averageguy
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Post by averageguy on Nov 26, 2018 18:36:33 GMT
£350k to date (excluding all the other costs) to recover almost ****all ....useless!!!
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btc
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Post by btc on Nov 26, 2018 18:42:24 GMT
Great so BDO got involved, messed up the database, messed up the borrowers
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averageguy
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Post by averageguy on Nov 26, 2018 18:46:08 GMT
Sadly I am not at all surprised that there has been hardly any progress in the last 6 months and they still haven't achieved the basic task of extracting the data from the database and they have only recovered just over £100,000 but have managed to rack up half of that in their own fees. Unfortunately ,as I feared at the outset, I think this is going to be dragged out for years and the majority of recovered funds will end up in the back pockets of BDO and their favoured advisers like the solicitors and GVA etc. Even the simplest of tasks that any averagely competent person could achieve in 1 week will take them 6 months to achieve and many many very expensive hours involving a variety of external consultants who are all on the payroll so to speak. I think it is now clear why certain forum members who are now banned were so keen to get BDO on the job and were telling us they were ready to hit the ground running and why the same were so keen to get their people on the creditors' committee - because of course we found out they were not being honest with us, had failed to declare vested interests and had close connections with BDO and there was a secret special syndicate of people. I fear the man in the street retail type of investor who does not go to the Lodge and did not go to the right school and does not have connections with the secret syndicate and BDO will end up being shafted so hard that there will be a national vaseline shortage as investors take every measure possible to try and ease their pain. Erm you have fees of approx 90k re valuers and solicitors....but the big one is as follows: You will note that total time costs for the period total £349,314.30 as per the detailed breakdown provided in the schedules at the end of this report. The Joint Administrators’ are liaising with the Committee in relation to the approval of these fees.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Nov 26, 2018 18:47:01 GMT
I think Monetus has his work cut out this time around. Give em hell Monetus. Simply not good enough all this
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GeorgeT
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Post by GeorgeT on Nov 26, 2018 18:57:13 GMT
I think Monetus has his work cut out this time around. Give em hell Monetus. Simply not good enough all this Assuming he is genuine and not also a member of the secret society syndicate then I fear he is a Gang of 1. the fees will continue to be racked up at a ridiculous rate amongst the variety of associated people and hangers on through their usual network and I would not be surprised if some of the cash will be finding its way back to the secret syndicate members through the back door such that they look after their own interests and get a decent recovery while the man in the street gets very little. Money always brings out the worst in people and when there is big money to be made there is usually sharp practice and crafty people who know how to extract the maximum and line the pockets of themselves and their mates while technically staying within the rules.
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picnicman
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Post by picnicman on Nov 26, 2018 19:02:22 GMT
I am sure that others will be better at interpreting than me, but in six months 1. They have still not recovered the IT data needed to see who is in what loan/how much etc, with no estimate of when they will have this? (Others on other threads might offer BDO some expert advice!) 2. Incurred total costs to date £583k accrued, with estimated costs of £730k 3. Out of total loan book for property of £14.8m and chattels of £1.7m, they have cash balances/recovered £1.2m (which includes interest and other income). 4. Come to a conclusion that after total claims and less asset write downs and expenses, it is very likely that not all investors and creditors will recover their full exposure to the platform? 5. Offer no clarity on timescales for key actions - open ended for more fees maybe? Just my interpretation/opinion/understanding
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ozboy
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Post by ozboy on Nov 26, 2018 19:06:53 GMT
1/ U N A C C E P T A B L E
2/ One or more persons must be jailed for the loan data fiasco.
3/ And a lien placed on their assets to compensate Lenders.
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Monetus
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Post by Monetus on Nov 26, 2018 19:10:17 GMT
I think Monetus has his work cut out this time around. Give em hell Monetus. Simply not good enough all this Assuming he is genuine and not also a member of the secret society syndicate then I fear he is a Gang of 1. I'm not sure what "secret society syndicate" you are referring to GeorgeT (sounds quite David Icke-esque in nature with illuminati shape-shifting lizards etc) but I can certainly confirm that I have never invested as part of a group/syndicate on ANY p2p platform and have never received any preferential terms from any P2P platform either.
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sjg
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Post by sjg on Nov 26, 2018 19:13:23 GMT
Mmm. I noticed a mistake on the covering letter that came with the report so I guess BDO reps will be reading this so have posted it on here so they can amend as they see fit rather than me pointing it out for them. "Please see the attached six month report on the LACK OF progress of the administrations of the Companies". Or is this just me being plain ignorant again as a nice poster once commented on me.
