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Post by martin44 on Jul 21, 2019 20:58:47 GMT
I think there is a danger of it being used as a smokescreen, I agree. However, if I were running a platform I really wouldn't give out any information (whether on my own site, on a forum or even by private email) that I wasn't prepared to have seen by the borrower or disclosed to the public. I think this places the onus on the platform to think carefully about its communications policy because it must communicate with lenders but has to maintain appropriate confidentiality in dealing with its borrowers. Not easy but necessary. And As I have said many times, I do not want the platform to have to expend resources on it's communications policy, I want those resources to be used constructively running the platform, and to me that means handling the defaults. Now I know you believe if you do not know about something it is or may not be being done properly, but that is where we differ. I am only interested in the ultimate result, not the process. I have no influence over what MT does, I accept that and so see communication unless it is news of funds actually returning, as waste of limited resource that could be better exerted elsewhere. MT, when it ventured into development loans started in's problems, they have neither the skills or expertise to handle developers. They grew because of their zero defaults for so long, but I guess there are only so many safe pawn loans, and you cannot grow on those alone. Everything I have has been sold or is in the sales queues, and I make rhat point to illustrate where I stand with MT. I have made my decisions on MT's actions, without trying to influence those decisions by complaining. my bold..... do you really believe that any resources MT has to expend on its communications would detract from its running of the platform? An update on any loan would take one of the @things nothing more than a few minutes, and i simply cannot understand how providing accurate up to date info can have any influence on how they cope with defaults.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Jul 21, 2019 21:35:01 GMT
And As I have said many times, I do not want the platform to have to expend resources on it's communications policy, I want those resources to be used constructively running the platform, and to me that means handling the defaults....(snip) my bold..... do you really believe that any resources MT has to expend on its communications would detract from its running of the platform? An update on any loan would take one of the @things nothing more than a few minutes, and i simply cannot understand how providing accurate up to date info can have any influence on how they cope with defaults. Did you miss the post where it was suggested that communications needed to be carefully crafted to thread the thin line between disclosing information which would prejudice the lenders position by divulging MT's recovery strategies to borrowers. I contend that negotiating that line, and provide worthwhile updates, which need to cleared with various interest parties, is not a 'few minutes' job.
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Post by queenvictoria on Jul 21, 2019 22:25:58 GMT
my bold..... do you really believe that any resources MT has to expend on its communications would detract from its running of the platform? An update on any loan would take one of the @things nothing more than a few minutes, and i simply cannot understand how providing accurate up to date info can have any influence on how they cope with defaults. Did you miss the post where it was suggested that communications needed to be carefully crafted to thread the thin line between disclosing information which would prejudice the lenders position by divulging MT's recovery strategies to borrowers. I contend that negotiating that line, and provide worthwhile updates, which need to cleared with various interest parties, is not a 'few minutes' job. But, it is one of the essential jobs of a business; communcation with its stakeholders. Its not an extra, in my view, it is a core activity. Do you think it is always wrong to complain? Is that your point; that we should always just grin and bear it or else act with our feet?
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cedarcourtcapital
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Post by cedarcourtcapital on Jul 22, 2019 8:10:32 GMT
Did you miss the post where it was suggested that communications needed to be carefully crafted to thread the thin line between disclosing information which would prejudice the lenders position by divulging MT's recovery strategies to borrowers. I contend that negotiating that line, and provide worthwhile updates, which need to cleared with various interest parties, is not a 'few minutes' job. But, it is one of the essential jobs of a business; communcation with its stakeholders. Its not an extra, in my view, it is a core activity. Do you think it is always wrong to complain? Is that your point; that we should always just grin and bear it or else act with our feet? I believe in a context where 'complaining' will have some effect, it can be worthwhile thing. However I am not convinced it has any merit where there it will have no influence or effect. I have written a couple of times that it could be recognised that 'complaining' can be of psychological or emotional benefit to the complainer. Of course we fundamentally disagree on the effect and so value of your seemingly constant complaints as you now seem to be categorising your requests for information updates. What would you do with the information if MT do provided all that you feel you are entitled to?
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Post by queenvictoria on Jul 22, 2019 8:31:00 GMT
Well, ‘complaining’ was your term I think, cedarcourtcapital. I have also heard what you have said about the possible emotional/psychological effect of making a ‘complaint’ but I have taken it that you are trying to demean me here so have not made much response on that. I think we should respect each other’s positions and be nice to other, where we can.
The objective of my requests for more information is to try to persuade MT to do just that. I have written to them directly and had prompt, polite replies and I have made several requests via this forum. I hope the requests and the support that other readers add will, at the very least, give MT pause for thought.
