elliotn
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Post by elliotn on Sept 20, 2018 9:44:18 GMT
Thanks, that’s why you remain mine & blender”s fave platform 😊
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elliotn
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Post by elliotn on Sept 20, 2018 2:41:53 GMT
I am very pleased with ABLrates management of this borrower. They make it seem quite straightforward compared to some other lenders Yes, I think seems straightforward because they do a proper job at the origination stage. That is, thinking through how the rights can be effectively exercised if things go wrong, and not being lazily manoeuvred into a disadvantageous position as things develop. Some other platforms do not have the expertise and/or give the time needed for each loan, and the lenders get exposed. The borrower has only one loan to optimise, and it matters to them, while to some platforms it's just one of many loans which are managed like plates spinning on sticks. IIRC abl had to return to the borrower and get the security changed at origination based on in depth lender due diligence primarily by ilmoro otherwise we may have been left materially more exposed by this platform. We may come to the same conclusion on an individual loan but we come to different conclusions as to the outlier nature of the expertise and competence as discussed variously; even if we agree this may be our favourite platform I feel this point should not be left unchallenged to give newer lenders a counterpoint. I am wholly unforgiving of not registering charges just after origination for example and have been ignored on a repeated request regarding a loan *remaining* on the platform (and raised by others btw) - perfectly unacceptable. Another thing I take exception to is when the Borrowing Proposal is in danger of crossing over from part of the due diligence suite into salesmanship. Talk of “war chests” in this instance (and similarly bullish statements on other loans that for me are at best qualitative fluff that could unduly influence retail lenders) whereas this was actually a borrower who had pimped herself around various p2p platforms looking, if not desperate, then decidedly empty chested. abl even broke their hastily revised security pledge that delayed the loan launch by not waiting for the director to bring their Ly loan out of default. Even the most ardent supporter must agree that does not smack of market leading expertise at origination, right? Or am I totally missing something that you know and the rest of us don’t?
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elliotn
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Post by elliotn on Sept 19, 2018 14:20:34 GMT
I’m sure it wouldn’t meet the regulatory threshold (there to prevent the frivolous) but I certainly incurred losses on this loan because the platform broke their then T&Cs by not keeping lenders up to date with progress on claiming late payments. I wasn’t even aware the borrower had never made a single payment as I continued to make purchases in a non-performing loan. That was MT’s choice not to inform their lenders. Weren't the terms and conditions regarding non-performing loans added after this loan went under? As far as I can see any claim will fail. No. Their original T&C obliged them to keep lenders up to date as to the progress of reclaiming late payments (something like 12.5 but can’t be ars’d to look). Except in this instance never even told us there was a missing payment, let alone several. As far as I can see such a claim would be perfectly reasonable based upon the breach of their own T&C and conscious negligence towards the risk borne by lenders, if ultimately futile.
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elliotn
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Post by elliotn on Sept 19, 2018 11:42:42 GMT
They also accepted fundamental changes to their guidance based on their larger members (thinking more FC than RS ). They also accepted C2F despite opaqueness over the history of timing of repayments. I will judge CP on their own merits, certainly not P2PFA’s.
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elliotn
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Post by elliotn on Sept 19, 2018 3:53:07 GMT
I would imagine there are a lot of small one person businesses that have cash flow problems with slow payers. They would be reasonably good risk asset rich cash poor but cash expected.
Are you considering having any secured loans for slightly longer in the future?
P.S Don't you get a day off ??
I'm not sure if expanding the range is a good idea. There are some negative experiences (e.g. Col, FS, MT)... Imo sticking to platform's core area of lending is much better strategy in the long term. V good reasons to stick to the knitting - expertise, branding, customers know where they stand - I left RS because they were no longer (imo more predictable) consumer lender so I fully agree; that said main downside for platform is scalability whereas we can diversify across platforms.
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elliotn
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Post by elliotn on Sept 18, 2018 3:27:41 GMT
I don't think such a complaint is going to get very far with the FOS, I'm afraid. When ruling on an Assetz Capital complaint, the ombudsman opined " For me to uphold [the] complaint I would need to be satisfied that [the lender] suffered loss and damage as a result of gross negligence, or wilful misconduct, on the part of [the platform].” I presume MT were fed erroneous information by the borrower, which hardly meets the test of gross negligence. And I can't for the life of me think they "wilfully" chose to mislead their lenders. All platform T&Cs make it pretty plain that they cannot be held liable for incorrect information provided to them by borrowers. Caveat Emptor. I’m sure it wouldn’t meet the regulatory threshold (there to prevent the frivolous) but I certainly incurred losses on this loan because the platform broke their then T&Cs by not keeping lenders up to date with progress on claiming late payments. I wasn’t even aware the borrower had never made a single payment as I continued to make purchases in a non-performing loan. That was MT’s choice not to inform their lenders.
