rxdav
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Post by rxdav on Aug 2, 2018 7:13:00 GMT
MoneyThing how much loss is expected on the capital of this default? 27% Which I believe (or thereabouts) is correct - if there is ever an exchange of contracts that is (oh yes, the respective relevant parties they are in 'daily contact' - but as I said previously, life is finite). Which is why:
1. I consider MT a disgrace and have withdrawn all I can - with the rest up for sale. 2. Will denigrate (and provide the details of this loan as evidence to support my assertions) MT at every possible opportunity. 3. Believe that MT should offer lenders compensation as their money was lent by them under false pretences - stating the property was freehold and not leasehold (as proved the reality) - with a consequent untrue and overinflated LTV. 4. Hope somebody has enough money in this loan to make it worth their while taking formal legal action against MT for false representation.
(A 'class action' would be another option maybe?)
And still we wait..........................
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ptr120
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Post by ptr120 on Aug 2, 2018 9:41:19 GMT
rxdav I broadly agree with most of your points, but have you done anything about it? Like exhausting the MT complaints procedure and then taking this to the Ombudsman?
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withnell
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Post by withnell on Aug 2, 2018 12:16:18 GMT
rxdav I broadly agree with most of your points, but have you done anything about it? Like exhausting the MT complaints procedure and then taking this to the Ombudsman? In common with a lot of loans being discussed across this forum, people are getting very upset about potential losses which haven't yet crystalised - there's not a lot that the Ombudsman can do until a loss has been suffered, and I'd expect this would include exhausting the personal guarantee route too. That being said there's mileage in compensation for the additional time taken to recover funds that would not have been required with a higher-value freehold sale As for the MT complaints procedure, there's not much they can do beyond explain what controls exist to stop it happening again, and unless there is evidence that a freehold sale of the property would have taken place by now then no loss has been suffered
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oik
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Post by oik on Aug 2, 2018 17:46:53 GMT
As for the MT complaints procedure, there's not much they can do beyond explain what controls exist to stop it happening again, and unless there is evidence that a freehold sale of the property would have taken place by now then no loss has been suffered Was there not evidence of sorts in the updates from January concerning the delay after an offer had been received and accepted some weeks before? "31/01/2018.There is a delay with the sale because the Administrator is awaiting a consent from the freeholder to sell the property. Unfortunately, the freeholder is deceased and both the Administrator and purchaser are trying to make contact with the Estate of the Freeholder."
And then three months later
"27/04/2018 Unfortunately, due to the delay caused in obtaining the necessary consents from the estate of the freeholder, we have been informed that the buyer has pulled out of the purchase. The property is now back on the market."
A new offer was accepted in June, six months after the original offer, as a result of not owning the freehold. (The property had first been put on the market in September 2017 but it's not known what effect the lack of the freehold had on the subsequent lack of offers until January.)
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archie
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Post by archie on Aug 2, 2018 17:55:25 GMT
As for the MT complaints procedure, there's not much they can do beyond explain what controls exist to stop it happening again, and unless there is evidence that a freehold sale of the property would have taken place by now then no loss has been suffered Was there not evidence of sorts in the updates from January concerning the delay after an offer had been received and accepted some weeks before? "31/01/2018.There is a delay with the sale because the Administrator is awaiting a consent from the freeholder to sell the property. Unfortunately, the freeholder is deceased and both the Administrator and purchaser are trying to make contact with the Estate of the Freeholder."
And then three months later
"27/04/2018 Unfortunately, due to the delay caused in obtaining the necessary consents from the estate of the freeholder, we have been informed that the buyer has pulled out of the purchase. The property is now back on the market. The issue over consent is now fully resolved and once a prospective purchaser is found, everything is now in place to allow a sale to complete without further delay."
A new offer was accepted in June, six months after the original offer, as a result of not owning the freehold.
Original offer was returning an initial 70% of capital, new offer is supposed to be returning an initial 74%.
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oik
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Post by oik on Aug 2, 2018 18:18:40 GMT
Original offer was returning an initial 70% of capital, new offer is supposed to be returning an initial 74%. Was an exact sum ever given on final sums for either offer? I thought the wording was "in the region of" for the first offer and "circa" for the second. I have haven't noticed firm figures for either but would be interested if they exist.
The update of 12/01/2018 said:
"During November and December we received a number of offers for the property; all of which were lower than expected. We have accepted the best offer and the sales process is underway. The offer is not sufficient to provide a full capital recovery to lenders.
It is our intention to provide lenders with a partial capital repayment following the completion of the sale of the property which will be in the region of 70% of capital. The exact amounts will be provided once the full costs of recovery have been received from the recovery agents and legal advisors."
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rxdav
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Post by rxdav on Aug 2, 2018 19:41:03 GMT
Anyone here can put whatever slant on this loan they want - I am totally unambiguous in my attitude. I was sold a dud by MT by their misrepresentation of the facts (leasehold vs. freehold) - hence overegging the real LTV. Now whose fault this was (surveyor/valuer or whoever) is irrelevant - my loan was made on information posted on the MT web-site - for which they are solely responsible - end of. This is misrepresentation resulting in material loss to clients of MT (or damn soon will be). I have been down the Ombudsman route before (successfully, but glacially) - and they won't take a case until all internal complaints procedures have been exhausted. I can't even initiate this until a loss is formally declared (but with 'daily' contact with the relevant parties how long can this now take - weeks, months, years?). However, all MT are doing is delaying the day of reckoning (and 'daily' (that word again) eroding their already seriously (terminally?) damaged reputation)) - which will come - be it sooner or later. And when they have to answer to the Financial Ombudsman tribunal (which I will personally ensure via social media is widely publicised) - they will look like the spineless sharks I consider they are. Furthermore, there has, as yet, been no apology - in the face of overwhelming evidence they are at fault. Reason? - they are already in effect acknowledging that this will likely go the whole nine yards and don't want to offer any apology in advance of any formal action/s against them in case, downstream, it may be 'used in evidence against them'.