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IFISAcava
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Post by IFISAcava on Nov 26, 2018 19:20:42 GMT
Sadly I am not at all surprised that there has been hardly any progress in the last 6 months and they still haven't achieved the basic task of extracting the data from the database and they have only recovered just over £100,000 but have managed to rack up half of that in their own fees. Unfortunately ,as I feared at the outset, I think this is going to be dragged out for years and the majority of recovered funds will end up in the back pockets of BDO and their favoured advisers like the solicitors and GVA etc. Even the simplest of tasks that any averagely competent person could achieve in 1 week will take them 6 months to achieve and many many very expensive hours involving a variety of external consultants who are all on the payroll so to speak. I think it is now clear why certain forum members who are now banned were so keen to get BDO on the job and were telling us they were ready to hit the ground running and why the same were so keen to get their people on the creditors' committee - because of course we found out they were not being honest with us, had failed to declare vested interests and had close connections with BDO and there was a secret special syndicate of people. I fear the man in the street retail type of investor who does not go to the Lodge and did not go to the right school and does not have connections with the secret syndicate and BDO will end up being shafted so hard that there will be a national vaseline shortage as investors take every measure possible to try and ease their pain. I read it as over three times that in their own fees EDIT: Crossed with earlier post from averageguy
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averageguy
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Post by averageguy on Nov 26, 2018 19:25:02 GMT
Sadly I am not at all surprised that there has been hardly any progress in the last 6 months and they still haven't achieved the basic task of extracting the data from the database and they have only recovered just over £100,000 but have managed to rack up half of that in their own fees. Unfortunately ,as I feared at the outset, I think this is going to be dragged out for years and the majority of recovered funds will end up in the back pockets of BDO and their favoured advisers like the solicitors and GVA etc. Even the simplest of tasks that any averagely competent person could achieve in 1 week will take them 6 months to achieve and many many very expensive hours involving a variety of external consultants who are all on the payroll so to speak. I think it is now clear why certain forum members who are now banned were so keen to get BDO on the job and were telling us they were ready to hit the ground running and why the same were so keen to get their people on the creditors' committee - because of course we found out they were not being honest with us, had failed to declare vested interests and had close connections with BDO and there was a secret special syndicate of people. I fear the man in the street retail type of investor who does not go to the Lodge and did not go to the right school and does not have connections with the secret syndicate and BDO will end up being shafted so hard that there will be a national vaseline shortage as investors take every measure possible to try and ease their pain. I read it as over three times that in their own fees See my post above... RE THE 349K
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ceejay
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Post by ceejay on Nov 26, 2018 19:25:27 GMT
Not received my copy yet (though they have my email), hopefully it will be along shortly - but thanks to stardust for posting it on the important info thread.
There's a lot of indignation here about the fees, which I think is misplaced. Not that I think that the fees aren't high, and I'm not happy about paying them. But, really, the main issue here is the percentage of the loans that get recovered. With a c£20M loan book, even £1M on fees is only 5% ... the thing that's really going to make the difference to our recovery level is the % of loan value that comes back, not arguing the toss over a few hundred k on fees.
And one big problem is that, apparently, the likely sum of claims is significantly more than the value of the assets. That's the biggie, IMHO.
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rxdav
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Post by rxdav on Nov 26, 2018 19:25:48 GMT
Now I'm acutely aware this comment will be as popular as the proverbial bowl of cold vomit - but I really don't give a damn. Please ask yourself these two questions:
1. Way back in February were you one of the folks who were cheerleading for the FCA and who believed they would be our saviour and champion 'the little man'? Or, were you one of those (few) who said the FCA didn't give a damn about 'the little man' and would solely be interested in saving face and keeping their backs close to the wall?
2. Were you one of those who said the FCA were absolutely correct to take the Administration away from RR (via the courts) and give it to those consummate professionals at BDO - or not?
My answers to the above questions are a matter of record.
Regrettably, it does now seem I'll be waving goodbye to a considerable proportion of my investment at COL - that's if I live long enough to see it (given that in six months of hugely expensive activity to date they have seemingly achieved the square root of bugger all).
Seems you really should be careful what you wish for eh?
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Post by mrclondon on Nov 26, 2018 19:26:37 GMT
BDO's hours/costs are detailed on pages 13 to 16 of the pdf, and the totals on each page need to be summated. Total hours = 1138 over a 6 month period (av of 43.8 hours per week over 26 week period, so essentially 1 FTE) Total fees = £349,314 over a 6 month period (av. £307 / hr blended rate)
My observationsa) My recollection is that a blended rate of £300 ish is what we had been led to expect. b) The effort that has been booked by BDO is roughly 1 person full time equivalent - has this been too low ? c) Given what has been achieved thus far, the fee estimate in the June 2018 proposal document (and repeated on pg 17 of this report) of £533k was hopelessly inadequate (c. 1 FTE for 44 weeks).
d) I suspect BDO (still) had no idea what they were taking on back in June, and I am disappointed that no attempt has been made to publish a revised estimate of the total effort BDO will incur now they have a better understanding. This will hopefully be a focus of the CC.
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agent69
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Post by agent69 on Nov 26, 2018 19:33:53 GMT
I am disappointed that no attempt has been made to publish a revised estimate of the total effort BDO will incur now they have a better understanding. This will hopefully be a focus of the CC. I suspect most will be more interested in the final bill rather than the current bill
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