Carter
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Post by Carter on Feb 19, 2019 15:46:58 GMT
Frankly, I think some of the comments aimed in your direction are a disgrace. I wonder sometimes if people forget who they lend money to and on what terms. Do you mean the loan terms which were changed? Previously MT worked with every loan being repaid on time, and if an extension was required lenders could decide whether they wished to recommit for whatever the new period was. Lenders always had the option to get their funds back. The point is when loans were taken out the end date was known and fixed, lenders never got stuck in 'Hotel California' loans. I fully understand why MT had to make this change, and I accepted it, but no suggestion should be made that lenders did not know the terms of the loan when it was taken out. In the right circumstances terms change, be it term or in some cases interest rate. I'm afraid you've lost me. This loan has a formal end date of 13/04/19.
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Carter
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Post by Carter on Feb 19, 2019 13:09:00 GMT
Firstly, thank you MoneyThing for this detailed update. I for one appreciate the increased rigour you have applied to protect our interests. Frankly, I think some of the comments aimed in your direction are a disgrace. I wonder sometimes if people forget who they lend money to and on what terms. From the update I have discerned the following; The borrower is a muppet. Whoever has been managing the project is inept. Moneything could/should have stepped in sooner. The additional security would be welcome. It does look like this will launch but I can't see that happening for at least 2 months. Be interested to know how much trading history will be required for the refinance. If its a slow start will they really sign it off. Anyway, repayment, full interest and that other 2% before end of the tax year and I'll be happy.
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Carter
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Post by Carter on Feb 17, 2019 11:42:28 GMT
Yeh, I personally have confidence in MT based on previous performance in such matters. The loan clearly hasn't been plain sailing and perhaps additional rigour should have been applied earlier but as ever the outcome is all that really matters to me. They have taken action to protect our interests. Let's see how it develops over the next 4-6 weeks.
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Carter
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Post by Carter on Feb 17, 2019 11:32:23 GMT
George Osborne. If ever there was someone who deserved to be strung up by the knackers.
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Carter
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Post by Carter on Feb 15, 2019 14:33:22 GMT
Gatehouse on the market listed on Feb 6th.
Rightmove link in DDC.
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Carter
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Post by Carter on Feb 13, 2019 17:09:15 GMT
Nice one boundah 👌. Reading that in black and white, that's just brilliant.
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Carter
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Post by Carter on Feb 11, 2019 14:02:44 GMT
I wonder if the complaints and the attention from such articles are raising a flicker at the FCA. One might think that if they consider themselves to be on the hook for this debacle then this would translate into efficiency from their appointed administrator. Minimising lender loss mitigates FCA exposure.
Wishful thinking.
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Carter
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Post by Carter on Feb 2, 2019 16:56:51 GMT
Report by the presumably soon to be former administrators available on CH in 5 days The report is already out (on another forum). Doesn’t paint a good picture for Lendy (distributable value is less than the DFL012 loan value, and implies a c. 66% recovery on principal). Note sure how much weight to put against that report given the administrators have been shown the door. IIRC the valuation used for the asset in present condition was also questionable. Lendys update suggests an offer is being tabled which I'll assume will lead to a substantial loss. What I want to see is a fresh current valuation, cost to complete and anticipated GDV. Then we'll have some transparency on best outcome for lenders. I don't think any of that will improve the position of unsecured creditors however. That so much money for unwitting buyers has vanished is shameful.
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Carter
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Post by Carter on Feb 2, 2019 14:51:28 GMT
I'd take nothing now. I just want out. I'll give you nothing for it. Send Lendy an email and ask them to assign your account to me.
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Carter
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Post by Carter on Feb 1, 2019 19:09:59 GMT
What I want to know is why the hell none of this was done before, it should have been standard. Because they built their operation around sales and didn't think upfront about recoveries. Which actually is a very common mindset....too many optimists, not enough pessimists. In other words, they've been wingin it.
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Carter
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Post by Carter on Feb 1, 2019 16:57:58 GMT
Better crafted updates in my view. Giving the impression that some form of professional guidance is being sought and formal processes in play. For my bunch of defaulted dfls they do seem to be inching towards exit options. At what cost remains to be seen. Yes I agree. Updates generally sound like they have a plan.
Lendy still managed to post the wrong updates on the wrong Exeter loans though.
I could also comment that as well as selecting the wrong borrowers they then went and selected the wrong administrators too.
Lots of efforts to replace administrators that they themselves appointed.
Hopefully progress can be made to get us out of this mess though.
Yes it looks like they've tossed the administrators on a few of the dfl defaults. It's been my general view that we've been experiencing the pain of Lendy's extremely slow learning curve over the last few years were they have clearly shown themselves to be out of their depth. Mistake after mistake in an industry they reportedly had expertise in. It does appear that they have now engaged people with real expertise to bring some loans to a conclusion at least.
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Carter
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Post by Carter on Feb 1, 2019 16:33:01 GMT
Update noting sight of refinance offer in principle from the borrower, reportedly enough to cover repayment of both charges.
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Carter
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Post by Carter on Feb 1, 2019 16:23:32 GMT
Better crafted updates in my view. Giving the impression that some form of professional guidance is being sought and formal processes in play. For my bunch of defaulted dfls they do seem to be inching towards exit options. At what cost remains to be seen.
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Carter
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Post by Carter on Feb 1, 2019 16:17:01 GMT
Oh well, from todays update it appears Lendy didn't like the administrators report either and are replacing them.
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Carter
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Post by Carter on Feb 1, 2019 13:03:57 GMT
Yes, minor heart attack as my monthend accounting threw up a large discrepancy. Ratesetter says;
"I can advise that we are experiencing a processing delay with our system whereby account balances and payments that were sent had not updated correctly and reflecting true figures. Occasionally, we do experience this slight time lapse at the start of the month, especially when the first working day falls after a weekend.
This can be caused by a number of reasons, on a busy day like the first working day of the month or on a Monday the volume of transactions being processed can result in the transactions taking a number of hours to complete. In addition, the borrower has the option to repay the loan or make an extra payment at any point throughout the day.
Our lender terms state money will be repaid and reinvested on a particular date but does not give a time frame. I can confirm that no funds have been withdrawn or allocated elsewhere. We anticipate the system will be fully updated by this afternoon .
We apologise for any cause for concern and the inconvenience this may have caused you. If you do require any further assistance, please do not hesitate to contact us."
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