r00lish67
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Post by r00lish67 on Sept 19, 2017 17:11:07 GMT
I sold all my supercar loans just a few days ago, ironically this was because the MH sales queues had become too long and I wanted to buy some other loans on the SM. My supercar loans just flew out and were no problem selling at all, so I was able to buy the loans I had in mind before they went. So although I now have no personal interest in these defaulted loans the problem will be that the SM sentiment will become even more negative and other loans such as MH will become even harder to sell. Everyone will be wondering what will be next so they will be rather unwilling to increase their holdings in anything else for the time being. Yes, indeed. I for one would actually like to increase my holdings of MH if it it was offered at a suitable price. But, just as the supercars were poor value to buy last week just before possible defaulting (and great value to sell) at par, so MH becomes increasingly poor value too (although I tend to like the loan). If only there was some solution..< whisper> discounting...ahem. To be honest though, even though I think it's the right thing to introduce long term, MT's far more urgent task I'm sure is to speed up loan origination swiftly followed by focused recovery of the loans that have hit trouble. Or vice versa, depending whether you're an investor or the platform
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hazellend
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Post by hazellend on Sept 19, 2017 17:12:05 GMT
I haven't held these for a while but for some reason I am very disappointed that this borrower has defaulted.
I'm also not sure why the loan wasn't extended rather than defaulted, as the borrower has never missed a payment.
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elliotn
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Post by elliotn on Sept 19, 2017 17:17:23 GMT
I haven't held these for a while but for some reason I am very disappointed that this borrower has defaulted. I'm also not sure why the loan wasn't extended rather than defaulted, as the borrower has never missed a payment. We're not necessarily told about missed borrower repayments by the platform (who may cover these themselves to recover later); presumably this was not defaulted without good reason.
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oik
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Post by oik on Sept 19, 2017 17:55:33 GMT
That also rates as a concern ....... :-) Err, yes, there is that too. Though both cars still seem to be on sale on the website, despite reports, albeit one seems to be listed as 1991 rather than 1990 as in the loan details. I have surprising amount of money in these. And I don't normally do "renewals" on this sort of stuff on FS. So not really sure why I have on MT. No good deed ever goes unpunished.
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fp
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Post by fp on Sept 19, 2017 18:23:23 GMT
<snip> I have surprising amount of money in these. Yes me too, I still have a decent 4 figure sum in the pair, but thankfully I let quite a bit go when they renewed or i'd be twitching a bit tonight!
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Post by bracknellboy on Sept 19, 2017 18:55:23 GMT
<snip> I have surprising amount of money in these. Yes me too, I still have a decent 4 figure sum in the pair, but thankfully I let quite a bit go when they renewed or i'd be twitching a bit tonight! well i guess be grateful that it isn't an indecent 4 figure sum :-) [For the benefit of doubt, mine is not either: just more than I would tend to think is sensible on high end cars at supposed 70% LTV: the bottom can drop out this market faster than a......ummmm, Lambo ?]
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Post by eascogo on Sept 19, 2017 19:31:18 GMT
Crumbs! I have 5 digits in these. Not too worried though. A small mercy in that default interest rises to 14%. Hope all will be well in the end. Sadly I cannot make an offer, not even £200k.
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derbyfella
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Post by derbyfella on Sept 19, 2017 19:35:52 GMT
MT taking a bit of a kicking recently :-(
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Post by df on Sept 19, 2017 19:46:02 GMT
It will add to increasing distrust in loans secured on vehicles across platforms.
I've added to the extension for both loans a month ago, which was a mistake, ended up with sizeable default, but it didn't diminish my trust in MT. Defaults are new to MT, but so far they have shown a robust approach to dealing with them (unlike SS/L).
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ben
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Post by ben on Sept 19, 2017 20:23:10 GMT
It will add to increasing distrust in loans secured on vehicles across platforms. I've added to the extension for both loans a month ago, which was a mistake, ended up with sizeable default, but it didn't diminish my trust in MT. Defaults are new to MT, but so far they have shown a robust approach to dealing with them (unlike SS/L). If there is a decent recovery, then it does not matter, we all know defaults will happen, it is how the platform handles them that counts.
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DeafEater
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Post by DeafEater on Sept 19, 2017 20:34:03 GMT
....Though both cars still seem to be on sale on the website, despite reports, albeit one seems to be listed as 1991 rather than 1990 as in the loan details. Yes I wondered about that. However if you watch the carousel of advertising pictures for that car all the way through, you'll eventually come across one of the paperwork giving the year of manufacture as 1990. Thus bizarrely, MT are right and the website of the man trying to sell it is wrong.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 20, 2017 1:24:42 GMT
Just been repaid 33% of MTAF784. Now listed as defaulted loan MTAF810 at 14%, but LTV now 47%. That's a great result.
EDIT:Also, MTAF785 £80k repaid, now MTAF811 at 14% and LTV 50%.
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fp
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Post by fp on Sept 20, 2017 6:10:03 GMT
Nice to see a partial repayment of these in my accounts this morning, dofs cap to Ed MoneyThing
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Forward
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Post by Forward on Sept 20, 2017 6:58:19 GMT
Well that was nice and unexpected surprise this morning part payment on MTAF785
Cheers MT
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robski
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Post by robski on Sept 20, 2017 7:43:22 GMT
Looks like the borrower paid something like £150k. Hard to be exact as cant tell if interest was paid from the submission if they emptied their bank account for the odd amount, my suspicion is interest pre paid by MT was deducted and rest was used to pay back capital.
Its funny as now with the lower LTVs and 14% interest these would probably fly off the shelf on the SM if trading in defaulted was allowed. No need for any discouning, but had they not had a payment on account, I bet most people would have discounted heavily to try to shift if that option was there.
As much as currently the defaults situation looks bad at MT, this and Lytham could predictably turn out fine for lenders, Birk I am not so sure but they way these are dealt with could add further confidence in MT as opposed to losing it.
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