ganymede
Member of DD Central
Posts: 304 
Likes: 211
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Post by ganymede on Oct 9, 2023 8:15:29 GMT
An update on website for this loan under support/loans, no rush, it's says a full update later with the import details. Site has been sold.
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johni
Member of DD Central
Posts: 369
Likes: 329
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Post by johni on Oct 10, 2023 7:24:35 GMT
An update on website for this loan under support/loans, no rush, it's says a full update later with the import details. Site has been sold.
Let's interpret this as now I know how much the land has been sold for I need a couple of weeks to make expenses and costs match. Loans sold 12 months ago still no return why? How can they indefinitely keep hold of money.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,610
Likes: 2,634
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Post by keitha on Oct 10, 2023 15:18:30 GMT
An update on website for this loan under support/loans, no rush, it's says a full update later with the import details. Site has been sold.
Let's interpret this as now I know how much the land has been sold for I need a couple of weeks to make expenses and costs match. Loans sold 12 months ago still no return why? How can they indefinitely keep hold of money. Because its administration not business as usual, administrators fees, costs etc come out before investors get a penny. my understanding is that technically the administrators could keep all the money to the end and share it out once the final monies are in, it's not what most are doing with P2P but I've seen it with businesses, where the creditors ( in this case lenders ) only get a payment right at the end even though they have had the majority of the funds for a year or more
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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
Posts: 11,344
Likes: 11,565
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Post by ilmoro on Oct 10, 2023 18:07:12 GMT
Let's interpret this as now I know how much the land has been sold for I need a couple of weeks to make expenses and costs match. Loans sold 12 months ago still no return why? How can they indefinitely keep hold of money. Because its administration not business as usual, administrators fees, costs etc come out before investors get a penny. my understanding is that technically the administrators could keep all the money to the end and share it out once the final monies are in, it's not what most are doing with P2P but I've seen it with businesses, where the creditors ( in this case lenders ) only get a payment right at the end even though they have had the majority of the funds for a year or more Not really, they are dealing with trust assets not general estate. There really isn't any excuse to sit on funds ... they are quite frankly talking the piss & there is enough legal precedent now that it is probably challengeable if someone has the the desire & resources. The problem is that the 'players' have other fish to fry/minimal skin in the game.
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Post by jata99 on Oct 17, 2023 14:07:53 GMT
Because its administration not business as usual, administrators fees, costs etc come out before investors get a penny. my understanding is that technically the administrators could keep all the money to the end and share it out once the final monies are in, it's not what most are doing with P2P but I've seen it with businesses, where the creditors ( in this case lenders ) only get a payment right at the end even though they have had the majority of the funds for a year or more Not really, they are dealing with trust assets not general estate. There really isn't any excuse to sit on funds ... they are quite frankly talking the piss & there is enough legal precedent now that it is probably challengeable if someone has the the desire & resources. The problem is that the 'players' have other fish to fry/minimal skin in the game.
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Post by jata99 on Oct 17, 2023 14:08:28 GMT
Do you know of any precedents that could be used re trust point?
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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
Posts: 11,344
Likes: 11,565
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Post by ilmoro on Oct 17, 2023 20:36:55 GMT
Admin report now available
£950k paid to MT in Sep/Oct from proceeds of sale (after £150k loan repayment, £160k due to flat buyers & sum held to cover costs/fees)
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Post by jata99 on Oct 20, 2023 14:05:28 GMT
Where is this admin report - don’t see it on-line and haven’t had email direct from moneything?
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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
Posts: 11,344
Likes: 11,565
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Post by ilmoro on Oct 20, 2023 17:17:27 GMT
Where is this admin report - don’t see it on-line and haven’t had email direct from moneything? Companies House ... only place it's guaranteed to be
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averageguy
Member of DD Central
Posts: 1,188
Likes: 895
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Post by averageguy on Oct 20, 2023 20:12:20 GMT
Admin report now available £950k paid to MT in Sep/Oct from proceeds of sale (after £150k loan repayment, £160k due to flat buyers & sum held to cover costs/fees) Wonder what year we’ll see our pennies
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rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
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Post by rocky1 on Oct 21, 2023 5:28:19 GMT
administration was extended to 20.12. 24.plenty of time to extract more fees/costs for doing very little.the administrations of p2p platforms has certainly been an eye opener as to the real high risks you are taking when lending to p2p.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Oct 21, 2023 12:54:58 GMT
administration was extended to 20.12. 24.plenty of time to extract more fees/costs for doing very little.the administrations of p2p platforms has certainly been an eye opener as to the real high risks you are taking when lending to p2p.Yep, and the relatively paltry returns are nowhere near worth these very high levels of numerous risks. Still, the FCA is doing a grand job of "keeping it clean" though eh? 
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Post by windsurfwillie on Dec 12, 2023 11:21:35 GMT
Update on site - Ouch!
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eeyore
Member of DD Central
Posts: 799
Likes: 806
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Post by eeyore on Dec 12, 2023 11:31:58 GMT
22% return of capital - ouch indeed!
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Post by notascooby on Dec 12, 2023 11:32:34 GMT
Well I think we can assume P2P is effectively dead anyway.
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