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 Mar 29, 2021 19:20:12 GMT
Why would the ex-directors do it for free? IIRC Hackett was My point is 'Why should there be a need to ask them' - whether for Free or for an additional Remuneration (Conflict of Interest). ISTM that the idea that the administrators just walk into the office, get shown the filing cabinet and given the system password and are good to go is wishful thinking. You wouldnt expect to start a new job without support from existing staff until you were up to speed.
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Mucho P2P
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Post by Mucho P2P on Mar 30, 2021 9:39:15 GMT
My point is 'Why should there be a need to ask them' - whether for Free or for an additional Remuneration (Conflict of Interest). ISTM that the idea that the administrators just walk into the office, get shown the filing cabinet and given the system password and are good to go is wishful thinking. You wouldnt expect to start a new job without support from existing staff until you were up to speed. Does it have to take well over a year to "get up to speed" with existing staff? <- Me having moan without infringing an NDA!!!! I've provided consultancy/investment services to several P2Ps, and I had to hit the ground running and become fully au fait with the various business models back to front in a matter of weeks. If I can do it, joint administrators can do it! Maybe the JAs wont, as they are on time based fees........
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mah
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Post by mah on Mar 30, 2021 18:21:00 GMT
ISTM that the idea that the administrators just walk into the office, get shown the filing cabinet and given the system password and are good to go is wishful thinking. You wouldnt expect to start a new job without support from existing staff until you were up to speed. Does it have to take well over a year to "get up to speed" with existing staff? <- Me having moan without infringing an NDA!!!! I've provided consultancy/investment services to several P2Ps, and I had to hit the ground running and become fully au fait with the various business models back to front in a matter of weeks. If I can do it, joint administrators can do it! Maybe the JAs wont, as they are on time based fees........ I don't know about others, but I haven't had anything from MT (more than £20-ish) in the past 15 months or so. While I have had 200 times from FS.
Anyone got any substantial money back from MT in the last 1 year or so ?
Moreover, it doesn't have to be the costly directors (@£500ph), particularly if they are (now) from a separate Consultancy Company. Could be any ex staff who knows - who could be hired (even if they aren't employed by MT anymore).
If FS Admins can manage without paying any extra perks / bonuses to their ex-directors, I don't see why MT Admins can't.
Anyways .......... I have complained to FCA and IP Regulators.
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shw
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Post by shw on Mar 31, 2021 9:34:32 GMT
MAH do you fancy putting another letter,same content, to FCA etc together for us all to sign to give it more weight ? The politicians do it so maybe it's a proven way of being heard - although no guarantee it will get action ? Strong charities adopt this method on a regular basis and I sign most digitally ! Otherwise you are probably just a single voice to be ignored.
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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 Mar 31, 2021 10:26:46 GMT
Does it have to take well over a year to "get up to speed" with existing staff? <- Me having moan without infringing an NDA!!!! I've provided consultancy/investment services to several P2Ps, and I had to hit the ground running and become fully au fait with the various business models back to front in a matter of weeks. If I can do it, joint administrators can do it! Maybe the JAs wont, as they are on time based fees........ I don't know about others, but I haven't had anything from MT (more than £20-ish) in the past 15 months or so. While I have had 200 times from FS.
Anyone got any substantial money back from MT in the last 1 year or so ?
Moreover, it doesn't have to be the costly directors (@£500ph), particularly if they are (now) from a separate Consultancy Company. Could be any ex staff who knows - who could be hired (even if they aren't employed by MT anymore).
If FS Admins can manage without paying any extra perks / bonuses to their ex-directors, I don't see why MT Admins can't.
Anyways .......... I have complained to FCA and IP Regulators.
Guess it depends on what loans you are in. Ive had a fairly reasonable sum back over that period. The speed of the repayments largely depends on the individual loan IP so not really a huge amount to do with MT. I doubt the former directors are getting £500ph, they arent IP directors. Fair point on using one of the former members of staff, perhaps they dont have the required knowledge across the breadth of operations/loan book. Do we know FS havent paid Hackett, cant find the reference to his involvement, but they have spent £240k on FS salaries and consultancy in 12 months, compared to MT predicted £100k, covering 3 firms. They have got another MT staff member in addition to the ex-directors, the Shuang is doing the IT. Anyways good luck with your complaints.
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7d7
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Post by 7d7 on Apr 1, 2021 21:18:27 GMT
Details of the Newcastle loan are in the updates. There is equally a bit of information in the general update 9/4/2020 as the charges applied represent what to anticipate with other loans thenceforth.
It is not 2%, at the low end, as some have commented. It is from 2% capped at 5% per annum of the principal loan amount commencing from when generous forbearance was granted, which we were advised was not only in our best interests but also the best course of action and the fastest means of repayment.
Not 2 to 5% of what is recovered but the original loan amount with the leftovers, if any, distributed to lenders. How unscrupulous it is for the directors to make the above statements and declare that their fees cover financing litigation when no legal action was reported during the lengthy tolerance period.
Despite gross mismanagement, they seek another bite at the cherry by remaining incessantly involved. Quite astonishing!
