given that you've said this isn't an uninvested cash thing and given what BDO said in their email about the few issues that remain, this seems odd... Hope they can sort it out for you asap.
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michaelc
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Post by michaelc on Jun 20, 2020 12:49:10 GMT
2 years and 4 months is quite a lot of time. Well yes, but you're conflating two things here. Keep in mind that BDO have only just got to this point in terms of reconciling accounts. I'm not going to get into yet another debate about how reasonable or not that is on BDO's part, but it's a fairly material bit of evidence to any criminal probe (nothing to do with BDO) that you establish that there actually is cash missing! It's also worth nothing that, although criminal charges may satisfy our anger at the Collateral lot somewhat, it's unlikely to be the main avenue for us seeking financial recompense. Yep, fair point.
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ilmoro
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Post by ilmoro on Jun 20, 2020 13:05:56 GMT
Isnt it about time the police were asked to investigate where the univested 700 pounds cash of my money has gone .seeing it was supposed to be kept in a ring fenced client account , surelly BDO and the FCA have a duty to do this Has it gone anywhere? Were you £700 short on the original statement provided by BDO? The holdings statement doesnt include cash so unless it was missing on the original statement it will still be sat in BDO client account. I wouldn't assume that the police haven't been asked to investigate. Just because nothing has been communicated doesn't mean it isn't happening
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