adrianc
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Post by adrianc on Feb 23, 2021 14:05:54 GMT
In English law duty of care requires an individual to ensure a that another doesnt incur unreasonable harm or loss. I think you would struggle to argue you have incurred an unreasonable harm or loss as result of RS selling the loan book and repaying you all your money plus most of the interest. I do wonder if you actually mean the obligation to treat customers fairly as defined in the Principles of Business in the FCA Handbook If i open a book at the grand national. offering the best odds. Except if you win i only give you the money back that you paid. (inline with the T&Cs) have you not incurred a loss? Sorry, that's a lousy analogy. If you take out a mortgage, and repay it early, do you expect the lender to demand all future interest? If NatWest buy the mortgage book off a small building society, who do you pay future interest to?
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beagle
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Post by beagle on Feb 23, 2021 14:30:16 GMT
In English law duty of care requires an individual to ensure a that another doesnt incur unreasonable harm or loss. I think you would struggle to argue you have incurred an unreasonable harm or loss as result of RS selling the loan book and repaying you all your money plus most of the interest. I do wonder if you actually mean the obligation to treat customers fairly as defined in the Principles of Business in the FCA Handbook If i open a book at the grand national. offering the best odds. Except if you win i only give you the money back that you paid. (inline with the T&Cs) have you not incurred a loss? If I refund you your £2 for your winning lottery ticket? I gave the example with the Tesla shares. Youre ignoring the risk already taken, in April we will hopefully be coming out of the end of the final lockdown, there is the light at the end of the tunnel. we have borne that risk throughout. If Ratesetter had guaranteed the investment, if there was no risk to us, that makes some difference, as it stands we took a capital risk, merely giving us our money back isn't necessarily adequate compensation. If Ratesetter want to justify why an investment paying well over current market rates, with a supposedly over provisioned, provision fund, is only worth face value, then they are welcome to. until then I will call them out on it. If Ratesetter had guaranteed the investment, if there was no risk to us, that makes some difference, as it stands we took a capital risk, merely giving us our money back isn't necessarily adequate compensation. If ratesetter had gauranteed the investment it would be a bank account and FSCS protected. Why do you feel entitled to compensation you took a risk and suffered no loss exception to expected future interest. What if the borrowers all repaid early? Would this still apply?
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Post by Badly Drawn Stickman on Feb 23, 2021 15:12:43 GMT
I can relate to the feeling of unfairness, having ridden the big dipper missing out on a ride in the teacups is annoying. Personally I suspect I will get over it after all I will have money for a ticket on 'the ride of doom'
If I was annoyed enough to act, a free shy at the coconut is only a few emails away.
Tell RS you wish to keep the loans and object to them selling it in the form of a complaint. They say Blah blah NO, but if you are not happy here is the Financial Ombudsman's number call him.
Contact the FO with the complaint (avoiding talk of lottery tickets, mortgages and bookies maybe).
Think it is currently about a year to see if the coconut (I suspect it is screwed in this instance) falls, if it does collect your prize.
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Post by anotherexperiencedp2 on Feb 23, 2021 23:28:52 GMT
If i open a book at the grand national. offering the best odds. Except if you win i only give you the money back that you paid. (inline with the T&Cs) have you not incurred a loss? Sorry, that's a lousy analogy. If you take out a mortgage, and repay it early, do you expect the lender to demand all future interest? If NatWest buy the mortgage book off a small building society, who do you pay future interest to? If you repay a mortgage early to Metro Bank it seems that you will have to pay early repayment fees actually, to compensate them for the reinvestment risk at a very likely lower rate, because that's usually when people want to repay early. Why should these fees not apply to them repaying me early knowing that rates are much lower and they are confident according to their own risk models that the capital and at least some interest is safe? Because they're a big bank so I should shut up you're gonna say? Would you give your wallet to any bigger guy than you asking for it in the street without objecting first? I wonder what DD central is but I would think a bunch of losers with no practical understanding of financial principles and maybe bitter former employees of failed p2p lenders? Because your arguments in favour of saying thank you for being screwed by RS and MB only make sense if you are one of those, or both. I totally agree with benj111 and coogaruk who actually seem to understand how an asset is priced, be it a stock, a bond or a more complex loan book, unlike some aptly named village idiots who seem to be better at commenting on an online forum than making any real return on their money. For the record, I only have accumulated interests left at RS, got my capital back a long time ago because I was in the first investors. Doesn't mean I am grateful of getting it back now when I could get it over two to three years with some interest unavailable anywhere else at the moment. I have complained to RS but they have 8 weeks to reply, which is of course after the takeover. Not gonna waste my time on here anymore, unless someone wants to contact me privately to take part in a group of complainants.
