jnm21
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Post by jnm21 on Nov 30, 2018 19:43:09 GMT
I noticed to my horror that this loan note (not a BTL) is listed as transferred - I never saw a vote to transfer this - anyone else know what happened? This was a safe as houses (forgive the pun) loan note, not a high risk equity investment. How can they do things like this?
This is exactly why I stopped looking at PM stuff - so stressful it was making me ill.
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benaj
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Post by benaj on Nov 30, 2018 19:59:52 GMT
jnm21, I also have PMF loan note as well. but not PMF 76. I would suggest you to check your account in UKDPP, the conversion of the PMF loan note can be found in the Temporary Investment Certificate, under the entry PMF 76.
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jnm21
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Post by jnm21 on Dec 1, 2018 0:37:35 GMT
benaj I wasn't aware that loan notes were affected - I only ever knew of BTL votes - the investment & thus the reward at only 5% was a sure fire loan (46% LTV), not a BTL that this seems to have been transferred into without my knowledge. Yet again PM shocks me!
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hantsowl
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Post by hantsowl on May 5, 2019 10:14:15 GMT
I questioned the status of PMF76 last week since it was not listed in the April summary. I got the following reply...
"We're due to send out a message on the PMF 76 early next week so please bear with us but it is in the long list of jobs! The options will be the same, redeem or covert over to equity".
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benaj
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Post by benaj on Jun 3, 2019 15:43:16 GMT
keystone , I am not in PMF loan 76, but PM did pay me back another 1st charge PMF loan. The positive bit, PMF SPV 74 Loan was paid back in full with interest, but the XIRR is 6% compared to 9% headline rate as the loan was extended without late interest due to UKDP transfer. It's probably one of those better investment than BTLs even it was paid late.
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pom
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Post by pom on Jun 4, 2019 8:23:55 GMT
"If anyone has any questions or would like the calculation, please let us know."
So why not just ask them?
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pom
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Post by pom on Jun 4, 2019 12:52:16 GMT
"If anyone has any questions or would like the calculation, please let us know." So why not just ask them? Don't be so impolite, this is a forum, if you have nothing helpful to add just don't bother replying. Does anyone have the date when the loan note filled and started earning interest? Is anyone else seeing any discrepancies in the interest figures? I apologise if you considered that impolite. My rather rushed point (because, dayjob) was merely that given we don't know how they worked it out then if you're concerned better to ask them and find out on what basis they were calculating it on. Unless anyone here has already asked we can merely speculate. However now I've checked, my records show 13 months of payments from the PM side - 1st one was low (paid in the April), 2nd one was an overpayment that balanced that out, then 9 more regular payments then a double payment at the end after a gap. So I suspect their calcs are probably pretty accurate, and certainly seem to match your expectation of 2yrs 2 months in total I did have a small cashback payment for it so not that quick to fill (the deal for the equity was much quicker and no cashback).
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jnm21
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Post by jnm21 on Jun 22, 2019 10:38:52 GMT
Well funny you should ask about this one:
I raised the initial payment issue - they took CT off the interest, said they would check if right & I had to point out advertised as 5% net - either missold or a mistake. Thankfully the latter & eventually paid back the CT.
Next was that (I know as I kept 1 share in SPV76 even when selling up due to total distrust of PM) that they failed to manage it correctly (someone pointed out in the PM Action Group spreadsheet that they had not deducted interest from the income for the interest in 12 months) - PMF was sold on basis SPV would keep 6 months interest in a provision fund at all times, starting with 12 months - at least from month 7 they should have stopped dipping in unnecessarily - I did get an agreement that they would make good if their failure cost us money - don't even know how to judge!
Then came the move to quarterly accounts - the PMF was sold on a mortgage basis & this broke the monthly payment requirement of it IMHO.
Pom is correct - next they paid a double value, even though it should have been triple the first quarter - meaning that IMHO the mortgage was definitely in default.
Then to ice the cake, the mortgage investment was converted to an equity investment without my knowledge.
I LOVE PM!
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