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Post by westcountry on Apr 2, 2019 11:14:14 GMT
MoneyThing, the last update for this loan on the MT website was nearly three months ago. Please could we have an update on how efforts to recover the outstanding capital & interest are progressing?
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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
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Post by ilmoro on Apr 10, 2019 14:05:48 GMT
Update now on site - not encouraging
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Post by Badly Drawn Stickman on Apr 10, 2019 14:10:03 GMT
Update now on site - not encouraging Are you basing that on the bit that says we will never see any more money returned?
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jester
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Post by jester on Apr 10, 2019 15:01:30 GMT
I'm not naive to the difficulties in returning additional funds once the property itself is sold but ....
This really is quite depressing in the wider P2P context where missing funds can be withdrawn yet aren't worth going after, the PG still isn't worth a dime despite those missing funds.
Doesn't offer much hope for all those Lendy loans where they are chasing the borrowers to make up substantial shortfalls .... at least this one is much easier to live with.
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Post by funkymonkey on Apr 10, 2019 15:17:27 GMT
I'm not naive to the difficulties in returning additional funds once the property itself is sold but .... This really is quite depressing in the wider P2P context where missing funds can be withdrawn yet aren't worth going after, the PG still isn't worth a dime despite those missing funds. Doesn't offer much hope for all those Lendy loans where they are chasing the borrowers to make up substantial shortfalls .... at least this one is much easier to live with. This loan has a relatively high capital recovery to date, therefore the outstanding debt is small in proportion to the original loan amount. If the outstanding debt was higher then the costs of pursuing further may be more worthwhile when looking at the amount to be recovered.
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jlend
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Post by jlend on Jul 17, 2019 20:14:21 GMT
Hi MoneyThingAny chance of a quarterly progress update on this loan? Thanks
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Post by moneyfrr on Jul 18, 2019 16:44:32 GMT
Hi MoneyThing Any chance of a quarterly progress update on this loan? Thanks I agree. An update is now more than overdue
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jlend
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Post by jlend on Oct 8, 2019 6:44:00 GMT
Hi MoneyThingWill you be crystallising the loss this month? Cheers
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derbyfella
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Post by derbyfella on Nov 30, 2019 11:47:14 GMT
Still waiting for a response on this one MT...nearly two months after last post and 4 months after last update on site
should it take this long?
I know there are other things going on that really need to take precedent...but surely this is just a question of crossing t's and dotting i's?
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TitoPuente
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Post by TitoPuente on Apr 16, 2020 7:38:15 GMT
Perhaps this is old news, but I just noticed that this loan was finally written down from my total principal. It has also been labeled as crystallised loss.
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Post by angel19 on Apr 16, 2020 8:28:39 GMT
The update from MT on 19/07/19 said the report from the bankruptcy trustee determined there would be no further recoveries and so the shortfall was crystallised. The platform was updated accordingly.
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SteveT
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Post by SteveT on Apr 16, 2020 9:03:47 GMT
Perhaps this is old news, but I just noticed that this loan was finally written down from my total principal. It has also been labeled as crystallised loss. MoneyThing, just an observation. The crystallisation of this loss on 5th April has created no associated entry in the transactions statement (although I appreciate there's a record of it in My Loans - Crystallised Losses), meaning that anyone who downloads their MT statement regularly to their own account reconciliation spreadsheet will need to input a manual workaround. Whilst it has no impact on one's cash balance, it obviously affects outstanding loan capital. Could such crystallised losses be recorded in the transactions statement as (for example): Date Transaction Type Capital Amount Balance Details05/04/2020 Crystallised Loss £XXX £0.00 £YYY (MTAIR3959) DEFAULT of ******* Prestbury - CRYSTALLISED LOSS
where £XXX is the written-off capital value and Balance remains as per previous entry
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markb
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Post by markb on Apr 16, 2020 14:35:01 GMT
Agreed. I'd overlooked this event too, especially as there was no associated loan update. (The last update was of the form "we'll crystallise the shortfall after we've done some technical work", not "we've done the crystallisation".)
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TitoPuente
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Post by TitoPuente on Apr 16, 2020 19:05:32 GMT
The update from MT on 19/07/19 said the report from the bankruptcy trustee determined there would be no further recoveries and so the shortfall was crystallised. The platform was updated accordingly. Yep. That's what we all already knew. As pointed out by SteveT, there needs to be a proper entry in the ledgers.
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mikeh
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Post by mikeh on Apr 17, 2020 7:05:24 GMT
An earnings statement on the lines of FC's would be nice.
In Moneything's case this could be something like
Interest +Cashback etc +Discount on SM purchases -Discount on SM sales -Write-offs +Recoveries (we can but hope) ------------ =Net earnings
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