johni
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Post by johni on Sept 21, 2019 8:48:36 GMT
my questions 1-why the buyer plays with the completion date for a long time if he has no ways to get the funds? he should know he needs another lie immediately on the following day. 2-how could his solicitor cooperate with his lies all the time? 3-this loan is overdue for 4 months(june/july/aug/sep). if I'm right, he needs to pay over £140k interests on monday(let me know if my calculation is wrong.) is this feasible for him? it seems this buyer is too easy to say yes, I really doubt if he could bring the interests up to date just in 2 days. if he could, he already did this long time ago, no needs to keep lying. therefore, although MT mentioned the buyer agrees to bring the interests up to date on monday. but it seems just another try from this desperate buyer who wants to survive 2 days more. it brings me the memory that MT ever pleased to inform lenders that newcastle loan borrower agreed to pay 2% more interests long time ago. Indeed. Its amazing the BS the buyer and his solicitor seems to have given. I don't really understand how this is possible as the various solicitors I've dealt with over the years have operated on verified facts rather than the fiction/lies which seems to be the case here. Agreed, to bring the interest upto date on Monday will be a significant financial undertaking, which is why ill be amazed if it happens on Monday. I hope it does as it will give us all some confidence regarding the potential purchase. But I'm not holding my breath on this one. If this actually completes this month I'll be surprised. If the solicitor is providing written communications to MoneyThing that are knowingly false, then I would hope a complaint to the law society at the end of this is made. If one or two solicitors who are complicit in the problems of p2p are brought to account then others may not follow this path in future.
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hazellend
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Post by hazellend on Sept 21, 2019 10:44:58 GMT
If interest is paid on Monday, it’s not BS. If interest is not paid, it’s BS Not easy to raise funds over a weekend I would suggest, reasonable timescale would be Wednesday before feeding the rhubarb. I would expect the buyer to have that kind of money at hand and not have to borrow. Are they genuinely all completely skint and punting on borrowed money?
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Post by ladywhitenap on Sept 21, 2019 11:01:26 GMT
I've just read the MT update. No surprise there... absolute load of BS has been given to MT recently. It sounds semi promising, but I will be very surprised if any interest is forthcoming on Monday. Hopefully I'm wrong. Have a good weekend and lets get back to this heap of sh*t next week. We know it's BS, they know it's BS and I suspect they know that we know it's BS, but they'll continue to feed it to us while ever MT, if not believing it, are still accepting it and repackaging it to us in nice round pats. I don't know how many of you have been involved with complex business deals? In these sorts of situations MT have very little influence on what happens or ability to put pressure on apart from the undesirable threat of forcing a sale that would take time and cost us money. Almost certainly they know the incoming info is potential BS and would possibly choose to sit on their hands in the short term whilst things clarify. Deals do have hiccups, and when there are a bunch of solictors involved nothing moves until all parties are satisfied. Meanwhile, some of our number are pestering for updates daily or even more often, so MT have little option but to package up what info they have even if it is of dubious integrity hence the "nice round pats" being delivered. The regular update requesters are getting what they deserve IMHO LW
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Post by GSV3MIaC on Sept 21, 2019 14:25:56 GMT
I wonder if we have actually reached the head of the BS trail yet.. The borrower is being fed BS by the buyer, who isn't my definition of a buyer, not having any cash. The buyer is getting their BS from some funding source(s) who may not have the cash either. But are the funding sources getting lied to by someone further upstream?
See also Scottish Holiday camp.. And others.. It all seems to be a giant money-go-round, with us on the output end (a Cowes joke comes to mind, but I shall resist).
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Post by brianac on Sept 21, 2019 14:48:15 GMT
Solicitors are obliged to act in the best interest of their client, which may well include er, shall we say, spreading the BS around a bit. If you seriously expect solicitors to be Honest, then I suspect you havn't lived long enough yet. Brian
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 21, 2019 16:41:49 GMT
Solicitors are obliged to act in the best interest of their client, which may well include er, shall we say, spreading the BS around a bit. If you seriously expect solicitors to be Honest, then I suspect you havn't lived long enough yet. Brian
Take your point Brian, but most of us are fed up with so many of these Professionals (hello RICS) demanding our respect for their "Profession", but meanwhile it's OK if they lie like a pig in s**t. Personally, I don't trust ANY Professionals, not one iota, many sold their integrity a looooong time ago. Under the guise of " Trust me, I'm a Professional."Yeah, right.
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Post by brianac on Sept 21, 2019 18:38:18 GMT
Solicitors are obliged to act in the best interest of their client, which may well include er, shall we say, spreading the BS around a bit. If you seriously expect solicitors to be Honest, then I suspect you havn't lived long enough yet. Brian
Take your point Brian, but most of us are fed up with so many of these Professionals (hello RICS) demanding our respect for their "Profession", but meanwhile it's OK if they lie like a pig in s**t. Personally, I don't trust ANY Professionals, not one iota, many sold their integrity a looooong time ago. Under the guise of " Trust me, I'm a Professional."Yeah, right. Brian
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 22, 2019 12:14:52 GMT
Yeah, and there's loads of space on the Funding Secure thread too where Apologists may make further postings if they still feel so inclined.  Jaydee 👍 |
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Sept 22, 2019 13:01:45 GMT
There seems to be some disagreement about the validity and worth of requesting regular updates from MT. I did fall into the 'what's the point' camp, but that assumed something I have only now accepted as false - that MT are competent enough to handle defaults. By defaults I mean loans that have gone past their original, or maybe initial rearranged end date. MT's continued can kicking shows two things, MT's inability to bring loans to closure and the appalling quality of the loans MT sold to us as 'secured lending. I have now come around to thinking MT need constant checking, to make sure they actually are following a course of action for lenders, and not the path of least resistance for themselves.
