TitoPuente
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Post by TitoPuente on Feb 19, 2020 8:37:22 GMT
From the Show More language in the 30 DAA box: "It has a target interest rate return for investors of 5.10% gross per annum capped (this can vary regularly and the current rate will be announced at the start of each month but will not fall below 4.00% p.a.)" Where can I find the monthly announced rate? Is this the small print below the account title? Is it updated every month?
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Feb 14, 2020 16:11:30 GMT
Oh well, I would rather have flogged it at auction for a fire sale price from the get go, same as with this developers other walk away Exactly. What was the value of bringing in the army of vultures? Were the original estimates done just to mislead and get the business? At face value the ethics of Moorfields are at least questionable.
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TitoPuente
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Post by TitoPuente on Feb 14, 2020 14:23:38 GMT
That's a freerider mentality which in this case luckily is only shared by a minority, probably because of the nature of the segment (people with disposable income and motivation to invest). It is worse in other cases (NHS?). Intrigued by your bias that you think the freerider mentality is less likely to apply the richer / more disposable income someone has! On a smaller scale, in my limited experience, the richer someone is the less likely they will remember to pay you back money lent / shared in a social setting. On a more larger scale, this current fund raise is to help deal with a rich man who has some might say a free rider mentality... Probably your "limited experience" can be catalogued as anecdotal evidence? That is a classic cause of bias. I was attempting to explain the relatively high engagement in this fundraising effort. Not wanting to get into behavioral economics.
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TitoPuente
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Post by TitoPuente on Feb 14, 2020 8:07:24 GMT
I an sure there are more than ~1200 investors with funds still stuck in Lendy. Why are they sat on their hands instead of putting them in their pockets? I was an early joiner of the Equitable Members Action Group. I was approached by someone I knew who had money in Equitable Life. He asked about membership of the action group and I told him about it and said the suggested annual membership donation was £25. So he asked if any resulting returns would be conditional on membership. I said not and he replied "Well there's no point in wasting money on it then is there, if someone else is going to cover the costs and do all the work?" That's a freerider mentality which in this case luckily is only shared by a minority, probably because of the nature of the segment (people with disposable income and motivation to invest). It is worse in other cases (NHS?).
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Feb 4, 2020 21:10:11 GMT
Come on people! Let's get the pledge to the target! Let's giv 'em a lesson of morality to all these rent seekers and crooks naughty boys! It's humbling to see many folks here making contributions even without having material funds to recover, just because they have family or friends stuck in this mess or they just have an elevated sense of justice. Thank you to all of them.
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TitoPuente
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Posts: 624
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Post by TitoPuente on Feb 3, 2020 8:30:48 GMT
MoneyThing, an updated Estimated Outcome Statement is due according to the last two loan updates. The business has a cash flow and it would be fair for lenders to understand how the rental turnover is being spent by Moorfields. The updates in the last 6-8 months seem to indicate that the business is fairly good. If so, we need to understand what is happening to any profits.
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TitoPuente
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Post by TitoPuente on Jan 16, 2020 16:11:17 GMT
I'm thinking wot everyone's thinking. "Ours" is a counterfeit coin? It has also occurred to me. Basic question: Was there a valuer named in the loan details? If so, would a non detection of a counterfeit item by an expert valuer qualify for a PI claim?
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TitoPuente
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Post by TitoPuente on Jan 5, 2020 20:37:11 GMT
This lot, together with BDO and Mazars, are second tier half-educated drooling dolts that depend on these rent-seeking statutory protected roles to make a living. The low level ones are like Wally in the Dilbert strip. The higher level ones are like... well, we know a few.
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TitoPuente
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Posts: 624
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Post by TitoPuente on Dec 31, 2019 21:16:26 GMT
Can anybody tell me how to see the total interest received so far from my IFISA account? Thanks Run a tax report with custom dates.
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TitoPuente
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Post by TitoPuente on Dec 20, 2019 13:42:24 GMT
ablrate Do you have an update on the listing? Looking at the last summary from the borrower the listing seems overdue. We understand they are book building at the moment (i.e fielding commitments for the listing). Thank you for the update. Perhaps it's also time to have a one-pager company update? Or perhaps two or three slides from the pitch they are using in the road show?
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TitoPuente
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Post by TitoPuente on Dec 19, 2019 16:03:55 GMT
ablrate Do you have an update on the listing? Looking at the last summary from the borrower the listing seems overdue.
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TitoPuente
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Post by TitoPuente on Dec 15, 2019 9:54:36 GMT
My understanding is that it is a different buyer ...they’d already indicated the original one was too committed elsewhere. ...as they said it’s a judgement call and given the time of year I don’t see anything is lost by giving them a couple of weeks to come up with the interest ....MT do have “teeth” to use..they’ve said themselves that they can appoint a receiver if it comes to it. They've extended the loan, so it must be original borrower doing the work, different buyer would surely need a new contract, and thus a new loan? I'd be worried if they'd extended the loan to a different party. <edit> just re -read update, they are indeed talking about Buyer, surely new party needs a new contract? Brian
The loan has always been with the same party ("Borrower"). There was an interested buyer (Let's call them "Buyer 1") that was going to fund their purchase with the bond proceeds from the [fishy] bond issuer named in DDC. This Buyer 1 reportedly paid the interests on behalf of the Borrower for a few months. The purchase process with Buyer 1 fell through in October after the novella about the funds being "categorically" received by the solicitors. Buyer 1 is now out of the picture together with the fishy bond issuer. There were other two interested buyers. One of them dropped out after DD and not having the money. The last buyer ("Buyer 2") is the one that has reportedly submitted a "comprehensive proposal" which was apparently negotiated and resulted in this last update. For clarity, a new buyer does not change the signed loan agreement between lenders and the Borrower (if this is the "contract" you refer to). A buyer, any buyer, just needs to buy the asset from the Borrower and pay for it so the Borrower can pay back the loan to us. The obligation to pay back the loan is still with the Borrower.
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TitoPuente
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Post by TitoPuente on Nov 23, 2019 23:08:17 GMT
Leaving aside this stupid mismanagement from RSM (We all know that RSM, BDO and the likes are no more than second tier bean counters and proven incompetent), is there any reason to think that LAG has an agenda that is not aligned with the common interest of Lendy investors as a whole?
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TitoPuente
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Post by TitoPuente on Nov 7, 2019 9:22:23 GMT
As we have said, there is an upper limit on Gocardless and others of £5k.. This is their starting limit for new accounts. Once you evidence good performance, they will increase the limit, with periodic reviews. Management 101 question: So what? For a loan with a defined and constant service amount that doesn’t help.
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Oct 28, 2019 17:11:29 GMT
Well done MT. Now focus on LPL please!
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