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Post by GSV3MIaC on Dec 13, 2016 15:56:08 GMT
MoneyThing, any chance of an updated update (see p2pindependentforum.com/post/156752/thread) since Monday has been and gone and Tuesday is fading fast .. I'm starting to fret about the 'last last last chance extended extension of the grace overrun period', and I'm probably not alone.
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Post by moneymagnet on Dec 13, 2016 16:21:49 GMT
As far as I am concerned, at 18% interest, they can take their time!
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Post by MoneyThing on Dec 13, 2016 16:47:51 GMT
MoneyThing , any chance of an updated update (see p2pindependentforum.com/post/156752/thread) since Monday has been and gone and Tuesday is fading fast .. I'm starting to fret about the 'last last last chance extended extension of the grace overrun period', and I'm probably not alone. Acknowledged. I appreciate that this has gone on far too long (and I have probably run out of any further language to be able to legitimately extend this any further anyway). Thank you for your patience, both myself & the borrower are both frustrated & embarrassed that is has gone on this long and I hope that the 18% interest has gone some way to alleviate this. I am absolutely confident that the refinance is about to happen and although the latest is that it will be within 72hrs, I wouldn't expect lenders to believe this after all this time. As such, if the loan is not refinanced by close of business on Friday (16th), MoneyThing will commit to repay lenders back on the 17th and we will hold the loan until it repays in order to give lenders some certainty. Kind regards, Ed
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gt94sss2
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Post by gt94sss2 on Dec 13, 2016 17:00:09 GMT
Ed, If you're absolutely confident that the refinancing is going to happen - you may find that a lot of us are content to hold the loans at 18% until that occurs... If anyone doesn't want to hold it, they could sell on the SM?
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am
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Post by am on Dec 13, 2016 17:38:40 GMT
MoneyThing , any chance of an updated update (see p2pindependentforum.com/post/156752/thread) since Monday has been and gone and Tuesday is fading fast .. I'm starting to fret about the 'last last last chance extended extension of the grace overrun period', and I'm probably not alone. Acknowledged. I appreciate that this has gone on far too long (and I have probably run out of any further language to be able to legitimately extend this any further anyway). Thank you for your patience, both myself & the borrower are both frustrated & embarrassed that is has gone on this long and I hope that the 18% interest has gone some way to alleviate this. I am absolutely confident that the refinance is about to happen and although the latest is that it will be within 72hrs, I wouldn't expect lenders to believe this after all this time. As such, if the loan is not refinanced by close of business on Friday (16th), MoneyThing will commit to repay lenders back on the 17th and we will hold the loan until it repays in order to give lenders some certainty. Kind regards, Ed My worry would be that if for any reason it drags on even longer than expected, if MoneyThing were to buy back the loans, this might tie up MT's float, and put a crimp in floating new loans. A possible compromise would be to commit to buy any parts present on the secondary market a particular time of day (and hold them on a first loss basis?) (Buying at a fixed time, rather than continuously, allows other people to pick up parts on the SM, and reduces the pressure on MT's float.) In this case I'd also prefer to see an update explaining why the continuing delays are occurring, to give me data on which to base a decision to sell or hold. But I recognise that commercial confidentiality might preclude this.
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ali
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Post by ali on Dec 13, 2016 18:03:52 GMT
Acknowledged. I appreciate that this has gone on far too long (and I have probably run out of any further language to be able to legitimately extend this any further anyway). Thank you for your patience, both myself & the borrower are both frustrated & embarrassed that is has gone on this long and I hope that the 18% interest has gone some way to alleviate this. I am absolutely confident that the refinance is about to happen and although the latest is that it will be within 72hrs, I wouldn't expect lenders to believe this after all this time. As such, if the loan is not refinanced by close of business on Friday (16th), MoneyThing will commit to repay lenders back on the 17th and we will hold the loan until it repays in order to give lenders some certainty. Kind regards, Ed My worry would be that if for any reason it drags on even longer than expected, if MoneyThing were to buy back the loans, this might tie up MT's float, and put a crimp in floating new loans. A possible compromise would be to commit to buy any parts present on the secondary market a particular time of day (and hold them on a first loss basis?) (Buying at a fixed time, rather than continuously, allows other people to pick up parts on the SM, and reduces the pressure on MT's float.) In this case I'd also prefer to see an update explaining why the continuing delays are occurring, to give me data on which to base a decision to sell or hold. But I recognise that commercial confidentiality might preclude this. To my mind, there is clearly lender demand (otherwise we would see much more of these loans on the SM) so I don't see any need to do anything (except to save Ed's blushes). If if got to the stage that there was a significant amount on the SM which wasn't selling, then there might well be some mileage in MT saying "We'll buy back any surplus on the SM in 24 hours" (a little like BO do with the PM). I don't think it will happen. There have been odd bits and pieces of MTAI583 on the SM over the past week or so which were picked up in minutes and I don't think I've seen any MTAI582 at all. Updates are always good, but Ed has already said that the problem is with the new lender.
