rxdav
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Post by rxdav on Sept 20, 2018 10:26:27 GMT
'Now, now johni & rxdav - I know we're all getting jolly cross about valuations (or whatever it is you're arguing about), but maybe it's time to settle down with a nice cup of tea and a copy of Gardeners' World?'
Yes, I agree boundah, there seems little point in giving myself heart failure as whatever transpires to be the final recovery from the default here would then be fairly irrelevant!
Having calmed down after my acrimonious exchange with johni the other day (which I regret) I have determined not to get overly excited again - it brings out the worst in me and I never did get good marks for tact and diplomacy at the best of times. However, I want to set the record straight here and give some context. I posted on this issue previously on August 22nd and thereafter on September 17th - nearly four weeks apart - so I really am not posting on this matter with anything like the regularity with which I was accused. My main motivation was to maintain the profile of this default (it was then already relegated to page two) as I think it has significant implications not only for me (the selfish part) and MT but the broader p2p community.
Following the Col debacle (I'll try not to mention them again - but it's highly relevant to me) I felt betrayed and fooled - not just by them, whom I had trusted (why would I put money there otherwise) but by the FCA too (as they were shown as licensed on the FCA web site at the time). Consequently, that event has clouded my whole current perspective of p2p - particularly given that when I look back there was really no way I or others could have known the reality of their actual authorisation - or lack of it. If I extrapolate that event (as humans tend to do) I ask who then can I then trust in p2p and what evidence can I use to support such a judgement - and I don't get many reassuring answers. It's an event which evokes the Bankers backlash of the financial crisis - a few rouge ones caused mayhem but they were all tarred with the same brush - with issues like PPI even now continuing to reinforce that negative perception. It would have been reassuring to see the p2p companies rallying in support of lenders and borrowers alike for the common good - but I guess the space is simply too competitive and embryonic for such networks to exist?
I will state clearly that MT have not done anything to cause me to distrust them - my distrust of p2p is now pretty much generic. With regard to the L***** St. A**** loan I do believe mistakes have been made - but I also believe that those mistakes were the genuine human type that we all make - not anything Machiavellian. Furthermore, I believe that MT will indeed have an honest and thorough 'post mortem' of what went wrong here - when events conclude and so permit. However, I am anticipating a loss here of some sort - the gap between the loan and sale price of the property is significant. Whilst I'm confident MT are pursuing all avenues to maximise a recovery it would be asking a lot for it to be 100% - that would be a heroic feat. For transparency and to illuminate my level of interest here I will disclose I have £900 in this particular loan - a significant sum but hardly life changing for me or most here.
Finally, If I am correct and mistakes were made and their post loan inquest identifies and confirms this (with emphasis on the 'if') - then MT will have a decision to make (and I accept that decision may well be impacted by the actual final % of the recovery). Do they throw the cost on the lenders (the likely outcome most elsewhere I suggest) or do they offer partial or full compensation? It would be a difficult call because whilst it would mark MT out as pretty much unique (as they have no compensation 'fund' (that I'm aware of?)) - and give then a highly positive USP, conversely, it would set a precedent that they might not always be able to uphold?
I've tried to give an honest, balanced and unemotional picture of my view of the extant situation here and where I believe it is heading (I could well be wrong - it sure wouldn't be the first time nor likely the last). I will now get back in my box and await the actual outcome of events - as astutely suggested by MT themselves.
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GeorgeT
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Post by GeorgeT on Oct 10, 2018 12:40:46 GMT
I was just perusing the calendar on my kitchen wall for notable events and happenings over the next week or so and staring out at me is an entry for 19 October regarding the expected exchange of contracts and completion of the sale of the property behind this loan. Not long to wait now.
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Post by MoneyThing on Oct 10, 2018 12:44:34 GMT
I was just perusing the calendar on my kitchen wall for notable events and happenings over the next week or so and staring out at me is an entry for 19 October regarding the expected exchange of contracts and completion of the sale of the property behind this loan. Not long to wait now. Afternoon georget. Just to note that contracts have already exchanged (and completion date is set for the 19th). Regards, Ed.
