dawn
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Post by dawn on Mar 9, 2019 22:23:31 GMT
In addition to a download of all transactions from the time I opened each of the 3 accounts I look after, I have also exported a copy of the loan parts for each account and a copy of this years Tax statement so far (all just in case). I will be updating copies of each every few days or whenever something changes.
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dawn
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Post by dawn on Feb 20, 2019 12:39:51 GMT
Whatever you like, guys; it's your money, not mine. Personally, were I in your shoes, I'd prefer the Borrower focus on the challenges of securing Building Regs sign-off (especially the fire safety issues!) than start making pointless videos to placate impatient lenders. And if paying Moorfields to monitor the Borrower's progress doesn't show you that MT are "verifying his words", what does? And that is the exact reason why you should not have felt the need to elaborate on your initial worthy comments, because you have 'no skin in the game'. Quite why you feel the need to advise others on what they ought to feel and desire when you are not in their situation is a little bewildering. To some, well at least me, declaring no interest is like a red rag to a bull. In this case, other than making you appear smug, I fail to see how knowing this adds anything to your comments. On the subject of updates, what is the point in more frequent updates - what are lenders going to be able to do with the information contained in them? The bottom line is MT are making the decisions based on their judgement of how to proceed. Long term what is good for them is good for lenders, short term I am not so sure - but that is a very subjective opinion. What you think of their judgement will probably not change, but we are all bound by it. If it's good news updates are great - but what happens to that good feeling when the updates prove not to be true. Okay in this instance it will be physical updates, so are likely to be factually correct, but ultimately I believe we are so close to end of the loan we just have to wait and see. When secondary marked variable pricing come in how regular and informative do you think MT updates will be. Remember at present information, or the perception of information has no real effect when there is a huge sale cue. However when lenders can discount their sales based on their perception of value to them based on the information in the public domain, do you think MT will want to say anything for fear of being accused of making an update that lost people money? I disagree - some-one with no skin in the game will have a different perspective to some-one who has invested in it. Personally I prefer to consider a variety of views and opinions from a number of different perspectives to ensure I've got as clear a picture as I can and that I'm not missing something because of my position in a particular loan. Only being able to comment on a loan if you are invested in it would deprive others of potentially useful and informative views and opinions and, in my opinion, be one-sided. There are a number of contributors on this form, SteveT among them, whose words I value - I don't always agree but I value them - whether it is about loans that we are both in or loans that one of us is in and the other not. Being clear whether you are in a loan or not is not being smug - it is making the reader aware of the perspective of the poster and is therefore a valuable thing to know.
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dawn
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Post by dawn on Jan 25, 2019 17:36:34 GMT
I think one of us has misunderstood the informational point made in item 1 from Lendy's update of 23/01/19. I re-read it several times and I don't think it's me. But it certainly could be. nightmare , can you (or anyone else) confirm or correct my understanding that the waiting for lenders will be permanently over (one way or the other) on, or before, 4pm, April 1st please? Thx. (I suppose there's always scope for the borrower to attempt to bring some additional contrivance against Lendy, Receivers, lenders, Uncle Tom Cobley and all at some future date, but the 414 deadline I refer to relates to this particular chapter in the whole sorry tale.)
The update states that "In the event that the borrowers fail to comply with points 1-2, the claim by four out of the five Claimants against Lendy and the Receivers will be struck out by the Court." - No mention of a/the claim against individual lenders, in fact in goes on to state that "Importantly from the Lenders’ perspective, it remains the case that the only defendants to the claim are Lendy and the Receivers; the borrowers have not yet served proceedings on any individual Lenders". So I stand by my interpretation that the borrower will still have up to 6 years to pursue a claim against individual lenders.
PS. I hope that I am wrong and you are right but I honestly don't believe that to be the case.
There currently is no claim against lenders so it can't be struck out (there is only a threat to add lenders to the claim). A claim, if served, must be served by 4pm on 1st April. It seems fairly clear to me - no claim served by 4pm on 1st April means no claim can be served later.
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dawn
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Post by dawn on Jan 9, 2019 19:17:39 GMT
I had 2 parts in this loan. For both of them I have an entry saying shortfall (putting my account negative), then a capital repayment of the full amount I had invested (so still short of where I was before the shortfall was "credited"), then interest payments that exactly match the shortfall and get me back to zero. So on balance I have had a full capital return but no interest (although I have something labelled as interest so will need to pay tax on it). Is this just me?
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dawn
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Post by dawn on Dec 19, 2018 13:02:35 GMT
Monetus - are you able to provide any more information regarding the non-receipt of the email about the 6-month report by a large number of investors? I would hope this is not covered by the NDA. I received the email but another family member did not (they passed their details to you). Thanks Mentioned in this postThank you.
