archie
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Post by archie on May 15, 2018 17:32:40 GMT
Timescales and predicted outcomes only lead to disappointment.
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Carter
Member of DD Central
Posts: 250
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Post by Carter on May 15, 2018 18:13:46 GMT
Listen pal, you need to tone it down. If you want anything close to a definitive answer to such questions you need to direct them to the platform. EDIT: directed to thegrumbler of course. Hi, this is a public forum. MoneyThing has responded multiple times and it is in any case reading it. So, it is a very good way to ask very legitimate questions like mine. If you are directing a question specifically to MT then you should tag them. You will stand a better chance of a response from them this way. However given their policy to providing updates on a public forum it's unlikely they will provide any detail here but may provide an update if they have one on their platform. As per the response from copacetic, who you owe an apology to for the way you addressed him, it may take a little time to complete the steps listed in MT'S last update.
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Post by funkymonkey on Jun 14, 2018 10:52:57 GMT
About 40 days now gone from the partial payment and no updates/answers. Can the MT team dedicate some energy to this loan too? You mean apart from the update they posted yesterday?
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Post by SophieThing on Jun 14, 2018 12:43:45 GMT
You are of course entitled to your opinion thegrumbler. I disagree with your assessment that the administrator is expensive. The rates agreed are market competitive. The administration in this case involved taking over a failing hotel and running it for several months. If we had not done that, we would not have been able to secure the eventual sale which required the hotel to be operating as a going concern. Whenever we appoint or reach a decision point on whether or not to incur costs for the proposed actions by legal firms or administrators, we always consider the impact on net proceeds to lenders. We have not and will not blindly increase costs. In fact on a different case we were about to ask lenders to vote on whether or not to take further action, but in the end we were able to secure a deal that allowed us to proceed with further action without any underwritten fees (so only potential upside for lenders). We're acting in lender's interests on all the recoveries and that includes managing costs appropriately. Kind regards Sophie
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jun 14, 2018 13:05:45 GMT
You mean apart from the update they posted yesterday? Thank you for highlighting it! Yesterday morning I must have read a pack of at least 20 updates and it was not there! At least the very expensive target-failing administrator has now been able to set a date for its finalisatio of account to the 4th September 2018! Look, thegrumbler , I know everyone is entitled to their opinion etc etc, and I presume by the nature of your platform name you are a "glass empty" kind of guy, but is there any chance that you could sometimes balance your incessant gripes with the odd outbreak of positivity? This forum used to be a useful exchange of information, informed views and yes, even a little bit of humour; it was not JUST a place to complain, moan and snipe at every opportunity. Don't get me wrong, I've vented my spleen on occasions and undoubtedly some platform behaviour/performance deserves it from time to time. But does it have to be ALL OF THE TIME?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jun 14, 2018 17:14:24 GMT
I'll take that as a polite "**** off" then
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jun 14, 2018 17:25:49 GMT
Sophie, I am annoyed that you took your valuable time to answer the Grumbler's initial email. I would rather you and Ed took the time to run your business without feeling the need to provide therapy to those people who use this forum as a place to vent or make snide 'smart alec' comments.
I certainly feel people are entitled to vent if this makes them feel better when faced with negative situations, and if this forum provides an avenue to do this, then great. However I hope in future you do not give such vents the oxygen of a response, even if they include questions, as this will be a futile pursuit. I can assure you that forum readers recognise vents, and understand what they are.
I know you feel interaction via this forum is good for your business, and that is obviously your right, however the message above shows whatever you write, or how you interact, some people are not going to be happy. As I wrote above I would prefer Moneything's efforts and limited resources were not wasted engaging with people who are never happy.
For me, and this is a very personal and obviously subjective view, if you and Ed did not ever post to this forum again, but continue to issue loan updates via the Moneything site, I would continue to be happy.
