robski
Member of DD Central
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Post by robski on Jan 2, 2020 12:46:54 GMT
This one looks bad.
My gut feel is MT will give them this week, if nothing arrives by tomorrow they really need to step this one up. Its been going on for far too long
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ptr120
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Post by ptr120 on Jan 2, 2020 15:47:20 GMT
Update on site
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Post by polonius on Jan 2, 2020 16:09:05 GMT
Surprised me too! Let's hope December brings the 50%. I hope so. I can't remember when interest was last paid. Anyone remember? 29th May last year, so total of 7 months interest now owing.
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invester
P2P Blogger
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Post by invester on Jan 2, 2020 17:56:01 GMT
Got a bad feeling this is going to run and run.
It wasn't so much bad platforms that has killed off this type of development-backed lending but dishonest borrowers.
Unfortunately the lure of easy money has led to dud loans being embellished by the platforms and ending up with lenders paying for it.
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Post by notascooby on Jan 5, 2020 20:38:22 GMT
So unsurprisingly the buyer failed to meet the deadline to bring half of the arrears up to date by the end of the year. Given to 14th Jan having been given final demand. Not quite sure what "reservation of rights is".
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derbyfella
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Post by derbyfella on Jan 5, 2020 21:38:35 GMT
A letter from a lender to a borrower in which the lender reserves its rights under a facility agreement (also known as a loan agreement) to take action against the borrower in respect of a breach of the facility agreement.
hardcore eh 
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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 Jan 5, 2020 22:02:03 GMT
So unsurprisingly the buyer failed to meet the deadline to bring half of the arrears up to date by the end of the year. Given to 14th Jan having been given final demand. Not quite sure what "reservation of rights is". First stage in calling a loan in, basically advising the borrower there has been a breach in the terms agreed and you reserve the right to call the loan in if not rectified. AC dish em out like confetti.
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criston
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Post by criston on Jan 8, 2020 17:23:54 GMT
Do I take it MT have issue a 'Reservation of Rights & Final Demand' to the original borrower because the new buyer has failed to meet the payment agreement.
It seems 'a- - - about face', but about time the original borrower is called to account.
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Monetus
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Post by Monetus on Jan 15, 2020 22:36:09 GMT
How we feeling about interest showing up tomorrow, eh?
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squid
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Post by squid on Jan 15, 2020 23:13:15 GMT
Personally, I am not expecting this to happen.
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ptr120
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Post by ptr120 on Jan 15, 2020 23:24:19 GMT
If recent form is repeated, we'll hear nothing tomorrow. On Friday (after business hours) we'll receive an update that the loan has been defaulted along with some additional news that it'll become apparent that MT have been aware of for some time (but haven't previously disclosed to lenders). We'll be told not to expect regular updates. Administration will then follow.
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withnell
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Post by withnell on Jan 16, 2020 9:18:56 GMT
If recent form is repeated, we'll hear nothing tomorrow. On Friday (after business hours) we'll receive an update that the loan has been defaulted along with some additional news that it'll become apparent that MT have been aware of for some time (but haven't previously disclosed to lenders). We'll be told not to expect regular updates. Administration will then follow. While I agree with the second part of your post (about how quite pertinent info seems to be communicated long after the fact), MT can't update us before COB if the borrower has until the end of the day to pay!
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sam i am
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Post by sam i am on Jan 16, 2020 15:05:59 GMT
If recent form is repeated, we'll hear nothing tomorrow. On Friday (after business hours) we'll receive an update that the loan has been defaulted along with some additional news that it'll become apparent that MT have been aware of for some time (but haven't previously disclosed to lenders). We'll be told not to expect regular updates. Administration will then follow. While I agree with the second part of your post (about how quite pertinent info seems to be communicated long after the fact), MT can't update us before COB if the borrower has until the end of the day to pay!
The deadline is today (Thursday), however as ptr120 has observed, updates tend to arrive after hours on a Friday.
Recent form may suggest administration follows. Or it may suggest yet more can kicking.
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ant1
Member of DD Central
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Post by ant1 on Jan 16, 2020 16:16:13 GMT
My prediction is that we will get an update late on Friday advising that progress is being made and so an extension has been agreed!! #Groundhogday
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Post by brianac on Jan 16, 2020 18:56:34 GMT
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