n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
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Post by n on Apr 3, 2018 17:25:59 GMT
Hi MoneyThing does the new T&Cs mean loans and borrowers cannot be discussed on DD Central. If I've read it correctly it would go against the T&C's if you discussed borrowers and named them on a forum viewable to the general public (like here). The staff already do a great job trying to not let that happen. My reading is also that a closed and private forum (DD Central) would have the same status and privacy as the Money Thing website once you have previously shown your eligibility and have logged in using the information you've been provided with on either portal. Have I read it right? I don't think so. DD Central is open to anyone with more than 50 posts and approval of mods - MT have no say so it is not linked to MT membership in any way (unlike the pink pages for AC).
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oik
Member of DD Central
Posts: 254
Likes: 349
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Post by oik on Apr 3, 2018 18:40:51 GMT
No email, but when I logged on to my account just now I was forced to click on 'accept' for the new terms and conditions before I could go any further. If you don't accept the new terms you get: "RESTRICTED ACCESS
Your account has been restricted and you will no longer be able to purchase loan parts until such time as you accept the updated Lender Terms and Conditions. You will still be permitted to view and manage your existing loans.
In order to lift the restriction, please view and accept the updated Lender Terms and Conditions.
Information regarding the updated Lender Terms and Conditions can be found here.
Please contact support@moneything.com if you have any questions."
I'd have preferred the terms to have not been retrospective and as I've no present desire to increase my lending on the platform until I see the outcome for the defaults, I'll be remaining as I am. If too many lenders think the same I question what the impact will be on new loans and the secondary market, now at well over £4m? The timing seems unfortunate.
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Post by mrclondon on Apr 3, 2018 19:32:44 GMT
Reading oik 's post made me wonder how many people will be refusniks, so I have added a poll to this thread to gauge the consensus.
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11025
Member of DD Central
Posts: 718
Likes: 830
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Post by 11025 on Apr 3, 2018 19:37:43 GMT
Not accepted , neither has my wife ,
I am in in a very pensive mood at the moment
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Post by highlevel on Apr 3, 2018 19:43:04 GMT
Not accepted , neither has my wife ,
I am in in a very pensive mood at the moment +1
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investibod
Member of DD Central
Posts: 288
Likes: 152
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Post by investibod on Apr 3, 2018 21:08:27 GMT
Not feeling inclined to agree to the new T&Cs at the moment. I cannot help remembering that a certain other platform changed theirs shortly before disappearing from site [SIC]. I am not implying that the same is happening here.
I see nothing that would make it in my interests to agree. If an unmissable opportunity to invest comes along, then I will make a decision at that point. For now, I will let the account run down. I have some interest in my account that I was going to re-invest, but as I cannot do that now, I will withdraw and put elsewhere.
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Post by Badly Drawn Stickman on Apr 3, 2018 21:12:19 GMT
I would have liked moneything to take the effort to have provided an explanation as to why the changes are desired by them. A brief accompanying outline along with the email could have achieved this, that it was not there suggests a take it or leave it attitude. I guess if they feel they no longer want or need my investment, maybe I should adopt the same attitude to continuing with the platform. In truth I don't need them, plenty more options for me, are there plenty more Lenders for them?
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Post by westcountry on Apr 3, 2018 21:28:20 GMT
I've read the summary of changes on the MT website, and see that MT are introducing a minimum withdrawal limit of £10, and a maximum of one withdrawal per lender per day. As one of the few things MT still had going for it in my opinion was rapid access to your money if necessary, I will not be accepting the new T&C's.
MT also say that some of their new T&C's regarding operational practices will be applied to everyone, regardless of whether you accept the new T&C's. I've contacted them to find out which terms these are.
After MT's loan defaults, then the end of rollover, and now these new T&C's, I'm no longer enamoured with MT at all - and can't see things getting better in the future.
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Post by brianac on Apr 3, 2018 21:55:36 GMT
No email, but when I logged on to my account just now I was forced to click on 'accept' for the new terms and conditions before I could go any further. If you don't accept the new terms you get: "RESTRICTED ACCESS
Your account has been restricted and you will no longer be able to purchase loan parts until such time as you accept the updated Lender Terms and Conditions. You will still be permitted to view and manage your existing loans.
In order to lift the restriction, please view and accept the updated Lender Terms and Conditions.
Information regarding the updated Lender Terms and Conditions can be found here.
Please contact support@moneything.com if you have any questions."
I'd have preferred the terms to have not been retrospective and as I've no present desire to increase my lending on the platform until I see the outcome for the defaults, I'll be remaining as I am. If too many lenders think the same I question what the impact will be on new loans and the secondary market, now at well over £4m? The timing seems unfortunate. Here's the bit that I'm stuck on "The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may also be processed by staff operating outside the EEA who work for us or for one of our sub-contractors. Such staff maybe engaged in, among other things, the fulfilment of your order, the processing of your payment details and the provision of support services. By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy policy." I've seen on the TV/media that data that goes abroad "usually" isn't as secure as it is meant to be, often, seemingly woefully inadequate. Presume if I don't agree to New T&C's my Data will still (Has already?) go abroad? Brian
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bugs4me
Member of DD Central
Posts: 1,841
Likes: 1,466
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Post by bugs4me on Apr 3, 2018 22:09:57 GMT
Firstly I’m not convinced that you can backdate the new T’s&C’s - so that’s not an important issue to myself. Sorry sir, the speed limit was 50mph but we’ve now changed it to 30mph and backdated it by a month. Here’s your speeding ticket - fat chance. MoneyThing - why oh why do you continuously shoot yourselves in the foot. Surely you can see from the dissent towards other platforms that there’s a huge marketing opportunity here. So why are you not grabbing the opportunity I ask myself. Was it really necessary for example to include the final sentence in clause 6.3? More and more platforms seem to demand to exist (and hopefully) prosper but it’s all becoming too one sided for my liking. They forget that there exists an informal ‘partnership’ between the investor and themselves. But they seem to be going out of their way to alienate investors rather than work with them for the common good.
