adrianc
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Post by adrianc on Nov 27, 2018 15:11:56 GMT
NB: My favourite ill-formed question on there is "What did you understand about the lending process?" I mean, how dumb a question is that, what kind of response were they expecting? May I refer you to some of the posts around these parts?
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badersleg
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Post by badersleg on Nov 27, 2018 15:15:06 GMT
A Una and the Lion sold for 340k in September, a new record for a £5 coin. I don't know if it was ours.
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r00lish67
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Post by r00lish67 on Nov 27, 2018 15:18:25 GMT
NB: My favourite ill-formed question on there is "What did you understand about the lending process?" I mean, how dumb a question is that, what kind of response were they expecting? May I refer you to some of the posts around these parts? Well, quite. I think perhaps what they were angling for is " Was there anything you thought you understood about the lending process that proved not to be the case?" or some such. In answering the question as they formed it, I considered giving them an epic tome of nonsense, but in the end said "everything". Ask a stupid question..
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poppyland
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Post by poppyland on Nov 27, 2018 16:41:02 GMT
NB: My favourite ill-formed question on there is "What did you understand about the lending process?" I mean, how dumb a question is that, what kind of response were they expecting? Yes, the questionnaire was rather mystifying. For the question you mentioned I put "I understood that my money was secured on property which would be sold if there was a problem. I believed that the total amount lent by all lenders together was not more than 70% of the value of the property, and that therefore there was a minimal risk of losing any money."
I don't know if that's really a relevant answer to the question, but it was how I felt - I look back now and marvel at how naive I was.
It's seeming more and more like the main "benefit" of P2P was to provide big greedy businesses with a way to grab themselves large sums of money by ripping off hundreds of small investors who would be powerless to do anything about it, rather than ripping off one large institution which might be able to pursue them effectively. I hope the future holds much better regulation, valuations and accountability, as well as decent return of most if not all of our capital from the likes of Lendy, Collateral etc. Again, if there's anything I can do to expedite this process, I'm up for it.
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shimself
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Post by shimself on Nov 27, 2018 17:47:10 GMT
The costs are high but let's not forget we are talking about a loanbook of the value of £17m. So a few % here or there is really not worth going to war over. Blaming the FCA for all this seems a bit silly. Either that was a red line for you or it wasn't. For me (and I really believe at least 99% of investors) it wasn't. Even if it was it was only ever Interim capable of subsequent rejection for full permission. If it was a red line for you then I empathize with that but be prepared to show that you have never before invested through a company that does not have an FCA (or equivalent) permission. Other than that the FCA are hardly to blame for the shambles we are in, in fact they got rid of the biggest dangers to all of us imo, the owners and their cosy administrator. I think that there was (rightly) a concern about erm 300K ish wasn't it that maybe the platform had wrongly put to uses which they shouldn't have allegedly.
And to save lenders a bill of several million has been incurred.
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peteuk
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Post by peteuk on Nov 27, 2018 19:10:04 GMT
I posted earlier in the day and blamed the FCA and then read various posts since who think its not all there fault. to those people i say that over the last two and a half years many times i contacted the FCA to complain about funding secure who were fully registered and even posibly the first to offer an IFISA as a train crash waiting to happen when they refuse to default 182day loans that are now approaching 1000 days they had no one who had any idea about PtoP and each time i phoned i had to explain how PtoP works and the different nuances between pawn PtoP and the amortization type this tells you about the incompetence of the FCA not properly knowing the buisiness they are in.as to BDO they are agents of the FCA,also if i remember rightly when the judge assigned the recievership toBDO he said he would keep an i on them and there costs. Can anyone tell me a cost effective way of taking the FCA on maybe small claims court!. And the thing that got me most was the weasely way by asking investers to incriminate themselves in one way or another in the quwstions they asked
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Post by Proptechfish on Nov 27, 2018 20:44:25 GMT
I posted earlier in the day and blamed the FCA and then read various posts since who think its not all there fault. to those people i say that over the last two and a half years many times i contacted the FCA to complain about funding secure who were fully registered and even posibly the first to offer an IFISA as a train crash waiting to happen when they refuse to default 182day loans that are now approaching 1000 days they had no one who had any idea about PtoP and each time i phoned i had to explain how PtoP works and the different nuances between pawn PtoP and the amortization type this tells you about the incompetence of the FCA not properly knowing the buisiness they are in.as to BDO they are agents of the FCA,also if i remember rightly when the judge assigned the recievership toBDO he said he would keep an i on them and there costs. Can anyone tell me a cost effective way of taking the FCA on maybe small claims court!. And the thing that got me most was the weasely way by asking investers to incriminate themselves in one way or another in the quwstions they asked I can assure you, that you will not be the only person considering a claim against the FCA. I don't think it would be small claims route though, more of a class action lead by a significant claimant. However nothing can happen until the administration concludes and there are facts and figures available to then make an assessment on best route forward. Just wait it out for now, but i would be amazed if further litigation was not to take place following yet another shambolic FCA performance.
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Post by dan1 on Nov 27, 2018 22:20:24 GMT
A Una and the Lion sold for 340k in September, a new record for a £5 coin. I don't know if it was ours. Thanks badersleg. Let's hope so, eh The Collateral UK asset was valued at £140k with the loan for £80k. It begs the question of what happens to the excess once the auction fees, capital, accrued interest, BDO fees, etc have all been settled? The loan was funded by a buyback agreement, which if enforceable would assign ownership to Collateral UK. Unlike a standard pawn agreement where the excess is returned to the borrower would the company be entitled to keep the excess? Assuming this is not our asset, it's not inconceivable that at least one of the buyback loans would return an excess which, dependent on whether the records can be reconstructed and reconciled, could be returned to holders of trust assets or unsecured creditors.
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registerme
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Post by registerme on Dec 4, 2018 9:05:54 GMT
Still not had any acknowledgement of my email let a lone a copy of the report. It bothers me that they have forgotten about me / missed me off of some list, and I don't know what to do about it (beyond drop my details to Monetus, which I have done).
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alison
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Sanctuary!!
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Post by alison on Dec 4, 2018 11:40:36 GMT
Still not had any acknowledgement of my email let a lone a copy of the report. It bothers me that they have forgotten about me / missed me off of some list, and I don't know what to do about it (beyond drop my details to Monetus, which I have done). Ditto (- apart from troubling Monetus with it).
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epic
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Post by epic on Dec 4, 2018 15:18:11 GMT
I've also not had this emailed, though have read on BDO website...haven't emailed them yet and by all accounts looks like there is no point...can you post back on here if you hear anything?
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registerme
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Post by registerme on Dec 5, 2018 19:47:28 GMT
Well, they just sent it to me and confirmed that my email address was in their records. Which doesn't explain how they missed me off in the first place but oh well, at least they sent it to me and now acknowledge that I exist.
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adrianc
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Post by adrianc on Dec 5, 2018 19:48:43 GMT
Well, we can argue about whether their mailmerge or gmail dropped a nadger later, but...
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Post by Proptechfish on Dec 5, 2018 20:02:49 GMT
I also did not receive a copy, i have now emailed to fix this. This is not looking good that so many people appear to have fallen off the mailing list....
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Greenwood2
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Post by Greenwood2 on Dec 5, 2018 20:33:55 GMT
It will be really bad if Lendy people don't get serious information (like being sued!) on the 'nasty' loan. Shows that using email as the primary contact can be badly flawed.
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