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jonah
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Post by jonah on Dec 13, 2016 19:25:55 GMT
At 18% I would take a punt on the SM if this was extended, and available - I don't currently have a finger in this pie. Suspect I am not on my own. I would increase my moderate holding marginally, but only marginally, if there was some on offer.
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Post by wickedxuk on Dec 13, 2016 20:22:58 GMT
I'd probably take a couple of hundred of this also if any one wants rid...
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stevio
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Post by stevio on Dec 13, 2016 22:09:43 GMT
Acknowledged. I appreciate that this has gone on far too long (and I have probably run out of any further language to be able to legitimately extend this any further anyway). Thank you for your patience, both myself & the borrower are both frustrated & embarrassed that is has gone on this long and I hope that the 18% interest has gone some way to alleviate this. I am absolutely confident that the refinance is about to happen and although the latest is that it will be within 72hrs, I wouldn't expect lenders to believe this after all this time. As such, if the loan is not refinanced by close of business on Friday (16th), MoneyThing will commit to repay lenders back on the 17th and we will hold the loan until it repays in order to give lenders some certainty. Kind regards, Ed My worry would be that if for any reason it drags on even longer than expected, if MoneyThing were to buy back the loans, this might tie up MT's float, and put a crimp in floating new loans. A possible compromise would be to commit to buy any parts present on the secondary market a particular time of day (and hold them on a first loss basis?) (Buying at a fixed time, rather than continuously, allows other people to pick up parts on the SM, and reduces the pressure on MT's float.) In this case I'd also prefer to see an update explaining why the continuing delays are occurring, to give me data on which to base a decision to sell or hold. But I recognise that commercial confidentiality might preclude this. Ditto.......in fact couldn't put any better
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archie
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Post by archie on Dec 14, 2016 7:35:28 GMT
At 18% I would take a punt on the SM if this was extended, and available - I don't currently have a finger in this pie. Suspect I am not on my own. I have my whole face in the pie Happy for it to be extended again if required.
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n
Member of DD Central
Yet another Nick
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Post by n on Dec 14, 2016 8:52:29 GMT
At 18% I would take a punt on the SM if this was extended, and available - I don't currently have a finger in this pie. Suspect I am not on my own. I have my whole face in the pie Happy for it to be extended again if required. Me too.
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keystone
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Post by keystone on Dec 14, 2016 12:28:54 GMT
There is clearly demand, just give a 6 month extension at 18% and everyone's happy! Oh go on ,please!
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am
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Post by am on Dec 14, 2016 13:23:29 GMT
There is clearly demand, just give a 6 month extension at 18% and everyone's happy! Oh go on ,please! The borrower wouldn't be happy, even without having to find 6 months interest payments upfront.
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investibod
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Post by investibod on Dec 14, 2016 15:42:01 GMT
I would be happy for this to renew/extend/roll-over another time. I would probably even take a little more if offered. Just to make sure that MT's float does not tied up, you understand...
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Post by MoneyThing on Dec 16, 2016 16:56:22 GMT
Afternoon,
I am afraid that the refinance has not completed today.
Based on the feedback above, we have decided to renew for a further 1 month and commit to buy any secondary market balances at midday each day until refinanced.
Thank you for your support.
Kind regards,
Ed
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