damar
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Post by damar on May 27, 2019 19:31:24 GMT
Surely the sensible thing would be to continue the trading, to pull in as much money as possible?
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damar
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Post by damar on Dec 28, 2018 20:15:18 GMT
I have received a letter, which seems to say, correct me if I'm wrong.
1) lendy game them money to develop a property 2) they defaulted 3) lendy appointed receivers 4) the borrowers are saying that as lendy did not give them all the redevelopment funds as they defaulted, they are in breach of contract 5) they want compo and lendy gave them our names and addresses as they want it from us as well
my question is, what is the chance of this being successful in court ?
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damar
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Post by damar on Dec 28, 2018 19:54:18 GMT
I too am trying to exit, I have about 5k left in lendy and some small change in funding secure.
I have one rental property left, but with the buffoons not allowing us to offset costs against income (section 24) and more and more legislation coming into effect, the profit there is reduced greatly, so I have been selling them off as tenancies ended.
I will still probably keep some cash in property, but more around refurbs and conversion rather than rental.
glad I never got involved with crypto currencies, just need to look out for something else, maybe gold until Brexit is over.
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damar
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Post by damar on Sept 17, 2018 19:08:14 GMT
you can't blame all of that on me, the secondary market had already closed down, that was my main gripe to the ombudsman, but it didn't go anywhere. I exited at a loss to get clear, as I thought it would get worse. I guess you still have some interest in them, I hope you get out ok (ish)
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damar
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Post by damar on Sept 11, 2018 19:36:43 GMT
Luckily I am not in this loan, but when I was investing in Property moose we had issue, so we joined forces and started collecting names for a group to get answers, as these platforms monitor the forum, they quickly jumped in and tried to smooth things over. It may be worth all the contributors getting together for a group action.
I took Property moose to the ombudsman and lost, I hope you guys have more luck
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damar
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Post by damar on Mar 20, 2018 18:51:34 GMT
Indeed, I served a section 21 back in March and got to bailiff eviction in October last year.
Selling with a tenant narrows down the market, selling with a tenant you are trying to evict will be very difficult.
so you may end up having the property without a paying tenant, while you go through the process of electing them, and the paying for the repairs.
Of course the tenant may just leave as the end of the tenancy, but if you decide to sell you need to be prepared of what could happen.
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damar
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Post by damar on Mar 20, 2018 18:15:48 GMT
What happens if the tenant refuses to leave?
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damar
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Post by damar on Feb 23, 2018 8:08:37 GMT
Im out
So long, farewell, enjoy PM.
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damar
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Post by damar on Feb 17, 2018 17:57:27 GMT
im selling gout of SPV 41 at a good discount, thats a good investment
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damar
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Post by damar on Feb 15, 2018 15:40:55 GMT
Carolus - to answer your points: MIFID II and GDPR are regulations that have been brought in/are coming in and which are to be implemented based on a firm's view on risks. If we get it wrong, the implications are catastrophic and it is simply not worth the risk until more clarity on the impact of the regulations can be sought. This takes time and money to work with the lawyers and barristers and so, for now, we are just not able to continue with having that risk. I do hope the secondary market will return but rather than create uncertainty for members (which has been flagged here as being a poor point of communication for us), we have to take it off and give people the chance to vote to start the exit process. The survey is purely there to engage our members in a constructive way. Already today I have had several phone calls with members who offer their full support and understanding. I regularly speak to members who reach out and we feel that our communication regarding the properties on a monthly basis goes beyond most platforms. Despite our views, there are a number of people on here that are clearly unhappy with the communication and we want to use the survey as a means of improving the service rather than shooting in the dark. Again, something we're doing because we want to improve and create a better platform for everyone. We know we need to improve things and are asking for engagement to make that happen. Your comment about improving payments/deductions etc is noted and by streamlining the business it will have a knock-on effect on other areas (in a positive way). In addition, there will be further announcements on this point in the coming weeks once we have contracts agreed with the relevant parties. Jnm21 - thank you for the suggestion about waiving the fee on sales. We're looking into making that change to the technology now with our team and will confirm when this can take place (and how it will work if we can't just set the fee to zero as it's hard coded). Was this known in October when some HMO's were pulled with no warning (which means no communication) and we were told they were being revalued. A good place to start with good communication is the truth.......look it up
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damar
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Post by damar on Feb 15, 2018 13:00:53 GMT
Email received about upcoming changes. The key points: - Minimum investment increasing to £100
- Removal of Secondary Market
- Exit votes on all Buy to Let properties
- A survey to investigate how to improve communication
Minimum investment not worried about - I will invest no more in PM Removal of secondary market - this is a big issue for me, I don't believe it was communicated when i invested that the secondary market could be withdrawn without notice. Exit vote - lets hope we can get one on my last remaining investment. A Survey to improve communication - this made me laugh out loud. Communication Survey Q1 how do you rate Property Moose's communication 1. Abismal 2. incredulous 3. What Communication
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damar
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Post by damar on Feb 15, 2018 12:48:01 GMT
As long as it was well documented that your exit vehicle was going to be removed from certain properties without any notice then PM will be fine....
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damar
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Post by damar on Feb 15, 2018 12:35:55 GMT
RIP secondary market (see recent email from PM) haven't had one yet
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damar
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Post by damar on Feb 15, 2018 10:42:41 GMT
4 months now, enough is enough, complaint has gone in to the ombudsman
Lets see what happens
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damar
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Post by damar on Feb 14, 2018 20:45:07 GMT
I believe it must be four months now................. Sure is but it feels like longer. They should rename this platform to property clowns. take the 'ty' of the end, and I would say you are bang on
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