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    • AdrianC
    • By AdrianC 9th Apr 18, 10:09 AM
    • 19,710 Posts
    • 18,284 Thanks
    AdrianC
    Assume lendy isnt fca authorised and doesn't offer an isa?
    Originally posted by Fatbritabroad
    They are (have to be) authorised - albeit still under interim permission.
    http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=654326


    IFISA after full auth.
    • Fatbritabroad
    • By Fatbritabroad 9th Apr 18, 10:29 AM
    • 444 Posts
    • 227 Thanks
    Fatbritabroad
    They are (have to be) authorised - albeit still under interim permission.
    http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=654326


    IFISA after full auth.
    Originally posted by AdrianC
    That didnt work out well with collateral now did it.

    As i say i was only using isas to shelter for tax but feel much happier with the platforms with full fca authorisation. As much as s you can be with these things!
    • AdrianC
    • By AdrianC 9th Apr 18, 10:36 AM
    • 19,710 Posts
    • 18,284 Thanks
    AdrianC
    That didnt work out well with collateral now did it.
    Originally posted by Fatbritabroad
    The problem was that Collateral's interim authorisation turned out not to actually be theirs, having been transferred from another limited company. That's not allowed, so the FCA "de-transferred" it back to the original authorised limited company, who no longer existed.


    Quite why the FCA had transferred it in the first place is the interesting question.
    • Fatbritabroad
    • By Fatbritabroad 9th Apr 18, 12:12 PM
    • 444 Posts
    • 227 Thanks
    Fatbritabroad
    Yes will be interesting to see if that comes out
    • Malthusian
    • By Malthusian 9th Apr 18, 12:15 PM
    • 4,995 Posts
    • 8,073 Thanks
    Malthusian
    What would you do if it was you?
    Originally posted by shoi
    Appoint administrators to wind up the borrowing company in an orderly fashion and maximise recoveries for creditors?

    Presumably they haven't got the job done, otherwise the loan wouldn't have defaulted when repayment of capital fell due. What would you do if the job still isn't done after another year? Give them another year's extension? How does this end?

    "You can use the secondary market" hardly constitutes an exist opportunity!
    by Somerset La La La
    Isn't that what the secondary market is supposed to be?
    • economic
    • By economic 9th Apr 18, 12:21 PM
    • 2,938 Posts
    • 1,586 Thanks
    economic
    A "true" secondary market is one like ABLs. Any loan has a price and can be sold on there. Lendy and others who have secondary markets are not really true secondary markets as they can only be sold at "par" value - which is why you sometimes have 0 liquidity.

    Theres no reason why the other can not have a true secondary market like ABLs. I suspect its because if they did have secondary markets like ABL, many of the loans on for eg Lendy would be trading heavily discounted vs par and would show how much of a loss you can make with the likes of Lendy.
    • thenewcomer
    • By thenewcomer 12th Apr 18, 11:03 AM
    • 97 Posts
    • 21 Thanks
    thenewcomer
    anyone with LW IFISA?
    Aim to retire by 45.
    • keyboardworrier
    • By keyboardworrier 12th Apr 18, 2:06 PM
    • 124 Posts
    • 133 Thanks
    keyboardworrier
    anyone with LW IFISA?
    Originally posted by thenewcomer
    Yes. I think they are a good platform and I like the insurance they offer.


    Update received from the Collateral administrators, which now states investors are creditors which wasn't what the first update said. I think there was a cut off point for creditors to put a claim in which is now gone. I hope the FCA get their way and these people are removed from their position.
    • fun4everyone
    • By fun4everyone 12th Apr 18, 2:41 PM
    • 1,148 Posts
    • 1,750 Thanks
    fun4everyone
    Update to the collateral situation in a letter received from Refresh Recovery. They consider us "creditors". I would hope that makes us specifically secured creditors and NOT unsecured but what would the other option be?

    Legal war looms and it appears Refresh will not get to decide this anyway.
    Last edited by fun4everyone; 12-04-2018 at 2:44 PM.
    • Malthusian
    • By Malthusian 12th Apr 18, 3:55 PM
    • 4,995 Posts
    • 8,073 Thanks
    Malthusian
    Lendy and others who have secondary markets are not really true secondary markets as they can only be sold at "par" value - which is why you sometimes have 0 liquidity.
    Originally posted by economic
    Utterly bonkers. God knows why all stockmarkets don't institute the same rule - if nobody's allowed to sell the shares at less than par value then nobody can lose money. The late lamented Sergei Mavrodi would be proud.
    • takesyourchances
    • By takesyourchances 12th Apr 18, 5:34 PM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    I read the Collateral update today, we will have to sit tight and await the outcome of the 27th of April. I have mostly put it out of my mind and hopefully it starts to solve in some shape or form following the court date.

    I am still re-investing payments and interest with Ablrate and with drawing interest and any re-payments from Moneything, it will take time to run MT down and for any defaults to solve as well.