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Post by Badly Drawn Stickman on Oct 10, 2018 14:26:01 GMT
I was just perusing the calendar on my kitchen wall for notable events and happenings over the next week or so and staring out at me is an entry for 19 October regarding the expected exchange of contracts and completion of the sale of the property behind this loan. Not long to wait now. Based purely on a random though, I would wager £5 that it is a Countryfile Calendar attached to an American style fridge with a fridge magnet showing a picture of the Queen walking at Balmoral. Also if that is one of the highlights of your coming week, have you considered Knitting as a hobby?
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GeorgeT
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Post by GeorgeT on Oct 10, 2018 15:07:15 GMT
I was just perusing the calendar on my kitchen wall for notable events and happenings over the next week or so and staring out at me is an entry for 19 October regarding the expected exchange of contracts and completion of the sale of the property behind this loan. Not long to wait now. Based purely on a random though, I would wager £5 that it is a Countryfile Calendar attached to an American style fridge with a fridge magnet showing a picture of the Queen walking at Balmoral. Also if that is one of the highlights of your coming week, have you considered Knitting as a hobby? FYI, it is an RSPB calendar of Robins. This month I have a lovely pic' of a robin hovering in the air as it takes a red berry from a bunch on what looks like a Rowan tree.They have organised the robin pictures to reflect the month.It is hanging on the wall on a picture hook. I only have 1 fridge magnet - I like the clean and uncluttered look.
I note all sorts of things on the calendar. Everything from the rubbish, recycling and garden waste collection days, to hospital appointments, to the day when I need to submit my repeat prescription form, to birthdays to P2P loan dates - and, crucially, expected completion dates for recoveries on defaulted loans. It is an essential life tool for me and what makes it so good is that it doesn't need batteries, it can't suffer a software failure and I can't lose it or have it stolen. A bargain for about £5.
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robski
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Post by robski on Oct 10, 2018 15:45:23 GMT
It could be used against you however should you be proposed to be one of the top judges in the US, thats if its in the slightest incriminating of course
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elliotn
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Post by elliotn on Oct 10, 2018 16:50:32 GMT
Based purely on a random though, I would wager £5 that it is a Countryfile Calendar attached to an American style fridge with a fridge magnet showing a picture of the Queen walking at Balmoral. Also if that is one of the highlights of your coming week, have you considered Knitting as a hobby? FYI, it is an RSPB calendar of Robins. This month I have a lovely pic' of a robin hovering in the air as it takes a red berry from a bunch on what looks like a Rowan tree.They have organised the robin pictures to reflect the month.It is hanging on the wall on a picture hook. I only have 1 fridge magnet - I like the clean and uncluttered look.
I note all sorts of things on the calendar. Everything from the rubbish, recycling and garden waste collection days, to hospital appointments, to the day when I need to submit my repeat prescription form, to birthdays to P2P loan dates - and, crucially, expected completion dates for recoveries on defaulted loans. It is an essential life tool for me and what makes it so good is that it doesn't need batteries, it can't suffer a software failure and I can't lose it or have it stolen. A bargain for about £5.
Why would no-one want to steal your calendar with so much investment information left on display?
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theshape
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Post by theshape on Oct 10, 2018 17:54:38 GMT
FYI, it is an RSPB calendar of Robins. This month I have a lovely pic' of a robin hovering in the air as it takes a red berry from a bunch on what looks like a Rowan tree.They have organised the robin pictures to reflect the month.It is hanging on the wall on a picture hook. I only have 1 fridge magnet - I like the clean and uncluttered look.
I note all sorts of things on the calendar. Everything from the rubbish, recycling and garden waste collection days, to hospital appointments, to the day when I need to submit my repeat prescription form, to birthdays to P2P loan dates - and, crucially, expected completion dates for recoveries on defaulted loans. It is an essential life tool for me and what makes it so good is that it doesn't need batteries, it can't suffer a software failure and I can't lose it or have it stolen. A bargain for about £5.
Why would no-one want to steal your calendar with so much investment information left on display? Also a target for anyone who's forgotten the rubbish, recycling and garden waste collection days!
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elliotn
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Post by elliotn on Oct 11, 2018 4:07:06 GMT
Why would no-one want to steal your calendar with so much investment information left on display? Also a target for anyone who's forgotten the rubbish, recycling and garden waste collection days! I suspect George may be covering up some tits and should not rule out birding from twitchy neighbours!
