sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Oct 24, 2021 23:01:17 GMT
I don't know what loans you're in, but I've counted at least 18 loans that should return at least 50% of their capital, 3 of which should return all capital, interest and default interest for FS.
|
|
duck
Member of DD Central
Posts: 2,577
Likes: 5,693
|
Post by duck on Oct 25, 2021 4:23:25 GMT
And where was the FCA warning of this as a potential major risk with P2P? Administration/Liquidation is outside the FCA's 'perimeter' so they tend to wash their hands the moment Administrators are called in. Their involvement is limited to ' Guidance' * and is process driven. In one of their recent 'Dear CEO' letters to P2P heads the FCA pressed the need for comprehensive wind down plans (inside the perimeter) but this misses the point. 'Administration' is the trump card. At the moment administration is called the wind down plan can be worthless, the vultures can start stripping the carcas. As ilmoro has pointed out 'Berkley Applegate' is being used (not aware that this has been quoted wrt Col) but as I have said many times BDO will be claiming fees for work carried out on worthless 'assets' and other 'difficulties' and these will be reclaimed from recoveries on other loans. The perimeter is and has been a great topic of debate at the FCA (and in Parliament) for a long time, their latest annual ' Perimeter Report' was published 4 days ago. I have had the 'pleasure' of reading several of these and have not come across any suggestion that the FCA wants to get involved in Administration/Liquidation processes. *Note This might be an angle in FS / LY but not applicable wrt Col since the FCA maintain they were not regulated.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,850
Likes: 11,078
|
Post by ilmoro on Oct 25, 2021 6:49:18 GMT
And where was the FCA warning of this as a potential major risk with P2P? Administration/Liquidation is outside the FCA's 'perimeter' so they tend to wash their hands the moment Administrators are called in. Their involvement is limited to ' Guidance' * and is process driven. In one of their recent 'Dear CEO' letters to P2P heads the FCA pressed the need for comprehensive wind down plans (inside the perimeter) but this misses the point. 'Administration' is the trump card. At the moment administration is called the wind down plan can be worthless, the vultures can start stripping the carcas. As ilmoro has pointed out 'Berkley Applegate' is being used (not aware that this has been quoted wrt Col) but as I have said many times BDO will be claiming fees for work carried out on worthless 'assets' and other 'difficulties' and these will be reclaimed from recoveries on other loans. The perimeter is and has been a great topic of debate at the FCA (and in Parliament) for a long time, their latest annual ' Perimeter Report' was published 4 days ago. I have had the 'pleasure' of reading several of these and have not come across any suggestion that the FCA wants to get involved in Administration/Liquidation processes. *Note This might be an angle in FS / LY but not applicable wrt Col since the FCA maintain they were not regulated. They did of course use those powers (FSAM, 362A) when they intervened in the Collateral case to change the administrator. Arguably if the company wasnt carrying out a regulated activity then the FCA didnt have those powers. Cake & eat it.
|
|
|
Post by overthehill on Oct 25, 2021 9:17:55 GMT
I don't know what loans you're in, but I've counted at least 18 loans that should return at least 50% of their capital, 3 of which should return all capital, interest and default interest for FS.
I've got pencilled in a 52% recovery (capital+interest) rate of my remaining capital across 29 loans, that is based on the art loans returning zero which seems in some doubt now. I'll report back on the final overall loss which is looking light at £1200 (taking into account previous interest earned) compared to many as victims of this orchestrated financial deception scheme
|
|
pfffill
Member of DD Central
Posts: 175
Likes: 206
|
Post by pfffill on Oct 25, 2021 10:07:17 GMT
I don't know what loans you're in, but I've counted at least 18 loans that should return at least 50% of their capital, 3 of which should return all capital, interest and default interest for FS.