What will I do with any more information gleaned from improved communications? I will use it to inform my future actions. This might include whether to buy/sell on the secondary market and/or whether increase/reduce my exposure to the platform. That’s ok isn’t it?
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bramhall17
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Post by bramhall17 on Jul 22, 2019 8:57:44 GMT
I can see your point with all this. I don't need to be overly indulged with the detailed specifics of loan recoveries. However, any P2P platform as a 'Fintech' business relies on lender confidence for the continuation of project funding --unless it has access to institutional sources. I would have thought that it was very much in their commercial interests to maintain and bolster that confidence,especially after the Lendy debacle. Therefore surely timely,proactive and useful updates should be important to them.
Also, I think we are according too much credence to this idea that there is some set of special recovery strategies that cannot be divulged because the borrower would then know what was being organised. In reality, there is surely only a limited conventional array of approaches to take and they will be well known or at least anticipated by the borrower in question and their advisors. I don't think there is any 'secret sauce' that needs to be guarded.
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jo
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Post by jo on Jul 22, 2019 8:58:05 GMT
Not specific to MT but there seems to be a parallel pathology on several platforms to the problem borrower journey: Project→All Good→Late→Miss→Promise→Let Down→Promise→Let Down→Become Unresponsive→(left intentionally blank).
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Jul 22, 2019 12:37:21 GMT
.... However, any P2P platform as a 'Fintech' business relies on lender confidence for the continuation of project funding --unless it has access to institutional sources. I would have thought that it was very much in their commercial interests to maintain and bolster that confidence,especially after the Lendy debacle. Therefore surely timely,proactive and useful updates should be important to them.
No argument from me... But my point continues to be why do writers here continue to feel that MT do not already understand this point? If it's so obvious as everybody thinks, why can it not be considered that MT's communications policy is a considered one, one that is they rightly or wrongly feel in best in their considered opinion? Actually the first or second time the point was made here was possibly justified, but when nothing changes you have to consider MT are making a conscious effort to communicate in the way they are.
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Post by queenvictoria on Jul 22, 2019 12:55:21 GMT
I can’t speak for others but I, for one, am trying to get them to change their policy (if that is what it is) hence my repeated requests.
It’s a pretty modest attempt, I accept that, but there is little more, within the bounds of reasonableness, that I can do. Isn’t there? Constructive suggestions happily entertained.
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cedarcourtcapital
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Post by cedarcourtcapital on Jul 22, 2019 14:05:38 GMT
I can’t speak for others but I, for one, am trying to get them to change their policy (if that is what it is) hence my repeated requests. It’s a pretty modest attempt, I accept that, but there is little more, within the bounds of reasonableness, that I can do. Isn’t there? Constructive suggestions happily entertained. My suggestion is to keep up your private messages / emails to them, that way you know they are getting your message.
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Post by queenvictoria on Jul 22, 2019 14:33:10 GMT
I can’t speak for others but I, for one, am trying to get them to change their policy (if that is what it is) hence my repeated requests. It’s a pretty modest attempt, I accept that, but there is little more, within the bounds of reasonableness, that I can do. Isn’t there? Constructive suggestions happily entertained. My suggestion is to keep up your private messages / emails to them, that way you know they are getting your message. Thanks
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Post by SophieThing on Jul 23, 2019 12:21:47 GMT
Hi Everyone,
There have been many important points raised here. Rather than responding here, I’ve written a fulsome update (sorry it is quite long) and I have added it to the platform.
Kind regards
Sophie
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coop
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Post by coop on Jul 23, 2019 13:18:13 GMT
Bravo, MT showing their integrity.
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Post by northender on Jul 23, 2019 13:26:04 GMT
Hopefully, the explanations written by Sophie allay some fears, but perhaps a backstop (maybe not the best word currently!!) of say every 3 months to give an update would be beneficial, even if it's just to say we're still on the case.
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Post by queenvictoria on Jul 23, 2019 15:03:25 GMT
Hi Everyone, There have been many important points raised here. Rather than responding here, I’ve written a fulsome update (sorry it is quite long) and I have added it to the platform. Kind regards Sophie Sophie. Thank you for the update which indeed is fulsome, as you say. It does you a lot of credit that you have taken the time to listen to comments on this forum and elsewhere and then offered a reasoned, well argued response. You say that 'Lenders to some extent do have to trust the platform they are lending on to act as their agent in a proper manner.' and I agree with that. The problem for me is that the (my) trust has been eroded by the difficulties with certain loans, with the sparce (in my view) updates and then with the other things that are going on in the environment and in particular the collapse of Lendy and the reports of apparent mis-management now emerging from there. Your update today goes a long way to restoring the necessary trust between platform and (this) lender and I hope you are able to follow up in the coming days with more information on recovery of the loans in question. Thank you
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