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Post by queenvictoria on Jul 17, 2019 15:51:45 GMT
MT. In the wake of the Lendy collapse, when the administator tells us that the business was failing even at the time of FCA approval it is all the more necessary for other platforms to keep the trust of their lenders.
It is clear from this week's administrator's report that Lendy withheld key facts from investors and may even have mis-represented the truth. It is certainly the case that they were economical in their updates. Lenders asked for more information constantly, evidenced by the Lendy threads on this forum, but they continued to be only sporadic and at best incomplete and lacking in key detail.
There are constant requests on this forum, and no doubt in private emails to you, for you to provide more frequent, fuller updates to MT investors. I really think you need to do so in order to maintain the confidence of lenders many of whom will have been burnt by Lendy and other platform failures.
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mj
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Post by mj on Jul 17, 2019 16:13:26 GMT
Yes, Lendy was clearly in its death throes when it stopped writing new business and its communications became sporadic and unhelpful. worryingly, MT appears now to be showing the same pattern. I assume MT has FCA approval but don't know for sure. Not that it matters much.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 17, 2019 16:51:34 GMT
Yes, Lendy was clearly in its death throes when it stopped writing new business and its communications became sporadic and unhelpful. worryingly, MT appears now to be showing the same pattern. I assume MT has FCA approval but don't know for sure. Not that it matters much. It does, actually one of the first platforms to get it. Couldn't offer an ISA without it.
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keystone
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Post by keystone on Jul 17, 2019 17:14:47 GMT
You may want to tag them.
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Post by martin44 on Jul 17, 2019 17:38:17 GMT
MoneyThing ... we are not frightened of hearing the truthful facts, especially around loans that are clearly proving to be problematic, if you have nothing to hide, then you too should not be frightened of providing us with the truthful facts.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jul 17, 2019 17:59:59 GMT
Why can some lenders not grasp the simple premise that MT are operating a policy of, if they have nothing to say, they say nothing? They do not need to be constantly reminded of the consequences of their actions. They are adult business people who, whether you agree with the policy or not, understand the consequences.
If there is some psychological or emotional reward to posting here then continue to do so, but please stop the pleading to MT that if they engage it will help them. They know the effect of there communications policies, please give them that respect.
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Post by martin44 on Jul 17, 2019 18:22:57 GMT
Why can some lenders not grasp the simple premise that MT are operating a policy of, if they have nothing to say, they say nothing? They do not need to be constantly reminded of the consequences of their actions. They are adult business people who, whether you agree with the policy or not, understand the consequences. If there is some psychological or emotional reward to posting here then continue to do so, but please stop the pleading to MT that if they engage it will help them. They know the effect of there communications policies, please give them that respect.Some of us gave that respect wholeheartedly to lendy .... a total lack of communication and disrespect to the lenders generally leads to one conclusion, when a loan is clearly having issues with regards to repayment of OUR money , i personally do not believe there is ever a time when they should have nothing to say. I personally am not seeking neither psychological or emotional reward, what i am seeking is a simple regular update of the problematic loans i am tied into so i can get a clear idea of where my position is as to the return of my funds.
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Post by mrclondon on Jul 17, 2019 19:12:01 GMT
This is a tricky area, and has been affected by the mindless copy and and paste of updates from p2p platform websites onto public forums by a small minority that could then affect recoveries. It can be argued that updates on loans that are suspended from trade are of marginal benefit to lenders, but they do as the OP implies affect lender perceptions of the platform. But perhaps not a major concern for MT in the absence of new loans, and the only new loan in recent months did fill eventually.
That said, I do get irritated when platforms refuse to provide updates on their website of info that is already in the public domain, often published by their own third party advsiors. A recentish waffle of an update from FS on the art loans was a major contrast to the detailed write up of the legal case that is available online written by their own barrister. A MT example that I've only spotted today is the press release by Moorfields last October detailing 4 of the 5 extra assets owned by the Paisley loan borrowing company (details are now on DD Central for those with access).
