dovap
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Post by dovap on Mar 7, 2018 12:39:11 GMT
shambles
I'm surprised P2P went along with the confidentiality nonsense tbh it'll be standard practice for erm difficult loans if some inconsequential excuse attached to a loan dictates how it's handled here
meh
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bugs4me
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Post by bugs4me on Mar 7, 2018 14:38:58 GMT
Loan MTBF935 contains the following confidentiality clause in the loan description. <snip>Whilst MT's and/or the borrower's intent may have been to prevent one specific detail concerning the loan from being discussed, the final paragraph of the confidentiality clause appears to prevent public discussion of any information concerning details of this specific loan. Forum staff are not legal experts, and have acted in good faith based on the information available to them at the present time. It wouldn’t surprise me if these confidentiality clauses became normal - not just with MT. With more and more P2P investors querying the validity of VR’s, optimistic LTV’s, lack of on-going monitoring, poor loan recovery rates, even poorer communication, etc, etc then it’s in the interests of P2P platforms at this stage for there to be zero discussion regarding loan offerings especially as the information being presented is getting shallower IMO. Coupled with the fact that many investment ‘opportunities’ are becoming more difficult to fill then many platforms would prefer us just to take everything at face value as presented - rather like a few years ago before things started to hit the fan. Hopefully this will just be a one off but I wouldn’t be surprised if it’s not. This coupled with the gradual amending by a couple of platforms of T’s&C’s (their favour of course) does leave a rather sour taste in the mouth.
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Post by mrclondon on Mar 7, 2018 15:03:48 GMT
Whilst I share your concerns bugs4me , I cling (maybe naively) to the hope that the following paragraph in MT's January 2018 newsletter actually was more than empty words: "In the latter half of 2017 there was a call from some lenders for P2P platforms to be more transparent. There is much more scrutiny of new loans and more general due diligence carried out by lenders, which can only be a positive move for the sector."
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seeingred
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Post by seeingred on Mar 7, 2018 15:12:09 GMT
We are losing sight here of a sense of perspective - there is only one small aspect of the loan that is subject to 'confidentiality' (and quite reasonably so because it is an ********* matter) as may be gleaned from careful reading of the loan particulars - but the absurd over-reaction of some people here means that the entire loan seems to have been considered as 'not open for discussion' .
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Post by SophieThing on Mar 7, 2018 15:30:28 GMT
Hi All,
The confidentiality clause has been amended to specify one particular part of the description.
Please see the loan description or update page on platform for further details.
Kind regards
Sophie
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elliotn
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Post by elliotn on Mar 7, 2018 15:34:39 GMT
We are losing sight here of a sense of perspective - there is only one small aspect of the loan that is subject to 'confidentiality' (and quite reasonably so because it is an ********* matter) as may be gleaned from careful reading of the loan particulars - but the absurd over-reaction of some people here means that the entire loan seems to have been considered as 'not open for discussion' . seeingred called it, loan fair game but no mention of the ********* thingymejig.
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Post by mrclondon on Mar 7, 2018 15:41:15 GMT
Now the confidentiality clause has been amended, I've restored the posts discussing this loan that were made yesterday and moved across the posts made in this thread concerning the allocation limit. The new thread is (MTBF935) Commercial Bridging Loan in Lichfield
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