mah
Member of DD Central
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Post by mah on Nov 18, 2020 17:54:50 GMT
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. Not sure if all Loans were migrated to the new Ts & Cs. I do/did have 1 or 2 which had the suffix of 'N' for the New Ts & Cs, but not all old ones had this suffix.
Ts & Cs were revised in March 2017 (applicable to all), but formally announced after another revision with waterfall in Aug 2017 (applicable only to those who signed in to the platform and either explicitly accepted them or participated in new Loans - Section 28.2). Those who didn't Accept or Participate (Lend) in any new Loans should NOT be affected by those Aug 2017 changes (specifying that MT Fees ranked ahead).
So, the validity of this 2% pa Fee ahead of the Lender Capital/Interest is doubtful for those who didn't agree (Ozboy - did you accept these in 2017) ?
Also, shouldn't the new Ts & Cs be applicable only to post Aug 2017 Loans as per Section 28.1 ?
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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
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Post by ilmoro on Nov 18, 2020 19:50:11 GMT
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. Not sure if all Loans were migrated to the new Ts & Cs. I do/did have 1 or 2 which had the suffix of 'N' for the New Ts & Cs, but not all old ones had this suffix.
Ts & Cs were revised in March 2017 (applicable to all), but formally announced after another revision with waterfall in Aug 2017 (applicable only to those who signed in to the platform and either explicitly accepted them or participated in new Loans - Section 28.2). Those who didn't Accept or Participate (Lend) in any new Loans should NOT be affected by those Aug 2017 changes (specifying that MT Fees ranked ahead).
So, the validity of this 2% pa Fee ahead of the Lender Capital/Interest is doubtful for those who didn't agree (Ozboy - did you accept these in 2017) ?
Also, shouldn't the new Ts & Cs be applicable only to post Aug 2017 Loans as per Section 28.1 ?
You may be right that all werent migrated though that was the stated intention - the only loan extant loan I can see that launched before the new terms or wasnt migrated is the FP Bradford loan so anyone who has held that from the first two months may have a case. Only existing loans that migrated to the new terms had the N suffix and only for the first iteration - loans that were renewed again subsequently or launch after 24/3/17 do not The new terms in March - introduced with the new website and structure were announced (onsite update 24/3, email 30/3)- so anyone using that platform after that date to invest would have had to accept the new terms including clause 13.4 specifying MT recovery costs/fees rank first
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