    My P2P level is more maintained rather than fresh money going in at the moment and I have been working on increasing some of my Investment Trust holdings in my S&S ISA and raising my cash buffer a little.

    So far I have been happy with the hands off / auto accounts P2P with Lending Works, Growth Street and Unbolted and once some money gets out of MT etc I will spread it over to these accounts. I am happy with the rates of these accounts for much less time involved than I was spending last year on Collateral, MT and Ablrate combined.
  • jamesd
    Update to the collateral situation in a letter received from Refresh Recovery. They consider us "creditors". I would hope that makes us specifically secured creditors and NOT unsecured but what would the other option be?
    Originally posted by fun4everyone
    Our money is supposed to be segregated from theirs in part to ensure that we don't end up being creditors of the company if it becomes insolvent. There shouldn't be any mingling of our money with theirs. That way we get all of our money back regardless of the creditor preference rules. Except if there isn't enough money to pay for the administration, then ours would be used to pay.
    • thenewcomer
    • By thenewcomer 13th Apr 18, 6:11 AM
    • 97 Posts
    • 21 Thanks
    thenewcomer
    i need to send a letter to col as a creditor!

    btw with unbolted do i get notified when new cash get deposited into my account?
    Aim to retire by 45.
    • takesyourchances
    • By takesyourchances 13th Apr 18, 8:22 AM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    i need to send a letter to col as a creditor!

    btw with unbolted do i get notified when new cash get deposited into my account?
    Originally posted by thenewcomer

    Why do you need to send a letter to Col? ....we should know more after the court date on direction hopefully.

    Yes unbolted email when your account is credited with balance and also on any loans, repayments etc.
    • keyboardworrier
    • By keyboardworrier 13th Apr 18, 12:14 PM
    • 124 Posts
    • 133 Thanks
    keyboardworrier
    I'm not sending anything to the administrators of Collateral. Their latest update did nothing but confuse matters further so I am going to wait until after the court date, we will all have a clearer idea of where we stand then.

    I did see this update from this website http://explorep2p.com/collateraluk/ which could explain why they think some people may be creditors


    One concern we have, however is that during February, Collateral UK changed its terms and conditions to say that !!!8220;if Collateral was to become insolvent then any money held by it would not be held in accordance with the FCA!!!8217;s client money rules, which require in particular that client money is held separately from a firm!!!8217;s own money, and it is likely you would rank as an ordinary unsecured creditor. Ordinary unsecured creditors rarely make any recovery on insolvency.!!!8221; We hope that these changes to the terms and conditions have no impact on the legal position of Collateral UK!!!8217;s investors. Particularly as the changes to the wording were made without any consultation or explicit notification.
  • jamesd
    with unbolted do i get notified when new cash get deposited into my account?
    Originally posted by thenewcomer
    That''s an option in your email preferences on the site. Current options are:

    "Would you like to receive an email...
    ...immediately when your account is credited?
    ...immediately when a loan repayment occurs?
    ...immediately when a sale payment occurs?
    ...immediately when a withdrawal is processed?
    ...immediately when an AutoLend instruction is executed?
    ...immediately when an asset for an overdue loan is put on sale?
    ...immediately when a new loan is put on sale?
    ...with a summary of activity, at the end of each day?
    "

    Just tick the ones you want to get.
    • thenewcomer
    • By thenewcomer 13th Apr 18, 6:57 PM
    • 97 Posts
    • 21 Thanks
    thenewcomer
    thanks those who replied to my questions.

    managed to invest 10 quids in todays unbolted loan.

    i doubt RR will continue as the administrator for collateral after this. but i have still sent an email to tell them that i am a lender/ creditor.
    Aim to retire by 45.
    • economic
    • By economic 13th Apr 18, 7:46 PM
    • 2,938 Posts
    • 1,586 Thanks
    economic
    I remember i had a couple of hundred quid in a loan and almost no cash with Col. The loan was due to be repaid around the time Col went into admin. What happens in that case? I am i creditor in which case i am unsecured OR am i a lender? Two totally different positions to be in and would have different outcome when all is settled.

    I thought legally i am a lender but if the loan was repaid whilst it went into admin, would i then be a creditor as i was not able to withdraw the cash?
  • jamesd
    economic, I don't think that the status of money in the client money account is entirely clear, in part because it seems that they had no authorisation to hold client money and even have such an account. In general, money in client money accounts is not an asset of a business but belongs to its customers.
    • takesyourchances
    • By takesyourchances 23rd Apr 18, 11:20 AM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    James how do you feel the Collateral situation will eventually resolve?

    I've mostly put it out of my mind as outside my control type thing and while recycling money in some p2p platforms I'm now putting most of my fresh investment funds into my s&s ISA as time on my side to ride things out. With basically just under half of my p2p unresolved between Collateral and MT defaults I think this is best for me at present and aiming towards some goals in my S&S ISA and also IT based dividend amounts.
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