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Post by GSV3MIaC on Feb 8, 2018 8:23:03 GMT
No, 'Harsh' is the Shylock model ... take it out in flesh. 8>.
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Post by SophieThing on Feb 19, 2018 8:58:49 GMT
Morning
We have added a bit more detail and answered some FAQ's about loan extensions. This is under 'general updates' under support.
Kind regards
Sophie
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archie
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Post by archie on Feb 19, 2018 9:18:18 GMT
Morning We have added a bit more detail and answered some FAQ's about loan extensions. This is under 'general updates' under support. Kind regards Sophie Could the interest date be added now the rollover boxes are gone?
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Post by munchydave on Feb 19, 2018 9:38:25 GMT
I wasn't saying a right of repayment. But at the end of the loan the exit options are: Repayment Default. There are only two outcomes! What I am then saying is it is the choices in response to the default. The point of secured loans is that there is a charge on the asset. So either the platform goes into full recovery mode. Or they agree to an extension (new agreement) with associated higher risk and interest. Borrower is free to finance elsewhere and pay back as planned. Maybe I'm just a bit harsh. No you are not too harsh. I invest in 8 different P2P sites and they ALL have the same issues. In a desperate attempt to claim they have no defaults or minimal defaults they continue to extend loans. On this site all the few remaining loans I have are now all in default and where I go from this depends on the outcome of these defaults. As you say it's pay up , default, or new loan. Endless extensions are not an option. The other big issue is on valuations which can be works of fiction. On one site we just sold a castle in Scotland for 1.5 Million.The valuation that I invested against was 4.9 Million. The first platform to address these issues will be the one left standing when all the others have gone.
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bugs4me
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Post by bugs4me on Feb 19, 2018 10:15:45 GMT
<snip> The other big issue is on valuations which can be works of fiction. <snip> Agree with your thinking munchydave but it's not just about the LTV's - it's also the borrower's background which platforms insist are irrelevant. This continual insistence by the platforms is making them look like amateurs. In fact come to think of it, these 'professional' borrowers that bounce from platform to platform do demonstrate just how easy it is to extract funds - our funds - from platforms who have often set themselves up as experts. Carrying out some basic DD on the platforms themselves often leaves a great deal to be desired regarding these platform experts.
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elliotn
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Post by elliotn on Feb 19, 2018 11:12:59 GMT
Just in case anyone gets confused, above is Welsh c*****, Scottish one still being kicked down the road.
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Post by munchydave on Feb 19, 2018 13:47:00 GMT
Just in case anyone gets confused, above is Welsh castle, Scottish one still being kicked down the road. Yes you are correct. So many castles and estates in default I got confused.
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shimself
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Post by shimself on Feb 19, 2018 14:27:37 GMT
Just in case anyone gets confused, above is Welsh castle, Scottish one still being kicked down the road. Yes you are correct. So many castles and estates in default I got confused. I believe we are obliged to write C****E. I'm not sure about E****E.
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duck
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Post by duck on Feb 19, 2018 15:36:10 GMT
Crumbling crenellations chaps, that was close ....
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victors
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Post by victors on Feb 19, 2018 15:55:16 GMT
There are many variables to consider when a loan term ends and repayment isn't made. I just ask myself if I trust the company to act in my best interests. They are professionals, I'm not.
With Moneything, at present, I trust them and leave them to it.
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Post by SophieThing on Feb 19, 2018 16:56:35 GMT
Morning We have added a bit more detail and answered some FAQ's about loan extensions. This is under 'general updates' under support. Kind regards Sophie Could the interest date be added now the rollover boxes are gone? Hi Archie, Request noted. I'll raise it with the team. Kind regards Sophie
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rocky1
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Post by rocky1 on Feb 19, 2018 17:22:00 GMT
This will IMO prove to be a disastrous marketing exercise by MT especially as it's being applied to existing loans. I suspect it's been introduced out of fear.
With over £6m defaulted loans MT have come under the microscope with their current and future loan offerings. I expect this will also apply to any renewals where there is a possibility of funding failure - so lets lock existing lenders in. Sure you can flog your unwanted loans on the SM providing it is liquid.
My gripe with this new policy is that if I invest in a 6 month loan then that is the agreement I enter into. I do not expect that to be changed without my consent or at least a vote by existing lenders to do so. But no, we're not going to be afforded that courtesy COL already did exactly the same a few months back... i invest with MT mainly because you know the loan term and end date and expect all my loans that are running now to stick to that agreement this is going very much the way of L***Y with every bodies capital being stuck in the SM sooner or later a big step backward i think
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rocky1
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Post by rocky1 on Feb 19, 2018 18:08:41 GMT
Will interest continue to be paid when a loan is extended in this way, if I've decided to sell after the nominal "rollover" date passes? Most loans are serviced by borrower (or MT) and all loan parts up for sale continue to earn interest so you shouldn’t see any change if MT allow a borrower to formally extend their loan. wont that be the next change where you no longer receive interest for your loan parts up for sale
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Post by eascogo on Feb 19, 2018 18:38:56 GMT
COL already did exactly the same a few months back... i invest with MT mainly because you know the loan term and end date and expect all my loans that are running now to stick to that agreement this is going very much the way of L***Y with every bodies capital being stuck in the SM sooner or later a big step backward i think Doubts over the quality of recent loans led to large amounts landing on the SM. MT had little choice but to take defensive action by stopping rollovers. No doing so would have caused Boll*****n and other loans nearing end-of-term in danger of failing to renew--an unwanted outcome for development loans. The current difficulty in funding the Scot.Park Devt demonstrates that confidence is at a low ebb. I'm not sure that a cashback offer would be enough to coax investors.
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bugs4me
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Post by bugs4me on Feb 19, 2018 18:49:31 GMT
wont that be the next change where you no longer receive interest for your loan parts up for sale Maybe although I can understand (but do not agree) why MT suddenly brought the change in - it's called fear. Fear that possibly due to an increasing number of defaults, then they would not be able to renew loans which have reached the end of term. Now the MT SM is in the region on £3.7m - must be a record for them and any 'End date' being stated on the loans has possibly/probably become meaningless. So the only way to exit is via a growing SM. From a marketing/PR point of view this has been handled exceptionally poorly by MT which surprises me. Not sure where they will go from here but from being the 'darling' around these parts I don't feel that title applies anymore. Very sad as they had spent considerable time and effort building up goodwill and lenders often gave them the benefit of any doubts. Whether that still exists is a wait and see.
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