A little has recently been written about how much power MT actually hold in default situations. I contend that notionally they hold the upper hand because they can default the loan if the borrower does not play ball. However in reality they are toothless, because everyone knows the last thing MT and it's lenders want is to bring in administrators because of the cost. Where there is cost, because of the fictional valuations and laughable LTVs, this will mean losses for lenders.
I was a huge supporter of MT in the past, but their actions, or lack of them has caused me to completely lose faith in them. Other than defaults, I have no MT loans that have end dates longer than January 2020. I am confident MT will last that long. How many other lenders can say the same, that MT will survive past the scheduled end date of their longest loan?
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mj
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Post by mj on Sept 22, 2019 13:18:51 GMT
I was a huge supporter of MT in the past, but their actions, or lack of them has caused me to completely lose faith in them. Other than defaults, I have no MT loans that have end dates longer than January 2020. I am confident MT will last that long. How many other lenders can say the same, that MT will survive past the scheduled end date of their longest loan? I hope MT is aware of how important this loan is to its own future. It appears to be learning the hard way that success in this business is almost wholly dependent on trust. It is already losing a large number of its most faithful investors and it is beginning to behave like Lendy in its final months.
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Post by brianac on Sept 22, 2019 15:12:42 GMT
I'm a bit puzzled, why is it Buyers responsibility to pay outstanding interest? Surely this is the resposibility of the borrower? all in all though, I am not holding my breath on monday for this one, I reckon it went south monday or tuesday last week, everything since is just B.S. and timewasting. Which is a pity, because I had this one down as a likely good recovery, so I am very disappointed now, not to mention disillusioned. (and somewhat cross, more so than for other possible(or impossible!) recoveries, - thought this one was "most likely" to be a good recovery.) sigh ... Brian
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Post by Badly Drawn Stickman on Sept 22, 2019 15:26:47 GMT
I'm a bit puzzled, why is it Buyers responsibility to pay outstanding interest? Surely this is the resposibility of the borrower? all in all though, I am not holding my breath on monday for this one, I reckon it went south monday or tuesday last week, everything since is just B.S. and timewasting. Which is a pity, because I had this one down as a likely good recovery, so I am very disappointed now, not to mention disillusioned. (and somewhat cross, more so than for other possible(or impossible!) recoveries, - thought this one was "most likely" to be a good recovery.) sigh ... Brian
I had worked on the assumption that the buyer was paying the interest to keep the loan live (patently the borrower has no funds) and it would be reimbursed in the sale. I note in the update it is the borrower who has been given the deadline now (and agreed presumably). I suppose it depends now if the buyer has the readies (and desire) to fulfill the borrowers commitment. Edit Not to forget the buyer is trying to raise funds (from lets call him the finance man) so may also not currently have any funds. Arguably the buyer would be wise to let it default and then try and buy it maybe cheaper.
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micky
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Post by micky on Sept 22, 2019 18:30:39 GMT
The Finance Man  |
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upperdeane
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Post by upperdeane on Sept 22, 2019 19:13:58 GMT
There seems to be some disagreement about the validity and worth of requesting regular updates from MT. I did fall into the 'what's the point' camp, but that assumed something I have only now accepted as false - that MT are competent enough to handle defaults. By defaults I mean loans that have gone past their original, or maybe initial rearranged end date. MT's continued can kicking shows two things, MT's inability to bring loans to closure and the appalling quality of the loans MT sold to us as 'secured lending. I have now come around to thinking MT need constant checking, to make sure they actually are following a course of action for lenders, and not the path of least resistance for themselves. A little has recently been written about how much power MT actually hold in default situations. I contend that notionally they hold the upper hand because they can default the loan if the borrower does not play ball. However in reality they are toothless, because everyone knows the last thing MT and it's lenders want is to bring in administrators because of the cost. Where there is cost, because of the fictional valuations and laughable LTVs, this will mean losses for lenders. I was a huge supporter of MT in the past, but their actions, or lack of them has caused me to completely lose faith in them. Other than defaults, I have no MT loans that have end dates longer than January 2020. I am confident MT will last that long. How many other lenders can say the same, that MT will survive past the scheduled end date of their longest loan? Totally agree. From my short time using MT (6 months or so) its seems to me to be a absolute farce from what I see. I'm using several P2P platforms and whilst none are perfect, it seems crazy here at MT in comparison. A real shame. I've no idea how MT can move forward and create a viable business model from here (whatever actually happens to this particular loan). I just can't see how MT will regain lender confidence to fill loans moving forward even if new loan opportunities do start presenting themselves.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Sept 22, 2019 19:32:34 GMT
I've no idea how MT can move forward and create a viable business model from here (whatever actually happens to this particular loan). I just can't see how MT will regain lender confidence to fill loans moving forward even if new loan opportunities do start presenting themselves. I am surprised that you have only been around six months, yet you hold some of this loan, and others you do, what on earth possessed you to buy on the secondary market? My condolences.... at least some of us benefited from MT's good times, you do not have that, you just have their 'dog' loans.
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