taffy
Posts: 148
Likes: 359
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Post by taffy on Oct 22, 2021 8:34:21 GMT
Two whole years since F/S entered Administration and no end in sight nor any significant progress so far. Is the FCA still "regulating" this farce or has a registered Circus taken over?
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Post by overthehill on Oct 22, 2021 8:40:40 GMT
Two whole years since F/S entered Administration and no end in sight nor any significant progress so far. Is the FCA still "regulating" this farce or has a registered Circus taken over?
I'm looking forward to the 31oct quarterly updates and the 23oct biannual administration progress report like a turkey looks forward to xmas.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 22, 2021 9:22:26 GMT
One BIG and VERY expensive problem is that the Insolvency Practices taking over these Platforms in Administration have absolutely no idea what they are doing, P2P is completely new to them, so they are learning as they go along.
This is particularly lucrative for them because:-
1/ They can charge more and higher Fees & Costs than usual.
2/ Having learned, at Lenders expense, how P2P "works", they can now go to the insolvency marketplace as "P2P Insolvency Experts."
We are being rinsed.
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shw
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Post by shw on Oct 22, 2021 10:00:09 GMT
Wow hope us Lenders in Moneything Action Group MTAG don't get to celebrate 2 years of Moorfields Administration & ex MT Directors fees !!
We still don't understand how Moorfields, employed to wind up the 2 MT companies and their creditors, can legitimately be involved in Loanbook default recoveries !
I recall they are already employed in some borrower's loans recovery as Administrators prior to MT Administration.
Sounds like a massive CONFLICT OF INTEREST on so many fronts.
Come on FCA get your head out of the sand and show some teeth.
Total disgrace.
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shw
Posts: 51
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Post by shw on Oct 23, 2021 9:40:27 GMT
Ozboy guday mate.
R u trying to wind me up like a "coiled spring".
Yes lived nr Melbourne for 2 years,loved listening to MP's having a shot at each other,our lot here would have a melt down if flowery Oz lingo was used,Lords would have heart attacks.
P2P is the wild west,a total F Up on many fronts,car crashes everywhere.
MTAG are having a go but these IP's are a law for themselves and their deep greedy pockets no better than the Borrower's who flushed our cash down the drain as we Lenders have no f****n idea where it's gone and nobody is telling us - none of our business supposedly.In Oz they would send the boys in for a friendly chat.
We cannot get on a equal footing with Administrators,there Lawyer fees are paid for,we are left sucking the dummy.
It's like a feeding frenzy for them.As many have said
we are being right royaly rinsed.What century are we in.
Give me life down under anytime !
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merlin99
Member of DD Central
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Post by merlin99 on Oct 23, 2021 10:58:15 GMT
Down under the word is "rinsed" but here there is a different phrase - "in the grinder". That is a term very familiar to insolvency practises and receivers I believe.
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duck
Member of DD Central
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Post by duck on Oct 23, 2021 12:41:16 GMT
Wow hope us Lenders in Moneything Action Group MTAG don't get to celebrate 2 years of Moorfields Administration & ex MT Directors fees !! .... ... or even Collateral at 3 years 6 months. 
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Post by df on Oct 23, 2021 21:12:16 GMT
Wow hope us Lenders in Moneything Action Group MTAG don't get to celebrate 2 years of Moorfields Administration & ex MT Directors fees !! .... ... or even Collateral at 3 years 6 months. I'm sure we'll be celebrating the forth anniversary next year and probably more anniversaries to come  .
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adrian77
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Post by adrian77 on Oct 24, 2021 14:21:41 GMT
Surely all what is left now is mainly rubbish loans that are going to realise damn all and after fees even less - personally I wonder just how little is going to be returned to us.
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duck
Member of DD Central
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Post by duck on Oct 24, 2021 15:49:37 GMT
Surely all what is left now is mainly rubbish loans that are going to realise damn all and after fees even less - personally I wonder just how little is going to be returned to us. True, one loan in particular has 'legal issues' that will cost to sort. The problem as I see it is that these loans will have to be cleared and the fees will then be smeared across the loan book so that even where a loan repaid or was settled quickly the amount available to investors will be a small % of what was realised.
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Post by overthehill on Oct 24, 2021 17:50:05 GMT
Surely all what is left now is mainly rubbish loans that are going to realise damn all and after fees even less - personally I wonder just how little is going to be returned to us. True, one loan in particular has 'legal issues' that will cost to sort. The problem as I see it is that these loans will have to be cleared and the fees will then be smeared across the loan book so that even where a loan repaid or was settled quickly the amount available to investors will be a small % of what was realised. As I've said before if the administrators or the courts allow creditors and directors to get their sticky hands on investors' money lent to borrowers which is meant to be ring-fenced then the P2P industry is dead from that point on. Administrator and receiver charges are hard enough to stomach but it seems that some poeple are talking about using capital invested in one loan in an arbitrary and adhoc way to settle other loans.
With P2P you haven't given your money to the company to possibly lose in some opaque deal and become a creditor. The money always belongs to the client, cash or lent out, and the contract is with the borrower. If that basic premise is overturned in a court case then I'll be getting out of every P2P company and calling it a day because it could and probably will happen again, even good companies go bad and directors start helping themselves. It's harder to get away with that in the courts when the money legally belongs to the client rather than a company who just invested it poorly or redirected it to one of these paper companies who 'folded' 3 weeks later.
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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: 10,845
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Post by ilmoro on Oct 24, 2021 18:43:51 GMT
True, one loan in particular has 'legal issues' that will cost to sort. The problem as I see it is that these loans will have to be cleared and the fees will then be smeared across the loan book so that even where a loan repaid or was settled quickly the amount available to investors will be a small % of what was realised. As I've said before if the administrators or the courts allow creditors and directors to get their sticky hands on investors' money lent to borrowers which is meant to be ring-fenced then the P2P industry is dead from that point on. Administrator and receiver charges are hard enough to stomach but it seems that some poeple are talking about using capital invested in one loan in an arbitrary and adhoc way to settle other loans.
With P2P you haven't given your money to the company to possibly lose in some opaque deal and become a creditor. The money always belongs to the client, cash or lent out, and the contract is with the borrower. If that basic premise is overturned in a court case then I'll be getting out of every P2P company and calling it a day because it could and probably will happen again, even good companies go bad and directors start helping themselves. It's harder to get away with that when the money legally belongs to the client rather than a company who just invested it poorly.
RIP P2P as the courts certainly do allow trust assets to be used to pay administrators. It's called a Berkeley Applegate order. It's on the agenda at both Lendy & Moneything if an alternative solution to the fee issue can't be found
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11025
Member of DD Central
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Post by 11025 on Oct 24, 2021 19:37:42 GMT
Tis a great pity this legal fly in the ointment was never thought of when P2P was being pushed as a great new innovation some years ago.
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squid
Member of DD Central
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Post by squid on Oct 24, 2021 20:09:28 GMT
And where was the FCA warning of this as a potential major risk with P2P?
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Post by df on Oct 24, 2021 22:34:16 GMT
Surely all what is left now is mainly rubbish loans that are going to realise damn all and after fees even less - personally I wonder just how little is going to be returned to us. The outcome will depend on the individual loan portfolio, but I think at this point nobody should expect any further significant returns from FS.
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