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Post by karloshi on Oct 21, 2016 14:04:14 GMT
If you actually read Ed's mail you will read that HMRC have issued proceedings for money that has already been paid. This is actually the third time this year that HMRC have issued a winding up petition against the club. The previous 2 were dismissed within weeks and there's no apparent reason this one won't go the same way. "payment was only a few days late" according to the directors Maybe the lesson is to pay on time. I prefer to lend my money to people who will pay it back on time.
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stevio
Member of DD Central
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Post by stevio on Oct 21, 2016 14:07:51 GMT
This half has been a bit taxing,
Ed has blown the whistle for half time,
whats the manager doing? he doesn't seem to be using his assets wisely,
the fans are not happy and are actually leaving the stadium in protest, will they return?,
lets see what the second half brings Jimmy !
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hazellend
Member of DD Central
Posts: 2,363
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Post by hazellend on Oct 21, 2016 14:14:27 GMT
It'll be good if this sticks at first charge 10% LTV.
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Post by thehatchet on Oct 21, 2016 14:15:12 GMT
If you actually read Ed's mail you will read that HMRC have issued proceedings for money that has already been paid. This is actually the third time this year that HMRC have issued a winding up petition against the club. The previous 2 were dismissed within weeks and there's no apparent reason this one won't go the same way. I guess it depends how much confidence you have in management.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
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Post by Investboy on Oct 21, 2016 14:27:14 GMT
It'll be good if this sticks at firsf charge 10% LTV. I'll sleep well tonight because of that...
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Post by Deleted on Oct 21, 2016 14:43:24 GMT
You do have to ask what sort of half-@@@@ company has an FD who doesn't pay HMRC when the money is due? Constantly being sent winding up notices to pay when money is due is like a message "pay me what you owe me when you owe me".
I have already reduced my lending to some of the other deals associated with guy and may well do so again.
Kudos for Ed for communicating so well but...
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boundah
Member of DD Central
Posts: 368
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Post by boundah on Oct 21, 2016 14:45:26 GMT
OK, day 2 of investing with MT and already I'm scared  I understand historical default rates are vanishingly low which is one reason I've started moving some funds here from other P2P lenders... but having read back through some of the posts about this loan I'm wondering just how thorough the DD was? A football club losing more and more money each year, frequently failing to make HMRC payments (or at least submit returns) on time... I accept all loans carry some risk but this one seems well dodgy. Can anyone reassure me?  |
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Post by Deleted on Oct 21, 2016 14:55:08 GMT
boundah, I'd not worry, Ed is pretty good with his detail and most if not all look good in the detail as well as the general. This one... hasn't broken my confidence.
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Post by Financial Thing on Oct 21, 2016 14:56:12 GMT
Firstly, we are being paid 12% to take risks. Things like this are inevitable. But I do agree, DD was lacking on this.
But if the borrower can't pay the taxman on time, how far down the list will his debt and loan obligations fall? Businessmen like this know they can push the boundaries on debt obligations and the borrower knows that a p2p lender isn't going to default on day one of a late payment. Having said that, late payments will affect future borrowing possibilities so it would be in the borrowers best interest to keep loans current.
What I really appreciate is Moneything's transparency.
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keystone
Member of DD Central
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Post by keystone on Oct 21, 2016 15:02:09 GMT
What email is everyone referring to? Has MT sent an email about this HMRC notice? I haven't received any email from MT, is it only being sent to lenders because that could tempt some investors who do not know into buying on the SM without the full facts.
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Post by Deleted on Oct 21, 2016 15:05:06 GMT
Lots of buyers out there still.
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carolus
Member of DD Central
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Post by carolus on Oct 21, 2016 15:06:21 GMT
What email is everyone referring to? Has MT sent an email about this HMRC notice? I haven't received any email from MT, is it only being sent to lenders because that could tempt some investors who do not know into buying on the SM without the full facts. I'm not invested in this loan and I received an email at about 14:30 with the title "Football Club Loan - POSTPONEMENT", which described the reasons for the postponement of further tranches. I notice the loan page has also been updated with the same information.
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archie
Posts: 1,866
Likes: 1,861
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Post by archie on Oct 21, 2016 15:09:10 GMT
What email is everyone referring to? Has MT sent an email about this HMRC notice? I haven't received any email from MT, is it only being sent to lenders because that could tempt some investors who do not know into buying on the SM without the full facts. 'Football club loan -POSTPONEMENT' sent 14:29. You should have that and 'Birkenhead Residential Development Loan - 2nd Advance' sent 16:02.
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am
Posts: 1,495
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Post by am on Oct 21, 2016 15:16:58 GMT
As I see it there are two possibilities
1) The football club needs a better finance department
2) The football club has been short of working capital, and has had difficulty scraping together the ready cash to pay (I presume) NI.
In the latter case the MT loan is partially earmarked for working capital (it's also to provide seed capital for a proposed move to a new stadium and the release of value in the current stadium site). So that should solve the problem of paying HMRC in the short term, and we're back to the previous position where what was important were the feasibility of the exit strategy, the value of the security, and the sustainability of the business. (There were comments (in the VR, IIRC) about forthcoming sponsorship deals, which should improve cash flow.)
I would have thought that the 1st tranche would have been used to avoid the latest petition, but perhaps it was just too late to get the payment through the systems in time.
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seeingred
Member of DD Central
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Post by seeingred on Oct 21, 2016 15:21:11 GMT
Another (major) P2P platform has just reduced its target rates, the highest they aim for is now 6.3%, in an account with no 'provision' fund. And if you want easy access it's down at 3.1%.
In a few weeks/months 12% may seem like a dream come true.
Lots of sellers, but equally buyers so fluctuating between 70,000 and 80,000 for sale.
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