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dawn
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Post by dawn on Dec 19, 2018 9:54:22 GMT
Monetus - are you able to provide any more information regarding the non-receipt of the email about the 6-month report by a large number of investors? I would hope this is not covered by the NDA. I received the email but another family member did not (they passed their details to you). Thanks
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dawn
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Post by dawn on Dec 12, 2018 13:16:43 GMT
Update today on loan 6670...
12 Dec 2018
Please note that following the previous comment, we agreed a reduced full and final settlement with the Guarantors, which was in the best interest of the investors.
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dawn
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Post by dawn on Dec 11, 2018 8:02:15 GMT
Yep. If you need to keep a track on the detail at that level, then you're with the wrong platform... Oh, indeed. Which is why this is the entirety I have left on Fawlty Credit. Anyway, this started because I couldn't figure out why the summary page showed 70% outstanding on a loan that the comments were saying was now fully repaid. I emailed them explaining that the loan was not fully repaid despite what the comment said. I've had the standard holding reply of "we are looking into it and will get back to you". Now we wait (for a short time before I prod them again). Like many others I haven't invested anything new since Sept 2017 and have just been letting the account run down.
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dawn
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Post by dawn on Dec 7, 2018 13:43:17 GMT
In the case of 6670 my records show that the majority of the loan has been repaid but it has not repaid in full yet (96.7% recovered so far). I have emailed FC for an explanation of their comment as I can show the loan has not fully repaid. I'm showing 97.65%... (47p per £20 part) I had 5 £20 loan parts with between £13.94 and £13.99 outstanding at time of default (£69.82). Recoveries so far range from £13.47 to £13.52 (total £67.50) so I'm still £2.32 down. Each loan part has a different recovery rate but all in the range 96.6% to 96.8%. I wonder (but not for long ) why your rate is higher.
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dawn
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Post by dawn on Dec 7, 2018 11:40:31 GMT
I do keep a spreadsheet of recoveries - it is time-consuming and tedious but it is a good thing to do. In the case of 6670 my records show that the majority of the loan has been repaid but it has not repaid in full yet (96.7% recovered so far). I have emailed FC for an explanation of their comment as I can show the loan has not fully repaid.
Comments do not always reflect what actually happens - eg loan 34397 defaulted 9th November 2018 apparently 90 days late and 4 months in arrears - but it was only 60 days late and 3 months in arrears. Customer Service acknowledged that and said the relevant case manager would add a comment to reflect that but so far the only addition is that they are working on a payment plan.
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dawn
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Post by dawn on Dec 6, 2018 20:48:34 GMT
Where can you see the due payments screen? I can' t find one anywhere nor see any traffic lights? On the Dashboard screen, click on "Next Payment Date / Next Payment Amount" area. Thank you very much - I can now see the page. I hadn't realised that bit was now a link - I was just using the View Account History button underneath it.
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dawn
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Post by dawn on Dec 6, 2018 13:00:57 GMT
Well done with the "next payment" fix. I like the traffic lights down the side of the "Due Payments" screen. Any news on the loan updates? Where can you see the due payments screen? I can' t find one anywhere nor see any traffic lights?
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dawn
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Post by dawn on Nov 26, 2018 11:50:19 GMT
I have had risk bands re-instated for a few loans - usually when a CCJ has been resolved but it can be for other reasons. It is likely to depend on why it was removed in the first place. Most, however, stay downgraded once the risk band has been removed.
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dawn
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Post by dawn on Nov 20, 2018 22:34:12 GMT
I suspect Lendy thought there was no risks, so did not warn of this risk. It would appear when this action started, L was taken aback and advised the FCA of the action as it had a number of implications, so was their duty to do so. Comments express outrage this has got so far, but it has. It may or may not go much further. The Court feels there is, prima facie an arguable case to be heard, but the substantive defence arguments probably have not yet been aired. Keeping powder dry........ There is a need for a ‘Monotus’ like Col lenders have, to report back on what is stated in open court on these ongoing hearings. That might throw light on the argument over who is considered party as a defendent. And shape lenders next actions. But for now L needs support. At some stage IF it goes against L, in the Appeal, investors voice should surely be heard as a separate entity. All the court has done so far is confirm that the loan is between lenders and the borrower with Lendy as agent and therefore the borrower is allowed to know who the lenders are. The court has not ruled in any way on the merits of her claims (as far as I am aware) and has not said whether there is a case to be heard or not.
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dawn
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Post by dawn on Nov 14, 2018 17:12:11 GMT
Let me start by stating I was commenting on the validity of the suggested alternative methods of 'solving' the secondary market issue being reversible. That was the question. I am not commenting on whether they would be valid. On the matter of Moneything stating something in the past and that meaning they would not change their mind..... Variable secondary market pricing. It was debated a while ago, and it was decided it was not right for Moneything.... To be introduced in the new year. I am just illustrating that things change. And let me add that I was replying to eeyore's suggestions - not to your original comments.
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