upperdeane
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Post by upperdeane on Oct 4, 2019 20:06:09 GMT
Update on MT platform
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upperdeane
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Post by upperdeane on Nov 6, 2019 15:34:00 GMT
The End Date has been extended today from 06/11/19 to 13/11/19 with no loan update comment. Surely dates shouldn't get extended without commentary at the same time.
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ptr120
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Post by ptr120 on Nov 6, 2019 17:25:44 GMT
No they shouldn't. Sadly it happens fairly often on MoneyThing and I think it is a very bad habit.
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Post by eascogo on Nov 6, 2019 18:55:37 GMT
To me it indicates that nothing substantial has occured that would need an explanation. It also suggest that MT is keeping a tab on loans that are due for redemption. It would be more worrying if the redemption date was left unchanged without comment. Of more concern is the lack of news on the future strategy of the platform.
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ptr120
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Post by ptr120 on Nov 6, 2019 19:49:07 GMT
I think it is likely that you are right that nothing substantial has occurred (although some would argue that the fact that the loan hasn't repaid on time as we were previously led to believe is in itself 'substantial'). The way the platform technology is programmed means that the redemption date has to be changed otherwise a loan would fall on to the completed loans page. In such instances, a loan comment of 'the loan completion date has been extended as the previously envisioned completion date has not been met. A further update will be provided in due course' would be appropriate.
You make a good point about the lack of news on the future strategy of the platform. It could be that they are waiting for some significant repayments / recoveries before they trigger the stated strategy (I don't think anything would fill in the current climate) but at the moment we have silence, so we just don't know. Given that another platform has collapsed since we were told of the new strategy, I'd have expected some comforting words by now.
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upperdeane
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Post by upperdeane on Nov 6, 2019 19:49:50 GMT
To me it indicates that nothing substantial has occured that would need an explanation. It also suggest that MT is keeping a tab on loans that are due for redemption. It would be more worrying if the redemption date was left unchanged without comment. Of more concern is the lack of news on the future strategy of the platform. I maybe wrong but I think they have to extend dates or loans automatically move off the front screen so the sceptic in me says they had to move the date to avoid issues with the way their s stem works. I totally agree MT have to update us as to the future since their last update months ago. Since then only one loan brought to the market which wasn't supported and subsequently withdrawn. Its crazy right now and a lot of investors are fearing the worst. Their comms strategy and their investor relations seems broken to me. Anyhow, MT rant over as I'm in the wrong thread for that really. Still no update on the site re end date change so clearly we aren't going to be given an update today.
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Post by eascogo on Nov 6, 2019 20:18:33 GMT
I think it is likely that you are right that nothing substantial has occurred (although some would argue that the fact that the loan hasn't repaid on time as we were previously led to believe is in itself 'substantial'). The way the platform technology is programmed means that the redemption date has to be changed otherwise a loan would fall on to the completed loans page. In such instances, a loan comment of 'the loan completion date has been extended as the previously envisioned completion date has not been met. A further update will be provided in due course' would be appropriate. You make a good point about the lack of news on the future strategy of the platform. It could be that they are waiting for some significant repayments / recoveries before they trigger the stated strategy ( I don't think anything would fill in the current climate) but at the moment we have silence, so we just don't know. Given that another platform has collapsed since we were told of the new strategy, I'd have expected some comforting words by now. My bold. If they were now offering "lower risk and lower return" loans as announced in their 12/08/19 general update I think they might well fill. It would go some way to reassure investors that the platform has a future. In the last few days I have seen some larger amounts (4 digits) invested in discounted loans. This would indicate that trust in the platform has not altogether disappeared.
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mary
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Post by mary on Nov 6, 2019 20:53:44 GMT
If they were now offering "lower risk and lower return" loans as announced in their 12/08/19 general update I think they might well fill. It would go some way to reassure investors that the platform has a future. In the last few days I have seen some larger amounts (4 digits) invested in discounted loans. This would indicate that trust in the platform has not altogether disappeared. Extracted from the RS thread...telling the story of where the reasonable loan demand had gone... RateSetter’s diversified loan portfolio (as of 31st October 2019: total may not sum to 100% due to rounding) All active loans(as a proportion of active loans) Consumer: 73% Commercial: 5% Property: 19% Wholesale legacy: 3% Written in the last 3 Months(as a proportion of active loans) Consumer: 54% Commercial: 3% Property: 43%. <———- That’s approaching £100m of loans in the last 3 months! Can MT compete? Wholesale legacy: 0% For myself, I’m awaiting the outcome of my defaults before committing any further funds.
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Post by eascogo on Nov 6, 2019 21:39:18 GMT
If they were now offering "lower risk and lower return" loans as announced in their 12/08/19 general update I think they might well fill. It would go some way to reassure investors that the platform has a future. In the last few days I have seen some larger amounts (4 digits) invested in discounted loans. This would indicate that trust in the platform has not altogether disappeared. Extracted from the RS thread...telling the story of where the reasonable loan demand had gone... RateSetter’s diversified loan portfolio (as of 31st October 2019: total may not sum to 100% due to rounding) All active loans(as a proportion of active loans) Consumer: 73% Commercial: 5% Property: 19% Wholesale legacy: 3% Written in the last 3 Months(as a proportion of active loans) Consumer: 54% Commercial: 3% Property: 43%. <———- That’s approaching £100m of loans in the last 3 months! Can MT compete?Wholesale legacy: 0% For myself, I’m awaiting the outcome of my defaults before committing any further funds. My bold. That is the problematic. MT have become listless, are not competing with anyone. Not with RS at the medium-interest end, nor with BC at the higher end, both of whom maintain a steady-stream of loan offers.
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Post by tigerbalm on Nov 7, 2019 12:45:46 GMT
Re "lower risk and lower return" loans - if P2P lending has taught me anything, it is that it is pretty much impossible to access the risk of any particular loan from the onformation supplied by the platform. With the various levels of 'User' investigation happening on platforms like this it is sometimes possible to 'dodge' a potentially 'bad' loan by doing a bit of research (of other peoples research), but I have noticed that even the apparent 'stinkers' often end up fully funded. Sometimes it is frankly unbelievable that some of the things found out by members of this platform went unnoticed during the platforms DD. I wish I could say that I learned fast from my mistakes.
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upperdeane
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Post by upperdeane on Nov 7, 2019 19:14:26 GMT
Update on MT platform (4 week extension but refinance and valuation instruction evidenced)
Interest payment also made today.
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upperdeane
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Post by upperdeane on Dec 5, 2019 15:05:29 GMT
Loan been extended on MT site with no explanation as to extension reason.
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sj
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Post by sj on Dec 5, 2019 16:50:44 GMT
So a normal day then, basically. I'm pretty pi$$ed off with MT as of late, today's events nonwithstanding. I'm out, as soon as they give me some money back.
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upperdeane
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Post by upperdeane on Dec 5, 2019 18:05:00 GMT
So a normal day then, basically. I'm pretty pi$$ed off with MT as of late, today's events nonwithstanding. I'm out, as soon as they give me some money back. The worrying part of your statement is " as soon as they give me some money back". Lets hope tomorrows announcement doesn't hamper that happening soon.
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sj
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Post by sj on Dec 5, 2019 18:10:56 GMT
Maybe I should have said "if they ever give me any money back"... but I was trying to at least give the impression of optimism. I am not expecting payment any time in the next few days at least, I think the bond filling up completely so soon might be optimistic, it's one thing for it to be reported to us that there is high demand for it and another thing to actually fill up.
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