They disgust me - and they will be made to pay - all that is at issue now (most likely) is the timing of their (metaphorical of course) execution/s.
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Post by SophieThing on Aug 3, 2018 6:24:58 GMT
Hi rxdav, I’m truly sorry to read your comments here. Just to put your comments into context, I can see from your account that your withdrawals almost match your deposits and so you have already had pretty much all your capital returned to you over the course of your time at MT. This is as a result of diversifying your investment across a number of loans to minimise risk. The investments you have left are therefore your overall profit and even on the defaulted loans you hold you are likely to see a return, meaning that you will likely end your MT experience in profit overall. In regards to your comments about this particular loan, we have said all along that we are not going to make comments while the recovery is ongoing. We will cover off the points you have raised once we have finalised the position. We are acting in the interests of our lenders. Recoveries do take time and we are doing everything that we can with our legal advisors and recovery agents. Kind regards Sophie
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rxdav
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Post by rxdav on Aug 3, 2018 11:20:52 GMT
Hi rxdav , I’m truly sorry to read your comments here. Just to put your comments into context, I can see from your account that your withdrawals almost match your deposits and so you have already had pretty much all your capital returned to you over the course of your time at MT. This is as a result of diversifying your investment across a number of loans to minimise risk. The investments you have left are therefore your overall profit and even on the defaulted loans you hold you are likely to see a return, meaning that you will likely end your MT experience in profit overall. In regards to your comments about this particular loan, we have said all along that we are not going to make comments while the recovery is ongoing. We will cover off the points you have raised once we have finalised the position. We are acting in the interests of our lenders. Recoveries do take time and we are doing everything that we can with our legal advisors and recovery agents. Kind regards Sophie
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rxdav
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Post by rxdav on Aug 3, 2018 11:28:33 GMT
Sophie,
Thank you for your response - which I have to say is what I had hoped for (generically, not necessarily just for me) some time previously and I suggest would have gone a long way to assuaging much anger and stress (more anger in my case as the amount involved for me is hardly life changing - but many could be in here deep given the (alleged - but consequently proved incorrect) highly promising fundamentals when this loan was launched).
I'll hold my fire and keep my powder dry for a while based on your response today - which is encouraging (credit where credit is due).
P.S. Couldn't do a 'quote' type reply for some reason - hence it seems I have posted twice - with nugatory results on effort #1.
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dovap
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Post by dovap on Aug 3, 2018 12:27:29 GMT
Mildly curious as to how MT have linked a forum poster to a particular account (unless the poster had told them obv)?
Doesn't seem a terribly professional approach to then discuss that account but hey ho
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rxdav
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Post by rxdav on Aug 3, 2018 13:08:23 GMT
Mildly curious as to how MT have linked a forum poster to a particular account (unless the poster had told them obv)? Doesn't seem a terribly professional approach to then discuss that account but hey ho The link to my account was easy - same user/email address. It did initially occur to me that such a discussion on my account at MT was a bit dubious - but decided that as long as no figures were used (which they weren't) it just became a generic example in effect. I had already declared I was out of MT with the rest (less than £2K now) up for sale.
I regard myself as reasonably robust - working on the principle that you don't 'dish it out' if you 'can't take it' - any precious or timid souls are definitely in the wrong part of town if found around here !!
I have two requirements of MT hereafter: 1. Keep me reasonably informed of progress whilst 2. Recovering the maximum amount of my funds possible through incessant and utterly ruthless endeavour.
Fun is fun - but business is business.
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Post by Badly Drawn Stickman on Aug 3, 2018 16:25:43 GMT
Mildly curious as to how MT have linked a forum poster to a particular account (unless the poster had told them obv)? Doesn't seem a terribly professional approach to then discuss that account but hey ho Given the information Moneything has, and the constant clues left by regular posters, I would be more curious if they did not know who most were. I would however agree, to display that knowledge in response to a 'Violet Elizabeth Bott' type post, is not best practice. We do however know what buttons to press if we want attention now. Displaying lenders returns over the account life is something I suggested before but was ignored (I now know simply asking gets that response, ranting and raving gets results it seems). It is possible to work out the information obviously, but is a time consuming process to keep up to date. A real time display would be a simple addition to the funds page. I would suggest it would strengthen the platform credibility if it was adopted. Although I would suggest using the argument that walking away without losses is a good result, is pushing the boundaries of why we invest. (Its a two birds with one stone thing I am experimenting with)
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blender
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Post by blender on Aug 3, 2018 17:30:26 GMT
Glad I am not with MT (so cannot be found). The information given about rxdav's account is something that a platform should never post on a public forum. I would be very surprised if that was consistent with their privacy policy. Such a reply should be private, and generalised here. Of course we do not know who rxdav is, and so I suppose it may not be a breach of the GDPR regulations. I rather doubt that rxdav has authorised MT to discuss her account on a public forum. But if some of us do know who rxdav is in real life, then there is a complaint to be made (another complaint). A shame, because I was going to consider MT.
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Post by funkymonkey on Aug 3, 2018 17:58:29 GMT
Don't use the same username as your email address and no-one will be able to link the two accounts
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