boundah
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Post by boundah on Apr 5, 2019 10:09:26 GMT
Per yesterday's update: changes to take effect in 2 weeks mostly cover the introduction of the secondary market, which I guess most people anticipated.
I'm not so sure about the change regarding the order of payment for loans with different tranches - Tranche A accrued interest will now take priority over lower-tranche capital. IMHO this is something that should have been flagged earlier, as it may influence lenders' choice of which tranche to go for. The tick-tock loan is a case in point (although that may well be one of the drivers for the change, given the slow uptake of Tranche A).
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archie
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Post by archie on Apr 5, 2019 10:14:08 GMT
Per yesterday's update: changes to take effect in 2 weeks mostly cover the introduction of the secondary market, which I guess most people anticipated. I'm not so sure about the change regarding the order of payment for loans with different tranches - Tranche A accrued interest will now take priority over lower-tranche capital. IMHO this is something that should have been flagged earlier, as it may influence lenders' choice of which tranche to go for. The tick-tock loan is a case in point (although that may well be one of the drivers for the change, given the slow uptake of Tranche A). Payment order change only applies to new loans when the Ts&Cs are live.
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Post by funkymonkey on Apr 5, 2019 11:23:48 GMT
None of the changes are applied retrospectively so there is nothing to worry about with loans already live.
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pickles
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Post by pickles on Apr 5, 2019 11:40:55 GMT
None of the changes are applied retrospectively so there is nothing to worry about with loans already live. nothing?
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Post by GSV3MIaC on Apr 5, 2019 12:35:59 GMT
Nothing NEW, at least.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 15, 2020 14:54:21 GMT
I studiously avoided "Agreeing" to the new Ts & Cs.
Of course "Agreeing" was setup by MT in such a sneaky way that it was VERY easy to inadvertently click and "Agree" to the new Ts & Cs after logging in, if you weren't paying attention.
I suddenly discovered several months ago that I seem to have indeed inadvertently "Agreed", however I haven't given it much thought since. Until now.
Does anyone know if there are any new Clauses detrimental to Investors other than the afore mentioned Secondary Market additions?
Have MT's Fees etc in wind-down always been in their previous Ts & Cs?
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iRobot
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Post by iRobot on Nov 15, 2020 15:39:13 GMT
<snip> Have MT's Fees etc in wind-down always been in their previous Ts & Cs? Wayback Machine can be your friend here; but there are also a lot of redirects and blind alleys, so it's not always an easy trail to follow. There is this copy of the Lender Ts&Cs from April 2016 which briefly mentions a wind-down arrangement but doesn't outline fees. If you have a date / period in mind, it might be possible to find something more specific.
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ozboy
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Post by ozboy on Nov 15, 2020 15:49:55 GMT
Thank you iRobot, much appreciated.
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star dust
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Post by star dust on Nov 15, 2020 17:54:27 GMT
I've never clicked it, my main gripe was around the new confidentiality clause and as such I was never able to use the Variable (discounts) SM. The differences between the new/current one and the pre-click one that I guess I am still on, were highlighted here - p2pindependentforum.com/post/258340/thread where there was a discussion about them too.
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ozboy
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Post by ozboy on Nov 15, 2020 20:51:25 GMT
Thanks star dust, very helpful. This is a very nice site most of the time.
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mah
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Post by mah on Nov 16, 2020 0:37:15 GMT
I studiously avoided "Agreeing" to the new Ts & Cs. Of course "Agreeing" was setup by MT in such a sneaky way that it was VERY easy to inadvertently click and "Agree" to the new Ts & Cs after logging in, if you weren't paying attention. I suddenly discovered several months ago that I seem to have indeed inadvertently "Agreed", however I haven't given it much thought since. Until now. Does anyone know if there are any new Clauses detrimental to Investors other than the afore mentioned Secondary Market additions? Have MT's Fees etc in wind-down always been in their previous Ts & Cs? I think their 2% Fees (Charges) weren't ahead of Lenders in their original Ts & Cs. I detailed those on another thread - shall have to check. Let me know if you still need it.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 16, 2020 1:27:09 GMT
I studiously avoided "Agreeing" to the new Ts & Cs. Of course "Agreeing" was setup by MT in such a sneaky way that it was VERY easy to inadvertently click and "Agree" to the new Ts & Cs after logging in, if you weren't paying attention. I suddenly discovered several months ago that I seem to have indeed inadvertently "Agreed", however I haven't given it much thought since. Until now. Does anyone know if there are any new Clauses detrimental to Investors other than the afore mentioned Secondary Market additions? Have MT's Fees etc in wind-down always been in their previous Ts & Cs? I think their 2% Fees (Charges) weren't ahead of Lenders in their original Ts & Cs. I detailed those on another thread - shall have to check. Let me know if you still need it. All the versions of MT t&cs since authorisation are available in the support section on the website. For the record the detailed distribution priority was introduced in Aug 17. However, the terms introduced in Mar 17 at the point of full authorisation include a clause (13.4) giving MT the right to deduct all recovery costs incurred by themselves from the sums recovered ahead of any distrubition to lenders. All loans were migrated onto these terms so no loan is not subject to this provision. Furthermore, distribution of the proceeds of recovery under the security charges is at the discretion of the Security Trustee.
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rocky1
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Post by rocky1 on Nov 16, 2020 6:42:07 GMT
and who are the security trustees?
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ilmoro
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Post by ilmoro on Nov 16, 2020 19:23:30 GMT
and who are the security trustees? I assume that is a rhetorical question.
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rocky1
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Post by rocky1 on Nov 17, 2020 11:08:46 GMT
it was/is I wasn't expecting anybody to answer that it is moneything security trustee ltd.accounts filed for dormant company up to 2019.
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