guff
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Post by guff on Mar 29, 2018 20:36:31 GMT
Thank you for posting. I haven't received an update from the administrator, so could I ask you what is the source of your information stub8535 ? As to your advice: If C(UK) were not authorised and, as dualinvestor says, the current administrator will not be authorised, how do we get our money out if not by appointing someone who is authorised? That is what the judge must decide at the hearing based on evidence presented. But a personal opinion on which administrator to use is not relevant in a judge deciding if the current administrator is legally allowed to return funds.
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guff
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Post by guff on Mar 29, 2018 20:19:46 GMT
It seems to me as a member of the great unwashed that from previous comments Col never had interim permission and was not regulated by the FCA even though Col directors appear to have acted as though otherwise. FCA used or intended to use its powers stop Col from continuing to trade illegally which was when the company was put into administration. As Col was not permitted/regulated lenders who provided loan money must be creditors under insolvency law even if the Administrator in his initial letter implies a distinction otherwise. The FCA website showed that C(UK) had interim permissions. It now shows that the permission is lapsed and was used by C(UK) between 24/3/2016 and 29/01/2018:
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guff
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Post by guff on Mar 29, 2018 20:02:16 GMT
I post this here for those people not on dd central. The basic premise, with facts to be checked, is that FCA want to appoint their own receiver (report). The information I have, unverified, is that the fees for this top 5 company will be taken from investors fees and not, As with the present administrator, from Collateral funds. I am seeking clarity that I may quote. Should we wait until after the judge has tested and ruled then we have no influence and may end up in a worse off position. The email costs nothing to send. Could I request investors to send an email to Jessica on jh@refreshrecovery.co.uk in the following form. Change the text to suit how you feel given the posts preceding this today. Dear Jessica I am (name) and I have (£x) invested at Collateral. I wish to register that I do not want the FCA appointed alternative administrators as it would bring about a less optimal result than the current one being offered through Refresh Recovery. Yours Sincerely (Name) Ends Yours is the choice now. I have done what I can to help. S Thank you for posting. I haven't received an update from the administrator, so could I ask you what is the source of your information stub8535 ? As to your advice: If C(UK) were not authorised and, as dualinvestor says, the current administrator will not be authorised, how do we get our money out if not by appointing someone who is authorised?
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guff
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Post by guff on Mar 29, 2018 9:43:37 GMT
Schrödinger chickens.
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guff
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Lendy (L) in Administration
MONTHLY BS
Mar 28, 2018 16:37:45 GMT
Post by guff on Mar 28, 2018 16:37:45 GMT
…Can anyone remember what happened last year? It arrived on Friday 14th April @ 17:34: Quoting TS Eliot.
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guff
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Post by guff on Mar 28, 2018 9:14:27 GMT
…Who am I kidding, I'll plow it all back into other P2P sites no doubt. The big question is: Which P2P sites will still be around?
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guff
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Post by guff on Mar 21, 2018 21:11:18 GMT
Warren Buffett is so good at compound interest, he can even calculate monthly rates from annual rates correctly. Unlike JustUs it would seem.
Not to worry, this year I started the same strategy with Co******al at 12%, so I should have over half a million in 15 years time.
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guff
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Post by guff on Mar 20, 2018 21:49:21 GMT
Interesting set of questions, SC, and some / many / all will be on most lenders' (and P2P observers') minds. Will be interesting to see how many will be outstanding after the Administrators' interim update in a fortnight or so. My best guess is some / many / all. Sounds like we need a poll, especially as it's World Sparrow Day today.
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guff
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Post by guff on Mar 19, 2018 20:56:34 GMT
You are not even creditors of Collateral and the Administrator has no obligations to you. Money in the client account does not belong to the company but until it is reconcilled it is going nowhere… As you say, reconciling the client account is not going to be high on the Administrator's list of priorities. Once the Administrator believes it to be fully reconciled, there may well be challenges from investors once the website becomes functional, which presumably will then need to be investigated and reconciled. Even once this final reconciliation is complete, the Administrator will have to ensure that money is only returned to bone fide accounts. These are all sequential tasks which are not going to be high on the list of priorities, so I can't imagine there will be a rapid return of funds.
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guff
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Post by guff on Mar 15, 2018 11:57:41 GMT
Check out social media and it would appear that it is our boat R**** (A-7) which is now resplendent in the new sponsor's livery - they're allowed to take them out of storage for publicity purposes. Didn't FS tell us -- probably somewhere in the previous 40+ pages of this thread -- that the picture of this boat in its new livery was produced by CGI? (I.e. it was 'Photoshopped'.) The early publicity was CGI but the latest pictures on social media are not:
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guff
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Post by guff on Mar 14, 2018 19:49:06 GMT
Isn't it on the 31st April in the UK @new2p2p ?
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guff
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Post by guff on Mar 10, 2018 21:27:59 GMT
<snip> Well people who know and understand this industry don't exactly agree. Who is right; experts in the North Sea or FS -- answers on a digital postcard <snip> It was the E******* boat that could be used as an oil rig bus according to FS, not our two thoroughbred racers R**** (A-7) and B***** (B-7). I don't think the new sponsor's boat can be either of the 2 boats that are in storage. Check out social media and it would appear that it is our boat R**** (A-7) which is now resplendent in the new sponsor's livery - they're allowed to take them out of storage for publicity purposes.
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guff
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Post by guff on Mar 5, 2018 21:06:18 GMT
I wasn't making a point mason - I was giving you the information you required from an authoritative source!You noticed! The FCA appear to have taken Col's claim for IP status and stuck it on their register. Presumably, when they removed it in January, they couldn't even be a***d to check the spelling or status of the previous company.
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guff
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Post by guff on Mar 5, 2018 20:28:29 GMT
Collateral never had interim permission. IP656714 belonged to Regal Pawnbroker The closest we've had to information from an authoritative source (i.e. a statement made by the administrator) is summed up by shimself above. It seems highly unlikely that this information is false and Collateral was trading for three years under the nose of the FCA without them noticing earlier. Is those close enough for you?
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guff
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Post by guff on Mar 1, 2018 0:03:32 GMT
Hopefully most of our (undrawn down) money will still be in an account at Col's bank… Hopefully it will be in a client account as per the FCA handbook since Col believed they were operating under FCA rules. Cheer up and have a banana.
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