adrianc
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Post by adrianc on Dec 6, 2019 9:20:24 GMT
Oh. Well, better to do it in an orderly manner.
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Post by queenvictoria on Dec 6, 2019 9:25:13 GMT
I have been very critical of MT and in particular their unwillingness to communucate effectively. I have even likened them to Lendy because of the paucity of information on loans that were clearly going bad.
However, I have to say that this announcement tells us that they want to close down the business in a responsible way and I applaud them for that. They are very un-Lendy like today.
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carolus
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Post by carolus on Dec 6, 2019 9:26:04 GMT
In many ways a shame, but (hopefully) much better to do it like this than the alternatives. Can't say I'm surprised though, the writing has been on the wall for a while.
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Post by tigerbalm on Dec 6, 2019 9:26:29 GMT
Orderley to start with at least. Seems the problems are to do with the funding of legal costs incurred while attempting to enforce the securities - who knows how long the loans taken to achieve this will last ?
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tommo
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Post by tommo on Dec 6, 2019 9:27:03 GMT
Sad but expected news.
Wish the Things the best of luck for the future.
Glad to see they are at least trying to right by lenders until the very end.
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Post by marcusponds on Dec 6, 2019 9:27:12 GMT
Sadly, very predicable with the level of defaults. I can't see how wind down can be completed by end January. What happens to the loans which are still active or suspended then?
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Post by zengecko on Dec 6, 2019 9:27:18 GMT
I've got a very small amount on MT. Let's see how an orderly wind-down pans out.
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upperdeane
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Post by upperdeane on Dec 6, 2019 9:29:19 GMT
Sad but expected news. Wish the Things the best of luck for the future. Glad to see they are at least trying to right by lenders until the very end. Indeed.
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Greenwood2
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Post by Greenwood2 on Dec 6, 2019 9:30:43 GMT
Sadly, very predicable with the level of defaults. I can't see how wind down can be completed by end January. What happens to the loans which are still active or suspended then? They are aiming for 12 months to wind down.
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upperdeane
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Post by upperdeane on Dec 6, 2019 9:30:54 GMT
I've got a very small amount on MT. Let's see how an orderly wind-down pans out. Unfortunately I have a chunk still invested in loans and defaults. Time will tell how successful the wind-down plans are, but at least the plan is promising.
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upland
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Post by upland on Dec 6, 2019 9:35:13 GMT
What a shame , I liked MT but things have changed in the p2p environment this last year.
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jester
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Post by jester on Dec 6, 2019 9:41:38 GMT
I'm left with memories of refreshing my screen at midday chasing the latest piece of the action .....
Now I'll be looking on from the side hoping to see enough capital returned to break even on the platform!
The P2P rollercoaster has a new twist every day.
I have always admired the moral position of "The Things". Let us hope that's enough to bring this to a close without a raft of dramatic losses!
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Post by sayyestocress on Dec 6, 2019 9:42:16 GMT
Somebody send the things some chocolate if things wind down smoothly
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Post by Deleted on Dec 6, 2019 9:44:33 GMT
All other considerations aside, you always got the impression that MoneyThing were honestly and genuinely trying to do the right thing by lenders. Some of their decision making may not have been perfect, but I've never had any cause to question their integrity. Unlike some of their competitors...
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zoll
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Post by zoll on Dec 6, 2019 9:45:08 GMT
I still have a chunk tied up with them in defaults and very concerned. It starts off as an orderly wind down- but what sources of capital do they have to pursue the defaults ? I don't think this is going to end well. Am in Collateral and FS as well- regret the day I began my foray into UK P2P lending.
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