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Post by funkymonkey on Jun 14, 2018 18:09:08 GMT
You are of course entitled to your opinion thegrumbler . I disagree with your assessment that the administrator is expensive. The rates agreed are market competitive. The administration in this case involved taking over a failing hotel and running it for several months. If we had not done that, we would not have been able to secure the eventual sale which required the hotel to be operating as a going concern. Whenever we appoint or reach a decision point on whether or not to incur costs for the proposed actions by legal firms or administrators, we always consider the impact on net proceeds to lenders. We have not and will not blindly increase costs. In fact on a different case we were about to ask lenders to vote on whether or not to take further action, but in the end we were able to secure a deal that allowed us to proceed with further action without any underwritten fees (so only potential upside for lenders). We're acting in lender's interests on all the recoveries and that includes managing costs appropriately. Kind regards Sophie Sophie, the projected costs (over 200k GBP) for someone tasked to work 9 months to recover 2 million pounds out of a security worth 3.1 Million pounds are astonishing to me. And given the bill comes to me definitely more than MT (which has taken off even their own legal costs out of lenders' money), you will certainly agree I am entitled to my comments much more than MT itself (MT pays ZERO of this bill). I might have been accepting it with no complaints if the administrator achieved the only goal he was tasked with, i.e. recover in full what was due to lenders. But he failed (for the moment and as far as we know). And lenders are loosing money CERTAINLY due to MT directly chosen consultants (either the evaluator or the administrator are definitely guilty here as the market is still pretty stable or even slightly growing). I see that the effort the MT team is putting is appreciable. But the team is not capable of judging situations where a request of a reduction in the huge profits you concede to the administrator (not many gain so much for such a limited effort) is needed, then I am not at all satisfied with the effort you put. You are basically pretending me (and many other lenders) to renounce to 100% of the profits of the whole year in all their investments with MT (this is my case) to pay a fat salary to an administrator who did NOT achieve the only target he had. The results were actually poor compared to the valuation MT proposed to the potential lenders (on which we have to base our lending decisions). This is to me extraordinarily duff from a business perspective, as is being happy with 'market rates' when the sale targets failed and clearly the buyer decided on its price, so the administrator failed even in the negotiation... I personally would negotiate (or renegotiate if necessary) the administrator salaries based on results and fight to achieve at very very very least 100% of the capital back with sacrifices from all parts (and not just lenders). Until I see concrete signs of that fight, my money will go on one single direction, which is out of this platform. As we have not got to the final figure of what has been recovered by the administrator and MT then how do we know how effective their recovery efforts have been. Also, if you know of an administrator who would charge less, and get a better return in less time then why not let us know? I'm sure that MT, as well as everyone else here, would be delighted if you were to bring such information for everyone's benefit. In the meantime I'm happy with the results to date, and await the next update, when there is something worth updating us with.
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copacetic
Member of DD Central
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Post by copacetic on Jun 14, 2018 19:29:18 GMT
I think this forum would benefit from some sort of downvoting system in addition to upvotes. If a particular post gets enough downvotes it gets hidden, and if a particular user gets consistently downrated then all their posts are automatically hidden and don't bump threads. Might stem the flow of useless information and leave the informative, intelligent and humorous posts more visible.
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goofy115
Member of DD Central
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Post by goofy115 on Jun 14, 2018 19:35:57 GMT
I think this forum would benefit from some sort of downvoting system in addition to upvotes. If a particular post gets enough downvotes it gets hidden, and if a particular user gets consistently downrated then all their posts are automatically hidden and don't bump threads. Might stem the flow of useless information and leave the informative, intelligent and humorous posts more visible. If you wish you can block certain members posts.Go to the members section on the home page, search for the member you wish to block,click on the tools icon and select block members posts.
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Post by Deleted on Jun 14, 2018 19:39:56 GMT
Of course defaults are unpleasant, but in lending of this nature they are unavoidable, and MoneyThing are empowered to act as our agents in this matter.
And so far, the way MoneyThing has handled these defaults, along with issues like transparent communication, the operational side of things etc, has been nothing short of exemplary. They are way, way ahead of the competition on these issues in my opinion.
Honestly, the ridiculous complaints on here after such a high recovery on a defaulted loan are nothing short of astonishing. MoneyThings patient and prudent approach to this particular recovery has yielded an excellent outcome for lenders given the circumstances.
After the absolute fiascos on daily display on some of the other platforms, MoneyThings approach really is a breath of fresh air.
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Carter
Member of DD Central
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Post by Carter on Jun 14, 2018 19:42:01 GMT
..... Some of you don't understand at all the level of engagement and effort some lenders like me seek for their money (probably because it was much more difficult to earn them than yours). ..... My sympathies thegrumbler I didn't realise you had to earn your money the hard way. Hopefully your doctor has been able to prescribe a soothing ointment.
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hazellend
Member of DD Central
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Post by hazellend on Jun 14, 2018 21:05:35 GMT
Give it a rest lol
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Post by Deleted on Jun 14, 2018 21:12:12 GMT
thegrumbler, if a circa 90% recovery, close to 100% with earned interest, on a high-risk double-digit interest loan causes you this much stress, then I humbly suggest you are way beyond your risk threshold and need to rethink your investment priorities or diversification levels Personally, yes, if every default I suffered on high-risk lending had this level of recovery, then I would be absolutely ecstatic. Like it or not, this is high-risk lending. Defaults will happen. The risks were clearly spelled out. Thankfully, MoneyThing understood them even if you didn't, and took prudent action to maintain the asset value to protect as much of lenders capital as possible.
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Carter
Member of DD Central
Posts: 250
Likes: 549
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Post by Carter on Jun 14, 2018 21:12:36 GMT
Give it a rest lol Hey buddy, don't stop the guy who's single handedly driving improvements across the P2P industry. Jeez, I can't wait till he opens his own shop so he can show all these amateurs how its done. This guy knows his stuff and doesn't mind who he tells, repetitively. He's a diamond and we're lucky to have him.
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