Peer-to-peer lending sites: MSE guide discussion

masonic

fun4everyone wrote: »

Having just received my BDO 6 month report, I quote this post from user "hendragon" on the p2p forum

Whole thing is a ****ing scam :eek:

TBH, other than the lack of progress on the database front, this is pretty much as expected. One surprising bit of information is that nobody came forward to reclaim their bling. I had to chuckle that they used "Gordon Brothers" as valuers. Gordon hasn't been an especially lucky name in all of this.

takesyourchances

Goodness! I never recieved the report in my email and got all others. I checked there and the junk folder and nothing. I skimmed the p2p forum on the posts and it does not read good! seems another poster did not get the email either, but it is on the web site it seems.



Reading posts, less than 2 million recovered out of 15 million plus so far, this is not good for mostly 6 month loans :eek:


I have already put this down to a bad costly mistake, it really does seem anything ever back will be a bonus and the recovery fees already at 350K if I read correctly at this stage and less than 2 million recovered, no bling claimed as most likely overvalued and borrowers claiming about Collateral ceased trading. It looks like a very prolonged process and it does seem a capital hit will come, well it already has as not a bean back as of yet!



I dunno, I am resigned to getting on with other investing and life and putting p2p behind me and hopefully someday something will come back, I really don't know what else with this fiasco we can really do as it's out of our hands so to speak

masonic

takesyourchances wrote: »

Goodness! I never recieved the report in my email and got all others. I checked there and the junk folder and nothing. I skimmed the p2p forum on the posts and it does not read good! seems another poster did not get the email either, but it is on the web site it seems.

I got two copies, sent 13 minutes apart to the same email address, which has never happened before. I guess this mailing hasn't gone as smoothly as others.

fun4everyone

Collateral - A Scam
The FCA - A Scam
Refresh Recovery - A Scam
BDO - A Scam

takesyourchances

masonic wrote: »

I got two copies, sent 13 minutes apart to the same email address, which has never happened before. I guess this mailing hasn't gone as smoothly as others.

Looks like sending blunders, maybe sent twice to some and others left out of it. I can't see the point of me reading the whole 20 odd pages, the end result whatever that will be is what matters and trying to not flare self irritation might be more beneficial


No matter how small an amount if say after 12 months they should at least release something that is recovered to investors, but that is most likely a naive thought and this process seems will go on.

masonic

takesyourchances wrote: »

Looks like sending blunders, maybe sent twice to some and others left out of it. I can't see the point of me reading the whole 20 odd pages, the end result whatever that will be is what matters and trying to not flare irritation might be more beneficial


No matter how small an amount if say after 12 months they should at least release something that is recovered to investors, but that is most likely a naive thought and this process seems will go on.

To save you reading it, the only point of substance in there was the statement that they expect not to have to extend the Administration beyond 12 months and plan to move into Creditors Voluntary Liquidation before the end of April 2019. That would mean a resolution to the issues that are currently up in the air and a focus on disposing of any remaining assets, and it's certainly conceivable they could release funds so far recovered at that time.

fun4everyone

Apparently they have not even been able to access the database yet? Lol.

takesyourchances

fun4everyone wrote: »

Apparently they have not even been able to access the database yet? Lol.

Nothing surprises me anymore! I hope it was a "joke" the brothers being paid to help! :rotfl:

masonic

fun4everyone wrote: »

Apparently they have not even been able to access the database yet? Lol.

But you can rest assured it isn't because of lack of expertise

"Our highly experienced forensic computing team is at the forefront of forensic investigation and review, with a wealth of knowledge and technological expertise to provide technical solutions and support to investigations. The team assists with the capture and recovery of electronic data for investigation and review, and in a manner that ensures it is admissible in both criminal and civil courts of law. We also provide electronic disclosure ("eDisclosure") using our Relativity platform and expert witness services."
https://www.bdo.co.uk/en-gb/services/advisory/forensic-services

fun4everyone

masonic wrote: »

"Our highly experienced forensic computing team is at the forefront of forensic investigation and review, with a wealth of knowledge and technological expertise to provide technical solutions and support to investigations. The team assists with the capture and recovery of electronic data for investigation and review, and in a manner that ensures it is admissible in both criminal and civil courts of law. We also provide electronic disclosure ("eDisclosure") using our Relativity platform and expert witness services."
https://www.bdo.co.uk/en-gb/services/advisory/forensic-services