james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Aug 3, 2018 18:20:54 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 use 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. Shouldn't bother with MT in my opinion. Too many defaults to successful loans. Pipeline zero. Too small a platform
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 3, 2018 18:53:06 GMT
MT was voted top platform on this forum in 2017. (Yes I know Collateral was second). Sentiment changes quickly.
Thanks, funkymonkey. Usernames are strictly limited to one forum. I learnt that when FC made an offer which could not be refused for the old indy forum, together with all the personal data. Best you do not use funkydonkey elsewhere.
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Aug 4, 2018 8:38:46 GMT
Well MT's response seems to have kicked off a bit of debate - certainly helps to keep the situation to the fore - and I did get the impression that MT are indeed concerned they may find themselves in 'the dock' in due course. As far as debating my account here - well I didn't give any permissions but conversely I took the attitude I did - seems many would have taken a far firmer line had it happened to them (and they have lost at least one potential future customer as a consequence it seems?).
The person who suggested different user names / email addresses to prevent potential linking - well if I did that I would spend half my life checking some little book (or phone vault) to ensure I was using correct details with this account or that - of which (like many I suspect) I have scores. Sounds clever - but would quickly become a pain in the rear methinks (same issue with passwords really)?
I think MT know they have really blown it here - big style - although I suspect they themselves were either scammed or simply given duff data which they then used. But I'm afraid it is still MT who is both morally and legally responsible to me - if they want to sue the provider of duff data and/or scammer down-stream to recover their losses or whatever that's their call.
Whilst I have said I'll hold fire that doesn't mean I'm not (as the Americans say) 'locked and loaded' here. When the dust settles here and losses (if any? (oh yes - there will be)) declared, MT will have two choices. Either offer compensation to clients to cover those losses or they will be looking (as a minimum) at facing the Financial Ombudsman to defend themselves (some with significant loses may take formal legal action - we'll see). If there are no losses at the end of the process - then no problem - but that's as likely as the sun not rising tomorrow or HMG giving me a free ride with my tax bill this year!!
How MT react henceforth and how they treat clients who incur any losses as a result of a misrepresented loan will define how many existing and potential future clients will judge them - and for some while into the future I suggest.
All IMHO of course.
Edit: Typo
|
|
|
Post by Badly Drawn Stickman on Aug 4, 2018 9:09:36 GMT
MT was voted top platform on this forum in 2017. (Yes I know Collateral was second). Sentiment changes quickly.
And we all know unless they get something badly wrong, Ablrate will win this year. Sadly no bookies are taking bets. All P2P investors should be obliged to do a two year apprenticeship on FC, they may at least then realise that selling all your viable loans when a bad one defaults is counter productive. I suspect you would have done OK on Moneything, but it is at least six months away from considering now come back after the Holidays (as the Americans call it)
|
|
|
Post by Deleted on Aug 4, 2018 9:53:14 GMT
I think Sophie's "revelation" about an account was pretty fair, it showed a clear knowledge but in no way leaked anything that hurt the OP.
Generally I find one has to be aware of sentiment when making an investment decision but don't let sentiment drive your decisions, I hope that helps.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 4, 2018 12:11:47 GMT
I think Sophie's "revelation" about an account was pretty fair, it showed a clear knowledge but in no way leaked anything that hurt the OP.
...
That is true but it is more a point of principle that you only discuss the customer's account in private with the customer. Apart from the privacy issues, you never know where it is going to lead. It's so easy for a platform rep to find themselves having to disengage from the forum, which is a bad thing.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 4, 2018 12:27:53 GMT
And we all know unless they get something badly wrong, Ablrate will win this year. Sadly no bookies are taking bets. ... If Ablrate find some decent recoveries on the containers, the crown is guaranteed. If, however, they have just one new significant loss with dubious security, then they will be yesterday's heroes, and we will all come crawling to MT. P2P is still in the bronze age. Ablrate is rather like Achilles.
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Aug 4, 2018 12:42:02 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. Despite your posts, you are with neither Collateral nor MT. You must share us your platform due diligence š.
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Aug 4, 2018 12:44:07 GMT
And we all know unless they get something badly wrong, Ablrate will win this year. Sadly no bookies are taking bets. ... If Ablrate find some decent recoveries on the containers, the crown is guaranteed. If, however, they have just one new significant loss with dubious security, then they will be yesterday's heroes, and we will all come crawling to MT. P2P is still in the bronze age. Ablrate is rather like Achilles. What about B&W, what were your thoughts on the 5M+ interco balance written off?
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 4, 2018 13:14:29 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. Despite your posts, you are with neither Collateral nor MT. You must share us your platform due diligence š. I'm glad you asked me that elliotn , but you miss FS, with whom I am also not.
I am only with FC, where I started in 2012, and Ablrate from 2015. I believe that I should be thinking of spreading what I have currently on Ablrate (partly because you tell me that). My first line of platform due diligence is to use this forum. I believe that careful use of the combined wisdom and idiocy on this forum provides the best, and most accessible, guide to which platforms are currently performing well. You tend to see the bad side on this forum, but that is what you need to know. If considering a platform, then read current forum threads and go back in time when necessary. If you join in a discussion, then you can gain more useful opinions and evidence and experience, from responses to what you might say or ask on the forum. Sometimes people who know much better are pleased to share advice, sometimes they are stimulated by irritation but the net result is the same. People like to share their knowledge, experience and expertise. I believe that the posts of knowledgeable people on this forum, including yourself elliottm, have helped me to have a much better experience of p2p then I would by my own efforts. But that does not make me a follower of the crowd. Of course, it may all go wrong tomorrow. I missed the opportunity to be with you in Collateral, but following that saga is for my education and to empathise with those trapped there. FS I was considering, but I think I would rather have double the money on Ablrate compared with half in FS. MT, to tell the truth, I am considering. I have no idea about B** and probably would not understand the issues involved, being financially illiterate.
|
|
oik
Member of DD Central
Posts: 254
Likes: 349
|
Post by oik on Aug 4, 2018 15:03:41 GMT
If considering a platform, then read current forum threads and go back in time when necessary... MT, to tell the truth, I am considering. In that case, some here might suggest that all that reading and those 3904 posts may have been in vain.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 4, 2018 15:09:15 GMT
I haven't read them yet. Which do you suggest would be useful?
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Aug 4, 2018 18:39:32 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. To anyone considering MT, have a look at the secondary market and ask yourself why have all of these lenders put their investments up for sale? Confidence = zero
|
|
|
Post by GSV3MIaC on Aug 4, 2018 19:48:16 GMT
Nope, not zero - there are quite a few loans I would cheerfully buy more of (but they are not for sale). The mass of for sale loans are things which I either hold enough of, or would not touch with a barge pole (big development loans, or well-flagged (here) as being well-dubious.). There is actually about Ā£4m for sale IIRC, which is about 13% of the loan book .. however quite a bit of that is people just making a reservation in the queue. If we ever get discount/premium pricing it would be a lot more obvious who is desperate to sell (look for the 5% discount) vs who is just 'willing to'.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Aug 4, 2018 20:14:49 GMT
Exactly, Iām already at my max per loan for everything.
New loans would be welcomed.
|
|