coop
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Post by coop on Jun 18, 2019 11:37:38 GMT
I'll just admit that I don't understand any of this.
How is it a legal dispute to pay what is owed under the loan agreement? How is this up for debate?
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averageguy
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Post by averageguy on Jun 18, 2019 11:53:51 GMT
And by exactly the reverse logic, borrowers will continue to know that if they threaten legal action, platforms won't want to fight in court and will always settle. Isn't it better to have one expensive court fight and win, as an example to other borrowers, rather than continual borrowers not paying their debts and threatening legal action, because the last guy got away with it? Perhaps we ought to see wait the outcome is first before pontificating...as yet we don’t know what is being said by MT to there solicitors and if indeed there will be a settlement outside of a court case
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justme
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Post by justme on Jun 18, 2019 12:31:06 GMT
I'll just admit that I don't understand any of this. How is it a legal dispute to pay what is owed under the loan agreement? How is this up for debate? Could be a dispute about terms if the loan, conditions of sale etc. Do not forget , we received most of the capital back on this one already. Well, it is up to MT to see where do they draw the line at not getting reputation for "soft touch" and hassle of court - shame courts are so inefficient as to make the whole thing next to pointless. I do not mind waiting to July next year and if the whole retained by MT amount is spent on legals then so be it - but then I have just a token amount kn MT jn general and thos loan left in particular.
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coop
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Post by coop on Jun 18, 2019 13:04:33 GMT
I'll just admit that I don't understand any of this. How is it a legal dispute to pay what is owed under the loan agreement? How is this up for debate? Could be a dispute about terms if the loan, conditions of sale etc. Do not forget , we received most of the capital back on this one already. Well, it is up to MT to see where do they draw the line at not getting reputation for "soft touch" and hassle of court - shame courts are so inefficient as to make the whole thing next to pointless. I do not mind waiting to July next year and if the whole retained by MT amount is spent on legals then so be it - but then I have just a token amount kn MT jn general and thos loan left in particular. I have (for me) a material amount in this loan and would be rather miffed if my returns were below expected due to MT rolling over and accepting a lower amount than stipulated in the loan agreement. Edit: I would also be miffed if it had all been spent on legals, but probably a bit less miffed with MT and a lot more miffed with the borrower, and the state of the legal system in this country!
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keystone
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Post by keystone on Jul 19, 2019 21:42:56 GMT
Updates on website, MT are pleased, I'm rather disappointed considering this was a 43% LTV. In fact a lot of the other updates are even more disappointing. Nail in the coffin.
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averageguy
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Post by averageguy on Jul 19, 2019 21:49:25 GMT
Updates on website, MT are pleased, I'm rather disappointed considering this was a 43% LTV. In fact a lot of the other updates are even more disappointing. Nail in the coffin. Personally i’m happy that capital is being returned...I’m prepared to forgo some interest for that to happen...they’ve given updates ..might not be what you wanted to hear but communication is what people wanted....personally I didn’t find most of them unexpected
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amwinv
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Post by amwinv on Jul 19, 2019 22:27:29 GMT
Updates on website, MT are pleased, I'm rather disappointed considering this was a 43% LTV. In fact a lot of the other updates are even more disappointing. Nail in the coffin. Personally i’m happy that capital is being returned...I’m prepared to forgo some interest for that to happen...they’ve given updates ..might not be what you wanted to hear but communication is what people wanted....personally I didn’t find most of them unexpected I'm with keystone. I like moneything, but I think this is a really bad sign. And I feel that bowing to one chancer of a borrower is the start of an epidemic. We don't know the full details, obviously, but this isn't a positive sign at all to me.
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Post by queenvictoria on Jul 19, 2019 22:37:33 GMT
Personally i’m happy that capital is being returned...I’m prepared to forgo some interest for that to happen...they’ve given updates ..might not be what you wanted to hear but communication is what people wanted....personally I didn’t find most of them unexpected I'm with keystone. I like moneything, but I think this is a really bad sign. And I feel that bowing to one chancer of a borrower is the start of an epidemic. We don't know the full details, obviously, but this isn't a positive sign at all to me. Well, MT say that the case so far has taken up considerable time and resources and I've no reason to doubtt that. It will be case for the borrower too; I doubt they will have got off scot-free and this alone will deter other 'chancer' borrowers. A pragmatic solution, I think, based on the limited information available.
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ptr120
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Post by ptr120 on Jul 20, 2019 8:13:13 GMT
I'm pleased to be getting all capital back and I can live with foregoing a bit of accrued interest, although I'm not clear on who takes the hit on the legal costs. The thing that is likely to stop me from investing in MoneyThing going forward is that they have agreed (proposed?) a confidentiality clause so won't be telling us what went on here. I find that unacceptable and it feels like the platform are covering their arse.
