shw
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Post by shw on Feb 18, 2021 22:14:59 GMT
Hi Has anyone ever seen a detailed breakdown of where loaned cash was spent by the borrower as part of an administrators audit process before a loan becomes a crystallised loss. Are investors who have to to absorb the losses not entitled to a financial summery detailing where the cash has been spent or is it just another P2P blackhole ? No doubt we are paying service fees somewhere in the final numbers !! I am not sure we can rely,or indeed trust,that the administrators or MT Directors are acting with any transparency or in investors best interest ? Again investors have no voice !!
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adrianc
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Post by adrianc on Feb 19, 2021 8:40:57 GMT
Has anyone ever seen a detailed breakdown of where loaned cash was spent by the borrower as part of an administrators audit process before a loan becomes a crystallised loss. Are investors who have to to absorb the losses not entitled to a financial summery detailing where the cash has been spent or is it just another P2P blackhole ? Would it help? The borrower borrowed the money. The borrower didn't repay the money. The borrower no longer exists. If there's credible suggestion of active malfeasance (rather than simple over-optimism and/or incompetence) in the management of the business, it's not really for the creditors to take action. It would form the basis of a fraud prosecution, and disqualification from future directorships. And bringing that to the attention of the authorities would be the administrators' responsibility.
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shw
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Post by shw on Feb 19, 2021 17:34:17 GMT
Might help to see where our cash was spent otherwise how do you know you might just have a legal case to pursue. Nice to see someone so blazay about P2P losses and not interested in knowing how your money was wasted. What happened to the LTV % on a sound asset ! Are you a P2P director by any chance or just rich ?
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adrianc
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Post by adrianc on Feb 19, 2021 17:44:35 GMT
Might help to see where our cash was spent otherwise how do you know you might just have a legal case to pursue. Nice to see someone so blazay about P2P losses and not interested in knowing how your money was wasted. What happened to the LTV % on a sound asset ! Are you a P2P director by any chance or just rich ? The word is "blasé". The dictionary definition is "unimpressed with or indifferent to something because one has experienced or seen it so often before."We don't have a legal case, because we merely lent money to the borrower. We were not involved in the running of the borrower's business. If you borrow money to buy a car, and get a speeding ticket, do you expect the lender to call the loan in?
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shw
Posts: 51
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Post by shw on Feb 19, 2021 17:56:16 GMT
Predicktive text on the phone but definition good match for you. Speeding ticket no but the car might have some value. Glad I am just rich,maybe like you,and can afford the loss. Should not stop P2P shysters getting away with it before the next great investment idea for beating savings rates hits the market.
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adrianc
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Post by adrianc on Feb 20, 2021 10:06:54 GMT
Predicktive text on the phone but definition good match for you. Speeding ticket no but the car might have some value. Glad I am just rich,maybe like you,and can afford the loss. Should not stop P2P shysters getting away with it before the next great investment idea for beating savings rates hits the market. The definition should be a good match for us all by now. And P2P was always high-risk, hence the high headline returns - so putting more money in than you could afford to lose was always a daft thing to do. You seem to be confusing the "P2P shysters" (by which I presume you mean the platforms) with the borrowers.
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shw
Posts: 51
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Post by shw on Feb 20, 2021 11:28:24 GMT
Both,as methods used to increase additional cash into loans were probably borderline fraud ie.mis information or just lies Let's see how the final chapter of the MT story book ends
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