michaelc
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Post by michaelc on Dec 31, 2018 16:23:51 GMT
I never thought I'd say this, but if this action goes anywhere or at least reaches a conclusion (instead of endless can kicking like many other sites) I _might_ consider investing in future loans on the platform.
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bababill
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Post by bababill on Jan 31, 2019 1:18:29 GMT
There seems to be some anomalies which I don't recall reading about before.
"BPF keep a 5% holding of the loan value in all BPF loans offered on the MoneyThing platform. Their holding is on a first loss basis. Broadoak's investment (note word is investment not investments) will be subordinated behind both tranche A and tranche B." yet on the initial recovery statement the following deduction was made prior to payout Broakoak 5% First Loss (Tranche A) £60,997
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liso
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Post by liso on Jan 31, 2019 8:37:02 GMT
There seems to be some anomalies which I don't recall reading about before. "BPF keep a 5% holding of the loan value in all BPF loans offered on the MoneyThing platform. Their holding is on a first loss basis. Broadoak's investment (note word is investment not investments) will be subordinated behind both tranche A and tranche B." yet on the initial recovery statement the following deduction was made prior to payout Broakoak 5% First Loss (Tranche A) £60,997 Very well spotted bababill Can you clarify please? MoneyThing
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SteveT
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Post by SteveT on Jan 31, 2019 9:11:37 GMT
There seems to be some anomalies which I don't recall reading about before. "BPF keep a 5% holding of the loan value in all BPF loans offered on the MoneyThing platform. Their holding is on a first loss basis. Broadoak's investment (note word is investment not investments) will be subordinated behind both tranche A and tranche B." yet on the initial recovery statement the following deduction was made prior to payout Broakoak 5% First Loss (Tranche A) £60,997 Take a look at the "Initial recovery statement" (4/9/18). Of the net £856,392 available for distribution to MT lenders, 0% of it went to Broadoak (ie. their first-loss stake received nothing) and so 100% of it went to the other (non-Broadoak) MT lenders. The £60,997 figure is not a deduction, it's simply the value of Broadoak's Tranche A holding. The only reason the £60,997 figure is quoted is to calculate the % Capital Recovery for the non-Broadoak MT lenders (which was 73.9% for those holding Tranche A)
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johni
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Post by johni on Jan 31, 2019 9:19:55 GMT
There seems to be some anomalies which I don't recall reading about before. "BPF keep a 5% holding of the loan value in all BPF loans offered on the MoneyThing platform. Their holding is on a first loss basis. Broadoak's investment (note word is investment not investments) will be subordinated behind both tranche A and tranche B." yet on the initial recovery statement the following deduction was made prior to payout Broakoak 5% First Loss (Tranche A) £60,997 If you look at the pay out after Broadoaks 5% divide that figure by 73.9% this equals almost the amount paid to us (£1158941 ÷ 73.9% = £856457) . I have divided my loan amont by 73,9% and this is the figure i have been paid
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Nomad
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Post by Nomad on Mar 2, 2019 16:30:20 GMT
It's six months on Monday since the "distribution of funds". There have been just 3 brief holding updates in the past half year. Is there still nothing to report, MoneyThing ??
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Apr 1, 2019 22:06:05 GMT
Moneything.... Can you please outline the process you intend to follow to allow lenders who now have defaults to try to claim loss relief. Do you intend to report ant default loses for 2018/19?
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hazellend
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Post by hazellend on Apr 2, 2019 5:07:42 GMT
Moneything.... Can you please outline the process you intend to follow to allow lenders who now have defaults to try to claim loss relief. Do you intend to report ant default loses for 2018/19? I’d rather not know
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johni
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Post by johni on Apr 2, 2019 6:21:25 GMT
Moneything.... Can you please outline the process you intend to follow to allow lenders who now have defaults to try to claim loss relief. Do you intend to report ant default loses for 2018/19? If you look under account tab run a 2018-19 tax statement defaults are already showing as well as recoveries from last year.
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archie
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Post by archie on Apr 2, 2019 6:23:39 GMT
Default and recovery amounts are on the tax statements. It could easily be improved by adding a second page with a breakdown of the figures. Crossed with johni
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ganymede
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Post by ganymede on Apr 2, 2019 9:50:36 GMT
Moneything.... Can you please outline the process you intend to follow to allow lenders who now have defaults to try to claim loss relief. Do you intend to report ant default loses for 2018/19? I already claimed in my 2017/18 SA return. I will have more in 2018/19, less those recoveries that have been made.
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liso
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Post by liso on May 2, 2019 7:06:48 GMT
In September 2018 lenders received a partial recovery payment and since then no further information - there has been no update from MT except "we will tell you when there is something to tell you". We are now eight months on and a substantive update is well overdue IMO. Why have we not had one? Is there no progress on the recovery and if not, why not? Update please MoneyThing
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averageguy
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Post by averageguy on May 2, 2019 9:13:16 GMT
In September 2018 lenders received a partial recovery payment and since then no further information - there has been no update from MT except "we will tell you when there is something to tell you". We are now eight months on and a substantive update is well overdue IMO. Why have we not had one? Is there no progress on the recovery and if not, why not? Update please MoneyThing Would be nice to have one MT
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sj
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Post by sj on May 7, 2019 23:59:29 GMT
+1
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Nomad
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Post by Nomad on May 10, 2019 14:15:51 GMT
In September 2018 lenders received a partial recovery payment and since then no further information - there has been no update from MT except "we will tell you when there is something to tell you". We are now eight months on and a substantive update is well overdue IMO. Why have we not had one? Is there no progress on the recovery and if not, why not? Update please MoneyThing I emailed them 3 days ago about this - no response...
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