Peer-to-peer lending sites: MSE guide discussion

takesyourchances · 26 April 2018 at 9:39PM

The court date is tomorrow with the FCA and the Collateral situation, fingers crossed for a positive outcome and hopefully some direction for returning some of our long awaited funds.

fun4everyone · 26 April 2018 at 9:42PM

takesyourchances wrote: »

The court date is tomorrow with the FCA and the Collateral situation, fingers crossed for a positive outcome and hopefully some direction for returning some of our long awaited funds.

I agree - although at this point I am not even sure which outcome would be the most positive for us investors.

I will just hope for it to be resolved quickly and not be dragged out.

There is some speculation the FCA's desire to see RR ousted and their own lot installed is due to their shortcomings with collateral and fears these may be made public.

takesyourchances · 26 April 2018 at 9:53PM

fun4everyone wrote: »

I agree - although at this point I am not even sure which outcome would be the most positive for us investors.

I will just hope for it to be resolved quickly and not be dragged out.

There is some speculation the FCA's desire to see RR ousted and their own lot installed is due to their shortcomings with collateral and fears these made be made public.

I know, I really don't know which outcome will be the best either. Hopefully the ruling whatever way it goes starts the process of getting the investors payments returned, I think we have all waited long enough with not as much as a penny returned to date.

You just would not know regarding the FCA's desire to see RR ousted out, the whole set up and how Collateral was trading is very murky. I just hope it is not one of these cases that drags on while it is the likes of us who are waiting and waiting on something back.

keepingitfrank · 27 April 2018 at 2:26PM

The court case is (or was) today, as the FCA makes an application to the High Court in Manchester to appoint new administrators in respect of Collateral (UK) Ltd (Collateral UK), Collateral Sales Ltd and Collateral Security Trustee Ltd (together, the "Collateral Companies")

There is some information coming in from somebody that has attended court on the following forum -

p2pfrankdiscussion .freeforums . net

keyboardworrier · 27 April 2018 at 4:15PM

keepingitfrank wrote: »

The court case is (or was) today, as the FCA makes an application to the High Court in Manchester to appoint new administrators in respect of Collateral (UK) Ltd (Collateral UK), Collateral Sales Ltd and Collateral Security Trustee Ltd (together, the "Collateral Companies")

There is some information coming in from somebody that has attended court on the following forum -

p2pfrankdiscussion .freeforums . net

Thanks, very interesting. Especially the latest post by Panther.

takesyourchances · 27 April 2018 at 4:41PM

keyboardworrier wrote: »

Thanks, very interesting. Especially the latest post by Panther.

Great information here, very eye opening will read better when home.

On another note Ablrates portfolio loan repaid today which was to be 5 years. I got 500 plus interested returned. I think I'll earmark that to my s&s ISA I want things more simple.

cactusroger · 27 April 2018 at 4:52PM

Whoever Panther is he has done us proud today. I will be very interested to know where nearly £400K has disappeared to since the platform was closed. Hopefully the borrowers had all my money safely (?) in their bricks and cement. No doubt Mr Currie and his brother will explain.

I_am_also_on_ze_list · 27 April 2018 at 5:08PM

Well done Panther and thanks for (almost) live update:

p2pfrankdiscussion.freeforums.net/thread/67/court-hearing-27th-april-2018?page=1

takesyourchances · 27 April 2018 at 5:10PM

cactusroger wrote: »

Whoever Panther is he has done us proud today. I will be very interested to know where nearly £400K has disappeared to since the platform was closed. Hopefully the borrowers had all my money safely (?) in their bricks and cement. No doubt Mr Currie and his brother will explain.

Complete credit to whoever Panther is, he certainly done us all proud with such information from the court.

Sounds like we will all get our eyes opened here with what went on with Collateral. Scary to think this platform had so much good support at one point.

AnnJ · 27 April 2018 at 5:24PM

Not sure if this is the right place to post this, if not can some please redirect me?

In November 2015 I invested in Wellesley 3 Year Capital @ 5.1% interest and got the free iPad, and today had an email to say that the investment has fallen in value and would require an extra year on top of the 3 year investment to recover the loss, with no projected profit at all! Phoned a few times today but, each time was told nobody was available and my call would be returned by 4:30 PM, no callback received. Also, the entire history of the investments seems to have been altered / removed, with all the matching breakdowns over the period no longer listed on the account! They will only close an account before the maturity date at their own discretion. Has anyone got experience with Wellesley, please?

Peer-to-peer lending sites: MSE guide discussion

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