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Post by Badly Drawn Stickman on Oct 11, 2018 20:35:10 GMT
Based purely on a random though, I would wager £5 that it is a Countryfile Calendar attached to an American style fridge with a fridge magnet showing a picture of the Queen walking at Balmoral. Also if that is one of the highlights of your coming week, have you considered Knitting as a hobby? FYI, it is an RSPB calendar of Robins. This month I have a lovely pic' of a robin hovering in the air as it takes a red berry from a bunch on what looks like a Rowan tree.They have organised the robin pictures to reflect the month.It is hanging on the wall on a picture hook. I only have 1 fridge magnet - I like the clean and uncluttered look.
I note all sorts of things on the calendar. Everything from the rubbish, recycling and garden waste collection days, to hospital appointments, to the day when I need to submit my repeat prescription form, to birthdays to P2P loan dates - and, crucially, expected completion dates for recoveries on defaulted loans. It is an essential life tool for me and what makes it so good is that it doesn't need batteries, it can't suffer a software failure and I can't lose it or have it stolen. A bargain for about £5.
I would argue that a RSPB calendar is akin to a a Country file one. And I notice you failed to describe the fridge magnet I think for some people Calender's work, for me they are pointless I can't remember the last day that events didn't make a nonsense of my plans for a day. I quite like messing with my neighbors heads and putting the dustbin and recycling out on random days, never fails to amuse me how many others follow suit. I do have a to do list on a word document, very handy for just rescheduling for the next day. I think the oldest undone task is now some two years old.
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blender
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Post by blender on Oct 11, 2018 21:02:51 GMT
Hey, this thread and the MT board has so much interesting stuff going on - though it's calendAr and not calendEr, VI. The boards of my platforms are full of accountants and so boring, so deadly dull and boring. Waiting for action I just sit on a twig, making like a leaf and wait for a fly to go past. While here Georgette has a real ornithological calendAr and rxdav gets the bars of her cage rattled. And you have such fun! Should I choose a platform on the basis of the perceived quality of the forum banter? Can I buy this loan? I could swap for £900 in a defaulted FC loan (subject to terms, conditions and VRs).
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Post by Badly Drawn Stickman on Oct 11, 2018 21:32:18 GMT
Hey, this thread and the MT board has so much interesting stuff going on - though it's calendAr and not calendEr, VI. The boards of my platforms are full of accountants and so boring, so deadly dull and boring. Waiting for action I just sit on a twig, making like a leaf and wait for a fly to go past. While here Georgette has a real ornithological calendAr and rxdav gets the bars of her cage rattled. And you have such fun! Should I choose a platform on the basis of the perceived quality of the forum banter? Can I buy this loan? I could swap for £900 in a defaulted FC loan (subject to terms, conditions and VRs). I blame the spell checker on the forum for all spelling mistakes, I think it uses American spellings. Life without a bit of fun is what accountants exist to illustrate.
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Post by Duane Dibley on Oct 12, 2018 16:03:55 GMT
I think for some people Calender's work, for me they are pointless I can't remember the last day that events didn't make a nonsense of my plans for a day. They'd be better off making 4-month calendars and selling them for a third of the price. Every Christmas I get given a calendar, usually of kittens with balls of wool, sometimes horses in hats and very occasionally Nepalese mountain scenes. Every January I start filling it in diligently, dentist appointments, birthdays, freezer defrosting, lottery tickets, cat defleaing, all the important stuff. By April there's a few scribbled notes that I can't remember what they were for. By July it's blank. And by the end of October it's still showing August.
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Post by GSV3MIaC on Oct 12, 2018 17:24:31 GMT
print as many months as your attention span is good for, at whatever page density you like. The downside is the Children in Need don't get to benefit, although you can always donate 100% of the cash you saved (n the Countryfile version) directly.
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GeorgeT
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Post by GeorgeT on Oct 16, 2018 14:44:14 GMT
Back on topic, our circa 74% recovery is now just days away and I'm already starting to get a little excited about it. I've looked at my various balances and already allocated it in my mind. Definitely I get greater pleasure from the recovery of capital from a defaulted loan than I do when a loan repays in a normal and timely fashion.
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