sapphire
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Post by sapphire on Jul 30, 2019 8:26:08 GMT
bugs4me Whilst a platform may have legal rights to enter into settlement agreements with borrowers without consulting with or obtaining the consent of its lenders, I don't think it is appropriate (and potentially illegal?) to use these rights bolstered with a cloak of confidentiality to protect itself or its agents from errors or omissions on their part which may have resulted in a loss to its lenders. Agents (platforms) are given rights by principals (lenders) in good faith, to be used in the best interests of the latter and so these are expected to be used as such. In the long run it is in the best interests of everyone that these rights are used in a manner that builds trust and confidence rather than engenders doubt and suspicion. Truth has a tendency to emerge eventually, so time will probably tell..... Edit: Typo corrected. I meant "...resulted in a loss to its lenders".
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keystone
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Post by keystone on Jul 30, 2019 10:05:33 GMT
bugs4me Whilst a platform may have legal rights to enter into settlement agreements with borrowers without consulting with or obtaining the consent of its lenders, I don't think it is appropriate (and potentially illegal?) to use these rights bolstered with a cloak of confidentiality to protect itself or its agents from errors or omissions on their part which may have resulted in a loss to its borrowers. Agents (platforms) are given rights by principals (lenders) in good faith, to be used in the best interests of the latter and so these are expected to be used as such. In the long run it is in the best interests of everyone that these rights are used in a manner that builds trust and confidence rather than engenders doubt and suspicion. Truth has a tendency to emerge eventually, so time will probably tell..... But how will anyone ever know if those rights have been used to cover up errors or omissions. The FCA as we all know does FA, the platform isn't going to admit to errors or omissions if they have just gone to the trouble of making a NDA, and the borrower has just got away with reneging on their contract with an interest free loan, their not going to want to have everything looked at and potentially have to cough up more. The investors have been kept in the dark and will continue to be thanks to NDA's.
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bugs4me
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Post by bugs4me on Jul 30, 2019 10:14:03 GMT
bugs4me Whilst a platform may have legal rights to enter into settlement agreements with borrowers without consulting with or obtaining the consent of its lenders, I don't think it is appropriate (and potentially illegal?) to use these rights bolstered with a cloak of confidentiality to protect itself or its agents from errors or omissions on their part which may have resulted in a loss to its borrowers. Agents (platforms) are given rights by principals (lenders) in good faith, to be used in the best interests of the latter and so these are expected to be used as such. In the long run it is in the best interests of everyone that these rights are used in a manner that builds trust and confidence rather than engenders doubt and suspicion. Truth has a tendency to emerge eventually, so time will probably tell..... Couldn't agree more - assume you mean 'loss to it's lenders' and not borrowers.
Nonetheless it appears more and more platforms are attempting to exclude themselves from any liability, however caused. This is resulting in my view to a slow deterioration in the relationship between platforms and lenders. Whilst losses are an acceptable fact of P2P investing, the cavalier attitude shown by many platforms towards lenders is unacceptable.
Many lenders, well myself anyway, have given up on P2P. I have though like many several zombie loans and who knows when they will be resolved. Obtaining any meaningful information from the platforms is impossible - radio silence and all that. More than a couple of those 'zombies' have been caused by incompetence on the part of the platforms concerned. But covering up those glaring errors on their part - well the platforms do seem to go to extreme lengths to do so.
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Post by queenvictoria on Jul 30, 2019 10:24:12 GMT
bugs4me Whilst a platform may have legal rights to enter into settlement agreements with borrowers without consulting with or obtaining the consent of its lenders, I don't think it is appropriate (and potentially illegal?) to use these rights bolstered with a cloak of confidentiality to protect itself or its agents from errors or omissions on their part which may have resulted in a loss to its borrowers. Agents (platforms) are given rights by principals (lenders) in good faith, to be used in the best interests of the latter and so these are expected to be used as such. In the long run it is in the best interests of everyone that these rights are used in a manner that builds trust and confidence rather than engenders doubt and suspicion. Truth has a tendency to emerge eventually, so time will probably tell..... Couldn't agree more - assume you mean 'loss to it's lenders' and not borrowers.
