ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 19, 2018 10:48:03 GMT
Got there eventually. Well done. Any news on the other recovery route being pursued?
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Post by Badly Drawn Stickman on Oct 19, 2018 10:58:46 GMT
Got there eventually. Well done. Any news on the other recovery route being pursued? That's a bit hasty. There is a well established convention on these occasions that I believe is worthy of maintaining. Half the posters will need to congratulate Moneything on a job well done, whilst the other half have to express their disgust at how this loan has been a complete debacle. This should produce a moderately entertaining weekend as the two halves enter an ever increasing volume of exchanges. Your question would normally appear sometime next week when the dust settles.
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hazellend
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Post by hazellend on Oct 19, 2018 11:02:13 GMT
🤪
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GeorgeT
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Post by GeorgeT on Oct 19, 2018 12:44:28 GMT
Great news - now we can all relax and look forward to the weekend. Thanks Ed.
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sj
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Post by sj on Oct 19, 2018 13:34:33 GMT
Personally, I can only relax by c. 60-70% - I can relax fully when the rest of the outstanding balance and hopefully interest is paid. I do expect MT to be taking appropriate action promptly and keeping us informed of steps taken, now that sale of the security is dealt with.
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Post by MoneyThing on Oct 19, 2018 14:27:06 GMT
Afternoon. Update on the platform (funds received and initial distribution to lenders being processed shortly). Regards, Ed.
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SteveT
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Post by SteveT on Oct 19, 2018 14:34:55 GMT
Afternoon. Update on the platform (funds received and initial distribution to lenders being processed shortly). Regards, Ed. The link to the attached document appears to be broken ("404 Not Found - Page not fund" [sic])
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GeorgeT
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Post by GeorgeT on Oct 19, 2018 14:45:37 GMT
Personally, I can only relax by c. 60-70% - I can relax fully when the rest of the outstanding balance and hopefully interest is paid. I do expect MT to be taking appropriate action promptly and keeping us informed of steps taken, now that sale of the security is dealt with.
You can relax by 69% which is at the upper end of your initial recovery relaxation range. I'm sure, as per previous defaults, MT will be taking the further action you expect and will maintain their excellent communication standard throughout.
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Post by MoneyThing on Oct 19, 2018 14:47:40 GMT
Afternoon. Update on the platform (funds received and initial distribution to lenders being processed shortly). Regards, Ed. The link to the attached document appears to be broken ("404 Not Found - Page not fund" [sic]) Apologies - there was an erroneous " ' " in the file name which the system did not like. Regards, Ed.
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elliotn
Member of DD Central
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Post by elliotn on Oct 19, 2018 15:33:48 GMT
Personally, I can only relax by c. 60-70% - I can relax fully when the rest of the outstanding balance and hopefully interest is paid. I do expect MT to be taking appropriate action promptly and keeping us informed of steps taken, now that sale of the security is dealt with.
You can relax by 69% which is at the upper end of your initial recovery relaxation range. I'm sure, as per previous defaults, MT will be taking the further action you expect and will maintain their excellent communication standard throughout.
Hopefully better communication than at the beginning of this loan when the borrower wasn’t making any repayments & MT were bound by their then T&Cs to provide us with the progress of chasing those late payments. Wholly unacceptable.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Oct 19, 2018 15:39:14 GMT
Got there eventually. Well done. Any news on the other recovery route being pursued? That's a bit hasty. There is a well established convention on these occasions that I believe is worthy of maintaining. Half the posters will need to congratulate Moneything on a job well done, whilst the other half have to express their disgust at how this loan has been a complete debacle. This should produce a moderately entertaining weekend as the two halves enter an ever increasing volume of exchanges. Your question would normally appear sometime next week when the dust settles. I am in the second camp village idiot. A 30% loss and a total wipeout not long back. Well done Ed and Moneything? Am i missing something here. Has everyone been paid out in full except me. Please if someone could just educate me as to how this is something to be celebrated. Thats 2.5 K lost to Moneything within side a month. Anyway enjoy your weekend guys.
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cwah
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Post by cwah on Oct 19, 2018 17:37:36 GMT
Loosing 30% of capital invested is definitely not ok...
But it says "initial repayment". What are the other course of action?
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ptr120
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Post by ptr120 on Oct 19, 2018 19:24:54 GMT
I can't really congratulate MT on this recovery when they broke their own terms and conditions by not informing me that the loan was non performing. Of course, I wouldn't have even been in this loan if I'd known that the security was leasehold instead of freehold (and therefore, by MT's own admission, worth less than it otherwise would have been).
I did expect that MT would add an ex-gratia sum to the recovery to take account of the freehold vs. leasehold issue, but they have chosen not to. Instead, we get stuck with MT's legal costs (which they are contractually entitled to do, but given that the above, I thought they may cover in this instance). Lendy tell me that they cover legal costs out of their funds, not borrowers, but their recovery record is worse in my experience, so perhaps that is something worth paying for?
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Post by df on Oct 19, 2018 20:04:37 GMT
Loosing 30% of capital invested is definitely not ok... But it says "initial repayment". What are the other course of action? "In regard to any further recoveries, work is well underway in respect to the bankruptcy of the borrower. Lenders should be aware that this part of the recovery may take some time to come to fruition." - I guess it is the same or similar procedure as recovering unsecured loans. One can hope that their capital will be recovered, I prefer to write them off and any further repayments can come as nice surprise. For me loosing 30% on this loan is ok. Didn't affect my overall earnings from MT very much, but I can see it could be a disaster for someone who committed an ambitious proportion to this particular loan.
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Post by eascogo on Oct 19, 2018 20:46:32 GMT
I can't really congratulate MT on this recovery when they broke their own terms and conditions by not informing me that the loan was non performing. Of course, I wouldn't have even been in this loan if I'd known that the security was leasehold instead of freehold (and therefore, by MT's own admission, worth less than it otherwise would have been). I did expect that MT would add an ex-gratia sum to the recovery to take account of the freehold vs. leasehold issue, but they have chosen not to. Instead, we get stuck with MT's legal costs (which they are contractually entitled to do, but given that the above, I thought they may cover in this instance). Lendy tell me that they cover legal costs out of their funds, not borrowers, but their recovery record is worse in my experience, so perhaps that is something worth paying for? With their 28/02/18 update MT argued that there was no substantial value loss in the leasehold vs freehold. However the result was a delay of more than a year in getting consent from the (deceased) freeholder to release the property. It led to further costs and a buyer pulling out of the deal in April 2018. The consequence of not being in possession of the freehold turned out to be more than a just a minor matter. So I second ptr120 suggestion that MT could do worse than waive their legal costs or a portion thereof if a full recovery of capital and interest is not achieved. MT is already highly regarded and such a move would surely add to their reputation.
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