SteveT
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Post by SteveT on Jul 21, 2020 8:11:42 GMT
You'd hope it to be good news by the amount of time we've been waiting. Presumably if it was bad news should it take this long to say we're appointing administrators? Then again nothing surprises me! Except they have already said they were appointing administrators but then have failed to do so. This was belatedly explained away as discussions (which would be completed in short order) had been initiated with someone who wanted to buy out the debt pre-administration. A timeline was set by which we would be updated. Yet again, this deadline was not kept. There may well be something in the offing but I strongly suspect it will involve a haircut of sorts. How much, we have no choice but to wait until the platform can be bothered to update us. Hmmm, curious why any platform would choose to keep quiet during a debt sale negotiation when its lenders are openly speculating on a public internet forum about taking a haircut ...
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Jaydee
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Post by Jaydee on Jul 21, 2020 10:57:36 GMT
Except they have already said they were appointing administrators but then have failed to do so. This was belatedly explained away as discussions (which would be completed in short order) had been initiated with someone who wanted to buy out the debt pre-administration. A timeline was set by which we would be updated. Yet again, this deadline was not kept. There may well be something in the offing but I strongly suspect it will involve a haircut of sorts. How much, we have no choice but to wait until the platform can be bothered to update us. Hmmm, curious why any platform would choose to keep quiet during a debt sale negotiation when its lenders are openly speculating on a public internet forum about taking a haircut ... I would have thought intelligent lenders would give a platform as much time as needed to try and do a deal that would give lenders a decent return and stop calling for an immediate appointment of Administrators. Administration will see the Bond raise immediately fail, resulting in the company failure and all the associated legal and administrative costs that brings. We've already seen that the only losers in that type of scenario is the lenders. It's a bit like the turkey's voting for Christmas to come each month.
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robski
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Post by robski on Jul 21, 2020 13:03:33 GMT
Hmmm, curious why any platform would choose to keep quiet during a debt sale negotiation when its lenders are openly speculating on a public internet forum about taking a haircut ... I would have thought intelligent lenders would give a platform as much time as needed to try and do a deal that would give lenders a decent return and stop calling for an immediate appointment of Administrators. Administration will see the Bond raise immediately fail, resulting in the company failure and all the associated legal and administrative costs that brings. We've already seen that the only losers in that type of scenario is the lenders. It's a bit like the turkey's voting for Christmas to come each month. Absolutely My biggest learning from P2P is that other investors can have very unrealistic viewpoints (IMO of course) and by default I am stuck with them. I still think this is a good venture, cashflow is clearly seriously an issue, and this was clear from fairly early on. Lets face it, it would only have taken one large investor and it would have been deemed a great success. IMO this is still on the cards. I would speculate, and its purely that, that anyone interested in taking on a bond in regards this venture would equally take a punt on taking over MTs charges. The bonds are of course considerably lower yield than the MT loan. The longer this one goes on, the more I hope it gets to the line, unlike the rest of the MT loans that have struggled I remain convinced this one has the value.
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Post by Deleted on Jul 21, 2020 13:41:50 GMT
My biggest learning from P2P is that other investors can have very unrealistic viewpoints (IMO of course) and by default I am stuck with them. Yes, this was one of my more unpleasant 'lessons' about P2P too. For me it was a certain London loan involving a lawsuit against lenders... with the claimant clearly trying to use intimidation as a tactic, and a multitude of whiny lenders repeatedly posting on a public forum about how intimidated they were Yeah, thats really going to help isn't it...
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dovap
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Post by dovap on Jul 21, 2020 14:38:04 GMT
Odd innit my 'biggest learning' was how hopeless some of these new fangled fintech enterprises turned out to be. Many borrowers being total dreamers &/or shameless scammers was no surprise at all. A little surprised though how many of the turkeys not voting for Christmas still believe in Santa.
What a world eh
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Post by sirpercyblakeney on Jul 21, 2020 19:20:56 GMT
We have a contract given a loan period and interest rate and seemingly no penalties if not repaid on time. Capital loss is apparently the only outcome if we act to fast or force the contract, this is leading to indecision and prevarication.
‘Loss Aversion’ is constricting our thinking, yes we may lose capital if we force the early sale of an asset. But equally we lose opportunity, add risk, lose leverage and have knock on impacts to other investments as these outliers become established as the norm.
In my view a robust response is much better, following the contract, using predefined steps or action. Everyone: investor, platform and borrower know where they are. At the moment the lack of communication and action is prevaricating the situation. In the long term this will only lead to more loss as the costs build up.
Note you can apply this to many investments over multiple platforms.
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ozboy
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Post by ozboy on Jul 21, 2020 21:23:59 GMT
We have a contract given a loan period and interest rate and seemingly no penalties if not repaid on time. Capital loss is apparently the only outcome if we act to fast or force the contract, this is leading to indecision and prevarication. ‘Loss Aversion’ is constricting our thinking, yes we may lose capital if we force the early sale of an asset. But equally we lose opportunity, add risk, lose leverage and have knock on impacts to other investments as these outliers become established as the norm. In my view a robust response is much better, following the contract, using predefined steps or action. Everyone: investor, platform and borrower know where they are. At the moment the lack of communication and action is prevaricating the situation. In the long term this will only lead to more loss as the costs build up. Note you can apply this to many investments over multiple platforms. Absolutely sirpercyblakeney, yer preaching to me and thegrumbler - The Converted! I am afraid though that there are FAR too many on here who are very astute business people with loads of debt collection experience and who believe in endless forbearance. Loss Aversion indeed! Just like they did with Lendy and Funding Secure. The Word is obviously out amongst Borowers and has been for quite some time now, "Don't be a mug, you don't need to pay anything back, and the Platform will do Football Association about it."
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averageguy
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Post by averageguy on Jul 24, 2020 9:58:05 GMT
Emailed a couple of times this week on the basis we expected to hear something at the end of the last one...no reply
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ozboy
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Post by ozboy on Jul 26, 2020 12:24:08 GMT
Emailed a couple of times this week on the basis we expected to hear something at the end of the last one... no reply "no reply."Says it all. [27/7/20 - Ha Ha, now we know why.]
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Post by Badly Drawn Stickman on Jul 27, 2020 10:43:51 GMT
Some activity at Companies house.
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averageguy
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Post by averageguy on Jul 27, 2020 11:57:24 GMT
Some activity at Companies house. I’ve checked and can’t see anything Edit ok I’ve looked at DD central ..thanks for bringing it to our attention I’d say that is intriguing
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mw
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Post by mw on Jul 27, 2020 12:42:10 GMT
Update on site
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sj
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Post by sj on Jul 27, 2020 12:45:48 GMT
Horse, stable and bolted are words that spring to mind.
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keystone
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Post by keystone on Jul 27, 2020 12:54:24 GMT
Another resounding wait forever before taking action and hope for the best success from Moneything.
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ozboy
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Post by ozboy on Jul 27, 2020 12:55:41 GMT
Yep. All handled very unprofessionally, should have been Defaulted yonks ago, what was going on was crystal clear.
Platforms will never learn, but then, it's not their money.
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