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Post by cg27 on Oct 17, 2021 10:40:23 GMT
Hi
We, 13 lenders, formed a MTAG to protect our investment and reduce our loss. Any lender would like to join us, please email me: semicircle2020@gmail.com.
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shw
Posts: 51 
Likes: 90
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Post by shw on Oct 17, 2021 22:11:16 GMT
I am so glad I joined this Lender Action Group for a number of reasons which are gathering strength by the day.
I no longer feel alone in the MT debacle and the "mushroom treatment" we have received over the last 2 years.
I think MTAG has a good chance of protecting 2494 Lenders from excess fee charging therefore improving cash return to each of us from the book of loans.
Why not fight back against unscrupulous Directors and Administrators who don't blink an eye at fee charging and won't shed one tear for the substantial losses we have already suffered and are still to suffer as time drags on in DEFAULT LOAN land.
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Post by wedlake10 on Oct 18, 2021 10:09:40 GMT
I too have joined this action group. There are already dedicated and hardworking individuals here doing a lot of work behind the scenes, why not have your voice heard? It can only be a positive if a court hears our side of the story, how the goalposts have been moved in front of our eyes by these administrators and ex-directors who told us the wind-down would not have a material impact on us and our money.
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ton27
Member of DD Central
Posts: 431
Likes: 267
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Post by ton27 on Oct 18, 2021 17:37:37 GMT
Hi We, 13 lenders, formed a MTAG to protect our investment and reduce our loss. Any lender would like to join us, please email me: semicircle2020@gmail.com. I tried to email but got an answer saying it was not a valid email address
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Post by Ace on Oct 18, 2021 18:27:18 GMT
Hi We, 13 lenders, formed a MTAG to protect our investment and reduce our loss. Any lender would like to join us, please email me: semicircle2020@gmail.com. I tried to email but got an answer saying it was not a valid email address It worked fine for me. Perhaps you accidentally included the full-stop after the address.
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criston
Member of DD Central
Posts: 1,204
Likes: 628
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Post by criston on Oct 20, 2021 15:57:37 GMT
I would happily join & provide funds as a percentage of my loan book (currently just over £1k, so not a big contribution I am afraid) just to get back at the way everyone is treated. However, I have never joined a social media platform for security reasons (just Facebook anonymously for the purpose of keeping up with anything happening on FS, without imputing). So is there any other way of dealing with this, for persons like me.
Edit FS not FC
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Post by Ace on Oct 20, 2021 15:59:49 GMT
I would happily join & provide funds as a percentage of my loan book (currently just over £1k, so not a big contribution I am afraid) just to get back at the way everyone is treated. However, I have never joined a social media platform for security reasons (just Facebook anonymously for the purpose of keeping up with anything happening on FC, without imputing). So is there any other way of dealing with this, for persons like me. Yes, send a message to the email address in the OP. Everything is currently being handled by email, so no social media required.
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shw
Posts: 51
Likes: 90
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Post by shw on Oct 27, 2021 9:15:10 GMT
Hi Wise Experienced forum members.
It's in court tomoz (david) V Moorfields (goliath) heavy hitters,prepared legal case,solicitors,barrister etc al V Lenders (2 week old infant MTAG) + single Lenders.
Now you might say that they have an unfair advantage in the ring but we are not sure everyone sees it that way.
You would think the justice system would want a fair fight,FCA would be supporting Lenders on the front row (to stop Lenders being rinsed further),FOS might be on the 2nd row with full mask on in case a complainant spots them and they get cornered later for not answering complaints.
Well let's see.
Meantime if Lenders not afforded legal fees to stand a chance where would you guys look to get HELP with legal case ?
Any constructive ideas most welcome.Thanks
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Post by mw on Oct 28, 2021 11:26:28 GMT
Meantime if Lenders not afforded legal fees to stand a chance where would you guys look to get HELP with legal case ? I'd ask a legal person with good, rounded, commercial experience to review the circumstances and the papers, explain matters to me, and offer some concrete suggestions as to what I might do to achieve a better outcome than what is being proposed. I suspect the answer might be "not a lot". But I don't know that. I do not expect the exercise of collecting in the debts to be cost free.