What is of greater concern is where info on tradable loans is withheld. Its only recently become clear where the scottish holiday park bond is to be listed ... those who guessed correctly already realised the bond was not being listed on the timetable previously communicated to lenders but many others were taken in by the promise of imminent repayment and bought on the SM. I would also contend that to correctly price the Putney loan needs fuller disclosure of the part payment that has been mentioned in the updates ... there is no activity on the LR alert service for that title at present, and the rightmove listing is still live.
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Post by queenvictoria on Jul 17, 2019 22:28:13 GMT
Why can some lenders not grasp the simple premise that MT are operating a policy of, if they have nothing to say, they say nothing? They do not need to be constantly reminded of the consequences of their actions. They are adult business people who, whether you agree with the policy or not, understand the consequences. If there is some psychological or emotional reward to posting here then continue to do so, but please stop the pleading to MT that if they engage it will help them. They know the effect of there communications policies, please give them that respect. I am the 'some lenders' you refer to and so to answer your question as to why I constantly remind MT of the consequences of their 'policy' to not communicate is because 1. I have a stake in their business as a customer who is unable to exit and 2. I am convinced that they fail to recognise the damage they do the business by not communicating with their customers. I get no psychological or emotional reward, as you put it, by posting my concerns or at least no more than you might get from constantly posting your own pleas for silence. All I want them to do is to see that their 'policy', if that is what it is, puts them in the same league as Lendy and others and that it would be better to communicate more frequently and with more consistency. Once I have left MT I will, of course, have no more to say and you can enjoy your radio silence.
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carolus
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Post by carolus on Jul 18, 2019 8:48:56 GMT
I don't really understand where the benefit arises from having frequent updates on (defaulted) loans.
There is no action that can be taken based on any information one obtains from the update - we must wait until the recovery is complete, regardless of whether we know exactly what is going on at a given time. This is in fact made *worse* by the issue pointed out above - that any update that contains meaningful information carries with it a risk that the information is released, and that this negatively impacts the recovery.
People might find frequent updates reassuring - but I think this is a false reassurance. Either you believe MT when they say that a) they are working hard to get a resolution and b) that they will provide updates when there is something meaningful to report, or you don't believe them. But if you already believe them then there is nothing gained from pushing for more updates, and if you don't believe them then (apart from other questions this raises), why would you believe the accuracy of any updates you do get?
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corto
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one-syllabistic
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Post by corto on Jul 18, 2019 9:19:35 GMT
No updates add to the uncertainty about a loan. The level of uncertainty across loans feeds into your assessment of the platform risk.
Also: The platforms that get the best comments here are those that communicate. It's just nicer.
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averageguy
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Post by averageguy on Jul 18, 2019 11:00:38 GMT
No updates add to the uncertainty about a loan. The level of uncertainty across loans feeds into your assessment of the platform risk. Also: The platforms that get the best comments here are those that communicate. It's just nicer.
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averageguy
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Post by averageguy on Jul 18, 2019 11:11:53 GMT
Well there is an update and a update ...I don’t want a Lendy style system that for most ended up as a copy and paste exercise and I don’t think we want to be spoon fed...but there certainly is room for improvement with frequency...for example the Paisley loan where it’s been over three months and the security hasn’t been realised. Then there is the residential development in Liverpool where it’s bedn over three weeks and we still don’t know what the ‘’matter’’ that has come to their attention. However I don’t think that stomping your feet and making sarcastic comments is either warranted or productive. Although I can understand the emotion and need to vent if you are perhaps uncomfortably committed on a loan. Overall imho there is room for improvement for sure
Ps one thing i’d Like is an email sent out on any update not just what they deem as significant, so i’m not having to endlessly check the site
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Post by 999william on Jul 18, 2019 11:13:58 GMT
In my experience, as a lender with Ratesetter, Landbay, AC, Lendy, Collateral, Lending Works and Funding Circle, I find Moneything communicate extremely well in comparison...as an aside I requested a withdrawal from MT this morning and it was in my bank account within an hour of my request. Good work and I'm happy to let them get on with resolving the defaults and to update me when there is something significant to say.
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boundah
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Post by boundah on Jul 18, 2019 11:22:28 GMT
Surely the best place to communicate is through the regular updates we get on the platform. I'm guessing many/most investors aren't on P2PIF so why should MT give those who are special treatment?
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