toffeeboy
Member of DD Central
Posts: 500
Likes: 359
|
Post by toffeeboy on Aug 24, 2017 14:53:04 GMT
Does anyone have a screens hot of purchases this morning before default? Can't see any buying this morning. MTAT709 under 'Completed Loans' shows the 'Recent Investments'. A few purchases yesterday. There aren't any high amounts traded from the recent investments tab so doesn't look like anyone was selling out massively.
I don't understand how there can be amounts invested in the new default loan MTAT788 if trading was suspended on this loan, all of the trades happen before 13:21 so it looks like someone forgot to untick the tradable box when the new loan was generated but a big error if that is the case. I know the description says default so it is their own fault but to say something is untradeable and then have trades happen just isn't cricket.
|
|
archie
Posts: 1,836
Likes: 1,841
Member is Online
|
Post by archie on Aug 24, 2017 14:57:28 GMT
Can't see any buying this morning. MTAT709 under 'Completed Loans' shows the 'Recent Investments'. A few purchases yesterday. There aren't any high amounts traded from the recent investments tab so doesn't look like anyone was selling out massively.
I don't understand how there can be amounts invested in the new default loan MTAT788 if trading was suspended on this loan, all of the trades happen before 13:21 so it looks like someone forgot to untick the tradable box when the new loan was generated but a big error if that is the case. I know the description says default so it is their own fault but to say something is untradeable and then have trades happen just isn't cricket.
I believe they are the rollover amounts, not actual purchases.
|
|
toffeeboy
Member of DD Central
Posts: 500
Likes: 359
|
Post by toffeeboy on Aug 24, 2017 15:00:27 GMT
What was the original end date of this loan? 5th November 2017
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Aug 24, 2017 15:08:06 GMT
FS take note....... no payment then take the security without any messing about, the cheques in the post, the dog ate my homework etc. Whatever the outcome and recovery at least I know where I stand as a lender on this one. Good luck Ed please get all our money back.
|
|
dovap
Member of DD Central
Posts: 467
Likes: 410
|
Post by dovap on Aug 24, 2017 15:10:34 GMT
Holding more defaults on MT than Lendy - strange times
|
|
|
Post by MoneyThing on Aug 24, 2017 15:21:42 GMT
As MoneyThing has decided to ignore clause 12.8 of its new terms and conditions and permit SM trading in a defaulted loan on Saturday, perhaps we could be told what other terms and conditions will be ignored during the recovery process.
It will certainly be more difficult to lend on MT in future in the knowledge that the terms and conditions that apply when a loan is made may be varied during the life of a loan and then ignored completely when it suits. Your comments, please, MoneyThing Acknowledged - this is our mistake. Just been discussing this with SophieThing and what we should have put in the clause is "Please note that you may not be able to engage on secondary market trading in a Loan which has defaulted. Whether secondary market trading is at the discretion of MoneyThing." (or something similar to same effect). I will however run a quick poll as I would be grateful for your views on this since various platforms approach defaulted loans differently. Will setup a poll now... Regards, Ed
|
|
registerme
Member of DD Central
Posts: 6,158
Likes: 5,974
|
Post by registerme on Aug 24, 2017 15:27:36 GMT
So I'm not in this, which I suppose is a good thing. However, what I am annoyed about is that I don't know why I am not in this. I think I am going to have to start keeping a record of what I choose not to invest in, and my rationale.
|
|
applets
Member of DD Central
Posts: 125
Likes: 227
|
Post by applets on Aug 24, 2017 15:35:19 GMT
Acknowledged - this is our mistake. Just been discussing this with SophieThing and what we should have put in the clause is "Please note that you may not be able to engage on secondary market trading in a Loan which has defaulted. Whether secondary market trading is at the discretion of MoneyThing." (or something similar to same effect). I will however run a quick poll as I would be grateful for your views on this since various platforms approach defaulted loans differently. Will setup a poll now... Regards, Ed While not necessarily disagreeing with the principle of SM trading of defaulted loans, I do disagree with changing terms and conditions during the course of a loan and particularly on the basis of a poll of users of a forum which is unlikely to comprise all holders of the loan. The terms and conditions are supposed to have a basis in law and not just changed like this. Perhaps you should speak to your solicitors first ......
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Aug 24, 2017 15:38:30 GMT
Acknowledged - this is our mistake. Just been discussing this with SophieThing and what we should have put in the clause is "Please note that you may not be able to engage on secondary market trading in a Loan which has defaulted. Whether secondary market trading is at the discretion of MoneyThing." (or something similar to same effect). I will however run a quick poll as I would be grateful for your views on this since various platforms approach defaulted loans differently. Will setup a poll now... Regards, Ed While not necessarily disagreeing with the principle of SM trading of defaulted loans, I do disagree with changing terms and conditions during the course of a loan and particularly on the basis of a poll of users of a forum which is unlikely to comprise all holders of the loan. The terms and conditions are supposed to have a basis in law and not just changed like this. Perhaps you should speak to your solicitors first ......
This is my issue, even worse than changing the T&Cs (with no cooldown timescale) is to just ignore them when it suits.
|
|
n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
Member is Online
|
Post by n on Aug 24, 2017 15:43:52 GMT
Fail fast and pivot.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Aug 24, 2017 16:34:33 GMT
Perhaps the early qualms about the valuation should have made us a little more sceptical about this loan. Indeed! Wonder how much we'll get back? This requires a poll!
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Aug 24, 2017 16:42:20 GMT
So I'm not in this, which I suppose is a good thing. However, what I am annoyed about is that I don't know why I am not in this. I think I am going to have to start keeping a record of what I choose not to invest in, and my rationale. You had particularly strong words about the VR
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Aug 24, 2017 16:54:47 GMT
Sorry if its already come up, but given this loan still has several months to run, why has this loan been defaulted ?
|
|
registerme
Member of DD Central
Posts: 6,158
Likes: 5,974
|
Post by registerme on Aug 24, 2017 16:56:36 GMT
So I'm not in this, which I suppose is a good thing. However, what I am annoyed about is that I don't know why I am not in this. I think I am going to have to start keeping a record of what I choose not to invest in, and my rationale. You had particularly strong words about the VR Ahh, thank you.
|
|
toffeeboy
Member of DD Central
Posts: 500
Likes: 359
|
Post by toffeeboy on Aug 24, 2017 16:59:37 GMT
Sorry if its already come up, but given this loan still has several months to run, why has this loan been defaulted ? The borrower hasn't been paying the interest, it has been subsidized by MT for a bit but they are now stopping.
|
|