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Post by mrclondon on Apr 3, 2018 11:14:44 GMT
There will likely be lots of changes in the new T&C's, but the new section on Confidentiality is note worthy For comparison the clauses relating to confidentiality on other platforms are summarised in this thread on the General Discussion board.
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MONEY
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Post by MONEY on Apr 3, 2018 11:34:32 GMT
All revisions highlighted:-
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archie
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Post by archie on Apr 3, 2018 11:46:32 GMT
Was there an email regarding this?
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rgog
Member of DD Central
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Post by rgog on Apr 3, 2018 12:31:02 GMT
Just checked my e-mail account, nary a word was seen from a Thing! Clause 6.3 is concerning especially in light of the doubts and concerns raised on many threads as to some of the valuations provided. I can't say I particularly like 10.18 either, I prefer the Assetz model where we are consulted.
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Post by marcusponds on Apr 3, 2018 13:12:05 GMT
Was there an email regarding this? Can't speak for others, but I haven't receive one (as of yet). Me neither
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sj
Member of DD Central
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Post by sj on Apr 3, 2018 13:23:35 GMT
Just checked my e-mail account, nary a word was seen from a Thing! Clause 6.3 is concerning especially in light of the doubts and concerns raised on many threads as to some of the valuations provided. I can't say I particularly like 10.18 either, I prefer the Assetz model where we are consulted. Hear hear! Looks like MT know full well that there are problems with valuations. Bit late on the existing loans, but I do trust that any future loans will be well scrutinised. I think i'll apply my own valuations in the future - take what the surveyor says and divide by two [or three if the property is a castle ] Does this mean that MT will be taking legal action against the shoddy surveyors? And if not, then what will stop surveyors from pulling the same thing in the future? I'm taking my own action by not investing in any more property loans, until I see repayments on defaults and chasing-up and extraction of payment in full for any outstanding money owed after sale of said property. I'm sick of the over-valuations that plague P2P.
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ptr120
Member of DD Central
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Post by ptr120 on Apr 3, 2018 13:45:37 GMT
No email, but when I logged on to my account just now I was forced to click on 'accept' for the new terms and conditions before I could go any further. In my experience, best practice is for a provider to summarise what the changes are, and the reason for them. I see that someone has done that on the forum but it would have been appreciated if MoneyThing had done that for us. In terms of not being able to take action against a valuer, would I, for example, be able to use the RICS complaints procedure if a valuation provided by one of their members, and relied upon by me when I make an investment decision, proves to be somewhat lacking? I'm sure there will be other questions and I hope that SophieThing will be along to comment soon
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greatmarko
Member of DD Central
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Post by greatmarko on Apr 3, 2018 13:53:58 GMT
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Post by MoneyThing on Apr 3, 2018 13:56:31 GMT
No email, but when I logged on to my account just now I was forced to click on 'accept' for the new terms and conditions before I could go any further. In my experience, best practice is for a provider to summarise what the changes are, and the reason for them. I see that someone has done that on the forum but it would have been appreciated if MoneyThing had done that for us. In terms of not being able to take action against a valuer, would I, for example, be able to use the RICS complaints procedure if a valuation provided by one of their members, and relied upon by me when I make an investment decision, proves to be somewhat lacking? I'm sure there will be other questions and I hope that SophieThing will be along to comment soon Afternoon, All lenders should have received an email about 10 minutes ago notifying them of the updated Lender Terms and Conditions (LTCs). In this email and included in the page after lenders initially log in to view and accept the LTCs, is a link to an update which provides a summary of the changes and also a downloadable copy which highlights all the changes. Click here for the update: www.moneything.com/p2p/index.php/support/update/id/1071 You will note that when you login and are presented with the updated LTCs that you can still navigate to other parts of the platform prior to clicking to accept. Kind regards, Ed
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gwenynwyr
Member of DD Central
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Post by gwenynwyr on Apr 3, 2018 13:58:27 GMT
email timed 14.44
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snowmobile
Member of DD Central
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Post by snowmobile on Apr 3, 2018 14:19:51 GMT
There seems to be some contradiction of terms regarding secondary market trading of non-performing loans:
Will secondary market trading usually be available for non-performing loans, unless they are suspended for a particular reason?
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ptr120
Member of DD Central
Posts: 1,198
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Post by ptr120 on Apr 3, 2018 14:30:16 GMT
Hi MoneyThing - email now received with thanks. In addition to my previous question regarding my ability to use the RICS complaints procedure, what if I'm happy to accept new terms and conditions for new loans going forwards, but don't like the retrospective change for existing loans?
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johni
Member of DD Central
Posts: 365
Likes: 327
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Post by johni on Apr 3, 2018 14:57:31 GMT
Hi MoneyThing does the new T&Cs mean loans and borrowers cannot be discussed on DD Central.
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Post by ladywhitenap on Apr 3, 2018 15:44:35 GMT
I do not see the reason for this clause 15.5 This agreement can be terminated by us at any time if: . . . (j) There is no activity in your MoneyThing account within a 6 month period; I can foresee a situation where I might decide for the purposes of diversifying risk, that I have sufficient funds on MT and would not want to put further funds in for a 6 month period or longer. I would not want to close my account and neither would I want to make a transaction solely for the purposes of avoiding closure by this clause. MoneyThing Why are you imposing this please? LW Define "activity". MT crediting interest to my account seems like "activity on my account" to me?
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baz657
Member of DD Central
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Post by baz657 on Apr 3, 2018 16:45:21 GMT
Hi MoneyThing does the new T&Cs mean loans and borrowers cannot be discussed on DD Central. If I've read it correctly it would go against the T&C's if you discussed borrowers and named them on a forum viewable to the general public (like here). The staff already do a great job trying to not let that happen. My reading is also that a closed and private forum (DD Central) would have the same status and privacy as the Money Thing website once you have previously shown your eligibility and have logged in using the information you've been provided with on either portal. Have I read it right?
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