jcb208
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Post by jcb208 on Aug 24, 2017 13:33:40 GMT
Strange that this was selling this morning just before default. It's a loan that is very rarely on the sm. Yep quite a lot of transactions today,I wonder if some people knew about the pending default
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Post by keyboardworrier on Aug 24, 2017 13:34:00 GMT
I am pretty new to P2P and this is my first defaulted loan. Luckily I don't have that much exposure to it as I took someone's advice from the forum seriously - the advice was to diversify or die. Diversification is a P2P lenders only free lunch.
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robski
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Post by robski on Aug 24, 2017 13:34:55 GMT
Seems a bit harsh IMHO
Any loan paying 10% plus comes with risk. These are asset backed loans usually at relatively low LTV as well.
You could on the other hand lend on Zopa+ at much lower rates to high risk individuals on an unsecured basis.
I think, and this is purely gut feel, that both of the problematic loans (B**** and this one) will have fairly good outcomes, this one probably more so if you are in the 13% on the other one.
All we know is that the interest hasn't been paid up to date, based on the repayment date lets assume this was the payment at the start of July that triggered this issue. Its certainly fairly easy for knock on effects to affect ones ability to pay monies on time even if it was nothing to do with you personally.
People should be under no disillusion that loans paying 10%+ come with risk, of capital loss and/or some form of il-liquidity (is that a word?) in the short term All the DD you want can't prepare for an event outside someones control.
I saw plenty of good construction cos go out of business 10 years ago, through no fault of their own, but usually their clients inability to pay.
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ding
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Post by ding on Aug 24, 2017 13:46:22 GMT
Agh, cow chutney.
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averageguy
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Post by averageguy on Aug 24, 2017 13:48:27 GMT
A bad month for MT just got worse. The Edinburgh loan has repaid ..that's one off the list you made on another thread
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GeorgeT
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Post by GeorgeT on Aug 24, 2017 13:53:44 GMT
A bad month for MT just got worse. The Edinburgh loan has repaid ..that's one off the list you made on another thread Has it? Great. That's a relief. I will go check my MT account. My money from that is being withdrawn from MT whereas a couple of months ago I would have been looking to reinvest it. The swings and roundabouts of P2P investing.
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Post by geraldine1210 on Aug 24, 2017 13:56:57 GMT
Strange that this was selling this morning just before default. It's a loan that is very rarely on the sm. Yep quite a lot of transactions today,I wonder if some people knew about the pending default Well they shouldn't have.
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Post by geraldine1210 on Aug 24, 2017 13:59:04 GMT
Does anyone have a screens hot of purchases this morning before default?
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toast
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Post by toast on Aug 24, 2017 14:11:54 GMT
I suspect that MTAT788 is not supposed to have a "renew" tick box!
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archie
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Post by archie on Aug 24, 2017 14:20:37 GMT
I suspect that MTAT788 is not supposed to have a "renew" tick box! Mine hasn't.
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archie
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Post by archie on Aug 24, 2017 14:24:21 GMT
Does anyone have a screens hot of purchases this morning before default? Can't see any buying this morning. MTAT709 under 'Completed Loans' shows the 'Recent Investments'. A few purchases yesterday.
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applets
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Post by applets on Aug 24, 2017 14:44:09 GMT
As MoneyThing has decided to ignore clause 12.8 of its new terms and conditions and permit SM trading in a defaulted loan on Saturday, perhaps we could be told what other terms and conditions will be ignored during the recovery process.
It will certainly be more difficult to lend on MT in future in the knowledge that the terms and conditions that apply when a loan is made may be varied during the life of a loan and then ignored completely when it suits.
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theshape
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Post by theshape on Aug 24, 2017 14:45:52 GMT
What was the original end date of this loan?
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theshape
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Post by theshape on Aug 24, 2017 14:49:26 GMT
Strange that this was selling this morning just before default. It's a loan that is very rarely on the sm. Yep quite a lot of transactions today,I wonder if some people knew about the pending default I received capital and interest repayments into my account and then a new purchase for the full amount of my investment. Think this was done to end the previous loan and renew upon default. Are those 'purchases' what you are seeing?
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Post by geraldine1210 on Aug 24, 2017 14:49:33 GMT
As MoneyThing has decided to ignore clause 12.8 of its new terms and conditions and permit SM trading in a defaulted loan on Saturday, perhaps we could be told what other terms and conditions will be ignored during the recovery process.
It will certainly be more difficult to lend on MT in future in the knowledge that the terms and conditions that apply when a loan is made may be varied during the life of a loanĀ and then ignored completely when it suits. Your comments, please, MoneyThing
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