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Post by df on Apr 1, 2019 20:00:11 GMT
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Post by Badly Drawn Stickman on Apr 1, 2019 20:25:38 GMT
Indeed there is. I am pretty sure I have interpreted it correctly. But would be grateful if MoneyThing could just add a table of where and what sums are held by them and the receivers to the update. i am sure there are two equal sums held but clarification would help me be sure, its been a long day in my World.
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johni
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Post by johni on Apr 1, 2019 21:36:51 GMT
Yes you are correct. The receivers I believe is outstanding interest.
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Monetus
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Post by Monetus on Apr 2, 2019 6:55:29 GMT
Seems like a good result and sensible course of action - well done MT!
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Post by sirkillalot on Apr 2, 2019 7:27:38 GMT
Glad to see it looks like this one is working out, as I had a fair chunk in this one. Will be interesting to see how long the legal issues take to work out.
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withnell
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Post by withnell on Apr 2, 2019 15:43:13 GMT
Hopefully we'll get a further breakdown with all the figures - I'm a bit confused if there are one or two holdouts of 140k
if one holdout, then that represents 100% capital recovery but zero for interest for the period since the borrower stopped paying If two holdouts, this seems a lot to hold onto from the borrower's perspective to cover 5 or so months interest (would imply a rate c. 50%)
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Post by funkymonkey on Apr 2, 2019 16:01:56 GMT
I read it as two lots of £140 retained. One lots of £140 retained by the receivers, comprising the outstanding interest owed by the borrower. The second £140 retained by MT out of the capital repayment from the sale, which is being retained to fight any potential legal challenge.
If there is no legal challenge then both £140 are released back to us. If there is a legal challenge then the result of the court action will determine what is available to be repaid to us.
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averageguy
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Post by averageguy on Apr 2, 2019 17:07:57 GMT
I read it as two lots of £140 retained. One lots of £140 retained by the receivers, comprising the outstanding interest owed by the borrower. The second £140 retained by MT out of the capital repayment from the sale, which is being retained to fight any potential legal challenge. If there is no legal challenge then both £140 are released back to us. If there is a legal challenge then the result of the court action will determine what is available to be repaid to us. Thats how I read it...can't see how it could mean anything else....shrug
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gt94sss2
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Post by gt94sss2 on Apr 2, 2019 17:24:15 GMT
MoneyThing Can you confirm whether the first payment is being made today?
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Post by Badly Drawn Stickman on Apr 2, 2019 18:47:47 GMT
I read it as two lots of £140 retained. One lots of £140 retained by the receivers, comprising the outstanding interest owed by the borrower. The second £140 retained by MT out of the capital repayment from the sale, which is being retained to fight any potential legal challenge. If there is no legal challenge then both £140 are released back to us. If there is a legal challenge then the result of the court action will determine what is available to be repaid to us. Thats how I read it...can't see how it could mean anything else....shrug It is a curiously symmetric amount for sums earmarked for different purposes. One I can understand how was reached, the other less so. Personally I don't think it would have been much of a hardship for the platform to do a one line confirmation. I would like to think we had evolved past having to interpret updates.
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johni
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Post by johni on Apr 2, 2019 21:21:54 GMT
Update on site partial repayment made.
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cedarcourtcapital
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Post by cedarcourtcapital on Apr 3, 2019 9:13:44 GMT
If it was 2 x £140,000 that is being withheld, why is the new loan only for £140,000?
What happened to the interest that was due?
And a rhetorical question... how has the LTV been arrived at, given the asset has been sold?
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SteveT
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Post by SteveT on Apr 3, 2019 9:27:29 GMT
If it was 2 x £140,000 that is being withheld, why is the new loan only for £140,000? What happened to the interest that was due? Look at “Outstanding Interest” on the repaid loan (“My Repaid Loans”). The Receiver is holding £140k in respect of the unpaid accrued interest, pending resolution of the legal case.
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Post by Badly Drawn Stickman on Apr 3, 2019 10:19:29 GMT
We do now have the rather curious situation where the £140,000 ring fenced and retained by Moneything as a potential war chest is earning 14% interest. I'm not sure who is financing that.
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withnell
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Post by withnell on Apr 3, 2019 10:43:04 GMT
If it was 2 x £140,000 that is being withheld, why is the new loan only for £140,000? What happened to the interest that was due? Look at “Outstanding Interest” on the repaid loan (“My Repaid Loans”). The Receiver is holding £140k in respect of the unpaid accrued interest, pending resolution of the legal case. This is where my issue with the 140k held for interest is - on the basis of my interest due / holding x £645k = c. 30k, so where has the other 110k liability come from - unless the 140k is interest and receivers fees?
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