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Post by MoneyThing on Feb 13, 2015 16:45:43 GMT
Afternoon jamesduffin,
The partner has suggested that the value they ascribe is a 2nd hand retail value in some instances which would be higher than a scrap value.
They are confident with their security and they also point out for added protection the fact that they assume the liability in the event of default.
Hope this helps.
Kind regards,
Ed
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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
Posts: 10,838 
Likes: 11,067
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Post by ilmoro on Feb 14, 2015 0:07:04 GMT
Well after webwiz parked metaphorical tanks on SS's lawn to draw my attention, Ive signed up (seemed very straigntforward) & will dip a small toe in. The pigs are looking forward to the milk if the cat doesnt get there first 
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Post by wildlife2 on Feb 14, 2015 0:30:29 GMT
After reading all of these interesting posts, I'm just off to sign up too...........
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Post by wildlife2 on Feb 15, 2015 17:14:54 GMT
Very quick bank transfer done yesterday --(Santander faster payment, easily set up)
Put money into 4 different loans and looking forward to the next few months to see how they do.
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Post by sterilized on Feb 18, 2015 14:19:09 GMT
Set up an account today bank transfer took less than an hour. Impressive let's look forward to seeing how the loans do.
Only a small number of investors at present but site seems a good alternative to saving Stream and Funding Secure.
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Post by MoneyThing on Feb 18, 2015 14:30:22 GMT
Afternoon,
Thank you for the positive feedback.
Just to let everyone know that there is a further £25K of loans going on the platform tomorrow. I am looking at the moment to maintain circa £150,000 of available funding on the platform at any one time.
I am very grateful to all the P2P Independent Forum members who have signed up and dipped a toe in the water - thank you.
(Still beavering away on the platform and will update you shortly on the next set of changes).
Kind regards,
Ed
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row
Posts: 8
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Post by row on Feb 18, 2015 16:56:39 GMT
I signed up today. Money transfer was quick (about an hour). Invested small amounts in 7 loans. Will see how these do before i decide if i will put any more money in.
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Post by supersop on Feb 18, 2015 20:28:00 GMT
I signed up today as well, and have dipped a small toe. Confirmation of the money transfer took about 5 minutes, unlike the (not-so) Faster Payment I sent to RS 24 hours ago which still hasn't showed up in my account!
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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
Posts: 10,838
Likes: 11,067
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Post by ilmoro on Feb 19, 2015 0:06:07 GMT
Has anyone spotted a statement as to what would happen in the event of the platform going out of business? What proviosions are in place for the management of the loan book?
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Post by MoneyThing on Feb 19, 2015 8:46:30 GMT
Morning,
There is a Deed of Assignment in place between MoneyThing and its investors which mirrors that of the Deed of Assignment between the Partner and MoneyThing. In the event of MoneyThing going into administration, the administrator would be able to ascertain from these deeds that capital and interest is owed to the investor upon default/redemption of the loans through the Partner and will be able to work with them (the Partner) to fulfil the obligations to the investor.
I will shortly however be looking at a Trust type relationship who can manage the wind down of the loan book should MoneyThing go out of business. When it makes sense to put this together, I will want to do it properly with a wholly independent 3rd Party to run this. I say this only that I have seen other operators who tout the Trust benefit, however when you look into it more deeply, you discover that they are the same people managing the trust as the business itself which I don’t think is appropriate or really protects anyone.
More than happy to discuss this further.
Kind regards,
Ed
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Post by uncletone on Feb 27, 2015 17:04:34 GMT
I'm in. Warning - don't put any ampersands into your password attempts. The system currently doesn't speak ampersand. |
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bugs4me
Member of DD Central
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Post by bugs4me on Feb 27, 2015 17:34:23 GMT
<snip> I will shortly however be looking at a Trust type relationship who can manage the wind down of the loan book should MoneyThing go out of business. When it makes sense to put this together, I will want to do it properly with a wholly independent 3rd Party to run this. I say this only that I have seen other operators who tout the Trust benefit, however when you look into it more deeply, you discover that they are the same people managing the trust as the business itself which I don’t think is appropriate or really protects anyone. They no doubt do this as it's the least expensive option and is a highly attractive route for any new platform. It's not ideal but I'd sooner see the platform grow rather than being swamped with third party costs who do very little - if anything - apart from send in a monthly invoice. We've got more than a couple of platforms on this forum who are anything but active. Visit their websites occasionally and apart from the odd two penny loan offering, I'm often left with the impression that their P2P company is just a hobby.
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Post by Deleted on Mar 5, 2015 16:44:04 GMT
Morning, Just following up from my first post in reference to the query regarding Hallmarking. I have just received a response back from our Partner: "In the event of default, any non-hallmarked items would be taken to the assay office for hallmarking before being disposed/retailed." Hope this answers your question. Kind regards, Ed Impressed with the responsiveness. Take care with the costs of hallmarking, I looked at it a few years as a retail consumer after I had some pieces made for me and was scared away by individual piece charges.
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Post by MoneyThing on Mar 5, 2015 16:59:19 GMT
Morning, Just following up from my first post in reference to the query regarding Hallmarking. I have just received a response back from our Partner: "In the event of default, any non-hallmarked items would be taken to the assay office for hallmarking before being disposed/retailed." Hope this answers your question. Kind regards, Ed Impressed with the responsiveness. Take care with the costs of hallmarking, I looked at it a few years as a retail consumer after I had some pieces made for me and was scared away by individual piece charges. Thank you bobo. Agreed, the hallmarking costs can add up, however since these loans our purchased back from us by the Partner in the event of default it is luckily their problem to have. Regards, Ed.
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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
Posts: 10,838
Likes: 11,067
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Post by ilmoro on Mar 8, 2015 17:00:17 GMT
Promoted to the main board after less than a month. Impressive & testament to MoneyThing engagement with us on these forums  |
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