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Post by df on Jul 9, 2020 10:59:59 GMT
In the report today, BDO mention having received many emails from investors about their loan breakdown spreadsheets. They say most people said theirs were correct but a few said there were discrepancies. The BDO email last month said investors should email in if they had comments. Therefore I didn't reply at all as mine looked spot on. Was I right to not confirm my statement was right or should I email them so they can mark me off as correct? I was thinking it best to not trouble them and raise their time charged but it sounds as though most investors did. Any thoughts. I assumed they would treat a nil response as tacit agreement to their figures. Mine was correct and I didn't reply. There was no specific request to confirm in this report. As I understood it - we don't need to reply unless we think the figures are inaccurate.
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chris1200
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Post by chris1200 on Jul 9, 2020 11:18:23 GMT
Mine was correct and I didn't reply. There was no specific request to confirm in this report. As I understood it - we don't need to reply unless we think the figures are inaccurate. True - although the original email did say 'Can you please review the attached analysis and let us know if you have any comments' - with the 'if' being ambiguous as to whether they mean 'whether or not' or 'if and only if'. Given that some are saying they haven't even received the emails, it made sense to me to reply with a very quick confirmation. But this is up to everyone individually, of course, and I'm sure BDO will let us know in time if we do need to. I certainly don't think anyone should be criticised for doing so based on billing rates, though. That's getting a bit silly in the grand scheme of things.
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Post by df on Jul 9, 2020 11:44:47 GMT
Mine was correct and I didn't reply. There was no specific request to confirm in this report. As I understood it - we don't need to reply unless we think the figures are inaccurate. True - although the original email did say 'Can you please review the attached analysis and let us know if you have any comments' - with the 'if' being ambiguous as to whether they mean 'whether or not' or 'if and only if'. Given that some are saying they haven't even received the emails, it made sense to me to reply with a very quick confirmation. But this is up to everyone individually, of course, and I'm sure BDO will let us know in time if we do need to. I certainly don't think anyone should be criticised for doing so based on billing rates, though. That's getting a bit silly in the grand scheme of things. It's not difficult to send a quick reply. I wasn't thinking in terms of the cost of BDO staff member opening my e-mail, just don't want to bother them as I can imagine they are dealing with a vast amount of e-mails that are more important than my confirmation. I wouldn't criticise anyone for replying with confirmation though. To me "let us know if you have any comments" suggests - reply only if the sum doesn't match your own record. I think if they needed confirmations they would've made it explicit.
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chris1200
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Post by chris1200 on Jul 9, 2020 11:59:22 GMT
True - although the original email did say 'Can you please review the attached analysis and let us know if you have any comments' - with the 'if' being ambiguous as to whether they mean 'whether or not' or 'if and only if'. Given that some are saying they haven't even received the emails, it made sense to me to reply with a very quick confirmation. But this is up to everyone individually, of course, and I'm sure BDO will let us know in time if we do need to. I certainly don't think anyone should be criticised for doing so based on billing rates, though. That's getting a bit silly in the grand scheme of things. It's not difficult to send a quick reply. I wasn't thinking in terms of the cost of BDO staff member opening my e-mail, just don't want to bother them as I can imagine they are dealing with a vast amount of e-mails that are more important than my confirmation. I wouldn't criticise anyone for replying with confirmation though. To me "let us know if you have any comments" suggests - reply only if the sum doesn't match your own record. I think if they needed confirmations they would've made it explicit. Ah yes, the cost/criticism issue was related to duck 's post - didn't mean to accuse you of any of that And yes, perfectly understood that that's your interpretation and it's a reasonable one; it's just that it's vague enough that it wasn't my interpretation (if I say 'let me know if you can come', I mean to ask for a response in both instances). And, to be honest, if some people aren't receiving the emails, I don't understand how they can do the confirmation they say they need to do without us replying. But we'll find out!
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iRobot
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Post by iRobot on Jul 9, 2020 12:08:56 GMT
My 10¢ worth....
a) I didn't confirm an account in my personal name which matched expectation, b) I didn't receive a schedule for my company account, so naturally queried that, c) given I have a communication which requires a response from BDO, I'd appreciate it if emails to simply confirm didn't block up BDO's single email mailbox for Col investors.