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averageguy
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Post by averageguy on Jul 20, 2019 8:36:06 GMT
I'm with keystone. I like moneything, but I think this is a really bad sign. And I feel that bowing to one chancer of a borrower is the start of an epidemic. We don't know the full details, obviously, but this isn't a positive sign at all to me. Well, MT say that the case so far has taken up considerable time and resources and I've no reason to doubtt that. It will be case for the borrower too; I doubt they will have got off scot-free and this alone will deter other 'chancer' borrowers. A pragmatic solution, I think, based on the limited information available. It’s how I see it hence my reply
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corto
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Post by corto on Jul 20, 2019 10:35:19 GMT
I'm pleased to be getting all capital back and I can live with foregoing a bit of accrued interest, although I'm not clear on who takes the hit on the legal costs. The thing that is likely to stop me from investing in MoneyThing going forward is that they have agreed (proposed?) a confidentiality clause so won't be telling us what went on here. I find that unacceptable and it feels like the platform are covering their arse. Confidentiality agreements are a professional tool. Nothing to knit conspiracy theories around. MT sits between the borrowers and the lenders. They are not your pals, and they are certainly not your peasants. If they have proposed it: Good! Shows they are playing the can. This forum is a potential leak (as other platforms are aware of, too). Beside that I appreciate them feeding the lender base as they did yesterday. There was some good information.
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Post by queenvictoria on Jul 20, 2019 11:18:25 GMT
I'm pleased to be getting all capital back and I can live with foregoing a bit of accrued interest, although I'm not clear on who takes the hit on the legal costs. The thing that is likely to stop me from investing in MoneyThing going forward is that they have agreed (proposed?) a confidentiality clause so won't be telling us what went on here. I find that unacceptable and it feels like the platform are covering their arse. Confidentiality agreements are a professional tool. Nothing to knit conspiracy theories around. MT sits between the borrowers and the lenders. They are not your pals, and they are certainly not your peasants. If they have proposed it: Good! Shows they are playing the can. This forum is a potential leak (as other platforms are aware of, too). Beside that I appreciate them feeding the lender base as they did yesterday. There was some good information. Did you mean 'parents' (rather than peasants)? I agree. In a settlement you would expect confidentiality but MT needs to be careful not to leave lenders feeling out of the loop. Perhaps in negotiating agreements they need to try to keep something out that can be disclosed so lenders feel comfortable. Not easy though, I accept that
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keystone
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Post by keystone on Jul 20, 2019 12:17:35 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%) I guess it was a single 140K, apparently in the P2P world we should be over the moon we may get our capital back.
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corto
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Post by corto on Jul 20, 2019 12:32:49 GMT
Confidentiality agreements are a professional tool. Nothing to knit conspiracy theories around. MT sits between the borrowers and the lenders. They are not your pals, and they are certainly not your peasants. If they have proposed it: Good! Shows they are playing the can. This forum is a potential leak (as other platforms are aware of, too). Beside that I appreciate them feeding the lender base as they did yesterday. There was some good information. Did you mean 'parents' (rather than peasants)? I agree. In a settlement you would expect confidentiality but MT needs to be careful not to leave lenders feeling out of the loop. Perhaps in negotiating agreements they need to try to keep something out that can be disclosed so lenders feel comfortable. Not easy though, I accept that Ma'am, parents, too. Appreciate your job C (sailor)
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toffeeboy
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Post by toffeeboy on Jul 25, 2019 10:08:50 GMT
I'm pleased to be getting all capital back and I can live with foregoing a bit of accrued interest, although I'm not clear on who takes the hit on the legal costs. The thing that is likely to stop me from investing in MoneyThing going forward is that they have agreed (proposed?) a confidentiality clause so won't be telling us what went on here. I find that unacceptable and it feels like the platform are covering their arse. Confidentiality agreements are a professional tool. Nothing to knit conspiracy theories around. MT sits between the borrowers and the lenders. They are not your pals, and they are certainly not your peasants. If they have proposed it: Good! Shows they are playing the can. This forum is a potential leak (as other platforms are aware of, too). Beside that I appreciate them feeding the lender base as they did yesterday. There was some good information. Yes you would expect confidentialty but MT are making an agreement on our behalf as agents so therefore my belief is that all lenders in the loan should be informed at least in summary what the final agreement was.
They aren't our pals or anything but agents and as such should be working for the best solution for us and when they have that solution it should be explained to us not here is your capital back but that is all you getting and we aren't saying anymore apart from we have decided this is the best course for you.
Unfortunately when you don't/can't provide information for something then it someone is always going to cry conspiracy
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