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Post by Badly Drawn Stickman on Aug 4, 2018 21:00:08 GMT
Exactly, I’m already at my max per loan for everything. New loans would be welcomed. That's easily solved, just increase your maximum. Edit, Oddly I seem to recall you mentioning the other day how you had 'dodged a bullet' by not being in a loan.
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blender
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Post by blender on Aug 4, 2018 22:05:27 GMT
Hmmm. Good website. Cool colour scheme. Professionally presented. Sufficient information clearly provided to a non-registered user. Good privacy policy (with data about lenders' transactions not released to third parties). All platforms have defaults, otherwise there would be no risk and reward. As long as there is sufficient info provided for my mate elliottm to do my due diligence. Not keen on the SM being a queue at par (if I read posts correctly.) Liquidity is important and the Ablrate SM has spoilt me. A possibility.
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hazellend
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Post by hazellend on Aug 4, 2018 22:49:03 GMT
Exactly, I’m already at my max per loan for everything. New loans would be welcomed. That's easily solved, just increase your maximum. Edit, Oddly I seem to recall you mentioning the other day how you had 'dodged a bullet' by not being in a loan. Sorry, I meant max in every loan I wanted
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elliotn
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Post by elliotn on Aug 5, 2018 3:37:06 GMT
Despite your posts, you are with neither Collateral nor MT. You must share us your platform due diligence 😎. I'm glad you asked me that elliotn , but you miss FS, with whom I am also not.
Yes, I'm spared your uninvested opining on FS as I avoid all info on my year(s) long defaults for the benefit of my health/sanity.
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blender
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Post by blender on Aug 5, 2018 7:54:24 GMT
I'm glad you asked me that elliotn , but you miss FS, with whom I am also not.
Yes, I'm spared your uninvested opining on FS as I avoid all info on my year(s) long defaults for the benefit of my health/sanity. Oh dear. Losses on FS as well. That p2p hammock does look rather like a coffin. I begin to see why you are irritated by non-combatants. I have some losses on FC, if that helps. The thing is that p2p is as much a matter of people as of finance. I mean that your chances of making a loss with a loan or platform are as much to do with the people involved as in the numerical viability of the platform or loans. Collateral an example. Due diligence requires some expertise in finance and psychology. Or at least an understanding that you cannot rely on high expertise in one of these and no understanding of the other. For me, it is a good sign if the platform will engage with lenders on a forum, even if tempted to say too much. It demonstrates some actual care about the opinions and experiences of lenders as people, and not just a source of cash. Given that some losses on other platforms (not this one) I would put down to fraud, that sense of responsibility towards lenders, including a sensitivity about what lenders say about the platform, is a good sign.
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rxdav
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Post by rxdav on Aug 16, 2018 16:40:29 GMT
So, here we are - still waiting - even though after the last sale debacle we were assured that this time round it really was all good to go and there would be no more delaying issues?
Still, a minor piece of good news for me - I managed to sell another £1,200 worth and pull it out. Just one loan for sale now, the outstanding debris from the Prestbury default - and of course this on-going saga. I'm beginning to think I might even see a return from the COL shambles before Ly****St A**** pays out!!
But the initial return of capital (when it eventually comes) will of course just mark the end of round one - and thereafter the beginning of round two. We'll have endless 'we're seeking all alternative routes to secure further returns' etc. - which will rattle on for another eternity. But sooner or later (sadly, likely much later) MT are going to have to wrap this up and declare a formal loss (hope I'm wrong of course) - and I'll give strong odds there will be a significant shortfall of return of capital to lenders. That's when it will start to get really messy - because MT are well and truly on the hook for this one. They will either bite the bullet quickly and quietly and offer compensation due to lenders - or be dragged before the Ombudsman - where they will lose a lot more than a few shekels. What's that they say about reputations - years to build, moments to lose - or similar.
Powder still dry here - and lots of it!
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Post by MoneyThing on Aug 22, 2018 9:58:17 GMT
Morning. Update added to platform. Regards, Ed.
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rxdav
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Post by rxdav on Aug 22, 2018 16:29:23 GMT
So, it seems 'round one' will end on 19 October (hopefully) - with 'round two' on-going concurrently (allegedly).
My experience of recoveries from bankruptcies (as intimated by the previous poster) are not very encouraging - we will see (eventually).
However, I still firmly believe that when all the dust on this settles months (years?) from now there will still be a significant shortfall on return of capital to clients (hope I'm wrong) - for which this client will expect full compensation from MT.
That is when we will really see what is at the core of MT's fundamental business culture - as I consider there is no escaping the basic fact that this whole situation was caused by this loan being mis-sold to clients (whether deliberately or accidentally makes no difference to the outcome - or their culpability) - based on false data (freehold vs. leasehold and the consequent inaccurate and inflated LTV) - all published by MT themselves on the MT website.
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rxdav
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Post by rxdav on Sept 17, 2018 17:10:39 GMT
Just to let MT and forum members know that this lender is still waiting with baited breath and keeping lots of powder dry in anticipation of the first repayment of this defaulted loan next month subsequent to the sale of the property (hopefully?).
Just how many instalments/repayments there will be prior to the inevitable declaration of a loss to lenders remains to be seen.
But the following day I will be submitting my letter to MT requesting compensation for any losses due to their mis-selling of this loan. If satisfaction (i.e. compensation) is not forthcoming within the FCA stipulated timeframe then they will be my next port of call with a formal complaint. I've been here before (complaint to FCA) and whilst it takes an absolute eternity they will follow it through - and I don't see any legitimate avenue that MT can take to deny actual culpability.
Maybe it won't come to that - but I sure wouldn't bet against it.
