rxdav
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Post by rxdav on Oct 20, 2018 9:21:41 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. Well I think my view on this matter is quite well known by now to regular posters - and nothing so far (including this 69% recovery to date) has changed my opinion. Should a 100% recovery not ultimately be forthcoming (very unlikely IMHO - but we live in hope) then given the debacle of this loan (of which a partial synopsis is given above by eascogo (and more comprehensively covered previously in this thread by myself and others)), then compensation should be forthcoming from MT. I will say no more at this juncture in case I get jumped on by others for 'banging on' about this too frequently - but I'm still here watching and waiting!
P.S. I concur that the legal costs look seriously excessive (just one of the direct consequences of the leasehold/freehold ignominious fiasco methinks?)
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archie
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Post by archie on Oct 20, 2018 9:34:54 GMT
MT have already covered the interest on this loan (just under 17k).
Recovery hasn't concluded yet.
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rxdav
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Post by rxdav on Oct 20, 2018 9:42:57 GMT
MT have already covered the interest on this loan (just under 17k). Recovery hasn't concluded yet. archie: I think I made it perfectly clear in my post that I acknowledge that the recovery has not yet concluded (or for some considerable time I suspect) - i.e.:
1. (including this 69% recovery to date)
2. Should a 100% recovery not ultimately be forthcoming....
Furthermore, had MT not caused this situation in the first place they would not have had to have (whether they opted to or not) '...already covered interest on this loan (just under 17k).' - would they?
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gareot
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Post by gareot on Oct 20, 2018 10:33:15 GMT
MT have already covered the interest on this loan (just under 17k). Recovery hasn't concluded yet. I maybe missing something here but what happens to the interest accrued on MTAT 788 from 24/8/17 to yesterday. It doesn't appear to have been added to my new loan. The only interest expected is for my capital.
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SteveT
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Post by SteveT on Oct 20, 2018 10:55:01 GMT
MT have already covered the interest on this loan (just under 17k). Recovery hasn't concluded yet. I maybe missing something here but what happens to the interest accrued on MTAT 788 from 24/8/17 to yesterday. It doesn't appear to have been added to my new loan. The only interest expected is for my capital. It's shown as "Outstanding Interest" for the closed MTAT788 loan (see My Loans / My Repaid Loans)
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gareot
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Post by gareot on Oct 20, 2018 11:57:00 GMT
I maybe missing something here but what happens to the interest accrued on MTAT 788 from 24/8/17 to yesterday. It doesn't appear to have been added to my new loan. The only interest expected is for my capital. It's shown as "Outstanding Interest" for the closed MTAT788 loan (see My Loans / My Repaid Loans) Ah. I didn't know about that! Many thanks. G.
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rxdav
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Post by rxdav on Nov 18, 2018 10:02:04 GMT
It's now a month since the last information was posted by MT with respect to this loan. I'm aware that they made a point of stating we should not expect monthly updates - likely preparing us for a very long wait. However, I would be interested to seek opinions as to how long lenders here think it reasonable to wait before we should expect MT to post an update - even if that update only says there is nothing to report (but which would prove there is at least one body with a pulse 'on the case')?
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hazellend
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Post by hazellend on Nov 18, 2018 10:10:21 GMT
It's now a month since the last information was posted by MT with respect to this loan. I'm aware that they made a point of stating we should not expect monthly updates - likely preparing us for a very long wait. However, I would be interested to seek opinions as to how long lenders here think it reasonable to wait before we should expect MT to post an update - even if that update only says there is nothing to report (but which would prove there is at least one body with a pulse 'on the case')? Once or twice a year
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Nomad
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Post by Nomad on Nov 18, 2018 10:13:26 GMT
It's now a month since the last information was posted by MT with respect to this loan. I'm aware that they made a point of stating we should not expect monthly updates - likely preparing us for a very long wait. However, I would be interested to seek opinions as to how long lenders here think it reasonable to wait before we should expect MT to post an update - even if that update only says there is nothing to report (but which would prove there is at least one body with a pulse 'on the case')? Quarterly.
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applets
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Post by applets on Nov 18, 2018 10:18:21 GMT
Six monthly or sooner if there is something material to report. Monthly reports to confirm there is a "pulse" are pointless.
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SteveT
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Post by SteveT on Nov 18, 2018 11:29:57 GMT
Administrators / Receivers report every 6 months, so it's pretty pointless expecting anything more frequent than that.
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carolus
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Post by carolus on Nov 18, 2018 16:37:08 GMT
Either you believe MT are working to resolve the default or you don't. If you don't then I can't see how updates saying "yes we are still working on it we promise" would give you any reason to change your mind. If you do believe them then I don't expect anything more frequently than six monthly, really.
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rxdav
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Post by rxdav on Nov 20, 2018 10:16:07 GMT
Many thanks to those who commented and offered an opinion on my question with regard to updates from MT. It would seem I'm not the only one of the opinion we are in for a long wait - but I have patience and (fortunately) health on my side.
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rxdav
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Post by rxdav on Dec 20, 2018 19:41:53 GMT
A post simply to ensure all involved in this debacle are aware yet another month has now passed by - as we continue to impotently watch and wait. I'm aware MT have declared there will not be regular updates here - but I fail to see how that translates into any reciprocal agreement whereby I cannot remind the extant financial casualties here that we will not be forgotten and that sooner or later (likely later), MT will have to make a decision to accept responsibility for any loses here - or be actively prepared to defend their actions in the public domain.
I wish all a Merry Christmas and Happy New Year - and strongly suspect I will be back here on 20 January 2019 with my next monthly reminder.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Dec 21, 2018 0:05:29 GMT
As long as you continue to use 'I', and do not slip into 'we' until you have evidence that others share your position or wish to be associated with your apparent crusade, I do not believe your monthly reminders will cause any offence.
I know a few two people who are waiting with interest to see what actual teeth you are able to use at the appropriate time to punish the wrong doers.
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