sj
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Post by sj on Jan 9, 2020 17:24:48 GMT
How about having the criminals chucked in prison and the shirts taken off their backs to repay us? Something is very wrong if they aren't left penniless at the end of this.
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11025
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Post by 11025 on Jan 9, 2020 17:59:13 GMT
There is an update from MT on their website for all the RCC loans. It doesn't mention the Administrators report but not surprisingly makes very grim reading for everyone in any/all these loans. MT make a claim that the borrower's actions (which they term rather bluntly and I won't repeat here for legal reasons) could not have been foreseen, maybe not foreseen but I'm not so sure that it was all completely unpreventable. Moneything's behaviour in all this has been very ,very poor , to put it politely. This loan has a value of £60,000 and is secured against a 2011 Ferrari 458 Italia Coupe. The total value of the car is £120,000 giving this loan a loan-to-value ratio of 50%. Where on earth does this loan info mention "floating" security.
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Post by funkymonkey on Jan 9, 2020 19:01:00 GMT
I don't believe it does, but other loans to the same lender do. So to make up for the shortfall in the realisation of the fixed asset in that particular loan, the floating charge relating to other loans can be used to attempt to make up any shortfall.
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11025
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Post by 11025 on Jan 9, 2020 19:06:50 GMT
I don't believe it does, but other loans to the same lender do. So to make up for the shortfall in the realisation of the fixed asset in that particular loan, the floating charge relating to other loans can be used to attempt to make up any shortfall. That sounds almost deceptive , are we dealing with back street spivs here then ?
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Post by funkymonkey on Jan 9, 2020 19:36:02 GMT
I'm not sure I follow whether you are referring to the borrower or MT?
There are a number of loans to the same borrower made over a period of time. Some of these are secured against a specific asset, others are secured over a number of generic assets of the business, which can change over the term of the loan. Some of the specific assets are now not available to be sold off, but the loans with a floating charge, can use any asset of the business to pay off the loan amount. Subject to it being viable to to pursue those assets and their value covering the outstanding loan amounts.
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invester
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Post by invester on Jan 9, 2020 19:46:57 GMT
Don't quite get it.
Has this David guy disappeared then? Why would he not know where the cars are?
Sounds like he has pulled a fast one.
I believe that Moneything are wrong in that a fraud could not have been foreseen, more a case of they did not want to see it, in order to get the business. Isn't that why others take possession of physical assets before lending money, especially at very high rates?
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Post by funkymonkey on Jan 9, 2020 19:57:26 GMT
Read the updates on MT
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11025
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Post by 11025 on Jan 9, 2020 20:25:42 GMT
funkymonkey -- I'm not sure I follow whether you are referring to the borrower or MT?
That is exactly is how I feel . They are both responsible imho.
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Post by GSV3MIaC on Jan 9, 2020 20:27:55 GMT
Even MT are using the Fr**d word in connection with this borrower.
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11025
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Post by 11025 on Jan 9, 2020 20:45:42 GMT
Even MT are using the Fr**d word in connection with this borrower. If the door is left unbolted and open it makes it easy to walk in.
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Post by GSV3MIaC on Jan 10, 2020 12:41:57 GMT
Even MT are using the Fr**d word in connection with this borrower. If the door is left unbolted and open it makes it easy to walk in. True, but the dishonest get in anyway, and the honest just quietly close it.
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ptr120
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Post by ptr120 on May 11, 2020 11:57:05 GMT
MoneyThing I've received notification from CH of an extension to the administration. Can you advise how long the administration has been extended for? Is there any further update to this complex case?
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ptr120
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Post by ptr120 on Jul 6, 2020 8:06:13 GMT
The administrator's progress report has been updated at CH and will be available within the next 5 days, so it is reasonable to assume that MoneyThing already have their copy. I wonder when their update will be forthcoming?
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Post by Please turn me over on Jul 6, 2020 15:51:20 GMT
The administrator's progress report has been updated at CH and will be available within the next 5 days, so it is reasonable to assume that MoneyThing already have their copy. I wonder when their update will be forthcoming? That report has been available on the purple forum for the last 10 days. Notable quote: "To date it has not been possible to trace the majority of vehicles charged to Moneything (Security Trustee) Limited."
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ptr120
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Post by ptr120 on May 27, 2021 14:32:14 GMT
Notification from CH on an extension of the period of administration (but don't know for how long yet). Haven't the directors of this business had tea & biscuits with their local constabulary yet?
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