treeman
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Post by treeman on Dec 22, 2020 12:01:36 GMT
MoneyThing page now on Moorfields site. Currently just some basic FAQs. MT site will still be available.
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tony9239
Member of DD Central
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Post by tony9239 on Dec 22, 2020 16:28:45 GMT
'The appointment is not expected to have a material impact on lenders or borrowers.' In my experience this means nearly all the recompense is hovered up by Admin Fees. Well, an early test of this is how quickly (or otherwise) the cash from P*** House, Bradford gets paid out. The latest interest payment was made on 21 Dec - same day as Admin declared - so likely to be held up in bank account authority transfer. Plus, things will slow down cos it's Xmas, plus Covid lockdown, plus Brexit, plus ports blockade. These guys are awash with potential excuses for not paying us.
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Post by queenvictoria on Dec 22, 2020 16:42:59 GMT
My mind goes out to the Things in these exceptional times. We were on their side for a long time and thought them on ours. Tough environment. Have a merry Christmas all! Times could be much worse C You are very generous in your thoughts to MT, corto. I cannot find it in myself to wish them anything good although I do not wish them harm, as such. They do not feature on my list of favourite people though and I won't be sending a card.
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mrk
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Post by mrk on Dec 23, 2020 11:34:56 GMT
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Post by supernumerary on Jan 6, 2021 16:32:15 GMT
Have briefly read the document posted today (6th Jan 2021), on the Moneything website after logging in, it was for me, a case of here we go again… TBH, it is upsetting to read it through. SO, what next? Any observations gratefully received.
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greatmarko
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Post by greatmarko on Jan 6, 2021 18:00:18 GMT
Any observations gratefully received. Main observation: Lenders are categorically not considered creditors.
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rocky1
Member of DD Central
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Post by rocky1 on Jan 6, 2021 18:17:15 GMT
well they mentioned a couple of times that lenders are not creditors as such i suppose we are at the bottom of the pile once again regarding any funds recovered.they have already been administrating many of these farcical loans without results for a long time.maybe lenders the people who are feeding all these vultures should be classed as priority creditors in any new loans on any p2p platform that is FCA regulated. first charge,RICs valuations,platform fees,legals,receivers, administrators,platform interest,default interest,disbursments,etc,etc. ?? LENDERS who bloody funded the whole farce in the first place are the only losers.well i suppose another 3 years of BS from another failed platform.
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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 Jan 6, 2021 18:27:20 GMT
Any observations gratefully received. Main observation: Lenders are categorically not considered creditors. However according to the current FCA consultation should be considered as eligible for the CC
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tony
Posts: 136
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Post by tony on Jan 6, 2021 18:47:21 GMT
Main observation: Lenders are categorically not considered creditors. However according to the current FCA consultation should be considered as eligible for the CC Just looked at the updates of my loans all of which are in default. Promises, promises made months ago of imminent sales and other developments within a few weeks yet no update since. I am now convinced that I will not see any significant return of capital or interest in my lifetime, I am 87, from any of the P2P platforms in which I have "invested" i.e. MT, Col, Le and FS. Happy Covid, Brexit and P2P New Year to everyone
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Post by df on Jan 6, 2021 19:15:48 GMT
Have briefly read the document posted today (6th Jan 2021), on the Moneything website after logging in, it was for me, a case of here we go again… TBH, it is upsetting to read it through. SO, what next? Any observations gratefully received. Nothing unexpected in this document. I've noted that the end date for MTBL992 is April 2024 and CSP's have up to two years to complete, so it might take more than 3 years for administrators to close the case. I might be completely wrong, but my feeling is that the process will be somewhat smoother than with L&FS and nowhere as complex as with Col.
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toffeeboy
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Post by toffeeboy on Jan 7, 2021 12:00:49 GMT
well they mentioned a couple of times that lenders are not creditors as such i suppose we are at the bottom of the pile once again regarding any funds recovered.they have already been administrating many of these farcical loans without results for a long time.maybe lenders the people who are feeding all these vultures should be classed as priority creditors in any new loans on any p2p platform that is FCA regulated. first charge,RICs valuations,platform fees,legals,receivers, administrators,platform interest,default interest,disbursments,etc,etc. ?? LENDERS who bloody funded the whole farce in the first place are the only losers.well i suppose another 3 years of BS from another failed platform. We aren't creditors so wasn't expecting any different, none of us have leant money to or provided a service to Moneything so they don't owe us any money. We will still be early in line for any money received back on each individual loan as we were before so apart from a delay in getting payments out nothing changes for us and our capital. The administrators can't take more of any loans that repay than Moneything could have done.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jan 7, 2021 12:32:15 GMT
well they mentioned a couple of times that lenders are not creditors as such i suppose we are at the bottom of the pile once again regarding any funds recovered.they have already been administrating many of these farcical loans without results for a long time.maybe lenders the people who are feeding all these vultures should be classed as priority creditors in any new loans on any p2p platform that is FCA regulated. first charge,RICs valuations,platform fees,legals,receivers, administrators,platform interest,default interest,disbursments,etc,etc. ?? LENDERS who bloody funded the whole farce in the first place are the only losers.well i suppose another 3 years of BS from another failed platform. We aren't creditors so wasn't expecting any different, none of us have leant money to or provided a service to Moneything so they don't owe us any money. We will still be early in line for any money received back on each individual loan as we were before so apart from a delay in getting payments out nothing changes for us and our capital. The administrators can't take more of any loans that repay than Moneything could have done. Fees : Fees :Fees
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Post by lynnanthony on Jan 7, 2021 12:53:24 GMT
"The administrators can't take more of any loans that repay than Moneything could have done."
Is that true? I'd be very happy to hear that is true, but I have my doubts.
Where else can the administrators extract their substantial hourly rates from?
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toffeeboy
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Post by toffeeboy on Jan 7, 2021 16:45:54 GMT
"The administrators can't take more of any loans that repay than Moneything could have done."
Is that true? I'd be very happy to hear that is true, but I have my doubts.
Where else can the administrators extract their substantial hourly rates from?
They are administrators of Moneything, who are the agents that brokered the loans. I'm no expert by a long stretch but they can't change what is already in the loan agreements which states the fees that Moneything are entitled to. On Lendy they changed the terms prior to going into administration to grab a larger share of loans being repaid alongside the lenders which is being contested in the courts at the moment I am sure that the fees that Moneything is due are high enough which is why the Things wanted to run the company down themselves but the money hasn't come in fast enough to keep it going.
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Post by Please turn me over on Feb 16, 2021 20:42:13 GMT
As a rough guess, I'd say the administrators' fees to date have been £126,665 for MCL and £11,331 for MSTL. Just a rough guess of course, and that's fees not expenses.
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