elliotn
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Post by elliotn on Jul 24, 2017 2:37:20 GMT
I thought col only had their first defaulted loan, didn't know there was another 4 loans that were defaulted. If you look at the new Defaulted tab you can see the remaining 4 loans for this borrower for which interest has been retained for the rest of term and repayment is currently expected by the end of each loan.
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IFISAcava
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Post by IFISAcava on Jul 24, 2017 2:39:59 GMT
i see people are selling their jewellery loans off on col too. Thanks for the heads up - found a good place for the recent spate of COL repayments!
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Post by pedz14 on Jul 24, 2017 9:37:40 GMT
df whilst the loans aren't overdue my concern is that the loans are no longer secured. I believe all the security that was recoverable has been and will be apportioned accordingly. This will leave an outstanding balance which appears to be held against a promise, or am I missing something.
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elliotn
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Post by elliotn on Jul 24, 2017 11:14:17 GMT
df whilst the loans aren't overdue my concern is that the loans are no longer secured. I believe all the security that was recoverable has been and will be apportioned accordingly. This will leave an outstanding balance which appears to be held against a promise, or am I missing something. There would have been a final car inventory list for each loan, where the cars are not physically recovered the directors are currently committed to providing their monetary values.
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Post by bobthebuilder on Aug 1, 2017 8:39:45 GMT
I quote from the COL web - Looks like this didn't happen today.
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Post by Collateral Rep on Aug 1, 2017 8:45:47 GMT
Hi bobthebuilder, I've just been on to the developers and they will sort this and get the interest paid. The system didn't pick them up as we've moved them to the new default tab. Apologies for any inconvenience, Gordon
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shimself
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Post by shimself on Aug 1, 2017 13:31:38 GMT
I'm not in this but following the maxim every day is a learning day - can anyone say what actually happened without breaking confidence? (It sounds like the directors have offered to cover the cars personally even though the company is bust, which seems odd)
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elliotn
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Post by elliotn on Aug 1, 2017 14:50:10 GMT
I'm not in this but following the maxim every day is a learning day - can anyone say what actually happened without breaking confidence? (It sounds like the directors have offered to cover the cars personally even though the company is bust, which seems odd)Coll's model for grouped assets is a chattel mortage with a sales agency agreement ie Coll ends up as the owner and allows the borrower to sell on their behalf. If any of Coll's assets were unaccounted for then directors of a company might be liable personally for fraud or theft even if the company itself is broke.
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rs
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Post by rs on Aug 1, 2017 15:27:19 GMT
I'm not in this but following the maxim every day is a learning day - can anyone say what actually happened without breaking confidence? (It sounds like the directors have offered to cover the cars personally even though the company is bust, which seems odd)Coll's model for grouped assets is a chattel mortage with a sales agency agreement ie Coll ends up as the owner and allows the borrower to sell on their behalf. If any of Coll's assets were unaccounted for then directors of a company might be liable personally for fraud or theft even if the company itself is broke. Makes me wonder if any of the other p2p sites offering car loans have the same type of agreement as Coll. The Coll model seems effective for car financed trading loans.
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shimself
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Post by shimself on Aug 1, 2017 17:47:25 GMT
I'm not in this but following the maxim every day is a learning day - can anyone say what actually happened without breaking confidence? (It sounds like the directors have offered to cover the cars personally even though the company is bust, which seems odd)Coll's model for grouped assets is a chattel mortage with a sales agency agreement ie Coll ends up as the owner and allows the borrower to sell on their behalf. If any of Coll's assets were unaccounted for then directors of a company might be liable personally for fraud or theft even if the company itself is broke. Well yeah but all they have to say is sorry clerical error and who is to say different?
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Post by sannytwist on Aug 1, 2017 19:58:25 GMT
I'm not in this but following the maxim every day is a learning day - can anyone say what actually happened without breaking confidence? (It sounds like the directors have offered to cover the cars personally even though the company is bust, which seems odd)Coll's model for grouped assets is a chattel mortage with a sales agency agreement ie Coll ends up as the owner and allows the borrower to sell on their behalf. If any of Coll's assets were unaccounted for then directors of a company might be liable personally for fraud or theft even if the company itself is broke. Hi Elliottm, l was wondering will there ever be a situation where a car under a collateral's lender possession will go missing and how useful is a chattel mortgage in these events? I'm looking to go into other types of loans apart from property and finding it difficult, so mite invest in some car loans in col.
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elliotn
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Post by elliotn on Aug 2, 2017 0:24:51 GMT
Coll's model for grouped assets is a chattel mortage with a sales agency agreement ie Coll ends up as the owner and allows the borrower to sell on their behalf. If any of Coll's assets were unaccounted for then directors of a company might be liable personally for fraud or theft even if the company itself is broke. Hi Elliottm, l was wondering will there ever be a situation where a car under a collateral's lender possession will go missing and how useful is a chattel mortgage in these events? I'm looking to go into other types of loans apart from property and finding it difficult, so mite invest in some car loans in col. Obviously there's confidentiality here but in a scenario where the assets have gone walkies (and there's zip left in the borrower co) it is the threat of police and court action that can bring directors personally to the table to either aid recovery or make the loan whole financially to avoid prosecution. In this case we had a very quick turnaround on a promise to redeem the loans on time although each case may be different.
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elliotn
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Post by elliotn on Aug 2, 2017 0:29:13 GMT
Coll's model for grouped assets is a chattel mortage with a sales agency agreement ie Coll ends up as the owner and allows the borrower to sell on their behalf. If any of Coll's assets were unaccounted for then directors of a company might be liable personally for fraud or theft even if the company itself is broke. Well yeah but all they have to say is sorry clerical error and who is to say different? A question worth asking Coll support but if the clerical error led to a whole list of Coll's assets going missing during a rapid fire bankruptcy since the previous month's joint inventory check then they may feel they have grounds for a fraud case/compensation against the company director(s). This hasn't been tested in a court of law but this possibility seems to have caused a u-turn from the original statement of affairs by the liquidator.
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Post by martin44 on Aug 2, 2017 22:08:02 GMT
Hi Elliottm, l was wondering will there ever be a situation where a car under a collateral's lender possession will go missing and how useful is a chattel mortgage in these events? I'm looking to go into other types of loans apart from property and finding it difficult, so mite invest in some car loans in col. Obviously there's confidentiality here but in a scenario where the assets have gone walkies (and there's zip left in the borrower co) it is the threat of police and court action that can bring directors personally to the table to either aid recovery or make the loan whole financially to avoid prosecution. In this case we had a very quick turnaround on a promise to redeem the loans on time although each case may be different. What would happen if the directors declared themselves bankrupt?
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elliotn
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Post by elliotn on Aug 3, 2017 1:17:09 GMT
Obviously there's confidentiality here but in a scenario where the assets have gone walkies (and there's zip left in the borrower co) it is the threat of police and court action that can bring directors personally to the table to either aid recovery or make the loan whole financially to avoid prosecution. In this case we had a very quick turnaround on a promise to redeem the loans on time although each case may be different. What would happen if the directors declared themselves bankrupt? No expert (although we do have a lendinglawyer lurking on here), that may help with creditors although cause future difficulties ie disqualified as directors, no chance of credit and presumably bankrupts could still go to jail if prosecuted for theft or fraud so they might remain incentivised to cough up. The immediate pay up (currently) suggests so anyway.
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