archie
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Post by archie on Sept 2, 2017 14:45:49 GMT
i thought ive asked this question but cannot retrieve it anywhere. how long was this loan before it has gone defaulted? i remember this as a relatively young loan. 3 months and 3 weeks.
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Post by elephantrosie on Sept 3, 2017 12:34:09 GMT
i thought MT was going to go ahead with SM for this defaulted loan? what happened to their plan?
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Post by retired2005 on Sept 3, 2017 13:01:01 GMT
I think when it was pointed out to them that doing so contravened their own Ts and Cs they decided not to, but will probably change the Ts and Cs in future to allow this.
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elliotn
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Post by elliotn on Sept 7, 2017 17:09:39 GMT
i thought MT was going to go ahead with SM for this defaulted loan? what happened to their plan? Support update 24/8.
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ptr120
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Post by ptr120 on Sept 8, 2017 13:48:53 GMT
An update has just been posted on this loan. <snip> I guess that this does call in to question somewhat the validity of the original valuation report and I hope that MoneyThing are considering carefully pursuing the valuer in the event that all capital and accrued interest isn't recovered.
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seeingred
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Post by seeingred on Sept 8, 2017 14:13:07 GMT
An update has just been posted on this loan. I hope that MoneyThing are considering carefully pursuing the valuer in the event that all capital and accrued interest isn't recovered. Not a chance I would think - all manner of 'get out of jail clauses' are included in the valuation contracts. The costs of legal action with an uncertain outcome would preclude this except maybe for the most heavy of losses on a big loan. P2P platforms need to have better internal oversight of valuations and sort the wheat from the chaff. This particular loan shouldn't turn out too badly.
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Post by p2ples on Sept 8, 2017 14:24:56 GMT
An update has just been posted on this loan. <snip> I guess that this does call in to question somewhat the validity of the original valuation report and I hope that MoneyThing are considering carefully pursuing the valuer in the event that all capital and accrued interest isn't recovered. The valuation on this property at the <snip>
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jonah
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Post by jonah on Sept 8, 2017 14:47:00 GMT
An update has just been posted on this loan. Can people please not post suggested values for this loan in a public forum? I realise that in theory the use of *'s helps obscure the asset, but if you are holding some of this loan, you don't really want to share potential value information to potential purchasers... as it can only result in a lower purchase price and therefore a greater likelihood of capital loss or reduction in interest. Tagging p2ples due to the quoted values.
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sirius
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Post by sirius on Sept 8, 2017 14:48:13 GMT
comment removed.
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r00lish67
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Post by r00lish67 on Sept 8, 2017 14:48:19 GMT
An update has just been posted on this loan. <snip> I guess that this does call in to question somewhat the validity of the original valuation report and I hope that MoneyThing are considering carefully pursuing the valuer in the event that all capital and accrued interest isn't recovered. The valuation on this property <snip> Sssssshhh.... ozboy will hear....
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Post by GSV3MIaC on Sept 8, 2017 16:01:14 GMT
It probably also violated the T&Cs you have agreed with MoneyThing (if it doesn't, it soon will).
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elliotn
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Post by elliotn on Sept 8, 2017 17:17:10 GMT
Thank you again for the timely update MoneyThing - can't speak for others but I'd be delighted with a quick-ish ~capital recovery (if possible).
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ali
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Post by ali on Sept 8, 2017 17:22:00 GMT
Thank you again for the timely update MoneyThing - can't speak for others but I'd be delighted with a quick-ish ~capital recovery (if possible). I'd be quite happy with that, yes. Mind you, I'd be even happier for a slow recovery of capital and interest, but I suspect prudence would favour the certainty of losing a little interest soon rather than holding out in the hope of recovering more later.
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elliotn
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Post by elliotn on Sept 8, 2017 17:26:14 GMT
An update has just been posted on this loan. <snip> I guess that this does call in to question somewhat the validity of the original valuation report and I hope that MoneyThing are considering carefully pursuing the valuer in the event that all capital and accrued interest isn't recovered. I'm guessing MT have already covered 1 or 2 interest payments themselves (ie we were paid interest upon default which I'm guessing didn't come from the borrower). As with an audit opinion, VRs are riddled with legalese that could only be prosecuted in obvious negligence. VRs don't cover distressed sales, I'd be delighted to get near to my capital! Edit - crossed with ali, slow & sure also welcome
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Post by GSV3MIaC on Sept 8, 2017 18:30:04 GMT
I'd sorta like to know "what happened" on this one .. seems like the borrower (rather quickly?) lost interest and wandered off, failing to make payments, pursue the original exit strategy, or indeed ANY strategy at all (did they die or summat?!). Not expecting a comment here, but something on the MT site would be nice.
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