Jaydee
Member of DD Central
Posts: 417
Likes: 791
|
Post by Jaydee on Jun 6, 2020 10:32:29 GMT
I will be very surprised if any funds materialise by next Friday. This borrower has been in funds before and also promised to raise monies to pay interest etc. but just decided to offer up two fingers instead. This has all the makings of a disaster for lenders if / when Administration takes effect.
|
|
|
Post by ladywhitenap on Jun 6, 2020 10:58:20 GMT
When I review all the updates, I shake my head in disbelief. Indeed a painful process made by MT who stands to benefit eventually. I'm keeping an eye on their fees, which augment incredibly with each passing day. Whereabouts can you see the escalating fees please? LW
|
|
averageguy
Member of DD Central
Posts: 1,174
Likes: 855
|
Post by averageguy on Jun 6, 2020 11:05:00 GMT
I will be very surprised if any funds materialise by next Friday. This borrower has been in funds before and also promised to raise monies to pay interest etc. but just decided to offer up two fingers instead. This has all the makings of a disaster for lenders if / when Administration takes effect. You don’t think much of the security? Or more concerned about current climate.
|
|
|
Post by Badly Drawn Stickman on Jun 6, 2020 11:07:30 GMT
I will be very surprised if any funds materialise by next Friday. This borrower has been in funds before and also promised to raise monies to pay interest etc. but just decided to offer up two fingers instead. This has all the makings of a disaster for lenders if / when Administration takes effect. I have always been of the opinion that it is a case of not wishing to pay interest more than a case of not being able to. It was/is a standoff in effect, they would probably repay the loan 'willingly' when they had somebody else's funds to do it with. Whilst unappealing it has probably been in our best interests to tolerate this in hope/anticipation that these funds came to fruition, the alternative being long and messy. Those of us with an ample supply of long and messy elsewhere would prefer to avoid more. However standoffs only end when somebody blinks or makes a bold move. For me personally, unless all interest arrears are paid and advance monthly payments made, its clearly time for long and messy. Accepting that it will almost certainly cost us one way or another.
|
|
7d7
Member of DD Central
Posts: 134
Likes: 205
|
Post by 7d7 on Jun 6, 2020 12:29:26 GMT
When I review all the updates, I shake my head in disbelief. Indeed a painful process made by MT who stands to benefit eventually. I'm keeping an eye on their fees, which augment incredibly with each passing day. Whereabouts can you see the escalating fees please? LW Read the general update - a note on MT income and fees. MT mention the fees applied to NuL and how they will continue to do so with other loans henceforth. Basically, it is based on approximately 2% per year of the loan value from when the loan technically defaults, which according to them includes surprisingly non-performing periods. I have challenged them on this considering their charges cover both litigation and exit management costs but received no response. NuL is your example on how fees are backdated. FYI, this loan was classified as non-performing on 18 February 2019. Consequently, the fees escalate the longer the saga goes on.
|
|
|
Post by ladywhitenap on Jun 6, 2020 12:40:36 GMT
@7dy
Thank you
LW
Its the 09/04/2020 general update is anyone else is looking for it.
|
|
Jaydee
Member of DD Central
Posts: 417
Likes: 791
|
Post by Jaydee on Jun 6, 2020 13:15:08 GMT
@7dy Thank you LW Its the 09/04/2020 general update is anyone else is looking for it. Yes and fees capped at 5% of loan value so this could give MT £132k before any funds returned to lenders if it goes to Administration
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jun 6, 2020 13:22:56 GMT
Love the use of the term 'capped' at 5%, like they are doing us a favour! Given MT have brought this on themselves, meaning they now get to be paid handsomely for their inactivity - and out of our security BEFORE US LENDERS! Why default immediately when you can 'kick the can', and be paid more the more you do it!
I know this may be taking this off topic, but mention of the T&Cs reminds me of those people who stopped using MT because they could not agree with MT's new T&Cs when they introduced them so long ago. At the time, things we going well or at leats MT had not yet over reached themselves, and I am guessing that many people like me did not realise the implications of the new T&Cs.
Who is looking silly now? Anyone else willing to hold their hands up with me?
|
|
averageguy
Member of DD Central
Posts: 1,174
Likes: 855
|
Post by averageguy on Jun 6, 2020 14:06:36 GMT
Love the use of the term 'capped' at 5%, like they are doing us a favour! Given MT have brought this on themselves, meaning they now get to be paid handsomely for their inactivity - and out of our security BEFORE US LENDERS! Why default immediately when you can 'kick the can', and be paid more the more you do it! I know this may be taking this off topic, but mention of the T&Cs reminds me of those people who stopped using MT because they could not agree with MT's new T&Cs when they introduced them so long ago. At the time, things we going well or at leats MT had not yet over reached themselves, and I am guessing that many people like me did not realise the implications of the new T&Cs.Who is looking silly now? Anyone else willing to hold their hands up with me? Can’t disagree with that....just can’t the emoji with hands in the air
|
|
|
Post by waryinvestor on Jun 7, 2020 17:49:26 GMT
Love the use of the term 'capped' at 5%, like they are doing us a favour! Given MT have brought this on themselves, meaning they now get to be paid handsomely for their inactivity - and out of our security BEFORE US LENDERS! Why default immediately when you can 'kick the can', and be paid more the more you do it! I know this may be taking this off topic, but mention of the T&Cs reminds me of those people who stopped using MT because they could not agree with MT's new T&Cs when they introduced them so long ago. At the time, things we going well or at leats MT had not yet over reached themselves, and I am guessing that many people like me did not realise the implications of the new T&Cs. Who is looking silly now? Anyone else willing to hold their hands up with me? I never signed up to their new Ts & Cs and still get a confirmation screen when I login. Does that mean they can't apply their NEW FEES to those who haven't accepted the new Terms ?
