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Post by thecleaner on Jul 10, 2018 11:57:45 GMT
4 weeks now since the "exchange within a fortnight" update... MoneyThing can you give us any update at all on this please? I'd otherwise assume that it has not exchanged as planned. Bad news is better than no news at all I feel. Yes come on moneything. If you say you are going to do something then do it. We would like an update now please.
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rxdav
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Post by rxdav on Jul 10, 2018 12:05:56 GMT
4 weeks now since the "exchange within a fortnight" update... MoneyThing can you give us any update at all on this please? I'd otherwise assume that it has not exchanged as planned. Bad news is better than no news at all I feel. Yes come on moneything. If you say you are going to do something then do it. We would like an update now please. Can but concur - has this contract exchanged - yes or no - it's a really, really simple question for which an answer is well overdue.
By delaying giving a response you only make yourselves look increasingly suspicious - or even more so as some (qui moi?) might suggest!!
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rxdav
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Post by rxdav on Jul 12, 2018 6:11:33 GMT
Yes come on moneything. If you say you are going to do something then do it. We would like an update now please. Can but concur - has this contract exchanged - yes or no - it's a really, really simple question for which an answer is well overdue.
By delaying giving a response you only make yourselves look increasingly suspicious - or even more so as some (qui moi?) might suggest!!
Well, well - an update - and guess what? (yes - you're correct) - the exchange which was to occur within the 'next fortnight' (as stated on the update of 13 Jun 18) is still awaited. The new update states 'Exchange is now expected to complete within the next week' - I guess we'll see eh?
Why oh why do P2P platforms (and MT is not alone here) consistently over promise and under deliver? There will often be (genuine) reasons why expected timeframes cannot always be met. But there is never any excuse to fail to update lenders of changed circumstances in a timely manner. Exactly when do you think we would have got this update (which is now over two weeks late (see timescales gives on previous update)) if lenders had not started actively agitating on this forum?
This is just one of many reasons why I have now made the decision to totally exit P2P (I am now out of FC, AC, ABL, LI and LY) - I got caught in the COL debacle to the tune of £7.5K (I will just have to wait that one out (and I'm not expecting a fast result)) and I have £2.6K stuck in MT which is listed for sale (but I'm not holding my breath) or defaulted - this being the prime one (so I'll likely be taking a hit here almost certainly).
Of all the loans I've been in and out of these past few years I do believe this has been the straw which has broken this metaphorical camel's back. I was given blatantly false information on the MT website (that the property was freehold - when it wasn't) and invested my money on that (incorrect) basis. The property being leasehold of course lowered it's true value and hence the LTV significantly - which is primarily why we are where we are now. There has been no apology from MT, no acceptance that they posted false information (for which they, and they alone are responsible) and no offer of compensation should any lender lose money as a consequence of their blatant error. So I conclude they are fundamentally untrustworthy and will be out just as soon as I am able.
Not only are the good times well and truly over for P2P but it's rapidly becoming (and I am generalising I know) a breeding ground and deepening quagmire for sleazy operators whom I no longer trust. Consequently, in the (hopefully and BDO permitting) not too distant future P2P will be but a memory for me - and it was all so promising in those early days - but the chickens have now well and truly come home to roost - and it seems the foxes have taken far more than their fair share.
For those of you who remain I wish you well - but you are likely to not only need a very sharp eye and intellect to remain 'ahead of the game' - but more than the average share of luck too (and that as we all know is an infinitely variable and somewhat nebulous consideration).
Edit: Typo
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ptr120
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Post by ptr120 on Jul 12, 2018 7:33:24 GMT
Can but concur - has this contract exchanged - yes or no - it's a really, really simple question for which an answer is well overdue.
By delaying giving a response you only make yourselves look increasingly suspicious - or even more so as some (qui moi?) might suggest!!
Well, well - an update - and guess what? (yes - you're correct) - the exchange which was to occur within the 'next fortnight' (as stated on the update of 13 Jun 18) is still awaited. The new update states 'Exchange is now expected to complete within the next week' - I guess we'll see eh?
Why oh why do P2P platforms (and MT is not alone here) consistently over promise and under deliver? There will often be (genuine) reasons why expected timeframes cannot always be met. But there is never any excuse to fail to update lenders of changed circumstances in a timely manner. Exactly when do you think we would have got this update (which is now over two weeks late (see timescales gives on previous update)) if lenders had not started actively agitating on this forum?
<SNIP>
Of all the loans I've been in and out of these past few years I do believe this has been the straw which has broken this metaphorical camel's back. I was given blatantly false information on the MT website (that the property was freehold - when it wasn't) and invested my money on that (incorrect) basis. The property being leasehold of course lowered it's true value and hence the LTV significantly - which is primarily why we are where we are now. There has been no apology from MT, no acceptance that they posted false information (for which they, and they alone are responsible) and no offer of compensation should any lender lose money as a consequence of their blatant error. So I conclude they are fundamentally untrustworthy and will be out just as soon as I am able.