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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 Apr 1, 2021 22:02:28 GMT
Details of the Newcastle loan are in the updates. There is equally a bit of information in the general update 9/4/2020 as the charges applied represent what to anticipate with other loans thenceforth. It is not 2%, at the low end, as some have commented. It is from 2% capped at 5% per annum of the principal loan amount commencing from when generous forbearance was granted, which we were advised was not only in our best interests but also the best course of action and the fastest means of repayment. Not 2 to 5% of what is recovered but the original loan amount with the leftovers, if any, distributed to lenders. How unscrupulous it is for the directors to make the above statements and declare that their fees cover financing litigation when no legal action was reported during the lengthy tolerance period. Despite gross mismanagement, they seek another bite at the cherry by remaining incessantly involved. Quite astonishing! Yes, I was doing it from memory & forget the per annum bit. However, AIUI its 2% per annum capped at 5% total.
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mah
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Post by mah on Apr 3, 2021 12:34:16 GMT
MAH do you fancy putting another letter,same content, to FCA etc together for us all to sign to give it more weight ? The politicians do it so maybe it's a proven way of being heard - although no guarantee it will get action ? Strong charities adopt this method on a regular basis and I sign most digitally ! Otherwise you are probably just a single voice to be ignored. Will it help at all ? I understand that 100 separate Complaints bear more weight than 1 Complaint with 100 signatories (have read that more than once). Moreover, how many are willing to sign - 5-10 at the most. I don't think that will add any further weight. Rather, everyone complaining separately would count - as the more the number of complaints, the more the notice.
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nyneil
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Post by nyneil on Apr 3, 2021 15:08:57 GMT
MAH do you fancy putting another letter,same content, to FCA etc together for us all to sign to give it more weight ? The politicians do it so maybe it's a proven way of being heard - although no guarantee it will get action ? Strong charities adopt this method on a regular basis and I sign most digitally ! Otherwise you are probably just a single voice to be ignored. Will it help at all ? I understand that 100 separate Complaints bear more weight than 1 Complaint with 100 signatories (have read that more than once). Moreover, how many are willing to sign - 5-10 at the most. I don't think that will add any further weight. Rather, everyone complaining separately would count - as the more the number of complaints, the more the notice.
I think the suggestion was to share your letter as a template, for us to amend as required, and send individually.
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Post by kebabby1 on Jun 17, 2021 7:50:02 GMT
Will it help at all ? I understand that 100 separate Complaints bear more weight than 1 Complaint with 100 signatories (have read that more than once). Moreover, how many are willing to sign - 5-10 at the most. I don't think that will add any further weight. Rather, everyone complaining separately would count - as the more the number of complaints, the more the notice.
I think the suggestion was to share your letter as a template, for us to amend as required, and send individually. It would certainly help.
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Mucho P2P
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Post by Mucho P2P on Jun 17, 2021 8:10:30 GMT
Will it help at all ? I understand that 100 separate Complaints bear more weight than 1 Complaint with 100 signatories (have read that more than once). Moreover, how many are willing to sign - 5-10 at the most. I don't think that will add any further weight. Rather, everyone complaining separately would count - as the more the number of complaints, the more the notice.
I think the suggestion was to share your letter as a template, for us to amend as required, and send individually. For what its worth, the FCA are aware of "templated letters" and hold them with less gravitas than original letters/content.
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shw
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Post by shw on Jun 17, 2021 10:58:52 GMT
Do you have any confidence that the FCA are monitoring what Moorfields are doing to sort the MT situation,the loan book or more importantly the defaulted loan debacle so our high risk investment can return something,some day - but who knows when.Loan dates on MT site are a waste of time and cannot be trusted.We are just treated like mushrooms which is a disgrace.I was hoping other investors might want to find a way of fighting for their hard earned cash which has/is fast disappearing.
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Mucho P2P
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Post by Mucho P2P on Jun 17, 2021 11:14:02 GMT
Do you have any confidence that the FCA are monitoring what Moorfields are doing to sort the MT situation,the loan book or more importantly the defaulted loan debacle so our high risk investment can return something,some day - but who knows when.Loan dates on MT site are a waste of time and cannot be trusted.We are just treated like mushrooms which is a disgrace.I was hoping other investors might want to find a way of fighting for their hard earned cash which has/is fast disappearing. "Do you have any confidence that the FCA are monitoring what Moorfields are doing to sort the MT situation, the loan book or more importantly the defaulted loan debacle" <- Absolutely very little confidence, based upon what I have seen the FCA get involved in with Funding Secure for the past 18 months. What comes to mind, reactive and pen-pushers.
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mah
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Post by mah on Jul 17, 2021 18:42:16 GMT
Do you have any confidence that the FCA are monitoring what Moorfields are doing to sort the MT situation,the loan book or more importantly the defaulted loan debacle so our high risk investment can return something,some day - but who knows when.Loan dates on MT site are a waste of time and cannot be trusted.We are just treated like mushrooms which is a disgrace.I was hoping other investors might want to find a way of fighting for their hard earned cash which has/is fast disappearing. 1) Complain against FCA re Monething and their Admins (Moorfields), who have a Conflict of Interest as they were already involved with many Loans prior to MT going into Admin. If FCA doesn't turn out to be satisfactory, take your Complaint against FCA to the Complaints Commissioner.
2) Also complain to Insolvency Practitioners (via Insolvency Practitioner Complaints Gateway).
3) Write to your MP.
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mah
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Post by mah on Jul 19, 2021 11:31:10 GMT
PM me if anyone needs any Pointers.
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