TitoPuente
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Post by TitoPuente on Sept 25, 2018 20:46:12 GMT
Below link is an example of the work BDO do.
P.s. Half way down the page.
Rent seekers. Benefiting from a deeply corrupted system.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Sept 25, 2018 20:29:42 GMT
One month extension granted so another 22 days left This is good news but I have a couple of questions. 1) Is there any bonus interest to be paid for the loan being overdue for a week? 2) Does the accrued interest for the loan being overdue get paid at the end of the month? 1. No 2. So far this loan is not overdue or suspended so it pays interest at the end of each month.
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TitoPuente
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Post by TitoPuente on Sept 25, 2018 20:20:38 GMT
It will flop.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 16, 2018 11:09:30 GMT
That 'plumbing' section. Oh dear. This shows the type of we are dealing with in general in P2P.
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TitoPuente
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Post by TitoPuente on Sept 8, 2018 11:19:03 GMT
The interest calculation error is now fixed (at least for me), but they have not paid the 5 month shortfall they owe. Is anyone else in the same situation?
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TitoPuente
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Post by TitoPuente on Sept 3, 2018 20:52:41 GMT
I'd guess that 99% of people on this forum have no idea about the detailed mechanics of administration. They have no idea how long it should take, no idea what it should cost, and no idea if BDO are doing a good job. Judging by the hysteria from certain parties I get the impression they would rather loose everything (and be able to say I told you so) rather than get a complete recovery (and risk having to eat some humble pie).
Over at the other place there is a person who knows how the system works, and I will take the liberty of reproducing what DI has said in the last couple of weeks:
- .... but it would be naive to expect answers to all queries and a magic unlocking of any funds, let alone 50%, until all legal issues are resolved as to entitlement.
- .... It is the duty of the Administrators to give investors/creditors information and despite all the huffing and puffing on the Independent Forum about lack of information the Insolvency Act 1986 (as amended) sets out the timescale and that is proposals within eight weeks of appointment and a progress report every six months. In this case the operative date is 27th April.
So puff away all you want, it ain't going to get you anywhere. If you want to complain, the correct route is to write to the administrator (I assume some time after 27th October). This is an example of thinking inside the box. The system *is* corrupt to the bones. The accepted rules and principles you repeat and relay are objectively abhorrent. BDO are not inept by exception. They are part of the corrupt system. They are rent seekers as well as the FCA. the criticism here is that having to abide to this corrupt system is ridiculous and defeats the purpose of having rules.
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TitoPuente
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Post by TitoPuente on Sept 2, 2018 20:04:20 GMT
I would have thought any new loan on MT would have been snapped up in seconds. Evidently not.
Could somebody explain to me like I'm a five-year old what's wrong with this one?
It’s dross.
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TitoPuente
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Post by TitoPuente on Aug 25, 2018 9:48:23 GMT
That the funds cannot be released is no excuse for not giving details of what will be paid out at this time, they obviously know that figure. Exactly. What would be the reason for not giving any detail of the percentage recovery? They don't even say that sensitive issues are preventing them from providing basic information. It is totally inconsistent with previous cases in which they have provided recovery guidance in advance.
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TitoPuente
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Post by TitoPuente on Aug 24, 2018 7:23:28 GMT
Another beginner question please:
I placed a manual Buy order for a loan. Do I need to transfer funds from the Cash Account ("CA") to the Manual Lending Account ("MLA") to cover the purchase? It seems logic that any purchase in the MLA would automatically sweep funds from the CA. However, I observe that there seems to be another Cash Account "Awaiting investment" within the MLA, or perhaps this is just a reporting feature. It is quite confusing.
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TitoPuente
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Post by TitoPuente on Aug 23, 2018 21:25:37 GMT
Still it’s been months since the company went into administration and little progress has been made. At this point the loan book has seriously deteriorated and the probability of recovery has been diminished. All this by actions of entities that are supposed to protect us. Shame on them.
A creditors committee should have been established within weeks of starting the administration. The system is corrupted to the bones and milked by rent seekers with nice offices centrally located.
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TitoPuente
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Post by TitoPuente on Aug 3, 2018 2:37:36 GMT
Obviously I have no idea who you are mrclondon, but if I were Ed the offer of a consultancy would be in the post. Wrong. Ed has diametral incentives.
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TitoPuente
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Post by TitoPuente on Aug 1, 2018 17:52:17 GMT
It looked like a solid investment. The flat were sold quickly and it's the lowest LTV on moneything! I can't understand how this loan can get south??? Why would the borrower stop paying interest when they'll already received so much funds from pre-purchase deposit??? Unbelievable. At this point, with piling evidence, we have to assume that most of the borrowers here (and at Lendy’s) are either crooks, gamblers, dimwitted or an eclectic combination of the three attributes. Just a wild assumption.
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TitoPuente
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Post by TitoPuente on Aug 1, 2018 0:55:15 GMT
Disclosure: currently have a small punting long of about 70k shares. That’s a heckuva small punting!
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Aug 1, 2018 0:33:26 GMT
I have been banned 3 times by the mods. Thus I will choose my words carefully. Does anyone remember the ZDPF scandal? Well in my opinion an analogous situation is happening with many Lundy loans, Some defaulting borrowers are now seeking to transfer the loans to other P to P lenders. Please do your own research on this to see what's happened during the ZDPF scandal. I wonder if the mods will cull this thread. If they do I am wondering whether the mods have vested interests Please can you start by learning to spell? After that please come back.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Jul 24, 2018 18:34:16 GMT
We should be able to vote for 5 candidates, not just one. I knew second tier BDO could not get it right.
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