|
|
|
Post by waryinvestor on Jun 7, 2020 18:36:22 GMT
Love the use of the term 'capped' at 5%, like they are doing us a favour! Given MT have brought this on themselves, meaning they now get to be paid handsomely for their inactivity - and out of our security BEFORE US LENDERS! Why default immediately when you can 'kick the can', and be paid more the more you do it! I know this may be taking this off topic, but mention of the T&Cs reminds me of those people who stopped using MT because they could not agree with MT's new T&Cs when they introduced them so long ago. At the time, things we going well or at leats MT had not yet over reached themselves, and I am guessing that many people like me did not realise the implications of the new T&Cs. Who is looking silly now? Anyone else willing to hold their hands up with me? I never signed up to their new Ts & Cs and still get a confirmation screen when I login. Does that mean they can't apply their NEW FEES to those who haven't accepted the new Terms ? I can't find the email they sent informing us about the new Fees charged. Does anyone have it and tell me the date/time it was sent ? Or was it an update on a Loan ?
Also, as per new Terms, sections 10.8 / 10.9 say MT (their Fees) should be paid last, after the Investors of all Tranches and the Interest ?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,230
Likes: 11,420
|
Post by ilmoro on Jun 7, 2020 20:47:08 GMT
I never signed up to their new Ts & Cs and still get a confirmation screen when I login. Does that mean they can't apply their NEW FEES to those who haven't accepted the new Terms ? I can't find the email they sent informing us about the new Fees charged. Does anyone have it and tell me the date/time it was sent ? Or was it an update on a Loan ?
Also, as per new Terms, sections 10.8 / 10.9 say MT (their Fees) should be paid last, after the Investors of all Tranches and the Interest ?
General update 9/4 , not sure if there was an email to notify (if there was Ive deleted it) The fees/costs in question relate to recovery costs due to Moneything in their role as security agent so rank first, its fees due to MT as Agent in their role of managing the loan in normal circumstances that rank last.
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jun 7, 2020 21:07:45 GMT
And is the exact reason for my 'crusade'. MT, who some think of as wonderful administrators, now actually have a financial interest in prolonging administrations. They know that the long these go on, the more they can charge, and that this comes out of any sale proceeds before borrowers get repaid.
As I wrote previously I now tip my hat to those who did not agree the new T&Cs. When I did I was still in the 'MT are nice people, they would not do anything to screw their lernders' camp. However after they screwed their platform, they now have no moral scruples (in my opinion), and want to soak all their remaining lenders for everything they can.
I would rather be 'ripped off' by other administrators, than be ripped off by those people who brought the current defaulting loans to me. Before January or was it February there was no C19 issues, and MT could not get their loans to repay then, so please no-one give them any sort of pass because of the Coronavirus situation. If you 'kick the can' there are only two possibilities, the borrower eventually pays or they do not and the security has to be called in. When is the best time to call in the security - when there is a world-wide pandemic or there is not one? I am not claiming hindsight, I am just suggesting that if you kick often enough bad things, unforeseeable things, eventually happen far more than good ones.
On another thread, MT took the advice from someone or made the decision themselves (no consultation) to build out on a defaulting loan to finish the project - how well has that worked out?
|
|
|
Post by waryinvestor on Jun 8, 2020 16:22:19 GMT
And is the exact reason for my 'crusade'. MT, who some think of as wonderful administrators, now actually have a financial interest in prolonging administrations. They know that the long these go on, the more they can charge, and that this comes out of any sale proceeds before borrowers get repaid. As I wrote previously I now tip my hat to those who did not agree the new T&Cs. When I did I was still in the 'MT are nice people, they would not do anything to screw their lernders' camp. However after they screwed their platform, they now have no moral scruples (in my opinion), and want to soak all their remaining lenders for everything they can. I would rather be 'ripped off' by other administrators, than be ripped off by those people who brought the current defaulting loans to me. Before January or was it February there was no C19 issues, and MT could not get their loans to repay then, so please no-one give them any sort of pass because of the Coronavirus situation. If you 'kick the can' there are only two possibilities, the borrower eventually pays or they do not and the security has to be called in. When is the best time to call in the security - when there is a world-wide pandemic or there is not one? I am not claiming hindsight, I am just suggesting that if you kick often enough bad things, unforeseeable things, eventually happen far more than good ones. On another thread, MT took the advice from someone or made the decision themselves (no consultation) to build out on a defaulting loan to finish the project - how well has that worked out? Which Ts & Cs did you agree to ? There seems to be quite a few :-( One in Mar 2017, which only has 1 Clause (no Ranking/Preference to their Charges) and everyone who renewed their Loans at that point had accepted that. Then they modified it in Aug 2017 to put the 2nd Clause in (Rankings), so only Loans after Aug 2017 were affected by that (it doesn't apply retrospectively). Finally they have the current one much later.
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jun 8, 2020 18:28:00 GMT
Waryinvester...
Not getting the relevance to this thread of your questions, especially as you seem to have a better grasp of how MT have changed their T&Cs over time, than I.
I am glad you liked my post, which I assumed meant you agree it's sentiments.
|
|