jsmill
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Post by jsmill on Jun 11, 2018 11:14:20 GMT
Is anybody else on the forum getting slightly concerned at the deafening silence emanating from Moneything? I am not one of the investors on the forum who thinks platform time is best spent updating investors every week for no reason but there are a number of loans with material issues which investors are not being kept up to date on: Few examples
1) B***ington and south coast student digs: Now two months since last update Given that the administrator was allegedly 65% of the way through the B***ington review on the 13th April I am at a loss as to why a proper update on the delay hasnt been provided.
2) Newcastle Bridging: Loan interest still not paid (following late payment of previous interest). Last update on 25 May which stated interest to be received next week and that MT had an onsite with the borrower on the 30th.
3) Scouse box depository: Fortunately some obliging individuals purchased the last of my units a few weeks back so no skin in the game here but have been following to see how it plays out. After a Lendy esq chain of vacillating updates the last one was on the 25th May with the lender awaiting some funds the following week to repay loans including this one; presumably subsequently lost in the post/ tragically eaten by depository guard dog.
I have been a big fan of MT as a platform although haven't added any additional funds in last few months until I have some evidence at how MT progresses the various loans in default. However, the silence along with the lack of new loans and the volume of assets in defaulted or troubled loans means I am becoming concerned. Interested to hear others' views.
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ptr120
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Post by ptr120 on Jun 11, 2018 11:54:53 GMT
I share your concern. I'd add to that loans (such as Paisley) where the completion date is pushed out a couple of days at a time without informing lenders. If we are just talking a couple of days I don't necessarily expect an explanation of why, but if the Things can go in to the system and revise and end date, they can also bush out an update that says "The anticipated end date for this loan has been revised to dd/mm/yy. Further information will be provided in due course".
In addition to that, I'd also add the lack of new loan origination and slow roll-out of the IFISA. Although there are long queues on the SM for some loans, the recent Scottish retail loan shows that loans with the right security and borrower will still fill.
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archie
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Post by archie on Jun 11, 2018 12:07:55 GMT
My guess is they were on holiday last week as that corresponds to their holiday dates last year. They appear to be back now.
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Post by SophieThing on Jun 11, 2018 12:43:17 GMT
Good afternoon,
Please accept our apologies. Ed and I were on holiday last week. Good guess Archie. It was the TT races in the Isle of Man in June and we tend to escape then.
We had scheduled updates to go live in advance of going away, but a slight technical hitch meant they were not released as planned. The best laid plans.....
Rest assured there is nothing sinister in our silence. While we were away, the rest of the Things were manning the fort and remained in contact with borrowers and continued to operate as normal.
A raft of updates is expected at 2pm today.
There are a few loans where we are still chasing borrowers to get a satisfactory answer to our questions. It remains our policy to not push issues down the road and we are only applying extensions where that seems to be the best option to recover lenders funds and where we have a satisfactory plan in place.
You can expect Ed to be back on the forum shortly.
Kind regards
Sophie
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jsmill
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Post by jsmill on Jun 11, 2018 14:08:09 GMT
Appreciate the response SophieThing and in terms of the new loan updates also appreciate the acknowledgment that a full update with regards to Newcastle is overdue. There are obviously still some key updates required (e.g. box depository and the defaulted loans). These may well be the cases where you are waiting on the borrowers for certain items which will limit the details you can pass on to us but some update; particularly around timings/deadlines would be useful. Thanks
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Nomad
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Post by Nomad on Jun 12, 2018 4:03:37 GMT
Appreciate the response SophieThing and in terms of the new loan updates also appreciate the acknowledgment that a full update with regards to Newcastle is overdue. There are obviously still some key updates required (e.g. box depository and the defaulted loans). These may well be the cases where you are waiting on the borrowers for certain items which will limit the details you can pass on to us but some update; particularly around timings/deadlines would be useful. Thanks A month today since the last update on B**k*****d.
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Post by westcountry on Jun 12, 2018 10:12:36 GMT
Good afternoon, Please accept our apologies. Ed and I were on holiday last week. Good guess Archie. It was the TT races in the Isle of Man in June and we tend to escape then. We had scheduled updates to go live in advance of going away, but a slight technical hitch meant they were not released as planned. The best laid plans..... Rest assured there is nothing sinister in our silence. While we were away, the rest of the Things were manning the fort and remained in contact with borrowers and continued to operate as normal. A raft of updates is expected at 2pm today. There are a few loans where we are still chasing borrowers to get a satisfactory answer to our questions. It remains our policy to not push issues down the road and we are only applying extensions where that seems to be the best option to recover lenders funds and where we have a satisfactory plan in place. You can expect Ed to be back on the forum shortly. Kind regards Sophie Many thanks for all the updates yesterday, SophieThing, but please could we have an update on MTAS934 2nd Plym default? It's been nearly 2 months since the last update with any news.
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