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Post by waryinvestor on Apr 2, 2020 14:57:02 GMT
Unless perhaps this is the ONLY MoneyThing loan you're exposed to, have you guys really thought through whether slagging off MT on here is really in your best interests? Doubtless many things could have been done differently in hindsight (a wonderful thing) but would you really prefer that the Things decide to throw in the towel and call in Administrators instead? The implications and costs for lenders of that approach are obvious for anyone with exposure to Collateral, Lendy or Funding Secure. Be careful what you wish for. MT are already charging the Lenders for all the costs of Administration on top of all Pre-Administration Fees and Expenses and it is in the range of 100K. So, they are performing that role themselves and charging the Lenders. :-(
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sj
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Post by sj on Apr 3, 2020 11:31:41 GMT
No, you are incorrect. There was a problem tracking down the freeholder. The property was listed as freehold but it was in fact leasehold (opposite to what you put above). Hence needing to find the freeholder since the title could not pass as unencumbered without the freeholder The general muttering was about the fact it was listed as freehold but wasn't, people said it must have been over valued because of this, and MT came back and said made little difference. I don't think many agreed with that sentiment. Wouldn't surprise me if some disgruntled lenders decide to start legal action against MT in the future over this very issue, assuming there's still significant shortfall at "the end"... has this loan already paid out all that it ever will? Genuine question, not been keeping my finger on the pulse with MT stuff. Not optimistic that any "action" that MT might try and take against RICS valuations will bear any fruit, if that was one course. Pursuing a PG is probably worthless as well given past form of P2P borrowers in general.
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keystone
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Post by keystone on Oct 14, 2020 9:52:24 GMT
MoneyThing As it has now been over 15 months since your last update, is the recovery of the remaining balance under the personal guarantee still continuing? Are you positive that you are following the best strategy in the interest of investors if you do not know whether you will be successful? Have you made a decision yet on whether to incur further costs or not? Are we being charged 2% per annum whilst you decide whether to make a decision or not?
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toffeeboy
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Post by toffeeboy on Oct 15, 2020 11:43:51 GMT
MoneyThing As it has now been over 15 months since your last update, is the recovery of the remaining balance under the personal guarantee still continuing? Are you positive that you are following the best strategy in the interest of investors if you do not know whether you will be successful? Have you made a decision yet on whether to incur further costs or not? Are we being charged 2% per annum whilst you decide whether to make a decision or not? You kind of answer your own question, we will get a response when the money has run out to say sorry there is no more money. Or maybe we won't even get that. Administrators might not be the preferred way to go but at least they are up front about their fees and how they will be getting paid.
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mah
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Post by mah on Oct 21, 2020 14:52:11 GMT
Exactly. Many have said that MT are much better, but they are charging 2% per Annum (NOT 2% on Realisations) for just sitting and not even giving an update. Oh well, so much better than Admin.
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drgonzo
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Post by drgonzo on Feb 17, 2021 15:52:40 GMT
Just noticed that the remainder of this loan has been written off (it was my largest outstanding default). Here's the final update in case anyone else missed it:
(MTATR2965) DEFAULT of L***** St A**** Bridging Loan - CRYSTALLISED LOSS
01/02/2021
Lenders are reminded that the property relating to this loan was sold some considerable time ago. Any further receipts of the shortfall were dependent upon the results of the actions taken to enforce the Personal Guarantee given by the borrower. The borrower was declared bankrupt and we appointed a Trustee in Bankruptcy.
The Trustee in Bankruptcy has determined that the costs of further action outweigh any likely returns. It is not possible to prove ownership of the assets we believe are owned by the borrower and the legal advice is that there is a significant risk if we continue with this action. As such, no further recoveries are expected and we will shortly be crystallising the loss. The platform will be updated accordingly.
The final position is that the loan had a 69% capital recovery.
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ptr120
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Post by ptr120 on Feb 17, 2021 16:18:40 GMT
Ah yes, the loan where they told us it was freehold, but in fact it was leasehold? The one where they told us that this point didn't make a material difference to the valuation?
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travolta
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Post by travolta on Feb 17, 2021 16:37:06 GMT
expletive deleted.
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drgonzo
Member of DD Central
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Post by drgonzo on Feb 17, 2021 17:14:51 GMT
Ah yes, the loan where they told us it was freehold, but in fact it was leasehold? The one where they told us that this point didn't make a material difference to the valuation? Yeah, that's the one! Although it was that which led me to start moving my money off the platform... so definitely saved me from losing a lot more in the long run! Every cloud...
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Post by Companion Cube on Feb 17, 2021 18:54:33 GMT
Ah yes, the loan where they told us it was freehold, but in fact it was leasehold? The one where they told us that this point didn't make a material difference to the valuation? Yeah, that's the one! Although it was that which led me to start moving my money off the platform... so definitely saved me from losing a lot more in the long run! Every cloud... Also I believe that not a single interest payment was made on this loan. Moneything has a lot to answer for. Handing our money over to any loser that asks for it while being all matey with us. Learning from this is all we have.
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