oik
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Post by oik on Jun 16, 2018 15:03:52 GMT
Surely it is the lawyers job to pick up the leasehold/freehold, not Moneything. Can't they claim against the law company that failed to spot it? I'm still not clear what was told to Moneything, or by whom. Perhaps they could clarify?
Moneything published the VR saying: "MARKET VALUE FREEHOLD SITE WITH VACANT POSSESSION. We are of the opinion that the Market Value of the Freehold interest in the site on vacant possession basis is the sum of £650,000." Yet, they registered their charge at Companies House as: Persons entitled. Moneything (Security Trustee) Limited (Co No 09933277) Brief description. The leasehold land registered at the land registry with title number.....
Were they aware that the security was leasehold but failed to read the VR before offering the loan to potential lenders? Were they unaware of the discrepancy until it was pointed out to them? They subsequently maintained that it made no difference, but at the very least it resulted in the first buyer withdrawing and months of delay. If the freehold has no value then presumably it could have been acquired for a nominal sum.
I think they'll have to show they can get these things right if they're going to restore some confidence in their DD.
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johni
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Post by johni on Jun 16, 2018 15:56:19 GMT
Surely it is the lawyers job to pick up the leasehold/freehold, not Moneything. Can't they claim against the law company that failed to spot it? I'm still not clear what was told to Moneything, or by whom. Perhaps they could clarify?
Moneything published the VR saying: "MARKET VALUE FREEHOLD SITE WITH VACANT POSSESSION. We are of the opinion that the Market Value of the Freehold interest in the site on vacant possession basis is the sum of £650,000." Yet, they registered their charge at Companies House as: Persons entitled. Moneything (Security Trustee) Limited (Co No 09933277) Brief description. The leasehold land registered at the land registry with title number.....
Were they aware that the security was leasehold but failed to read the VR before offering the loan to potential lenders? Were they unaware of the discrepancy until it was pointed out to them? They subsequently maintained that it made no difference, but at the very least it resulted in the first buyer withdrawing and months of delay. If the freehold has no value then presumably it could have been acquired for a nominal sum.
I think they'll have to show they can get these things right if they're going to restore some confidence in their DD. For me the questions are premature let's get the recovery completed at present this is still not a done deal. We will have a better understanding of what is outstanding and what is possible to recover. Then I expect a full explanation on the Moneything site of the points raised.
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oik
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Post by oik on Jun 16, 2018 16:39:28 GMT
For me the questions are premature let's get the recovery completed at present this is still not a done deal. We will have a better understanding of what is outstanding and what is possible to recover. Then I expect a full explanation on the Moneything site of the points raised. That's a point of view but the error creates a wider concern around platform competance not specific to this loan. We've been told to expect recovery to be around half the original valuation given on the basis of being a freehold but the precise extent of the recovery is irrelevant whatever it may be.
The loan was offered more than a year ago and the discrepancy became apparent when the loan defaulted very soon after, but there has yet to be an explantion or any assurance that steps have been taken to prevent a repetition. The only response I recall was around last August suggesting that the mistake didn't matter. I think it does. An explanation would be welcome well before we're required to rely on further DD by Moneything.
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rxdav
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Post by rxdav on Jun 20, 2018 15:31:42 GMT
Well I have now withdrawn everything I can from MT - exempt those few I can't currently sell (but they are queued) - my intention is to be 100% out asap.
There has been no apology or explanation as to why the security offered on this loan was incorrectly listed by MT (i.e. Freehold vs. Leasehold). I hold MT totally responsible for this blatant error which significantly reduced the true value of the security and consequently gave a false LTV - which will eventually (it seems at present) cause me and many others to lose money through absolutely no fault of our own. Until MT offer and apology and undertake to compensate lenders for any losses caused by their manifest error I shall withhold my business and actively advise anyone to avoid this platform.
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liso
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Post by liso on Jun 20, 2018 15:54:02 GMT
Well I have now withdrawn everything I can from MT - exempt those few I can't currently sell (but they are queued) - my intention is to be 100% out asap.
There has been no apology or explanation as to why the security offered on this loan was incorrectly listed by MT (i.e. Freehold vs. Leasehold). I hold MT totally responsible for this blatant error which significantly reduced the true value of the security and consequently gave a false LTV - which will eventually (it seems at present) cause me and many others to lose money through absolutely no fault of our own. Until MT offer and apology and undertake to compensate lenders for any losses caused by their manifest error I shall withhold my business and actively advise anyone to avoid this platform. Not only that, but the loan went from launch to default without a word in between from MT - no indication of any problems, nothing. And no explanation subsequently.
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hazellend
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Post by hazellend on Jun 20, 2018 16:26:07 GMT
Well I still think moneything are great. Always room for improvement thought!
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rxdav
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Post by rxdav on Jun 20, 2018 17:52:20 GMT
Well I still think moneything are great. Always room for improvement thought! Just how fundamentally wrong do MT have to be and how much money do you have to lose before the fawning ameliorates? They posted totally incorrect data that will directly cause many to lose money here - with no apology and zero explanation (or any offer of compensation).
