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Post by MoneyThing on Feb 27, 2020 14:02:05 GMT
Afternoon. This is a dormant company which has never traded (Money Thing Limited). Our regulated & trading entity is MoneyThing Capital Limited. Kind regards, Ed.
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Post by MoneyThing on Feb 5, 2020 19:03:59 GMT
MoneyThing , as it's been more then a couple of weeks, do you know if the borrower was granted permission to appeal based on a written submission? Evening keystone. I have just posted a brief update on the platform. Kind regards, Ed.
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Post by MoneyThing on Jan 17, 2020 14:52:07 GMT
The platform is now live once again and lenders will be able to process withdrawals as normal.
Our apologies for the inconvenience.
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Post by MoneyThing on Jan 17, 2020 14:21:00 GMT
Please be advised that the platform has been temporarily suspended whilst we investigate a potential calculation error following interest payments credited to lenders.
Please note that lenders will not be able to request a withdrawal whilst the platform is suspended.
(Posted on platform and email sent)
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Post by MoneyThing on Dec 18, 2019 10:16:10 GMT
Morning. Update added. Kind regards, Ed.
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Post by MoneyThing on Nov 1, 2019 17:13:01 GMT
Projected admission date of Nov 22nd...beginning to look like the beginning of the end ....if only there could be a favourable update on the Liverpool loan Ps I see 13% interest is being levied ..does that include the 2% penalty figure? Afternoon. 13% was the standard rate. As per our update on the 1st May, "an additional 2% pa interest will be applied to all outstanding interest payments (subject to receiving this from the borrower)." As such, subject to receipt, 15% will be applied to the outstanding lender interest payments. Kind regards, Ed.
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Post by MoneyThing on Sept 19, 2019 5:47:46 GMT
Afternoon. Just to confirm that the buyer has serviced three-months interest (March, April & May). Kind regards, Ed. Did I miss a payment? Morning. I am confident that all interest has been paid to lenders up to and including May (paid on the 29th). Feel free to email/call us and we can check. Kind regards, Ed
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Post by MoneyThing on Sept 17, 2019 14:21:27 GMT
Afternoon. Just to confirm that the buyer has serviced three-months interest (March, April & May). Kind regards, Ed.
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Post by MoneyThing on Sept 4, 2019 10:18:39 GMT
That's either: A) because you didn't invest in this loan, in which case well done you, or B) you noticed that they made a full capital repayment, but didn't notice that they then put ~29% of the repayment in to a new loan to manage the shortfall. It's standard practice with The Things. In my case: a £50 repayment of MTAH987, followed by a £14 investment in MTAH1011. Not sure why that have to make it so complicated. The raising of a "new" loan means they don't have to declare to lenders that they have suffered a capital loss. Whilst MT will say that they are pursuing repayment of the "new" loan, this is an unlikely scenario unless the borrower has stacks of money or assets that MT can find easily. In essence any outstanding capital will be quickly eaten up by fees etc. The more honest approach would have been to declare a loss. However a 71% repayment of capital should be viewed as a good result for you compared to the many lenders who appear to have suffered major losses in some loans. Morning Jaydee, Just to highlight that raising a new loan in this way is something we have always done from a technical perspective (for partial repayments on both performing, non-performing & defaulted loans). Principally this allows for a more granular transaction history which makes it easier for lenders to audit their accounts and for the system to more easily produce the tax statements (as well as adjusting interest rates if applicable). This is however has nothing to do with avoiding crystallising losses. We have already declared our first one, and will continue to do so as and when we believe further recoveries are no longer possible (or simply no longer viable depending on associated costs). Kind regards, Ed
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Post by MoneyThing on Sept 2, 2019 10:44:11 GMT
MoneyThing Are there any updates on this loan? In particular covering the points in the post above? Morning. We have a call with the team at Moorfields on Wednesday to run through all of the current recoveries they are managing. Once we have the latest position we will update lenders. Kind regards, Ed.
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Post by MoneyThing on Aug 14, 2019 19:10:01 GMT
You seem to be implying that the 90% lending limit relates to the cash sum advanced to the borrower (after initial fees and interest are retained), not the full value of the loan. I very much doubt this is the case. The actual wording from the FAQ's is " as a general rule we will only look to lend up to 70% LTV on the current value AND up to 90% against what has been paid for and spent on the site" (my highlighting). The word "lend" can only relate to the value of the loan (£1.55m in this case), this being the capital sum that the borrower must repay on redemption. The fact that part of this sum is retained by MT at drawdown to cover interest during the term (rather than the borrower paying interest out of his own pocket) does nothing to reduce the value of the loan. The clear inference from MT's FAQ response is that the borrower has spent at least £1.72m on the site to date. I dare say SophieThing or MoneyThing will clarify if this is not the case. Evening, I can confirm that the borrower has spent at least £1.72m on the site to date. We will be adding further FAQs to the listing in the morning, including confirmation of the above. Kind regards, Ed
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Post by MoneyThing on Aug 9, 2019 20:50:52 GMT
Evening,
We are aware that the platform is back online, however I am just awaiting a call back from the engineer shortly to confirm that the issue has been fully resolved before updating lenders.
Kind regards,
Ed
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Post by MoneyThing on Aug 7, 2019 14:36:47 GMT
The poor communication from MoneyThing continues...... "An update will be provided on Monday (5th)" - surprise, surprise it's the 7th and more unfulfilled promises of updates. Afternoon. Please note that we did provide the updates we said we would do on the 5th. Kind regards, Ed
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Post by MoneyThing on Aug 6, 2019 11:53:01 GMT
I'm trying to check the interest paid recently. on 5-7-19 normal interes was paid of the capital - fine 11 days later a partial capital repayment was made - fine on 5-8 19 interest was paid for the reduced capital for the 20 odd days for the balance - fine However, I cannot find the interest that should be due on the amount repaid for the 11 days. Any clues please LW Afternoon LW, My apologies - I can now see that the system did not credit the interest for days accrued between the 5th & 16th July. Let me discuss this with TheShuang to get this remedied. Kind regards, Ed
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Post by MoneyThing on Jun 12, 2019 8:50:34 GMT
MoneyThing I notice a site visit is planned for the 14th. The updates sound like good progress is being made could we have some photographs to give a sample of the standard being achieved. Yep - photos will be taken and shared with lenders. Kind regards, Ed.
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