mah
Member of DD Central
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Post by mah on Oct 21, 2020 14:56:37 GMT
Still No News
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
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Post by ilmoro on Dec 14, 2020 17:35:40 GMT
Important update now on site
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upperdeane
Member of DD Central
Posts: 493
Likes: 245
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Post by upperdeane on Dec 14, 2020 17:42:12 GMT
My vote has already been emailed!
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Post by Badly Drawn Stickman on Dec 14, 2020 18:12:02 GMT
My vote has already been emailed! I don't hold enough to justify an email. If I did I would apply bird hand bush theory given the big picture.
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boundah
Member of DD Central
Posts: 367
Likes: 430
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Post by boundah on Dec 14, 2020 18:12:27 GMT
Important update now on site I'm not in this loan but TBH I'd happily take that for my lot.
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mw
Member of DD Central
Posts: 178
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Post by mw on Dec 14, 2020 18:55:23 GMT
Must admit i saw the email got excited about 55% recovery to find it wasn't my loan!
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Post by moneymagnet on Dec 14, 2020 18:56:57 GMT
My vote has already been emailed! If I did I would apply bird hand bush theory given the big picture. My thoughts exactly! I have already made a decent profit from MT, considering all the loans I have invested in over the years. I would rather take a small loss on this loan, get whatever money is on offer and be done with it.
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cwah
Member of DD Central
Posts: 949
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Post by cwah on Dec 14, 2020 20:44:32 GMT
I m not in this loan, but MT says high chance of success. I'd give a try
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Post by Ace on Dec 14, 2020 20:55:46 GMT
I m not in this loan, but MT says high chance of success. I'd give a try I'm in it, and would have taken the chance if MT were still in charge. However, I don't think it's worth the risk once the platform administrators come in. They usually find some way of extracting some extra fees.
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cwah
Member of DD Central
Posts: 949
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Post by cwah on Dec 14, 2020 20:57:01 GMT
I m not in this loan, but MT says high chance of success. I'd give a try I'm in it, and would have taken the chance if MT were still in charge. However, I don't think it's worth the risk once the platform administrators come in. They usually find some way of extracting some extra fees. They may not go into administration though
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Post by Ace on Dec 14, 2020 21:15:50 GMT
I'm in it, and would have taken the chance if MT were still in charge. However, I don't think it's worth the risk once the platform administrators come in. They usually find some way of extracting some extra fees. They may not go into administration though True. I'll hold off voting, but it looks like a long shot for the administration to be called off. Looks like we have 1 day left to vote once that's known for sure.
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eeyore
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Post by eeyore on Dec 15, 2020 10:54:01 GMT
I have no stake in this loan but I was curious what MT are proposing. This comment struck me:
"If the independent valuation report confirms that we have a good case (which we expect it will), ..."
It immediately brought the thought to mind that if only MT had commissioned a 'second opinion' valuation before offering the loan, then the current situation wouldn't have arisen. This suggested independent valuation will make a judgement on whether the original valuation at the time of the valuation was grossly inaccurate. For MT to say "we expect it will" implies that MT must have suspected an over-valuation. If only MT took more care over ensuring reliable valuations, perhaps by commissioning extra valuations (the costs would apparently be only a few thousand each), many of the failed loans could have been avoided.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
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Post by cedarcourtcapital on Dec 15, 2020 12:09:41 GMT
Thankfully I am no longer in this loan, but I suspect that any Professional Indemnity claim against any professional valuer's insurance would have to over come the suggestion that we are in unprecedented times, could anyone have foreseen Covid 19 and it's effect on default property prices.
I am not suggesting the valuation was not deficient. With the benefit of hindsight it can rightly be considered that it was in both the platform's and the borrower's interest to accept a high valuation - bigger loan equals bigger commission/fees. I am just suggesting that getting a payout out of indemnity insurance is a long short, at the best of times, let alone now.
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7d7
Member of DD Central
Posts: 134
Likes: 205
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Post by 7d7 on Dec 15, 2020 13:24:00 GMT
I have no stake in this loan but I was curious what MT are proposing. This comment struck me: " If the independent valuation report confirms that we have a good case (which we expect it will), ..." It immediate brought the thought to mind that if only MT had commissioned a 'second opinion' valuation before offering the loan, then the current situation wouldn't have arisen. This suggested independent valuation will make a judgement on whether the original valuation at the time of the valuation was grossly inaccurate. For MT to say " we expect it will" implies that MT must have suspected an over-valuation. If only MT took more care over ensuring reliable valuations, perhaps by commissioning extra valuations (the costs would apparently be only a few thousand each), many of the failed loans could have been avoided. Well stated! How many defaulted loans have valuations near or below the mark? I see gross mismanagement written all over. An attempt was made by MT to strike it rich overnight and now lenders are expected to pick up the pieces. I find their voting process pointless as the ultimate decision rests with them. MT, thou art weighed in the balances and have been found wanting!
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cwah
Member of DD Central
Posts: 949
Likes: 468
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Post by cwah on Dec 15, 2020 17:44:07 GMT
Thankfully I am no longer in this loan, but I suspect that any Professional Indemnity claim against any professional valuer's insurance would have to over come the suggestion that we are in unprecedented times, could anyone have foreseen Covid 19 and it's effect on default property prices. I am not suggesting the valuation was not deficient. With the benefit of hindsight it can rightly be considered that it was in both the platform's and the borrower's interest to accept a high valuation - bigger loan equals bigger commission/fees. I am just suggesting that getting a payout out of indemnity insurance is a long short, at the best of times, let alone now. that could be said if the property price in the UK were dropping... but it's actually increasing... so I can't see what value it could have as if the price were down by 50% we would know it
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