Undoubtedly you also think the COL directors were a bunch of fundamentally sound but unfairly misunderstood good guys who were just a bit unlucky and deserve a second chance to prove what upstanding citizens they really are - give me strength. Is it any wonder so many platforms take lenders for the mug punters many so clearly are?
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hazellend
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Post by hazellend on Jun 20, 2018 20:07:29 GMT
Rant all you want, have a field day
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Jeepers
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Post by Jeepers on Jun 20, 2018 20:44:22 GMT
What's your net return overall? I suspect you've done well out of MT, just not happy there's no cherry on top of the cake!
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hazellend
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Post by hazellend on Jun 20, 2018 20:49:47 GMT
What's your net return overall? I suspect you've done well out of MT, just not happy there's no cherry on top of the cake! Net return currently down to around zero as I’ve got 11k in defaulted loans
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Jeepers
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Post by Jeepers on Jun 20, 2018 21:03:38 GMT
Really? Ive been lucky to avoid the darkside then. I've nothing but praise for MT but then I've avoided any problematic loans.
Defaults are to be expected but MT handle them and communicate the progress the best IMO.
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johni
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Post by johni on Jun 20, 2018 22:13:55 GMT
Well I have now withdrawn everything I can from MT - exempt those few I can't currently sell (but they are queued) - my intention is to be 100% out asap.
There has been no apology or explanation as to why the security offered on this loan was incorrectly listed by MT (i.e. Freehold vs. Leasehold). I hold MT totally responsible for this blatant error which significantly reduced the true value of the security and consequently gave a false LTV - which will eventually (it seems at present) cause me and many others to lose money through absolutely no fault of our own. Until MT offer and apology and undertake to compensate lenders for any losses caused by their manifest error I shall withhold my business and actively advise anyone to avoid this platform. At present you have not lost anything. Until recovery is made and all legal processes are complete then the true value of losses will be known. The silence could be because the error was not necessarily theirs. Further action may be jepordised by spelling it out here or on site. Post mortums come at the end when a full explanation can be given and this is what I fully expect.
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rxdav
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Post by rxdav on Jun 21, 2018 7:38:11 GMT
Well I have now withdrawn everything I can from MT - exempt those few I can't currently sell (but they are queued) - my intention is to be 100% out asap.
There has been no apology or explanation as to why the security offered on this loan was incorrectly listed by MT (i.e. Freehold vs. Leasehold). I hold MT totally responsible for this blatant error which significantly reduced the true value of the security and consequently gave a false LTV - which will eventually (it seems at present) cause me and many others to lose money through absolutely no fault of our own. Until MT offer and apology and undertake to compensate lenders for any losses caused by their manifest error I shall withhold my business and actively advise anyone to avoid this platform. At present you have not lost anything. Until recovery is made and all legal processes are complete then the true value of losses will be known. The silence could be because the error was not necessarily theirs. Further action may be jepordised by spelling it out here or on site. Post mortums come at the end when a full explanation can be given and this is what I fully expect. Irrespective of the eventual outcome here with regard the final losses (or not? (bursts out laughing)) my fundamental issue with MT remains. I invested in this loan based on incorrect data which was published on the MT web-site by MT - it is they (and nobody else) who is responsible for the accuracy and veracity of what they publish on their web-site.
Consequently, until there is an apology for their error (and nobody here is arguing it wasn't an error) and an undertaking to compensate for any eventual losses (and as you say - if there are no losses then they will have nothing to lose by making such an undertaking - will they?) - then I will avoid MT and advise against using this platform.
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rxdav
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Post by rxdav on Jun 21, 2018 7:45:38 GMT
What's your net return overall? I suspect you've done well out of MT, just not happy there's no cherry on top of the cake! Net return currently down to around zero as I’ve got 11k in defaulted loans 'Well I still think moneything are great' (my italics - your quote). All I can say is that you must be very, very easy to please? Or is there some form of perverse inverse relationship here - the less you make, the happier you become with a platform?
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james21
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Post by james21 on Jun 21, 2018 8:17:32 GMT
At present you have not lost anything. Until recovery is made and all legal processes are complete then the true value of losses will be known. The silence could be because the error was not necessarily theirs. Further action may be jepordised by spelling it out here or on site. Post mortums come at the end when a full explanation can be given and this is what I fully expect. Irrespective of the eventual outcome here with regard the final losses (or not? (bursts out laughing)) my fundamental issue with MT remains. I invested in this loan based on incorrect data which was published on the MT web-site by MT - it is they (and nobody else) who is responsible for the accuracy and veracity of what they publish on their web-site.
Consequently, until there is an apology for their error (and nobody here is arguing it wasn't an error) and an undertaking to compensate for any eventual losses (and as you say - if there are no losses then they will have nothing to lose by making such an undertaking - will they?) - then I will avoid MT and advise against using this platform.
Completely agree, I have put all of my loans for sale but the queue is horendous
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