dh1
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Post by dh1 on Oct 7, 2021 15:49:14 GMT
All lenders need to see this - to do with us and Court proceedings. Email received 16:42. Log into the MT website - it's all under Support.
Setting aside emotions for a minute this is a quote: "As this matter affects all lenders, lenders will be served documents and included as respondents in the application to court".
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greatmarko
Member of DD Central
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Post by greatmarko on Oct 7, 2021 15:53:55 GMT
TLDR; Be prepared to get nothing further back!
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11025
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Post by 11025 on Oct 7, 2021 15:54:28 GMT
Just seen it , " under the contractual waterfall" AARGH !
Why do I feel like at every turn someone is trying to rip me off
Because they are ??
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shw
Posts: 51
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Post by shw on Oct 7, 2021 16:13:21 GMT
Hi Fellow MT Lenders. Could someone with knowledge and experience of these scenarios give us a heads up on what might deliver the best loan recovery outcome for us please. My reading of it is that the Administrators don't like the recent judgement on what fees can be charged ? Who pays for any mediation ? Is it just another route for more fees to be bled out of whatever CASH we just might recover from default loans !! Any help appreciated Thanks PS I would like all this to end so I can run off with any cash we get back off these modern day highway robbers ?
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travolta
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Post by travolta on Oct 7, 2021 16:32:22 GMT
Dammed if we do and dammed if we dont, as usual :-(
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tony9239
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Post by tony9239 on Oct 7, 2021 16:58:37 GMT
They seem to be saying that, unless the Court rules in their favour, then the Administration/winding down approach is unfunded and so they'll terminate it - leaving lenders high and dry. This could be really bad news in relation to the handful of loans that are not in default and still paying interest. If the Admins do get their way then we may get something back from defaults etc, but they'll be taking a bigger chunk.
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rocky1
Member of DD Central
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Post by rocky1 on Oct 7, 2021 17:02:04 GMT
so much for wind down plans. what a complete and utter balls up.not enough to pay the vultures unless we pay out of our pittance of return on capital.well done MT the great p2p rip off continues.you are right up there with the rest of them.
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jcb208
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Post by jcb208 on Oct 7, 2021 17:13:54 GMT
Remember when they all spouted on about their rock solid Wind down plans and who it is ,now it comes down to rip off the investors as much as possible
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hazellend
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Post by hazellend on Oct 7, 2021 20:37:41 GMT
And yet people are still piling money into P2P
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Post by Ace on Oct 7, 2021 21:19:24 GMT
And yet people are still piling money into P2P Isn't that like saying "my house fell down, so I'm not buying another house"? There's good and bad everywhere. The skill is in determining which is which, or perhaps it's just luck!
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hazellend
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Post by hazellend on Oct 7, 2021 21:38:55 GMT
And yet people are still piling money into P2P Isn't that like saying "my house fell down, so I'm not buying another house"? There's good and bad everywhere. The skill is in determining which is which, or perhaps it's just luck! But P2P is just too high a risk. Maybe for small amounts of money spread around its fine (if you can be bothered with the time required)
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upland
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Post by upland on Oct 8, 2021 6:03:25 GMT
I wonder how peer to peer returns compares to stock and shares over a reasonable period. I think overall that I have made money in p2p just like with shares where I have had losses but more gains. I suspect that it can be not dissimilar. The thing I do not like is all this legal stuff being shoved around and all the mess it makes. For some relatively small sums the upset and involvement in areas that the small investor should not have to get into. I think its designed to intimidate and its a dreadful use of the law. I have enquired and I dont think that one can be sued for owning shares in a company but you do wonder sometimes.
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11025
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Post by 11025 on Oct 8, 2021 7:56:14 GMT
Isn't that like saying "my house fell down, so I'm not buying another house"? There's good and bad everywhere. The skill is in determining which is which, or perhaps it's just luck! But P2P is just too high a risk. Maybe for small amounts of money spread around its fine (if you can be bothered with the time required) I know it sounds corny , but it wasn't supposed to be like this - It should never have been this high risk and the risk of moody valuations , platform failure(probably pre-arranged) and unscrupulous players hiding in admin such as we have all experienced was never imagined by us or the powers that be . I also used to think the FCA were actually bothered about protecting consumers. Treasury sings praises of peer to peer lendersI never got into P2P to wildly chuck thousand of pounds at weird old manuscripts or things that had not been built , I got into P2P to lend into what I thought was properly valued property and vehicles (RICS - whatever that means ! ) with a decent LTV , did much DD and was very selective . Turns out I am no better off than if I had gone down the casino , probably psychologically worse off because 6 month term loans are dragging on years later and we are waiting for the next shyster to try their damnedest at removing our money and all we can do is watch in horror.
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registerme
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Post by registerme on Oct 8, 2021 9:39:32 GMT
So, who signed off on the wind up preparations (contingencies?) being sufficient?
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squid
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Post by squid on Oct 8, 2021 9:52:11 GMT
And what, if anything can P2P investors realistically do about the situations we have encountered having invested via failed FCA regulated platforms where the wind down plans have not worked adequately for whatever reason? Where are the perceived investor protections?
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