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SteveT
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Post by SteveT on Sept 17, 2018 18:15:31 GMT
I don't think such a complaint is going to get very far with the FOS, I'm afraid. When ruling on an Assetz Capital complaint, the ombudsman opined " For me to uphold [the] complaint I would need to be satisfied that [the lender] suffered loss and damage as a result of gross negligence, or wilful misconduct, on the part of [the platform].” I presume MT were fed erroneous information by the borrower, which hardly meets the test of gross negligence. And I can't for the life of me think they "wilfully" chose to mislead their lenders. All platform T&Cs make it pretty plain that they cannot be held liable for incorrect information provided to them by borrowers. Caveat Emptor.
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Post by MoneyThing on Sept 17, 2018 18:20:01 GMT
Just to let MT and forum members know that this lender is still waiting with baited breath and keeping lots of powder dry in anticipation of the first repayment of this defaulted loan next month subsequent to the sale of the property (hopefully?).
Just how many instalments/repayments there will be prior to the inevitable declaration of a loss to lenders remains to be seen.
But the following day I will be submitting my letter to MT requesting compensation for any losses due to their mis-selling of this loan. If satisfaction (i.e. compensation) is not forthcoming within the FCA stipulated timeframe then they will be my next port of call with a formal complaint. I've been here before (complaint to FCA) and whilst it takes an absolute eternity they will follow it through - and I don't see any legitimate avenue that MT can take to deny actual culpability.
Maybe it won't come to that - but I sure wouldn't bet against it.
Acknowledged rxdav. We will make it clear to lenders if and when a loss has been crystallised on any loan. Perhaps wait and see? Regards, Ed.
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johni
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Post by johni on Sept 17, 2018 20:49:03 GMT
Just to let MT and forum members know that this lender is still waiting with baited breath and keeping lots of powder dry in anticipation of the first repayment of this defaulted loan next month subsequent to the sale of the property (hopefully?).
Just how many instalments/repayments there will be prior to the inevitable declaration of a loss to lenders remains to be seen.
But the following day I will be submitting my letter to MT requesting compensation for any losses due to their mis-selling of this loan. If satisfaction (i.e. compensation) is not forthcoming within the FCA stipulated timeframe then they will be my next port of call with a formal complaint. I've been here before (complaint to FCA) and whilst it takes an absolute eternity they will follow it through - and I don't see any legitimate avenue that MT can take to deny actual culpability.
Maybe it won't come to that - but I sure wouldn't bet against it.
As you have made the same threats several times we are aware. We are also aware that MoneyThing have clearly stated that there will not be a debrief on all events until after the administrators have completed their business
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elliotn
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Post by elliotn on Sept 18, 2018 3:27:41 GMT
I don't think such a complaint is going to get very far with the FOS, I'm afraid. When ruling on an Assetz Capital complaint, the ombudsman opined " For me to uphold [the] complaint I would need to be satisfied that [the lender] suffered loss and damage as a result of gross negligence, or wilful misconduct, on the part of [the platform].” I presume MT were fed erroneous information by the borrower, which hardly meets the test of gross negligence. And I can't for the life of me think they "wilfully" chose to mislead their lenders. All platform T&Cs make it pretty plain that they cannot be held liable for incorrect information provided to them by borrowers. Caveat Emptor. I’m sure it wouldn’t meet the regulatory threshold (there to prevent the frivolous) but I certainly incurred losses on this loan because the platform broke their then T&Cs by not keeping lenders up to date with progress on claiming late payments. I wasn’t even aware the borrower had never made a single payment as I continued to make purchases in a non-performing loan. That was MT’s choice not to inform their lenders.
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archie
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Post by archie on Sept 18, 2018 4:41:05 GMT
I don't think such a complaint is going to get very far with the FOS, I'm afraid. When ruling on an Assetz Capital complaint, the ombudsman opined " For me to uphold [the] complaint I would need to be satisfied that [the lender] suffered loss and damage as a result of gross negligence, or wilful misconduct, on the part of [the platform].” I presume MT were fed erroneous information by the borrower, which hardly meets the test of gross negligence. And I can't for the life of me think they "wilfully" chose to mislead their lenders. All platform T&Cs make it pretty plain that they cannot be held liable for incorrect information provided to them by borrowers. Caveat Emptor. I’m sure it wouldn’t meet the regulatory threshold (there to prevent the frivolous) but I certainly incurred losses on this loan because the platform broke their then T&Cs by not keeping lenders up to date with progress on claiming late payments. I wasn’t even aware the borrower had never made a single payment as I continued to make purchases in a non-performing loan. That was MT’s choice not to inform their lenders. Weren't the terms and conditions regarding non-performing loans added after this loan went under? As far as I can see any claim will fail.
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robski
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Post by robski on Sept 18, 2018 8:13:17 GMT
As you have made the same threats several times we are aware. We are also aware that MoneyThing have clearly stated that there will not be a debrief on all events until after the administrators have completed their business johni: Be quite clear- these are not threats, they are statements of intent (P.S. I'm guessing you're not invested here - just throwing in the odd comment to pass the time?). What I believe Elliot is referring to is the old terms, which had a vague and unquantified statement along the lines of "lenders will be kept up to date on the state of loans" Which was the reason for some debate about what exactly that should mean. Views differed, about what that should mean. Moneything clearly took this and created a more robust implementation, probably also to help comply with FCA rules etc. As we now see communication appears to be much more reasonable in regards loans that are late paying etc. What we do not know specifically is do they give any grace at all, or are they literally sticking to the absolute letter in regards notification of when interest is late. We will all have our suspicions, I lean towards the latter now. Certainly you can see people who panic and try to sell loans the moment a loan changes to non-performing, as we saw yesterday with the commercial property, 5% was up for sale within minutes of that "announcement"
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