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rocky1
Member of DD Central
Posts: 1,119
Likes: 1,940
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Post by rocky1 on Oct 28, 2021 12:48:57 GMT
Hi Wise Experienced forum members. It's in court tomoz (david) V Moorfields (goliath) heavy hitters,prepared legal case,solicitors,barrister etc al V Lenders (2 week old infant MTAG) + single Lenders. Now you might say that they have an unfair advantage in the ring but we are not sure everyone sees it that way. You would think the justice system would want a fair fight,FCA would be supporting Lenders on the front row (to stop Lenders being rinsed further),FOS might be on the 2nd row with full mask on in case a complainant spots them and they get cornered later for not answering complaints. Well let's see. Meantime if Lenders not afforded legal fees to stand a chance where would you guys look to get HELP with legal case ? Any constructive ideas most welcome.Thanks where are MT and MOORFIELDS getting all their costs from? i guess from retained lenders pittance of returns on loans and the rest from any future returns.would they have been any better off the last few months pursuing the loanbook and finishing off some defaulted loans once and for all. instead of hours and hours at our cost drawing up 100s of pages of legal ducking and diving to benefit themselves.maybe the administrators should allow MTAG access to our own funds to pay for this farce where we are paying for everything. win win for MT/MOORFIELDS lenders shafted for even more until they both think it is not worth it any longer and just shut up shop.
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shw
Posts: 51
Likes: 90
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Post by shw on Nov 1, 2021 11:21:24 GMT
Well it seems "like minded" lenders around this case are eager to join the Action Group.
Over 120 Lenders in FB already with new requests waiting to join.
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Post by marcusponds on Nov 1, 2021 12:35:15 GMT
Meantime if Lenders not afforded legal fees to stand a chance where would you guys look to get HELP with legal case ? I'd ask a legal person with good, rounded, commercial experience to review the circumstances and the papers, explain matters to me, and offer some concrete suggestions as to what I might do to achieve a better outcome than what is being proposed. I suspect the answer might be "not a lot". But I don't know that. I do not expect the exercise of collecting in the debts to be cost free. I am no legal expert but I think that if extra costs are incurred in collecting due debts, that cost can be added to the amount owing? The borrower should have to foot the bill which his/her behaviour has caused?
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Post by mw on Nov 1, 2021 16:57:17 GMT
[ I am no legal expert but I think that if extra costs are incurred in collecting due debts, that cost can be added to the amount owing? The borrower should have to foot the bill which his/her behaviour has caused? Does the hypothetical borrower have the resources to foot the bill ? Is there sufficient value in the security given that will be exercised ? Would all the additional MT costs be properly chargeable to the borrower anyway ?
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Post by marcusponds on Nov 2, 2021 14:21:54 GMT
[ I am no legal expert but I think that if extra costs are incurred in collecting due debts, that cost can be added to the amount owing? The borrower should have to foot the bill which his/her behaviour has caused? Does the hypothetical borrower have the resources to foot the bill ? Is there sufficient value in the security given that will be exercised ? Would all the additional MT costs be properly chargeable to the borrower anyway ? Fair points but the are borrowers who can't pay, and those that won't.
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toffeeboy
Member of DD Central
Posts: 504
Likes: 362
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Post by toffeeboy on Nov 2, 2021 15:52:05 GMT
I'd ask a legal person with good, rounded, commercial experience to review the circumstances and the papers, explain matters to me, and offer some concrete suggestions as to what I might do to achieve a better outcome than what is being proposed. I suspect the answer might be "not a lot". But I don't know that. I do not expect the exercise of collecting in the debts to be cost free. I am no legal expert but I think that if extra costs are incurred in collecting due debts, that cost can be added to the amount owing? The borrower should have to foot the bill which his/her behaviour has caused? As far I understand that is the question being asked by the administrator of MT, the administrator of each individual loan that is in admin will already be taking their pound of flesh before lenders see anything. You have to make sure that you don't confuse the two. The administrators of MT want a pound of flesh from any capital repayments as well before we see our own money returned to cover their costs as they administer the website etc... this isn't anything to do with collecting the debts it is distributing the money to the lenders.
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