rocky1
Member of DD Central
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Post by rocky1 on Jan 10, 2019 14:08:05 GMT
noticed in latest update borrower is going to be making legal claims and other sh*te. this p2p game just gets more unbelievable as time goes on.
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hazellend
Member of DD Central
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Post by hazellend on Jan 10, 2019 14:35:36 GMT
How come these deviant borrowers can afford lawyers but not interest?
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keystone
Member of DD Central
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Post by keystone on Jan 10, 2019 14:54:19 GMT
How come these deviant borrowers can afford lawyers but not interest? They are probably using the funds loaned to pay for the large legal bills they will be racking up, so we are in effect funding them with our money. This is a ridiculous situation, unless borrowers are penalised heavily than every single loan in P2P is potentially at this risk. This is no longer an investment but a gamble based on trust with borrowers. My level of trust with borrowers is at zero now. I am really surprised that the P2P industry is allowing this to happen, what's the point in trade organisation such as P2PFA if they don't take a collective stance and action on this matter, although I note MoneyThing is not a member. Lets not forget the FCA silence on collateral and the Lendy London loan situations either. This is a titanic steaming straight into the iceberg whilst shuffling the deckchairs.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Jan 10, 2019 15:09:20 GMT
How come these deviant borrowers can afford lawyers but not interest? They are probably using the funds loaned to pay for the large legal bills they will be racking up, so we are in effect funding them with our money. This is a ridiculous situation, unless borrowers are penalised heavily than every single loan in P2P is potentially at this risk. This is no longer an investment but a gamble based on trust with borrowers. My level of trust with borrowers is at zero now. I am really surprised that the P2P industry is allowing this to happen, what's the point in trade organisation such as P2PFA if they don't take a collective stance on this matter, although I note MoneyThing is not a member and lets not forget the FCA silence on collateral and the Lendy London loan situations. I'm not surprised at all, nor are most on here, which is why I and many others are no longer investing in P2P and have been running down our Loans for some time now. But it takes years to get out completely doesn't it. Don't ever kid yerself that the P2PFA represents Lenders, it's obviously setup to support Borrowers, and we all are aware of The Useless & Ineffective FCA. P2P is totally rotten to the core, the writing has been on the wall and the omens there for nearly two years now. Good Luck to all, you know yer gonna need it!
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coop
Member of DD Central
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Post by coop on Jan 10, 2019 16:07:48 GMT
jeeeeesuuuuussssssss that 2 grand down the ****** then
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Post by spareapennyor2 on Jan 10, 2019 16:26:56 GMT
the whole point of this loan was to make a quick buck selling it someone on the borrower`s side trying to point score instead of selling as quick as possible
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Post by funkymonkey on Jan 10, 2019 16:28:04 GMT
jeeeeesuuuuussssssss that 2 grand down the ****** then Is it? Where did it say that there was no chance of any recovery???
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dandy
Posts: 427
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Post by dandy on Jan 10, 2019 16:33:24 GMT
I'm not surprised at all, nor are most on here, which is why I and many others are no longer investing in P2P and have been running down our Loans for some time now. But it takes years to get out completely doesn't it. Don't ever kid yerself that the P2PFA represents Lenders, it's obviously setup to support Borrowers, and we all are aware of The Useless & Ineffective FCA. P2P is totally rotten to the core, the writing has been on the wall and the omens there for nearly two years now. Good Luck to all, you know yer gonna need it! Stop beating round the bush ozboy tell us what you really think! The platforms that need to be avoided like the plague have always been abundantly obvious ... but there are many good platforms too! I think that 99%+ P2P investors have positive returns. Are you in +ve territory? Not quite as terrible as you suggest. Better than a kick in the lehmans
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adrianc
Member of DD Central
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Post by adrianc on Jan 10, 2019 16:50:35 GMT
Am I the only one who's bothered to actually read the two updates published on the platform today?
The borrower is seeking an injunction against the imposition of a receiver. No more, no less. The delay caused could cause the sale to be lost.
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keystone
Member of DD Central
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Post by keystone on Jan 10, 2019 17:13:34 GMT
Am I the only one who's bothered to actually read the two updates published on the platform today? The borrower is seeking an injunction against the imposition of a receiver. No more, no less. The delay caused could cause the sale to be lost. The likely sale value being lower if the TFL sale is lost I think is fairly significant.
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Post by funkymonkey on Jan 10, 2019 17:13:44 GMT
Am I the only one who's bothered to actually read the two updates published on the platform today? The borrower is seeking an injunction against the imposition of a receiver. No more, no less. The delay caused could cause the sale to be lost. Everyone likes a drama....
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dApps
Posts: 91
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Post by dApps on Jan 10, 2019 17:15:04 GMT
Am I the only one who's bothered to actually read the two updates published on the platform today? The borrower is seeking an injunction against the imposition of a receiver. No more, no less. The delay caused could cause the sale to be lost. Quite. And, given the upthread talk of the 'London Loan' (and the concerned calls/emails to MT re: lenders being litigated against) there is one parallel there: Lendy's borrower sought an injunction against disposal and won the case, which Lendy took to appeal and had the injunction overturned with the judge stating 'it was in no party's interest not to proceed with the sale', or words to that effect. May be a crumb of comfort there. Just another day in the world of P2P. Unfortunately.
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adrianc
Member of DD Central
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Post by adrianc on Jan 10, 2019 17:25:32 GMT
Am I the only one who's bothered to actually read the two updates published on the platform today? The borrower is seeking an injunction against the imposition of a receiver. No more, no less. The delay caused could cause the sale to be lost. The likely sale value being lower if the TFL sale is lost I think is fairly significant. Oh, indeed. Nobody's saying it's a good thing. But to draw parallels with the Ly London situation? No, just utterly ridiculous scaremongering and panicking. dApps - which Ly loan were you thinking of? Save me looking back...
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quidco
Member of DD Central
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Post by quidco on Jan 10, 2019 17:38:24 GMT
How come these deviant borrowers can afford lawyers but not interest? They are probably using the funds loaned to pay for the large legal bills they will be racking up, so we are in effect funding them with our money. This is a ridiculous situation, unless borrowers are penalised heavily than every single loan in P2P is potentially at this risk. This is no longer an investment but a gamble based on trust with borrowers. My level of trust with borrowers is at zero now. I am really surprised that the P2P industry is allowing this to happen, what's the point in trade organisation such as P2PFA if they don't take a collective stance and action on this matter, although I note MoneyThing is not a member. Lets not forget the FCA silence on collateral and the Lendy London loan situations either. This is a titanic steaming straight into the iceberg whilst shuffling the deckchairs. I had that on a P2P invoice factoring loan. The woman actually posted entirely fictitious invoices on the site, never returned a penny of the money and used some of the money to hire a lawyer to keep lenders at bay. Eventually she got banned from holding a directorship for 10 years, not sure why she didn't go to jail tbh
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Post by beepbeepimajeep on Jan 10, 2019 17:41:52 GMT
Wish I was out of MT already, been running down my loans here for a while. The first update on this one (which I am in) was not the most pleasant to read.
That horrible borrower at Lendy has a lot to answer for.
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