sapphire
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Post by sapphire on Jul 16, 2019 13:53:09 GMT
"The communications with their solicitor suggest that any enforcement action may be challenged..."
Looks like the infection of the 'try in on' disease, (initiated by another borrower?), is spreading?
Steps need to be taken forthwith to eradicate it before it becomes an epidemic.
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sapphire
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Post by sapphire on Jul 16, 2019 14:00:20 GMT
It's not clear from MT's update if from the borrower's perspective the payment made today is intended and/or stated to be a partial/interim payment or a 'full and final' settlement? A clarification from MT would be helpful.
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corto
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Post by corto on Jul 16, 2019 14:30:25 GMT
It's not clear from MT's update if from the borrower's perspective the payment made today is intended and/or stated to be a partial/interim payment or a 'full and final' settlement? A clarification from MT would be helpful. I'd agree it is no 100% clear but the update from 5/7 says it's a "smaller ad-hoc payment"
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corto
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Post by corto on Jul 16, 2019 14:38:14 GMT
.. which sort of suggests MT expected 50% of the total
I give it 1 in 3 that H2S paid half, SL kept 32k for whatever reason (pay others?) and MT kept another 50k leaving us with 1/3 at the moment.
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averageguy
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Post by averageguy on Jul 16, 2019 14:41:22 GMT
It's not clear from MT's update if from the borrower's perspective the payment made today is intended and/or stated to be a partial/interim payment or a 'full and final' settlement? A clarification from MT would be helpful. I'd agree it is no 100% clear but the update from 5/7 says it's a "smaller ad-hoc payment" And that’s why it never crossed my mind that it’s not FF...what we have here is a smaller piece of a smaller piece than what was expected...what MT haven’t told us is how much was the ad hoc payment so we can see how much the borrower has retained ....the comment owing other creditors begs the question what ones...working capital problems? Drop off in trade or because they can’t find an increase ...this info wasn’t really relevant a month or so ago when full payment was expected ..but now
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r1200gs
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Post by r1200gs on Jul 16, 2019 15:34:16 GMT
.. which sort of suggests MT expected 50% of the total I give it 1 in 3 that H2S paid half, SL kept 32k for whatever reason (pay others?) and MT kept another 50k leaving us with 1/3 at the moment. If SL only got a partial payment why would they not just tell MT? Nah, there's some sort of skulduggery going on here and MT need to stamp on it from a great height.
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corto
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Post by corto on Jul 16, 2019 16:21:30 GMT
.. which sort of suggests MT expected 50% of the total I give it 1 in 3 that H2S paid half, SL kept 32k for whatever reason (pay others?) and MT kept another 50k leaving us with 1/3 at the moment. If SL only got a partial payment why would they not just tell MT? Nah, there's some sort of skulduggery going on here and MT need to stamp on it from a great height. No disagreement really: what you call 'skulduggery' I call 'whatever reason'
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Post by Badly Drawn Stickman on Jul 17, 2019 10:31:40 GMT
This all seems a little curious, unless SL have suggested they would not be paying the balance it would seem odd for the relationship to break down to this level. Clearly if they failed to transfer the full amount received and that was the agreement, questions needed to be asked but presumably the reason is fairly obvious. Updates from the end of last year on wards clearly show a cash flow issue.
It is out of character for MT to go 'heavy' in these instances, 'quickly' yes but not 'heavy'. The fact that this loan has no tangible asset makes it all the odder. I half wonder if it is not just the result of cumulative frustration over many loans.
I found the update on the 18th December 2018, removed my confidence in the borrower (and confirmed my skepticism of documentaries). People who are comfortable admitting lying usually do it a lot. So my interest now is just platform based and not in this case any longer financial involvement.
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averageguy
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Post by averageguy on Jul 17, 2019 11:09:27 GMT
This all seems a little curious, unless SL have suggested they would not be paying the balance it would seem odd for the relationship to break down to this level. Clearly if they failed to transfer the full amount received and that was the agreement, questions needed to be asked but presumably the reason is fairly obvious. Updates from the end of last year on wards clearly show a cash flow issue. It is out of character for MT to go 'heavy' in these instances, 'quickly' yes but not 'heavy'. The fact that this loan has no tangible asset makes it all the odder. I half wonder if it is not just the result of cumulative frustration over many loans. I found the update on the 18th December 2018, removed my confidence in the borrower (and confirmed my skepticism of documentaries). People who are comfortable admitting lying usually do it a lot. So my interest now is just platform based and not in this case any longer financial involvement. Yes the cash flow problems have been their for a while ..little surprised there was no solicitors undertaking that full proceeds would be forwarded ..maybe the issue here is that it was an ad hoc payment ..with the full claim being larger than the loan
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copacetic
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Post by copacetic on Jul 17, 2019 11:12:55 GMT
Possibly because mainstream lenders aren't interested in giving a £550,000 unsecured loan to a company whose last submitted accounts show their balance sheet sitting at £78,000 and where the loan amount is 9 times their profit. What we're really lending against here is the promise of an HS2 payment coming through and the hope that the owners don't do a runner once they have both the loan and the payment. It appears cynicism and realism are the same thing when applied to p2p borrowers.
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jonno
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Post by jonno on Jul 17, 2019 11:34:58 GMT
Send the bloody boys round with a few "sweeteners" of their own ">
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Post by ladywhitenap on Aug 6, 2019 11:39:28 GMT
I'm trying to check the interest paid recently.
on 5-7-19 normal interes was paid of the capital - fine
11 days later a partial capital repayment was made - fine
on 5-8 19 interest was paid for the reduced capital for the 20 odd days for the balance - fine
However, I cannot find the interest that should be due on the amount repaid for the 11 days.
Any clues please
LW
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Post by MoneyThing on Aug 6, 2019 11:53:01 GMT
I'm trying to check the interest paid recently. on 5-7-19 normal interes was paid of the capital - fine 11 days later a partial capital repayment was made - fine on 5-8 19 interest was paid for the reduced capital for the 20 odd days for the balance - fine However, I cannot find the interest that should be due on the amount repaid for the 11 days. Any clues please LW Afternoon LW, My apologies - I can now see that the system did not credit the interest for days accrued between the 5th & 16th July. Let me discuss this with TheShuang to get this remedied. Kind regards, Ed
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Post by ladywhitenap on Aug 6, 2019 12:02:16 GMT
Thank you Ed for confirming I'd not missed something - other than the interest that is LW MoneyThing Is there any possibility that other part repayments might have suffered this bug. Can you run some sort of audit perhaps.
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ganymede
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Post by ganymede on Aug 12, 2019 14:33:33 GMT
I'm trying to check the interest paid recently. on 5-7-19 normal interes was paid of the capital - fine 11 days later a partial capital repayment was made - fine on 5-8 19 interest was paid for the reduced capital for the 20 odd days for the balance - fine However, I cannot find the interest that should be due on the amount repaid for the 11 days. Any clues please LW Afternoon LW, My apologies - I can now see that the system did not credit the interest for days accrued between the 5th & 16th July. Let me discuss this with TheShuang to get this remedied. Kind regards, Ed Just noticed interest payments made today 12-8-2019 MoneyThing my quick calculations looks to be the 11 days missing.
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