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Post by Badly Drawn Stickman on Dec 1, 2017 20:42:26 GMT
23k already for sale. It seems TC investors were ahead of the game on this. Seems to be plenty buying as well, having said that I have sold mine. I have a good collection of poor paying loans already, think I will sit on the fence (and my money) until it sorts itself out.
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markb
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Post by markb on Dec 1, 2017 21:51:04 GMT
23k already for sale. It seems TC investors were ahead of the game on this. It was still at 0 availability shortly after MT posted their update today; I think that the sale queue is result of that only. Investors spooked by the TC update would have tried to sell on Wed.
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dermot
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Post by dermot on Dec 1, 2017 23:39:08 GMT
About £32K for sale now. At least £20K already gone, including the few hundred I had left after shifting more of it earlier in the week.
Shame, as it was a nice long loan, but having funds stuck in all of the recently defaulted/suspended loans on MT, decided to bail out of this one while the going was good.
Besides, there are boys toys for Christmas tugging at my wallet.
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elliotn
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Post by elliotn on Dec 2, 2017 7:06:15 GMT
If MT were not as confident about this borrower/security there is a chance that the second month of non-payment could have taken this loan directly to Default without any previous indication that it was a non-performing loan.
The lack of transparency regarding missed payments means MT runs at about half my other platforms which have clear RAG payment or remaining interest data.
Edit - as MT prefer loans to be serviced monthly instead of by retained interest to protect the LTV, no income information on debt servicing cover (with regular covenant updates) is another key omission for this MO.
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sussexlender
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Post by sussexlender on Dec 5, 2017 19:53:12 GMT
Have just noticed that the interest due on this loan was credited to accounts on 2nd December - so there are no longer any arrears.
Perhaps MT should add this to the Support page as it is good news.
best wishes, to all investors, SXLR
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Post by mrclondon on Dec 5, 2017 20:06:08 GMT
Have just noticed that the interest due on this loan was credited to accounts on 2nd December - so there are no longer any arrears. Perhaps MT should add this to the Support page as it is good news. best wishes, to all investors, SXLR Problem is, we have no way of knowing whether MT funded this themselves (as they tend to do on non-defaulted loans that are in arrears) or whether it came from the borrower. In the absence of a positive confirmation from MT that the arrears have been cleared by the borrower, I'd assume it was funded by MT themselves. Potential SM purchasers should perhaps contact MT directly to establish the current position.
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elliotn
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Post by elliotn on Dec 6, 2017 7:22:58 GMT
Have just noticed that the interest due on this loan was credited to accounts on 2nd December - so there are no longer any arrears. Perhaps MT should add this to the Support page as it is good news. best wishes, to all investors, SXLR Problem is, we have no way of knowing whether MT funded this themselves (as they tend to do on non-defaulted loans that are in arrears) or whether it came from the borrower. In the absence of a positive confirmation from MT that the arrears have been cleared by the borrower, I'd assume it was funded by MT themselves. Potential SM purchasers should perhaps contact MT directly to establish the current position. Agreed. Since MoneyThing 's preferred model is servicing by borrower (or even the platform) a Repayments' tab is essential for investor transparency - we certainly should not find out from another platform first that our loan is in default - once The Shuang has finished his ISA magic, of course.
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jlend
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Post by jlend on Dec 6, 2017 8:44:57 GMT
Definitely one to keep an eye on given this loan and the cottage are both with the same overall borrower so clearly the group company as a whole is struggling with their cash flow.
I do wonder what other debts the group has outside of MT and TC that are now falling into arrears or may do in the near future.
You would hope all creditors are being treated equally by the group at this time. It feels surprising that they are not able to provide even a portion of the interest on both these loans unless i have misread the update.
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Post by spareapennyor2 on Dec 9, 2017 11:08:09 GMT
update on site funds due monday
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ilmoro
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'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 Dec 9, 2017 11:55:42 GMT
update on site funds due monday funds to cover interest arrears to be precise. Has cleared the SM anyway
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jlend
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Post by jlend on Dec 9, 2017 12:43:43 GMT
Difficult question to answer but be good to get an insight into how long the new cash the borower has might last before they have a cash flow challenge again. Or whether they think this is a one off issue.
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elliotn
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Post by elliotn on Dec 9, 2017 13:43:33 GMT
Difficult question to answer but be good to get an insight into how long the new cash the borower has might last before they have a cash flow challenge again. Or whether they think this is a one off issue. I think MrCL said they had 7 or 8 loans in a similar situation on another platform, hopefully someone could confirm if ongoing funds are now expected as loan term is quite long (and repayments opaque).
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sussexlender
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Post by sussexlender on Dec 9, 2017 22:13:43 GMT
I have had confirmation from MT that they covered the interest payment made on 02.12.2017.
Many thanks to those who replied to my post.
Best wishes, SXLR
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Post by GSV3MIaC on Dec 10, 2017 9:17:11 GMT
I have had confirmation from MT that they covered the interest payment made on 02.12.2017.
Many thanks to those who replied to my post.
Best wishes, SXLR Ambiguous use of "they" in first sentence .. is that 'they, MT' or 'they, the borrower' ?
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sussexlender
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Post by sussexlender on Dec 10, 2017 12:46:41 GMT
It was paid by MT.
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