7d7
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Post by 7d7 on Jun 19, 2020 17:46:41 GMT
Administrators to be appointed next week as per recent update.
Here we go again! What did all the forbearance amount to? Another unproductive result!
I’m still keeping an eye on MT’s fees which magnify by each passing day.
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Post by sirpercyblakeney on Jun 19, 2020 18:42:29 GMT
About time.
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Post by funkymonkey on Jun 19, 2020 18:55:48 GMT
The bond's still available though on Nex of anyone fancy bailing us out........
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keystone
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Post by keystone on Jun 19, 2020 19:15:04 GMT
Incredible!
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hazellend
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Post by hazellend on Jun 19, 2020 19:38:49 GMT
Surprise surprise. Next we will find out that there has been no work done to the site at all. How the heck did they get this listed on NEX?
I just can’t believe they can’t even come up with half of the interest owed, it’s really not a lot of money in my opinion.
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hazellend
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Post by hazellend on Jun 19, 2020 19:40:26 GMT
Administrators to be appointed next week as per recent update. Here we go again! What did all the forbearance amount to? Another unproductive result! I’m still keeping an e ye on MT’s fees which magnify by each passing day. Aren’t fees capped at 5%?
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7d7
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Post by 7d7 on Jun 19, 2020 23:32:29 GMT
Administrators to be appointed next week as per recent update. Here we go again! What did all the forbearance amount to? Another unproductive result! I’m still keeping an e ye on MT’s fees which magnify by each passing day. Aren’t fees capped at 5%? Fees are indeed capped at 5% per year of the loan value and rank ahead of lenders regardless of the amount recovered. Instead of commencing when the loan defaults, they are shockingly applied to non-performing periods. Are we heading to another shortfall at the end? Who takes responsibility? Our loss, their gain.
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Jaydee
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Post by Jaydee on Jun 20, 2020 10:46:10 GMT
Aren’t fees capped at 5%? Fees are indeed capped at 5% per year of the loan value and rank ahead of lenders regardless of the amount recovered. Instead of commencing when the loan defaults, they are shockingly applied to non-performing periods. Are we heading to another shortfall at the end? Who takes responsibility? Our loss, their gain. A shortfall is an understatement. Be prepared to take a massive hit on this one. All of those who pushed for this to happen will be shocked when the final repayment comes through in probably 2 years time. We will be lucky to see a 10% return on capital.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jun 20, 2020 11:40:03 GMT
I do not have such an accurate crystal ball as some others, to be able to predict actual financial outcome so accurately. But I wonder what those with such foresight would find acceptable in the current circumstances? One where the borrowers project has clearly not gone to plan, the borrower has stopped paying interest and either refuses to pay or cannot pay any of the interest due?
Is anyone suggesting that things will get better given more time? If they are could they please explain their thinking, other than just hoping.
My view is coloured by my complete lack of faith in MT, and their competence to handle defaults. That said, I can see that at this point others may still have confidence in MT's ability to bring their defaults to favourable conclusion. I wonder why they think more time is a solution. The project failed to deliver, or more accurately the borrower failed to deliver the project. Nothing I have read suggests the project is moving forward and is only is capable of being completed, presumably with more investment.
Does anyone really think the borrower is refusing to pay interest because they need funds to fully complete the project?
Given my experiences with other P2P platforms, I wonder how easy it will be to effectively actually 'foreclose' on this. In my experience the more valued the asset the harder the borrower fights through the courts to hold onto their asset, especially if they still smell an eventual profit.
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averageguy
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Post by averageguy on Jun 20, 2020 11:50:17 GMT
Fees are indeed capped at 5% per year of the loan value and rank ahead of lenders regardless of the amount recovered. Instead of commencing when the loan defaults, they are shockingly applied to non-performing periods. Are we heading to another shortfall at the end? Who takes responsibility? Our loss, their gain. A shortfall is an understatement. Be prepared to take a massive hit on this one. All of those who pushed for this to happen will be shocked when the final repayment comes through in probably 2 years time. We will be lucky to see a 10% return on capital. I’d be interested to learn at how you’ve arrived at 10% maximum
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hazellend
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Post by hazellend on Jun 20, 2020 12:31:19 GMT
I do have such an accurate crystal ball as some others, to be able to accurately predict actual financial outcome so accurately. But I wonder what those with such foresight would find acceptable in the current circumstances? One where the borrowers project has clearly not gone to plan, the borrower has stopped paying interest and either refuses to pay or cannot pay any of the interest due? Is anyone suggesting that things will get better given more time? If they are could they please explain their thinking, other than just hoping. My view is coloured by my complete lack of faith in MT, and their competence to handle defaults. That said, I can see that at this point others may still have confidence in MT's ability to bring their defaults to favourable conclusion. I wonder why they think more time is a solution. The project failed to deliver, or more accurately the borrower failed to deliver the project. Nothing I have read suggests the project is moving forward and is only is capable of being completed, presumably with more investment. Does anyone really think the borrower is refusing to pay interest because they need funds to fully complete the project? Given my experiences with other P2P platforms, I wonder how easy it will be to effectively actually 'foreclose' on this. In my experience the more valued the asset the harder the borrower fights through the courts to hold onto their asset, especially if they still smell an eventual profit. Yes, isn’t it strange how borrowers always dig deep for legal fees but never have money for interest ?
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hazellend
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Post by hazellend on Jun 21, 2020 13:24:25 GMT
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micky
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Post by micky on Jun 25, 2020 15:52:24 GMT
The Executive Director has history he will do his best to pull a fast one.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jun 25, 2020 21:39:55 GMT
The Executive Director has history he will do his best to pull a fast one. Lets hope MT have the smarts and experience to protect our interests..... Arr......
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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 Jun 25, 2020 22:32:55 GMT
The Executive Director has history he will do his best to pull a fast one. Lets hope MT have the smarts and experience to protect our interests..... Arr...... Wont be relevant soon … smarts & experience will have to come form the appointed IP who work on behalf of the company and all its creditors.
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