<SNIP> Communications from MT before, during, and after this loan have been pathetic - remember, this is the loan that went from 'everything fine' to 'defaulted - the borrower hasn't been paying the interest' overnight - in direct contravention of the MT terms and conditions which dictate that we will be told such things. We then have the leasehold vs freehold thing with no admission of error from MT and offer to make good losses. Now we have exchange of contracts not happening within prescribed timelines, and a failure of MT to manage expectations. MT, I don't need a blow by blow account but it is my money that you are managing and I need you to remember that. Hopefully someone soon will take this sorry saga through the MT complaints procedure and then to the Ombudsman, but I assume that can't really be done yet as we don't yet know the extent of our losses due to their negligence?
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rxdav
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Post by rxdav on Jul 19, 2018 15:53:28 GMT
11/07/2018
Exchange is now expected to complete within the next week. We will let lenders know once contracts have exchanged.
N.B. Above cut and pasted from MT website.
Now call me 'old fashioned' but given that the last 'exchange update' was a total dud (and we were two weeks late being told so) I would have thought that somebody might have made a diary note here to avoid a repeat? Latest update dated 11 July - plus 'within the next week' (let's be generous and give the full seven days) - which I make 18 July? Unless I've missed something today is 19 July (and late in the day at that)!?
So - is this going to be yet another cock-up - sorry if I sound unkind but people who constantly let me down do rather have that effect on me.
Anybody like to put a wager on 1. Will the exchange happen this time around and/or 2. When (or if?) will we be informed by MT either way?
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GeorgeT
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Post by GeorgeT on Jul 19, 2018 21:36:16 GMT
Latest update says exchange any day now.
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rxdav
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Post by rxdav on Jul 20, 2018 11:22:00 GMT
Latest update says exchange any day now. So did the last one !!
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rxdav
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Post by rxdav on Jul 20, 2018 11:28:31 GMT
Latest update says exchange any day now. So did the last one !! Correction/Update:
19/07/2018
Whilst legals have taken longer than anticipated to finalise, the purchasers solicitors & the Administrators solicitors are currently in daily contact and exchange is expected to conclude any day now.
Only just spotted this update of the update of the update - ish!?
Sorry georget, what I should have said was 'so did the last two' !!
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johni
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Post by johni on Jul 20, 2018 12:03:42 GMT
Correction/Update:
19/07/2018
Whilst legals have taken longer than anticipated to finalise, the purchasers solicitors & the Administrators solicitors are currently in daily contact and exchange is expected to conclude any day now.
Only just spotted this update of the update of the update - ish!?
Sorry georget, what I should have said was 'so did the last two' !!
Moneything cannot win they don't put out an update they are critised they put out an update and they are critised. Moneything have no control what so ever of when the exchange takes place it's down to the seller and the solicitors.
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rxdav
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Post by rxdav on Jul 20, 2018 22:10:50 GMT
Correction/Update:
19/07/2018
Whilst legals have taken longer than anticipated to finalise, the purchasers solicitors & the Administrators solicitors are currently in daily contact and exchange is expected to conclude any day now.
Only just spotted this update of the update of the update - ish!?
Sorry georget, what I should have said was 'so did the last two' !!
Moneything cannot win they don't put out an update they are critised they put out an update and they are critised. Moneything have no control what so ever of when the exchange takes place it's down to the seller and the solicitors. If that is indeed so and you are totally correct in your assertion then why do MT keep putting clearly defined dates on their updates (of the updates of the updates of the updates - etc.) - or is that too silly (or obvious?) a question - given from what you assert they are effectively 'meaningless'!?
Perhaps that rarely (these days anyway) concept of 'accuracy' could be brought to bear?
God, how I lust for the past - clarity, accuracy and brevity (core concepts extrapolated from any military Staff Officer course - a rare tri-Service equivalence).
Edit: Typo
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rxdav
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Post by rxdav on Jul 23, 2018 21:30:04 GMT
Moneything cannot win they don't put out an update they are critised they put out an update and they are critised. Moneything have no control what so ever of when the exchange takes place it's down to the seller and the solicitors. If that is indeed so and you are totally correct in your assertion then why do MT keep putting clearly defined dates on their updates (of the updates of the updates of the updates - etc.) - or is that too silly (or obvious?) a question - given from what you assert they are effectively 'meaningless'!?
Perhaps that rarely (these days anyway) concept of 'accuracy' could be brought to bear?
God, how I lust for the past - clarity, accuracy and brevity (core concepts extrapolated from any military Staff Officer course - a rare tri-Service equivalence).
Edit: Typo
We shouldn't worry here because we have been assured the respective relevant parties remain in 'daily' contact (and a few more of those days have passed since my last post I note). Problem is there are, I believe, 365 days in a year and 10 times that in a decade - but as long as they remain in 'daily' contact all will be fine I'm sure - trouble is life is finite (bit of a bugger that eh?).
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yorky
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Post by yorky on Jul 31, 2018 14:48:59 GMT
Any further updates Moneything 19th July expected anyday now.I presume daily contact is still going on
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rxdav
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Post by rxdav on Aug 1, 2018 6:41:40 GMT
Any further updates Moneything 19th July expected anyday now.I presume daily contact is still going on Seconded!
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keystone
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Post by keystone on Aug 1, 2018 19:31:09 GMT
MoneyThing how much loss is expected on the capital of this default?
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hazellend
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Post by hazellend on Aug 1, 2018 19:36:30 GMT
MoneyThing how much loss is expected on the capital of this default? 27%
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