stevio
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Post by stevio on Oct 23, 2017 12:06:56 GMT
I know its late in the day, but can the title of this thread have Prestbury in it, the location has been mentioned here and the number means nothing to me when getting mutiple email updates a day
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ptr120
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Post by ptr120 on Oct 23, 2017 12:08:00 GMT
In administration. Oh dear!
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applets
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Post by applets on Oct 23, 2017 12:11:58 GMT
Sadly it seems that the MT summer of woe is now extending into the autumn.
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greeb
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Post by greeb on Oct 23, 2017 12:15:06 GMT
went into administration on 18th October and still trading with no update until this morning. Not pretty MT.
great now I am in 3 defaulted loans with MT ( and none in the much maligned Lendy). Really hope MT gets it s sleeves rolled up on the recoveries or I can see its reputation and SM seriously eroded. never thought this was the p2p lender that was going to give me so much grief. more fool me.
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oldgrumpy
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Post by oldgrumpy on Oct 23, 2017 12:17:54 GMT
In administration. Oh dear! Huh! Talk about hiding the facts in the (very) small print!
I looked at that website this morning, and saw nothing amiss, but didn't scroll down to the very bottom of the home page where that announcement is made in small grey font, so people don't notice. That should be emblazoned at the top of the page in large red!! Administration on 18th October? The facebook page was still trying to get people's money for events on 19th October!
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ptr120
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Post by ptr120 on Oct 23, 2017 12:25:21 GMT
In administration. Oh dear! That should be emblazoned at the top of the page in large red!! The venue appears to continue to trade and emblazoning such information on the top of their home page would put some people off so I don't think that should be done. However, I'm Not impressed that MoneyThing have not communicated this at an earlier stage. I wonder if they called in the administrators? I also wonder if the borrower has been servicing the loan or if we'll find out that MT has been servicing this.
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seeingred
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Post by seeingred on Oct 23, 2017 12:32:30 GMT
Please be reasonable.
MT needed to allow investors time to fill the Bradford and Newcastle loans before they received this good news - otherwise they might have been flocking to invest in even more solid securities.
To be fair on updates, BC do them monthly and in no great hurry even then.
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stevio
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Post by stevio on Oct 23, 2017 12:54:08 GMT
In administration. Oh dear! Sorry, where does it say this?
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ptr120
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Post by ptr120 on Oct 23, 2017 12:56:17 GMT
In administration. Oh dear! Sorry, where does it say this? At the bottom of the home page of the hotel and restaurant
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stevio
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Post by stevio on Oct 23, 2017 12:58:35 GMT
Sorry, where does it say this? At the bottom of the home page of the hotel and restaurant Ahh, I was looking all over MT website for it lol
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jlend
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Post by jlend on Oct 23, 2017 13:44:21 GMT
That should be emblazoned at the top of the page in large red!! The venue appears to continue to trade and emblazoning such information on the top of their home page would put some people off so I don't think that should be done. However, I'm Not impressed that MoneyThing have not communicated this at an earlier stage. I wonder if they called in the administrators? I also wonder if the borrower has been servicing the loan or if we'll find out that MT has been servicing this. Agreed I assume the business is worth a lot more as a going concern and I take this as reasonably good news that the administrators feel it is prudent to continue to trade now they are running the business with what might be a reasonable amount of forward bookings. They may already have people interested in purchasing the site. It is a shame it looks like planning permission was never applied for. This would have been useful. I think we have to be prepared for the potential of other loans struggling especially in the current climate.
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Carter
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Post by Carter on Oct 23, 2017 14:26:07 GMT
I assume the business is worth a lot more as a going concern and I take this as reasonably good news that the administrators feel it is prudent to continue to trade now they are running the business with what might be a reasonable amount of forward bookings. They may already have people interested in purchasing the site. It is a shame it looks like planning permission was never applied for. This would have been useful.I think we have to be prepared for the potential of other loans struggling especially in the current climate. My bold above... That's putting it lightly. Reading through the history PP was due to be submitted in Feb and then subsequently in June. Regardless of the borrowers indecision this loans purpose was clear and the stated exit strategy relied on it. Why did MT not force the issue and ensure PP was in place if only to protect our exit, regardless of whether the borrower was considering alternative exits that have not materialised. Lets see what the statement reveals tomorrow.
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Monetus
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Post by Monetus on Oct 23, 2017 15:57:11 GMT
I have to say the fact we've gone from a potential full repayment via refinance at the end of August, to meeting with the borrower to decide between sale/refinance/development, to a couple of holding "no update" messages, and then now followed by administration in October has come as something of a shock.
I hope we'll see a positive recovery out of this one.... I look forward to tomorrows update.
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Nomad
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Post by Nomad on Oct 23, 2017 16:01:32 GMT
Either way looking at the SM it tells me there are people investing who shouldn't, a mere sniff of trouble and they are looking to get out, they are clearly not understanding the risk of what they are doing.
I feel that I do know what I'm doing and understand the risks; when uncertainty is generated that I am uncomfortable with, I will sell out. And I'm pleased that I did...
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Post by keyboardworrier on Oct 23, 2017 16:09:13 GMT
I got out of this one after talk of a repayment when a lot of others were on a high and piling in. I am not too surprised this has ended up as defaulted.
P2P investing really does seem like gambling at times, it's a very risky business.
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