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adrianc
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Post by adrianc on Feb 24, 2021 7:23:18 GMT
I wonder what DD central is but I would think a bunch of losers with no practical understanding of financial principles and maybe bitter former employees of failed p2p lenders? Because your arguments in favour of saying thank you for being screwed by RS and MB only make sense if you are one of those, or both. Gosh. "You don't agree with me, so you Must Be One Of Them"How sparklingly original. Congratulations. No, DDCentral is simply an area of the forum for posters to share due diligence on loans (on platforms that don't black-box them, such as RS) without having to follow the usual borrower-anonymity rules. p2pindependentforum.com/thread/11549/apply-access-central-restricted-board
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Greenwood2
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Post by Greenwood2 on Feb 24, 2021 8:54:21 GMT
I wonder what DD central is but I would think a bunch of losers with no practical understanding of financial principles and maybe bitter former employees of failed p2p lenders? Because your arguments in favour of saying thank you for being screwed by RS and MB only make sense if you are one of those, or both. Well that's an novel way of getting us all on your side. Personally, I have only a few hundred left in RS, having made very good profits in the past. I would like to get my remaining funds back sooner rather than later to get rid of RS from my accounts and put the funds to better use elsewhere, dragging it through the courts to possibly get a couple of extra % (split with various lawyers and legal fees) over an extended period of time would be a waste of time and effort for me. I think Metro were unwise to buy the RS loan book, initially they distanced themselves from it and have now left themselves open to criticism and possibly legal action, although I'm not sure you will be able to overturn the RS T&Cs that we all agreed to.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Feb 24, 2021 11:48:24 GMT
Sorry, that's a lousy analogy. If you take out a mortgage, and repay it early, do you expect the lender to demand all future interest? If NatWest buy the mortgage book off a small building society, who do you pay future interest to? If you repay a mortgage early to Metro Bank it seems that you will have to pay early repayment fees actually, to compensate them for the reinvestment risk at a very likely lower rate, because that's usually when people want to repay early. Why should these fees not apply to them repaying me early knowing that rates are much lower and they are confident according to their own risk models that the capital and at least some interest is safe? Because they're a big bank so I should shut up you're gonna say? Would you give your wallet to any bigger guy than you asking for it in the street without objecting first? I wonder what DD central is but I would think a bunch of losers with no practical understanding of financial principles and maybe bitter former employees of failed p2p lenders? Because your arguments in favour of saying thank you for being screwed by RS and MB only make sense if you are one of those, or both. I totally agree with benj111 and coogaruk who actually seem to understand how an asset is priced, be it a stock, a bond or a more complex loan book, unlike some aptly named village idiots who seem to be better at commenting on an online forum than making any real return on their money. For the record, I only have accumulated interests left at RS, got my capital back a long time ago because I was in the first investors. Doesn't mean I am grateful of getting it back now when I could get it over two to three years with some interest unavailable anywhere else at the moment. I have complained to RS but they have 8 weeks to reply, which is of course after the takeover. Not gonna waste my time on here anymore, unless someone wants to contact me privately to take part in a group of complainants. i am not a member of DD central and still agree with the outcome
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69m
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Post by 69m on Feb 24, 2021 12:12:37 GMT
Coincidently, Metro Bank published its 2020 financial results today.
The loss before tax figure worsened to £311.4M, thanks partly to c. £100M of pandemic-related bad debts and fee reductions.
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macq
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Post by macq on Feb 24, 2021 13:01:46 GMT
Coincidently, Metro Bank published its 2020 financial results today.
The loss before tax figure worsened to £311.4M, thanks partly to c. £100M of pandemic-related bad debts and fee reductions.
Maybe there will be a Metro share holders action group formed opposing the buying of RS
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beagle
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Post by beagle on Feb 24, 2021 17:08:36 GMT
Coincidently, Metro Bank published its 2020 financial results today.
The loss before tax figure worsened to £311.4M, thanks partly to c. £100M of pandemic-related bad debts and fee reductions.
Maybe there will be a Metro share holders action group formed opposing the buying of RS ha maybe but of all the things Metro did that was a really good deal for them. and with the provision fund (if things work out) they have paid £0
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beagle
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Post by beagle on Feb 25, 2021 16:47:43 GMT
on that note i do wonder what the ratios will be now investors are at 100% interest again.
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aju
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Post by aju on Feb 26, 2021 16:12:54 GMT
on that note i do wonder what the ratios will be now investors are at 100% interest again. I bet they don;t produce stats for last month and worse we will all be gone by the time the stats for this month were available...
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beagle
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Post by beagle on Feb 26, 2021 16:35:43 GMT
on that note i do wonder what the ratios will be now investors are at 100% interest again. I bet they don;t produce stats for last month and worse we will all be gone by the time the stats for this month were available... well if the ratios go up they wont haha if they drop they would. Is there no requirement? Surely the risk exists until the cash is back
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aju
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Post by aju on Feb 26, 2021 16:58:19 GMT
I bet they don;t produce stats for last month and worse we will all be gone by the time the stats for this month were available... well if the ratios go up they wont haha if they drop they would. Is there no requirement? Surely the risk exists until the cash is back I would agree about the risk being ours, although to be fair only having <£50 across all 4 accounts (Mine and Mrs Aju) means we don't need to lose any sleep over it. I'm not sure they will even waste their time on the stats, just post a minor delay on it until we are gone would be my guess. Now Zopa is a little different perhaps we'll be lucky and they'll pinch some of RS web design people - be nice to have a website that gives one confidence that a P2P company might now something about what they are supposed to be doing ...
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coogaruk
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Post by coogaruk on Feb 27, 2021 11:30:04 GMT
I say it's safe for me because I only invest in BTL mortgages on there that are secured by first charge, so if anything goes wrong, there will still be property to sell and repay me. I trust you've built in a falling property market.
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