ptr120
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Post by ptr120 on Apr 4, 2018 6:24:18 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. <snip> This won't impact the speed of withdrawals and will help to ensure that they can continue to process withdrawals quickly. If you need your less than £10 sum more than once per day, I wonder if P2P is really for you? I do recall we were warned this was coming, and it seems to be one of the more reasonable changes that MoneyThing have made here.
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ianj
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Post by ianj on Apr 4, 2018 6:57:23 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. <snip> This won't impact the speed of withdrawals and will help to ensure that they can continue to process withdrawals quickly. If you need your less than £10 sum more than once per day, I wonder if P2P is really for you? I do recall we were warned this was coming, and it seems to be one of the more reasonable changes that MoneyThing have made here. Yes really is quite sensible, but the change will probably cause The Law Of Unintended Consequences to be invoked, as anyone with less than £10 cash has only to deposit sufficient to reach the required minimum, then issue a withdrawal request, so reducing the reduction of manual things done by Things.
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star dust
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Post by star dust on Apr 4, 2018 8:45:02 GMT
I assume that all those selecting the third option are not interested in the MT IFISA? I ticked it and although registering an interest in the IFISA, can live without it, but I imagine you won't be able to open an MT IFISA unless you agree to the terms.
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rocky1
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Post by rocky1 on Apr 4, 2018 8:55:30 GMT
just withdrew my available funds to deposit elsewhere need to treat lenders a bit better than this if borrowers were treated with a bit more of the T@Cs compliance there would be no need to keep changing things to the detriment of lenders who have been very loyal to moneything
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mikeymike
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Post by mikeymike on Apr 4, 2018 10:09:21 GMT
8.5 You acknowledge that some lending activities through the Platform are authorised and regulated by the Financial Conduct Authority, whilst others are not. We do not treat regulated activities differently to non-regulated activities on the Platform.
That's clear then!
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oldgrumpy
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Post by oldgrumpy on Apr 4, 2018 10:38:03 GMT
On another tack, the rules regarding sight of probate and will are going to be very difficult to comply with for several reasons. most people don’t have to go to probate because their affairs are simple, small and it all goes to the spouse or civil partner so no probate form for MT. If they do go to probate, they have to surrender the will to the probate office before obtaining probate so no will there. Anyway, Most estates won’t have a will or probate so no will or probate there. MT really need to fix this section for something more flexible and more in keeping with the reality. typically, building society will provide a statement of capital and accrued interest on receipt of a death certificate. Then they may need to see a will or indemnity form for small estates or small amounts or a probate form for larger amounts before releasing the funds. Perhaps, MT could add something indicating that some or more of those documents will be asked for depending on individual circumstances. SophieThing This looks like a serious added complication. I don't know about the age span of most forumites here, but I am in the "prepare to meet thy doom" slot, and although the sun is shining today who knows what will happen tomo Maybe dualinvestor can reassure us that this is not as seriously detrimental as some of us think.
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bugs4me
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Post by bugs4me on Apr 4, 2018 10:58:40 GMT
This looks like a serious added complication. I don't know about the age span of most forumites here, but I am in the "prepare to meet thy doom" slot, and although the sun is shining today who knows what will happen tomo I'm sure these changes have been driven by some legal jobsworth somewhere.
It amazes me, especially bearing in mind the difficulty that platforms are experiencing in getting some new loans to 'fly' is why they continue with their bumbling attitude towards investors. Surely they could have justified these new T's&C's with a covering letter explaining in straightforward terms why they were necessary. Maybe they are a regulatory requirement, maybe it's a legal requirement, etc - who knows.
But nope, it's just dump the new conditions and for those that can be bothered let others work out the differences. Platforms are beginning to adopt the stance that we need them more than they need us.
They will be disappointed and a good reputation is easily destroyed by a couple of 'stupid' moves. What they need to do is get inside 'the head' of investors to find out what makes us tick but such is their mental removal from reality then that's not going to happen.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 4, 2018 11:10:49 GMT
I was considering MT for mine and spouse's IFISA next year but definitely not now. God, don't those days of Cash Shop, chickens and choccies seem an absolute lifetime ago?
Given the recent febrile atmosphere I really can't believe they've launched into this without so much as a preamble. They used to be the supreme communicators; what the hell has happened?
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Post by eascogo on Apr 4, 2018 11:15:15 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. My bold. This echoes my feelings exactly. I would have expected MT to be more surefooted with bringing forward their amended T&C. COL's demise and the accumulation of loans performing poorly on many P2P platforms have shaken lenders' confidence -- a good time to rethink options. S&S values have dipped in recent weeks and may be seen as a worthy alternative.
