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Post by rollercoaster on Feb 16, 2021 21:09:19 GMT
What were Moneythings terms and fees for recovery of defaulted loans though? Now the company is in administration Moorfields will take action on the outstanding loans. I'm thinking the property ones: what fees are applicable for repossession and sale?
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ptr120
Member of DD Central
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Post by ptr120 on Feb 18, 2021 19:02:38 GMT
The statement of administrators proposals has just been uploaded at CH so should be available in the next few days. I wonder what gems or undeclared legal disputes we will discover?
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TitoPuente
Member of DD Central
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Post by TitoPuente on Feb 19, 2021 8:53:36 GMT
The statement of administrators proposals has just been uploaded at CH so should be available in the next few days. I wonder what gems or undeclared legal disputes we will discover? The report has been available in the purple site for several days now (posted by Timmy's alter ego). Nothing notable beyond the usual. No detailed comments on the loan book beyond a customary categorisation. Expected Administration duration 2 years. Lenders are not considered creditors. Fees look abusive as in all other Administration cases. All set for another sh**e show.
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11025
Member of DD Central
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Post by 11025 on Feb 19, 2021 15:22:32 GMT
Another perfect example of the recurring theme in which a platform puts itself into administration (attempting to save their own bacon but at the detriment of investors) and drastically affecting the result for the investors/lenders. This just goes to show that this format of P2P platform has been proven unsafe and unreliable for investors/lenders
Platform failure is a massive risk . As we now know when this happens then instantly investors who are the very people that made the clock tick are suddenly dumped way down the feeding order ,
superseded by big pigs at the trough.
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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 Feb 20, 2021 9:07:42 GMT
And go ...
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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: 10,838
Likes: 11,065
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Post by ilmoro on Feb 22, 2021 12:59:12 GMT
Surprising quiet around here
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rocky1
Member of DD Central
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Post by rocky1 on Feb 22, 2021 13:45:57 GMT
not a nice picture there ozboy. suprized the censors[mods] havent stepped in here before this goes any further.
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registerme
Member of DD Central
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Post by registerme on Feb 22, 2021 17:12:06 GMT
Letter to lenders re proposals and an accompanying document are now available on the Moneything site. It's taking an age to download though...
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min
Member of DD Central
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Post by min on Feb 22, 2021 17:13:43 GMT
Letter to lenders re proposals and an accompanying document are now available on the Moneything site. It's taking an age to download though... And it doesn't really say much when you've finished swimming through treacle.
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cwah
Member of DD Central
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Post by cwah on Feb 22, 2021 17:20:25 GMT
Letter to lenders re proposals and an accompanying document are now available on the Moneything site. It's taking an age to download though... It looks like the same document as the one uploaded in company house...
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m2btj
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Post by m2btj on Feb 22, 2021 17:26:49 GMT
The usual BS. The goal of the administrator will be to bleed us dry through expenses & fees. I may recover enough to buy a cup of coffee....take away only, from a greasy spoon!
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tommytaylor
P2P - The new wild west
Posts: 234
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Post by tommytaylor on Feb 22, 2021 17:28:23 GMT
Letter to lenders re proposals and an accompanying document are now available on the Moneything site. It's taking an age to download though... It looks like the same document as the one uploaded in company house... It is utter bolloccs. It is the same document. Wasting my time. Get my money back now
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Post by paul123 on Feb 22, 2021 17:39:37 GMT
It’s repeated proof that the existing rules under which administrators operate are inappropriate for lenders and a reminder that the FCA permission to exist, let alone authorise, should never have been given while those rules were still in place.
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GeorgeT
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Post by GeorgeT on Feb 22, 2021 17:52:43 GMT
So they are aware there is a perceived conflict of interest but will safeguard against it so have satisfied themselves there isn't a conflict of interest.... Hmmm.
Even a perceived conflict of interest erodes trust in the process and, in my view, makes the appointment inappropriate.
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tony9239
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Post by tony9239 on Feb 22, 2021 17:56:29 GMT
It’s repeated proof that the existing rules under which administrators operate are inappropriate for lenders and a reminder that the FCA permission to exist, let alone authorise, should never have been given while those rules were still in place. Yes, this is my fourth Admin so far (Coll, L, FS being the others) and what seems pretty clear is that the Admin process relegates Lenders to a status quite close to that of shareholders when a conventional business fails. That makes us last in the queue to receive anything from any recoveries. Had I known we were, in effect, investing in the success (or otherwise) of the Platforms themselves, rather than making asset-backed loans against proper assets (which was the basis upon which I lent) then I really don't think I would have risked my capital in, effectively, holding a stake in these Platforms.
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