I've got pencilled in a 52% recovery (capital+interest) rate of my remaining capital across 27 loans, that is based on the art loans returning zero which seems in some doubt now. I'll report back on the final overall loss which is looking light at £1200 (taking into account previous interest earned) compared to many as victims of this orchestrated financial deception scheme
Of my ten outstanding loans, I've pencilled in four that I hope will return 50% or more, two of which the proceeds are being held back by the administrators pending resolution of Quisclose and other legal matters. The remainder I have pretty much written off, but in the hope of a nice surprise on one or more.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Oct 25, 2021 13:16:07 GMT
of this orchestrated financial deception scheme
exactly what it is...
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,870
Likes: 2,308
Member is Online
|
Post by keitha on Oct 28, 2021 14:54:05 GMT
I saw an Administrators report recently where the Company owed just under £500K when it went under the assets made £600,000 and the creditors got zip cos the lot went in Fees, when these people charge admin at £150 per hour and directors etc at £4-500 an hour it eats money.
|
|
metoo
Member of DD Central
Posts: 540
Likes: 410
|
Post by metoo on Oct 28, 2021 17:22:21 GMT
Administration/Liquidation is outside the FCA's 'perimeter' so they tend to wash their hands the moment Administrators are called in. Their involvement is limited to ' Guidance' * and is process driven. In one of their recent 'Dear CEO' letters to P2P heads the FCA pressed the need for comprehensive wind down plans (inside the perimeter) but this misses the point. 'Administration' is the trump card. At the moment administration is called the wind down plan can be worthless, the vultures can start stripping the carcas. As ilmoro has pointed out 'Berkley Applegate' is being used (not aware that this has been quoted wrt Col) but as I have said many times BDO will be claiming fees for work carried out on worthless 'assets' and other 'difficulties' and these will be reclaimed from recoveries on other loans. The perimeter is and has been a great topic of debate at the FCA (and in Parliament) for a long time, their latest annual ' Perimeter Report' was published 4 days ago. I have had the 'pleasure' of reading several of these and have not come across any suggestion that the FCA wants to get involved in Administration/Liquidation processes. *Note This might be an angle in FS / LY but not applicable wrt Col since the FCA maintain they were not regulated. They did of course use those powers (FSAM, 362A) when they intervened in the Collateral case to change the administrator. Arguably if the company wasnt carrying out a regulated activity then the FCA didnt have those powers. Cake & eat it. I am not sure BDO will be charging for work on worthless loans. I think they will be charging for work, on a loan by loan basis, on loans that do have recoveries, and charging for general work on the admin/liquidation. Yes, the FCA used FSMA s362A, absolutely on the basis that Collateral had been carrying out regulated activities. The FCA statement on Collateral (which dances around the truth about their protracted involvement with Collateral, omitting most of it) says "In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities." The key word is "valid".
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Oct 29, 2021 0:00:22 GMT
And where was the FCA warning of this as a potential major risk with P2P? The FCA has just buried me with hundreds of pages of the risk nature of P2P. I guess us retail lenders were not looking in the correct places to discover that P2P is so dangerous. Now if only we had looked in the depths of the FCA archives, we would all have avoided P2P like the plague. One has to wonder why the FCA kept all this information buried !?!?!?
|
|
duck
Member of DD Central
Posts: 2,577
Likes: 5,693
|
Post by duck on Oct 29, 2021 3:39:03 GMT
I am not sure BDO will be charging for work on worthless loans. I think they will be charging for work, on a loan by loan basis, on loans that do have recoveries, and charging for general work on the admin/liquidation. Yes, the FCA used FSMA s362A, absolutely on the basis that Collateral had been carrying out regulated activities. The FCA statement on Collateral (which dances around the truth about their protracted involvement with Collateral, omitting most of it) says "In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities." The key word is "valid". Just one small point, when I was referring to 'worthless loans' I was thinking particularly of some of the chattels. Work had to be carried out to establish that these items were in fact 'worthless'. I find it inconceivable that BDO will not find a way to charge for this work. Indeed the key word in the FCAs statement is 'valid'. In fact the statement is what got me started digging into Col 3.75 years ago and is a 'document' that I have grown to hate over the last 3.75 years, so much hidden behind so few words.
|
|