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treeman
Member of DD Central
Posts: 1,026
Likes: 557
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Post by treeman on Apr 3, 2018 22:11:47 GMT
If you don't accept the new terms you get: "RESTRICTED ACCESS
Your account has been restricted and you will no longer be able to purchase loan parts until such time as you accept the updated Lender Terms and Conditions. You will still be permitted to view and manage your existing loans.
In order to lift the restriction, please view and accept the updated Lender Terms and Conditions.
Information regarding the updated Lender Terms and Conditions can be found here.
Please contact support@moneything.com if you have any questions."
I'd have preferred the terms to have not been retrospective and as I've no present desire to increase my lending on the platform until I see the outcome for the defaults, I'll be remaining as I am. If too many lenders think the same I question what the impact will be on new loans and the secondary market, now at well over £4m? The timing seems unfortunate. Here's the bit that I'm stuck on "The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may also be processed by staff operating outside the EEA who work for us or for one of our sub-contractors. Such staff maybe engaged in, among other things, the fulfilment of your order, the processing of your payment details and the provision of support services. By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy policy." I've seen on the TV/media that data that goes abroad "usually" isn't as secure as it is meant to be, often, seemingly woefully inadequate. Presume if I don't agree to New T&C's my Data will still (Has already?) go abroad? Brian Probably because MT is based on the Isle of Man: (from Wikipedia) The Isle of Man holds neither membership nor associate membership of the European Union, and lies outside the European Economic Area (EEA). Nonetheless, Protocol 3 permits trade in Manx goods without non-EU tariffs.[3] In conjunction with the Customs and Excise agreement with the UK, this facilitates free trade with the UK. While Manx goods can be freely moved within the EEA, people, capital and services cannot.
Like Jersey and Guernsey, the Isle of Man is neither part of the United Kingdom nor a direct member of the European Community, but its relationship with the EU is defined under Article 355(5)(c) of the Treaty on the Functioning of the European Union (former Article 299 of the EC Treaty) and Protocol 3.[4]
The restriction on free movement of persons is anomalous in that the treaty establishing the EU clearly states that all citizens of member states will also be citizens of the EU. However a special protocol was inserted in the Treaty of Accession which excluded the Channel Islands and Isle of Man from the provisions governing free movement of people. This was done at the request of the governments of those Crown dependencies.
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oik
Member of DD Central
Posts: 254
Likes: 349
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Post by oik on Apr 3, 2018 22:25:50 GMT
Reading oik 's post made me wonder how many people will be refusniks, so I have added a poll to this thread to gauge the consensus. There would be fewer had there been a clear explanation of why changes were needed and their purpose before throwing this at us without prior discussion. There's currently a risk-off mood in both stock-markets and p2p: suddenly finding this when we login creates an impression of crisis. Various contentious parts have been mentioned. People may also be concerned with paragraphs such as 10.18 which gives MT the unilateral right to amend Loan Agreements, including to both reduce the interest rate and extend the term with the agreement of the borrower but "without consulting with or obtaining consent from you or the other Lender Members". We don't know what prompted the changes or what MT has in mind but, particularly after Collateral, the tone doesn't encourage trust and lenders will be less willing to give platforms the unquestioning benefit of the doubt. "10.18 You agree not to take, purport or threaten to take any action or commence any process against any Borrower in your own name (including without limitation if a Default Event has occurred). Unless we choose in our sole discretion to seek the input from relevant Lender Members, we will take all such decisions. This includes the right to make amendments to the Loan Agreements with the agreement of the Borrower and without consulting with or obtaining consent from you or the other Lender Members. Such amendments could include reducing the amount of principal of the Loans, reducing the interest rate on the Loans, extending the final repayment date, issuing waiver letters and releasing Security or guarantees. We will also instruct the Security Trustee with regards to matters relating to Security."
What's clearly needed is the rebuilding of confidence and unexplained changes of this kind aren't the way to do that. Some poor decisions have been taken.
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Apr 3, 2018 23:07:39 GMT
I imagine MoneyThing have only changed the terms to comply with the authorisation they need to launch the IFISA. Perhaps they should have released a statement why they've changed. I haven't accepted them but as I intend to continue investing in MT which is the best platform IMO, I suppose I will do in the future.
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Post by funkymonkey on Apr 4, 2018 5:42:32 GMT
If these changes are soooooo bad, which platform should I be switching to whose t&c's are more agreeable?
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archie
Posts: 1,838
Likes: 1,842
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Post by archie on Apr 4, 2018 5:51:56 GMT
I've read the summary of changes on the MT website, and see that MT are introducing a minimum withdrawal limit of £10, and a maximum of one withdrawal per lender per day. As one of the few things MT still had going for it in my opinion was rapid access to your money if necessary, I will not be accepting the new T&C's. MT also say that some of their new T&C's regarding operational practices will be applied to everyone, regardless of whether you accept the new T&C's. I've contacted them to find out which terms these are. After MT's loan defaults, then the end of rollover, and now these new T&C's, I'm no longer enamoured with MT at all - and can't see things getting better in the future. We were warned of the withdrawal changes in July 2017, they are reasonable. See here.
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