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elliotn
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Post by elliotn on Sept 18, 2018 3:18:02 GMT
The rest of the world seems to think so, English law is the most externally used legal system in the world Ah yes, the legal system we spread by gunboat. The joys of post-colonial legacy. It certainly is a system that enriches lawyers, administrators and others who like to work the system. Maybe there will be a few pennies left over once the vultures have finished picking at the carcass. Oh no, the system that is used today around the world in commercial transactions between willing counterparties that have absolutely nothing to do with the Great British Empire.
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elliotn
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Post by elliotn on Sept 17, 2018 18:13:35 GMT
I would imagine he would say spivs should be pursued through the legal system as anyone else should be (for the avoidance of doubt, I do not write the law, I’m just telling you what it is). Maybe not everyone shares your touching faith in the legal system The rest of the world seems to think so, English law is the most externally used legal system in the world (and a great foreign exchange earner to boot). Try living in a country where corruption is endemic and that may wipe away your stupid sarcasm.
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elliotn
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Post by elliotn on Sept 17, 2018 17:51:44 GMT
I think it’s fair to say - per ‘average man in the street’ court test - that the plumbers intended damage to other people’s property (even if they were willing to sacrifice their own): Criminal property damage: By section 1(1) of the Act: A person who destroys or damages any property belonging to another intending to destroy or damage any such property or being reckless as to whether any such property would be destroyed or damaged shall be guilty of an offence. I wasn't aware of this court test, my mistake! Yes, that is your mistake. Unless you know it as the reasonable man test. I found my legal exams very easy (just rote learning): en.wikipedia.org/wiki/Reasonable_person
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elliotn
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Post by elliotn on Sept 17, 2018 17:06:24 GMT
I think it’s fair to say - per ‘average man in the street’ court test. I wonder what the 'average man in the street' would have to say about spivs doing a runner without paying tradesmen for their labour? I would imagine he would say spivs should be pursued through the legal system as anyone else should be (for the avoidance of doubt, I do not write the law, I’m just telling you what it is).
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elliotn
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Post by elliotn on Sept 17, 2018 16:25:43 GMT
This tower block is effectively owned by Lendy investors. Why/How does the press know what it's worth and we don't? Administrator’s report is public knowledge. Edit - crossed with above, there have been many posts about this report.
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elliotn
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Post by elliotn on Sept 17, 2018 16:23:29 GMT
Err the plumbers drilled holes in the pipes so they weren’t in working order But if they hadn't been paid (and if the materials were supplied by the plumbers) then the pipes belong to the plumbers. You cannot criminally damage your own property. I think it’s fair to say - per ‘average man in the street’ court test - that the plumbers intended damage to other people’s property (even if they were willing to sacrifice their own): Criminal property damage: By section 1(1) of the Act: A person who destroys or damages any property belonging to another intending to destroy or damage any such property or being reckless as to whether any such property would be destroyed or damaged shall be guilty of an offence.
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elliotn
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Post by elliotn on Sept 17, 2018 16:15:39 GMT
F5
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elliotn
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Post by elliotn on Sept 15, 2018 14:24:14 GMT
I'm wondering if the number of days you set for 'provision fund' has any impact on your loan allocation in the 'queue'. I had £1100 queued in seperate investments at different returns. Over 2 days I got £365 of loans while 'provision fund' set at 14 days, from 5.5% to 10.5% return. Since I changed the 'provision fund' to 7 days I've been allocated £0 of loans over 2 days, meanwhile they have loaned out another £6000 according to their stats. Peculiar but tyvm, will have a try
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elliotn
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Post by elliotn on Sept 14, 2018 14:46:46 GMT
another loan nothing short of ridiculous, communication is catastrophic, people are loosing money left and right and when any money is recovered..well it's for Lendy's fees wow I would love to get paid that much to be that incompetent You can post any due diligence you may have completed in DD Central.
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