brush
Member of DD Central
Posts: 172
Likes: 154
|
Post by brush on Apr 3, 2020 10:09:59 GMT
however if you have any comments or questions please free to add this to the message body. Anyone leave any comments? I did.
|
|
|
Post by dan1 on Apr 3, 2020 10:24:13 GMT
/Mod hat on
Just a polite reminder. Please don't post confidential information copied from this or any other platform. Thanks
|
|
agent69
Member of DD Central
Posts: 5,787
Likes: 4,307
|
Post by agent69 on Apr 3, 2020 11:12:59 GMT
yes it seems plenty of chocolate for MT and lots more to come .are we really better off with MT running the circus that this and many of the other loans have become? If you ask investors in LY, FS or Col they would probably say yes
|
|
averageguy
Member of DD Central
Posts: 1,168
Likes: 846
|
Post by averageguy on Apr 3, 2020 13:32:22 GMT
yes it seems plenty of chocolate for MT and lots more to come .are we really better off with MT running the circus that this and many of the other loans have become? If you ask investors in LY, FS or Col they would probably say yes A resounding YES
|
|
joe91
Member of DD Central
Posts: 53
Likes: 62
|
Post by joe91 on Apr 3, 2020 15:00:43 GMT
I note somebody commented earlier on the old 'throwing good money after bad' argument. I totally sympathise with this argument, especially when money is tight.
Surely though, we must also consider that borrowers, RICS and RICS insurers need to be aware that lenders will not stand for being ripped off! Potential losses will not be limited to this one loan. If we decide not to fight it we're just setting ourselves to be ignored in future for other loans & other platforms.
Borrowers & I would suggest fraudsters seem to have targeted P2P as a source of easy meat. We need to highlight this by fighting them & hope that the authorities will notice & stop this happening in future.
|
|
7d7
Member of DD Central
Posts: 134
Likes: 205
|
Post by 7d7 on Apr 3, 2020 15:58:24 GMT
Can we set up a whatsup group to track and share information? Should we monitor this matter together, rather than give it all to the asset manager? My whatsup number is 07948615640. Please add me if you would like to join. Acknowledged but there is also DD central on this forum where information may be shared in a private environment. Eligibility is based on number of posts and I believe fifty is sufficient to gain access.
|
|
7d7
Member of DD Central
Posts: 134
Likes: 205
|
Post by 7d7 on Apr 3, 2020 16:32:54 GMT
I note somebody commented earlier on the old 'throwing good money after bad' argument. I totally sympathise with this argument, especially when money is tight. Surely though, we must also consider that borrowers, RICS and RICS insurers need to be aware that lenders will not stand for being ripped off! Potential losses will not be limited to this one loan. If we decide not to fight it we're just setting ourselves to be ignored in future for other loans & other platforms. Borrowers & I would suggest fraudsters seem to have targeted P2P as a source of easy meat. We need to highlight this by fighting them & hope that the authorities will notice & stop this happening in future. I would say the whole lot, namely borrowers, valuers and platforms. As an investor in LY and FS, I can tell you a 19% or 12% loan recovery does not put MT in pole position. It's lenders who have got a raw deal. At present, voting with one's feet seems to be the only way of combatting those still in business.
|
|
Carter
Member of DD Central
Posts: 250
Likes: 549
|
Post by Carter on Apr 3, 2020 19:51:43 GMT
FWIW I have voted to pursue. The capital has almost evaporated as it stands and the amount required to support further recovery action seems a punt worth taking to me. I'd like to see this play out otherwise how will we know? This needs to be tested.
|
|
|
Post by queenvictoria on Apr 3, 2020 22:16:42 GMT
FWIW I have voted to pursue. The capital has almost evaporated as it stands and the amount required to support further recovery action seems a punt worth taking to me. I'd like to see this play out otherwise how will we know? This needs to be tested. Yes, I agree with this. I presume MT have asked for a vote as a mechanism to get lenders to pay for the action. I don't suppose they could use the proceeds of the sale in this way without the explicit consent of the majority of lenders. That said, I agree to the legal action and reluctantly agree to pay for it from the meagre pot that remains.
|
|
joe91
Member of DD Central
Posts: 53
Likes: 62
|
Post by joe91 on Apr 4, 2020 10:41:59 GMT
I would say the whole lot, namely borrowers, valuers and platforms. As an investor in LY and FS, I can tell you a 19% or 12% loan recovery does not put MT in pole position. It's lenders who have got a raw deal. At present, voting with one's feet seems to be the only way of combatting those still in business. Yes, I'm in LY also. For a hell of a lot more than MT I guess we should add Administrators to the list of those we need to stand up to.
|
|
bramhall17
Member of DD Central
Posts: 88
Likes: 148
|
Post by bramhall17 on Apr 4, 2020 11:54:54 GMT
I also voted for Option 2 to pursue this from retained funds. I did it via the contact mechanism, as I didn't see any specific voting buttons. Maybe I just missed it. But I think MT could have made it more clear as to what to do.
Yes there is a principle at stake but also the alternative is to just accept a paltry sum so IMO the risk .v. reward is very much in favour of voting to proceed.
|
|
rocky1
Member of DD Central
Posts: 1,126
Likes: 1,945
|
Post by rocky1 on Apr 4, 2020 12:52:09 GMT
will MT themselves be contributing anything as no doubt any further recovery will involve more fees to the platform.a right mess brought on by MT themselves and the only losers are the lenders again.
|
|
tony9239
Member of DD Central
Posts: 101
Likes: 202
|
Post by tony9239 on Apr 4, 2020 15:28:52 GMT
I also voted for Option 2 to pursue this from retained funds. I did it via the contact mechanism, as I didn't see any specific voting buttons. Maybe I just missed it. But I think MT could have made it more clear as to what to do.
Yes there is a principle at stake but also the alternative is to just accept a paltry sum so IMO the risk .v. reward is very much in favour of voting to proceed.
In order to vote you need to email vote@moneything.com from your email account registered with the platform and put either Option 1 or Option 2 in the subject line.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,029
Likes: 11,242
|
Post by ilmoro on Apr 9, 2020 21:41:24 GMT
There is a general update on the site that specifically addresses the question of fees.
There is also an update giving the result of the vote
|
|
|
Post by queenvictoria on Apr 9, 2020 23:20:43 GMT
There is a general update on the site that specifically addresses the question of fees. There is also an update giving the result of the vote I think the explanation given on fees charged is not an unreasonable one. You kind of think 'well, you got us into this mess....' but then it is our loan and we will have to pay for recovery costs; that's one reason why the interest rate is as it is.
|
|