elliotn
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Post by elliotn on Aug 9, 2017 2:12:01 GMT
MT can only give an update when the administrators agree to it. Hopefully the August Broadoak updates will reveal some information. That's interesting. Is that some regulation/law somewhere that Moneything as an agent of us as lenders can receive updates, but Moneything are legally not allowed to pass on the update to us? Given that the FCA have raised concerns about transparency in p2p it does feel a bit strange. Albeit I appreciate there may be a need for being careful during any commercial negotiation. I wonder what information Moneything are obliged to pass onto us when they know it as far as FCA expectations at least are concerned. As you say hopefully there is an update in August. Interesting, yes. Even where actual or threatened legal cases have been involved the investors have received updates from other patforms and a whole slew of them with receivers. Does the administrator's request trump FCA requirements for transparency in investor information?
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jlend
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Post by jlend on Aug 9, 2017 15:10:35 GMT
are you guys still receiving interests on this loan? Yep still getting interest If you take a look at the terms of the loans, Moneything pay the monthly interest up til the scheduled end of the loan, then get it from the borrow when the loan is repaid on the scheduled end date. If the borrower doesn't pay up in September then Moneything don't claw the money back off lenders So lenders should should keep getting money up to the scheduled end of the loan.
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Post by MoneyThing on Aug 9, 2017 19:06:52 GMT
Evening,
Just to let you know that we will be receiving the Administrators report tomorrow which we will share with lenders as soon as we get it.
Kind regards,
Ed
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ptr120
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Post by ptr120 on Aug 10, 2017 15:30:28 GMT
MoneyThing has the postman arrived with the promised report?
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jlend
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Post by jlend on Aug 10, 2017 16:15:19 GMT
MoneyThing has the postman arrived with the promised report? Just FYI. I've just looked on the companies house website in case the adminstrators have published a progress report but nothing yet. I will have another look tomorrow.
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Post by MoneyThing on Aug 10, 2017 18:54:02 GMT
Evening,
The initial Administrators report will be made available on the loan particulars at 8.30pm tonight.
Kind regards,
Ed
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fp
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Post by fp on Aug 10, 2017 19:08:31 GMT
Crosses fingers, toes, legs etc...
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bg
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Post by bg on Aug 10, 2017 19:37:55 GMT
I'm in the unfortunate position of being a purchaser of one of the flats in this development (as apparently my deposit is likely to fall behind the Broadoak loan in ranking).
As a creditor I received this report on 4th August (and a report prior to that on 1 August) so I am really surprised it has taken MT this long to release it.
Here's hoping for a positive resolution for all.
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fp
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Post by fp on Aug 10, 2017 19:55:53 GMT
I agree with cooling_dude, what will be, will be... no point bickering about it. I have a reasonable lump in this, so will be sitting back hoping for a favourable outcome.
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hazellend
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Post by hazellend on Aug 10, 2017 20:03:57 GMT
Time for a defaulted loans tab on MT.
I'm guessing the 46% LTV holders will probably be okay.
I'm holding a little bit of the 69% LTV but I've written it off already so psychologically anything reclaimed will be a bonus.
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GeorgeT
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Post by GeorgeT on Aug 10, 2017 20:07:01 GMT
Let's remain positive. All is being done by the book. Remember that this loan has not defaulted, and will not default until 20/9.
Therefore it can still be bought and sold on the SM. My understanding is that once it defaults on 20/9, trading will be suspended.
In the meantime, interest is accruing and after 20/9 it will accrue at the special defaulted loans rate of 1.5% a month.
Let's also remember that Broadoak are in for the first 5% of any loss, so this one may be of interest to high risk takers.
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debaura
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Post by debaura on Aug 10, 2017 20:13:41 GMT
I agree with cooling_dude , what will be, will be... no point bickering about it. I have a reasonable lump in this, so will be sitting back hoping for a favourable outcome. me too fingers crossed, always a risk in p2p
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littleoldlady
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Post by littleoldlady on Aug 10, 2017 20:19:00 GMT
Where does accrued interest come - before or after Broadoak's 5% capital?
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sildenafil
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Post by sildenafil on Aug 10, 2017 20:25:21 GMT
Where does accrued interest come - before or after Broadoak's 5% capital? After. Document in loan particulars explains ranking
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 10, 2017 20:31:08 GMT
MoneyThing
Has MT or BPF covered any interest payments to date and if so where do these rank in priority for recovery payments?
Actually I think it is covered in the update as the interest is rolled up and failure to recover will be at MT expense.
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