Nonetheless it appears more and more platforms are attempting to exclude themselves from any liability, however caused. This is resulting in my view to a slow deterioration in the relationship between platforms and lenders. Whilst losses are an acceptable fact of P2P investing, the cavalier attitude shown by many platforms towards lenders is unacceptable.
Many lenders, well myself anyway, have given up on P2P. I have though like many several zombie loans and who knows when they will be resolved. Obtaining any meaningful information from the platforms is impossible - radio silence and all that. More than a couple of those 'zombies' have been caused by incompetence on the part of the platforms concerned. But covering up those glaring errors on their part - well the platforms do seem to go to extreme lengths to do so.
I really think this one is a potential game changer for MT. Contrast this with platforms such as Assetz who ask lender to vote on any settlements offered by borrowers and, of course, have to provide proper information to allow lenders to make their choice. I feel sure that MT will provide a fuller explanation of why they negotiated this settlement in due course. I am sure there will be plenty they can say without breaching any non-disclosure agreement. If the NDA provides for a complete radio silence then MT are due heavy criticism for agreeing such conditions.
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sapphire
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Post by sapphire on Jul 30, 2019 10:38:17 GMT
bugs4me Yes indeed, I meant loss to it's lenders. Apologies for the typo, now corrected.
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SteveT
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Post by SteveT on Jul 30, 2019 10:47:16 GMT
But how will anyone ever know if those rights have been used to cover up errors or omissions. The FCA as we all know does FA, the platform isn't going to admit to errors or omissions if they have just gone to the trouble of making a NDA, and the borrower has just got away with reneging on their contract with an interest free loan, their not going to want to have everything looked at and potentially have to cough up more. The investors have been kept in the dark and will continue to be thanks to NDA's. Huh? Did you not receive the 18 months or so of interest payments already made? And where does it say that lenders will receive no further interest (on top of their capital in full). All we've been warned is that repayment may fall short of "interest in full" once legal costs are deducted.
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withnell
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Post by withnell on Jul 30, 2019 11:26:23 GMT
I wish they'd give a range of figures (like they did with Bollington which was well received) - we're going to get paid at some point so the confidentiality agreement can't prohibit them from letting us know the rough recovery, eg "100% capital + c. 2-4% interest"
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averageguy
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Post by averageguy on Jul 30, 2019 11:37:36 GMT
I wish they'd give a range of figures (like they did with Bollington which was well received) - we're going to get paid at some point so the confidentiality agreement can't prohibit them from letting us know the rough recovery, eg "100% capital + c. 2-4% interest" Or we just wait...it’s been agreed so I presume sometime during August....shrug
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withnell
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Post by withnell on Aug 13, 2019 8:47:36 GMT
MoneyThing - please can we get an update on this, it's now been nearly a month with the lawyers to draw up the contracts
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averageguy
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Post by averageguy on Sept 5, 2019 12:48:21 GMT
Emailed MT ..they expect to provide an update shortly along with updates on other loans
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keystone
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Post by keystone on Sept 5, 2019 14:32:28 GMT
Update on website, not good news.
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rocky1
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Post by rocky1 on Sept 5, 2019 15:35:50 GMT
same for bollington and plymouth, bankrupt borrower.this p2p business hey you could not make it up.just another fine mess we are left in.
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averageguy
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Post by averageguy on Oct 3, 2019 19:08:09 GMT
Update on site
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corto
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Post by corto on Oct 16, 2019 11:34:31 GMT
Short update on site - court games
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keystone
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Post by keystone on Oct 16, 2019 12:14:24 GMT
Increased court costs to be taken from the retained payment, like I said we will not receive anything further than what we already have been paid. NDA will keep any errors or mistakes hidden.
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