11025
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Post by 11025 on Aug 20, 2019 16:11:13 GMT
Just a very truncated quote as don't wish to put stuff in public domain without MTs permission but they and the other lender agreed "it is in both our interests to resolve the matter without incurring further legal fees" I would assume from this they will just look to split any recovery ina fair way - probably in the same ratio of the size of the charges - thus avoiding further legal fees to try to establish priority over the other lender. I would also assume some fees have been incurred already due to the use of the word "further" Sure , but not what I signed up for . Or do we continually have to pay the price for other's mistakes ?
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11025
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Post by 11025 on Aug 20, 2019 17:18:12 GMT
Sure , but not what I signed up for . Or do we continually have to pay the price for other's mistakes ? Yes we do. Constantly. Everyone of us on this whole forum. We expect them. We try to estimate them. We try to be ready for them. But they still hurt. We are all entitled to our own opinion.
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coop
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Post by coop on Aug 21, 2019 8:34:50 GMT
Yes we do. Constantly. Everyone of us on this whole forum. We expect them. We try to estimate them. We try to be ready for them. But they still hurt. We are all entitled to our own opinion. If there was a contingency for every circumstance of something being misvalued, misled, conned, misrepresented etc almost every loan which failed would get bailed out - no way platforms could offer the interest rates they do without the risk of these things happening falling onto the lender somewhat at least.
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adrianc
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Post by adrianc on Aug 21, 2019 9:30:12 GMT
Yes we do. Constantly. Everyone of us on this whole forum. We expect them. We try to estimate them. We try to be ready for them. But they still hurt. We are all entitled to our own opinion. Some opinions are based on fact and reality, though. Nobody ever promised that there would be no shortfalls. Quite the opposite. And "paying for others' mistakes" is an integral part of that.
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11025
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Post by 11025 on Aug 21, 2019 9:36:49 GMT
We are all entitled to our own opinion. Some opinions are based on fact and reality, though. Nobody ever promised that there would be no shortfalls. Quite the opposite. And "paying for others' mistakes" is an integral part of that. My opinion is that I don't know the full facts and reality here yet. Some situations I find understandable and others I don't , we will have to wait and see exactly which this is.
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adrianc
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Post by adrianc on Aug 21, 2019 9:41:57 GMT
I'm not meaning the facts and reality of these loans in particular, though. It's about the generality of P2P lending through a platform.
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bramhall17
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Post by bramhall17 on Aug 21, 2019 14:18:22 GMT
This loan is particularly irksome to me. Very very irksome indeed. Having become rather disillusioned by the spurious LTV's etc on property loans in general and the seemingly endless slippage, I put more money that my average in the car loans. I reasoned that they were real assets, not some hole in the ground hoping to be a block of flats.There was a 6 year track-record of involvement with MT and there is an industry standard valuation method. So I'm extremely p....ssed off that the assets were pledged several times and have all bar two just gone. I have some sympathy that criminal intent cannot be foreseen but, as said elsewhere, surely a red flag on HPI systems was called for, given we have ( had !) exposure to some 30 cars.
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coop
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Post by coop on Aug 21, 2019 15:28:13 GMT
reading in dd central MT didn't register charge on HPI - big clanger if true.
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Post by GSV3MIaC on Aug 21, 2019 16:13:54 GMT
I'm no expert, but CAN you register an HPI charge against an ever - changing selection of vehicles which was supposed to be the security? I do not think we had specific vehicles pledged for the stocking loans.
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reinvestor
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Post by reinvestor on Aug 21, 2019 16:35:52 GMT
Yes you can. I work in asset and car finance.
It is standard industry practice to record interests with hpi no matter how long the vehicle might be in stock.
Standard stocking loans are 90 days but the car could sell on day two. The interest would have been recorded on day one and will be deleted the day payment for that vehicle is received.
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reinvestor
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Post by reinvestor on Aug 21, 2019 16:36:52 GMT
IF you are given a specific title to a vehicle that is. I’m not familiar with the terms of the loan.
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Post by highlevel on Aug 21, 2019 16:38:43 GMT
I'm no expert, but CAN you register an HPI charge against an ever - changing selection of vehicles which was supposed to be the security? I do not think we had specific vehicles pledged for the stocking loans. The charges registered at Companies House have a schedule of chattels listing the original vehicles together with their reg. But who knows how the rolling schedules have been managed. Some of the assets weren’t exactly mainstream vehicles so imagine not a high number of sales, but were vehicles sold, moved on within the trade or swapped out to maintain LTV?
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11025
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Post by 11025 on Aug 21, 2019 17:42:07 GMT
I'm no expert, but CAN you register an HPI charge against an ever - changing selection of vehicles which was supposed to be the security? I do not think we had specific vehicles pledged for the stocking loans. The charges registered at Companies House have a schedule of chattels listing the original vehicles together with their reg. But who knows how the rolling schedules have been managed. Some of the assets weren’t exactly mainstream vehicles so imagine not a high number of sales, but were vehicles sold, moved on within the trade or swapped out to maintain LTV? For the record this loan (Ferrari) was independent from the others and the security charge was solely on the 458 or 450 as some might say
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oldtimer
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Post by oldtimer on Oct 7, 2019 9:09:25 GMT
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sj
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Post by sj on Oct 7, 2019 13:45:26 GMT
I'm keen to know what consequences the borrowers will face - is it too much to hope that all of their assets incl. houses are seized by the police and sold off, and the resulting funds distributed in payment to the various lenders (i.e. Moneything and whatever other companies they defrauded) as per the proceeds of crime act?
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