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Post by highlevel on Apr 4, 2018 11:53:24 GMT
MoneyThing - why oh why do you continuously shoot yourselves in the foot. Sums it up The dodgy relationship with BPF, updates promised but never given, 'weekly' piplelines being provided at anything but weekly intervals, Ed taking his ball and flouncing off these forums when lender engagement was the one ESP that MT had - signalled the start of my withdrawal from the platform. The recent raft of defaults and the less than stellar way MT appear to be handing them (though admittedly it's still early days in the recovery process on most) is the final nail. MT you have tried playing with the big boys but failed - Either revert to the good old days of pawn / car loans with good, clear (and on time) updates or face the same fate as other platforms who have bitten the dust.... Property just isn't your forte.
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archie
Posts: 1,838
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Post by archie on Apr 4, 2018 12:01:45 GMT
I'm not leaving MT. Just for balance.
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Post by SophieThing on Apr 4, 2018 12:13:32 GMT
Hi Everyone,
As a matter of process, the way we released the new T&C's was to:
1. Let people know we were planning to make changes;
2. Launch the new terms on the platform together with highlighted changes and an explanation and email lenders to notify them;
3 Give people the choice about whether or not to accept them; and
4. Answer FAQ’s about them.
I think that is a reasonable process to follow. We have not forced anyone to accept the changes if they don't want to.
The changes themselves make our current practices clearer.
We have changed a lot in recent months in terms of our operational practices- how we keep lenders up to date and how we look after client money for example. It makes sense to bring our T&C's in line with this. This is to the benefit of all lenders.
We've also experienced our first defaults and as a result for the first time we have needed to address some of the issues that have arisen with lenders as a result. We've had circumstances where lenders have wanted to take individual action against one of the parties involved. Our terms have always stated (clause 9) that lenders give us the authority to act on their behalf, but we have sought to make this a bit clearer. It could put a recovery at risk if one lender is acting alone, or at least confuse the issue. We have good processes in place and we are working with receivers and administrators who act on behalf of everyone.
We have also experienced some bizarre actions from lenders who were in fact associates of borrowers, where a loan had gone into default. They registered with us in order to pass on information to the borrower and also to make spurious complaints. We need to be able to protect ourselves from these circumstances- that is not what the platform was intended for.
Nothing in these terms is designed with the intention of placing any of our lenders at a disadvantage. We are simply bringing them up to date with our current practices and making terms clearer.
FAQs on the platform address the specific questions answered in this thread.
Kind regards
Sophie
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Post by SophieThing on Apr 4, 2018 12:15:22 GMT
On another tack, the rules regarding sight of probate and will are going to be very difficult to comply with for several reasons. most people don’t have to go to probate because their affairs are simple, small and it all goes to the spouse or civil partner so no probate form for MT. If they do go to probate, they have to surrender the will to the probate office before obtaining probate so no will there. Anyway, Most estates won’t have a will or probate so no will or probate there. MT really need to fix this section for something more flexible and more in keeping with the reality. typically, building society will provide a statement of capital and accrued interest on receipt of a death certificate. Then they may need to see a will or indemnity form for small estates or small amounts or a probate form for larger amounts before releasing the funds. Perhaps, MT could add something indicating that some or more of those documents will be asked for depending on individual circumstances. SophieThing This looks like a serious added complication. I don't know about the age span of most forumites here, but I am in the "prepare to meet thy doom" slot, and although the sun is shining today who knows what will happen tomo Maybe dualinvestor can reassure us that this is not as seriously detrimental as some of us think. Hi Paul123. We have unfortunately had lenders that have passed away and having something in out terms to help people understand the process makes it easier for them. If the terms don’t apply to individual circumstances, then we will do what we always do in that circumstance which is make sure that we are dealing with a person with authority to act and then deal with the situation using common sense. In the event of a lender’s death, we will work within the law and try to close the account and return funds to the appropriate people with minimum fuss. Kind regards Sophie
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Post by dan1 on Apr 4, 2018 12:16:40 GMT
I'm not leaving MT. Just for balance. I suspect you have no choice given the state of the SM.... at least for several months if not years
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blueninja
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Post by blueninja on Apr 4, 2018 12:41:53 GMT
There will likely be lots of changes in the new T&C's, but the new section on Confidentiality is note worthy For comparison the clauses relating to confidentiality on other platforms are summarised in this thread on the General Discussion board. The confidentiality clause is the nail in the coffin for me. What dark secrets do MT want to hide about their borrowers? Being able find info on these forum's about the borrow's background and the asset borrowed against is great DD. What information do MoneyThing want their investors to rely on when deciding whether to invest in a loan? There are things that Moneything's DD miss. Crowd sourced DD is an absolute must.
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