Of course, each investor should do what they think is necessary, but the fewer individual pieces of communication that BDO receives, then surely the quicker they can reach the point of making a disbursement. Therefore, essential emails only would be my suggestion.
As an aside, if they had chosen to, there's any number of ways BDO could have canvassed acceptance / agreement (or not) when the schedules were sent out, without necessitating manual emails to that one address. However, BDO haven't really displayed they have much technical expertise, imo.
Either they are inexperienced in cases affecting thousands of creditors (rather than dozens) and the additional logistical overheads introduced, or any internal suggestions to simplify and streamline processes or add clarity in communications have been drowned out by the ringing of the cash register....
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chris1200
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Post by chris1200 on Jul 9, 2020 12:16:56 GMT
My 10¢ worth.... a) I didn't confirm an account in my personal name which matched expectation, b) I didn't receive a schedule for my company account, so naturally queried that, c) given I have a communication which requires a response from BDO, I'd appreciate it if emails to simply confirm didn't block up BDO's single email mailbox for Col investors. Of course, each investor should do what they think is necessary, but the fewer individual pieces of communication that BDO receives, then surely the quicker they can reach the point of making a disbursement. Therefore, essential emails only would be my suggestion. We're probably going too far down this particular rabbit hole now, but: I agree entirely on 'essential emails only'; I just saw this as one as I thought it unlikely BDO would just assume everything was okay if someone didn't reply (but perhaps this is indeed what they're doing!). You received your personal account schedule, so you knew these were being sent out and knew to query with BDO when you didn't receive your business account schedule. What about other people who didn't know? The recent report should now have jogged most of them, but it seemed reasonable to me (and even more so before the report was sent), that BDO would require explicit confirmation rather than just assuming it if they don't hear back in case some account holders just never got the email and had huge errors. And I think you're probably correct about BDO's experience - this sort of administration has got to be pretty damn rare.
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markb
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Post by markb on Jul 9, 2020 13:01:39 GMT
Say 10 minutes billable to read an Email, open database and update. It also doesn't take 10 minutes to read an email. It doesn't take 0 minutes though. And like various electricians and plumbers that have billed me, I expect that a part unit of labour gets billed the same as a full unit. Although I think that a billable unit for corporate financial/legal work is usually 0.1 hours, i.e. 6 rather than 10 minutes.
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chris1200
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Post by chris1200 on Jul 9, 2020 13:08:41 GMT
It also doesn't take 10 minutes to read an email. It doesn't take 0 minutes though. And like various electricians and plumbers that have billed me, I expect that a part unit of labour gets billed the same as a full unit. Although I think that a billable unit for corporate financial/legal work is usually 0.1 hours, i.e. 6 rather than 10 minutes. You're right that it's usually 6 minute units to create decimal hours; but you don't just record multiple 6 minute blocks for a bunch of 30 second tasks, you aggregate them. In my time working in law, I don't recall ever making a 6 minute entry on my timesheets. The idea that, in the grand scheme of this whole administration, emails confirming on this are going to add a material amount to the bill is ludicrous.
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michaelc
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Post by michaelc on Jul 9, 2020 14:51:56 GMT
My 10 RMB worth:
If there is a discrepancy I would definitely query it. If it was correct I probably wouldn't.
I wouldn't suggest what others do though. There are many villains in this but other investors don't rank in that list.
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Post by petebutt43 on Jul 19, 2020 20:17:00 GMT
Mine was 50% short, so i DEFINTELY replied, but no response as yet, just like the first time I told them
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michaelc
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Post by michaelc on Aug 1, 2020 18:30:50 GMT
Still no reply either.
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GeorgeT
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Post by GeorgeT on Sept 16, 2020 1:22:08 GMT
Mine was 50% short, so i DEFINTELY replied, but no response as yet, just like the first time I told them Have they finally replied to you and sorted out your account? I think they said that a few outstanding discrepancies on investor accounts was one of the things holding back a possible interim repayment. That was probably back in July and, true to form, we've not heard a dickie bird since.
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seb8072
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Post by seb8072 on Sept 16, 2020 7:24:00 GMT
Mine was also short so I replied. To be fair, I did get a response. As it turned out, after more carefully checking, it was my calculation that was in error.
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