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Post by cauterize on Feb 26, 2021 10:58:42 GMT
So what's the score with these super low LTV rolex's I invested in? Do we know if the valuers have been pursued if the values are so far off?
Hopefully see something back from these one day!
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ptr120
Member of DD Central
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Post by ptr120 on Feb 26, 2021 12:03:39 GMT
We don't know if valuers have been pursued (we don't even have confirmation that they were professionally valued). The next liquidation report is due in May / June and may cast more light on the subject (although I doubt it).
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averageguy
Member of DD Central
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Post by averageguy on Feb 26, 2021 20:48:42 GMT
So what's the score with these super low LTV rolex's I invested in? Do we know if the valuers have been pursued if the values are so far off? Hopefully see something back from these one day! Money back? I’m sorry what is this phenomenon
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tommytaylor
P2P - The new wild west
Posts: 234
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Post by tommytaylor on Feb 27, 2021 8:54:04 GMT
I have a quite a bit in the chattels. I believe the administrator is investigating the legality of the valuations and whether or not they where even professional valuers that undertook the job. I have serious doubts. If this turned out to be the case there would surely be a case for criminal activity and court cases. The FCA would hopefully put us back in a position where we where before our investment including all the other rubbish that people invested in because of there woeful negligence regarding the register. Duck knows a lot more than me on this but i am hopeful of a somewhat positive outcome. We cant give up just yet.
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daves
New Member
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Post by daves on Mar 4, 2021 11:15:51 GMT
Even if the valuers are proven to have been grossly negligent, nothing will happen. As we've witnessed time and again on other P2P platforms where valuers valuations have ended up being absurdly overly-optimistic and lenders lose their shirt, they are never held to account.
The UK: anything goes and, as long as you wear a suit and tie and come from the right background, you can get away with anything.
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adrianc
Member of DD Central
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Post by adrianc on Mar 4, 2021 14:22:45 GMT
I thought all the bling was long since done'n'dusted, with not a single borrower redeeming their pawn, and the money arising from sales was tucked away awaiting... well, whatever and whenever anything's going to be distributed to anybody...
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ptr120
Member of DD Central
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Post by ptr120 on Mar 4, 2021 15:08:01 GMT
The administrator is probably holding these in their secure storage for as long as there is value they can extract for charging storage fees
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iRobot
Member of DD Central
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Post by iRobot on Mar 4, 2021 15:23:12 GMT
I thought all the bling was long since done'n'dusted, with not a single borrower redeeming their pawn, and the money arising from sales was tucked away awaiting... well, whatever and whenever anything's going to be distributed to anybody... I read the various (and infrequent) updates to say that: 'too many discrepancies between the number and nature of the chattel loans, no to mention the valuations published, for us to realise the assets; we are awaiting* comment from the Directors' - so nothing disposed of yet. * - of course, 'we' are now waiting the Courts to hold the Directors' feet to the fire in order to get those comments. And so it goes on....
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 4, 2021 18:12:07 GMT
Even if the valuers are proven to have been grossly negligent, nothing will happen. As we've witnessed time and again on other P2P platforms where valuers valuations have ended up being absurdly overly-optimistic and lenders lose their shirt, they are never held to account.
The UK: anything goes and, as long as you wear a suit and tie and come from the right background, you can get away with anything. Correct.
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adrianc
Member of DD Central
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Post by adrianc on Mar 5, 2021 9:41:19 GMT
Even if the valuers are proven to have been grossly negligent, nothing will happen. As we've witnessed time and again on other P2P platforms where valuers valuations have ended up being absurdly overly-optimistic and lenders lose their shirt, they are never held to account.
The UK: anything goes and, as long as you wear a suit and tie and come from the right background, you can get away with anything. Correct. I'm really not sure it is. I know for a fact that there's been cases where a valuer's PI has paid out over P2P valuations post-shortfall. Isn't the question at Col whether there were actually proper valuations to start with? For all the sins of other platform operators <glares towards Portsmouth>, none have been quite as astonishingly flagrant as Col. I mean, they almost-literally set fire to all the data as they did a runner, to hide their actual theft from us, fertheloveofgawd...
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