hazellend
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Post by hazellend on May 24, 2019 5:46:54 GMT
the only route that will allow repayment in full. Wow.Do your expectations inclide a year of interest owed ? Of course but that means nothing
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Post by chrisj123 on May 24, 2019 6:13:22 GMT
While the loan is clearly running so far behind schedule and no interest has been paid for a long time. The fact it is not being put into default, does make me wonder why it is suspended and can’t be traded.
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iRobot
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Post by iRobot on May 24, 2019 15:03:39 GMT
I appreciate that they cannot be giving a blow by blow account but given the state of play over the past 12 months I think the updates should have been more frequent (even weekly or fortnightly) and more detailed. Your communication expectations are, frankly, excessive and pointless. If an Administrator / Receiver were to be appointed (as many seem to hanker for), updates would become 6-monthly at best. What difference does it make whether lenders hear from week to week what is going on at the site? They cannot do anything with the information. Platforms should be given the headroom to focus on the important stuff and to communicate as and when there is something worth communicating. Absolutely agree except Administrators can report more frequently. The latest report from the IPs in CS/BNG situation stated the IPs were having fortnightly calls with CS. Also, Banks do not wait 6 months having called in IPs. (And Banks typically 'negotiate' a rate and expected time frame, but I guess that's the advantage of being regular customers.) In typical P2P situations though, the costs would unlikely justify very frequent updates. Maybe monthly as things near the endgame.
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Post by queenvictoria on May 29, 2019 9:00:23 GMT
Your communication expectations are, frankly, excessive and pointless. If an Administrator / Receiver were to be appointed (as many seem to hanker for), updates would become 6-monthly at best. What difference does it make whether lenders hear from week to week what is going on at the site? They cannot do anything with the information. Platforms should be given the headroom to focus on the important stuff and to communicate as and when there is something worth communicating. Absolutely agree except Administrators can report more frequently. The latest report from the IPs in CS/BNG situation stated the IPs were having fortnightly calls with CS. Also, Banks do not wait 6 months having called in IPs. (And Banks typically 'negotiate' a rate and expected time frame, but I guess that's the advantage of being regular customers.) In typical P2P situations though, the costs would unlikely justify very frequent updates. Maybe monthly as things near the endgame. The more frequent updates I am asking for are on this particular loan, not on all loans. This loan is unusual for MT in that it is it's largest (if you include the additional advance) and it is the one with the longest period of default (more than 12 months since interest has been paid). It has also had an unusually long stream of false dawns (trust fund paying out, refinance offers, interest to be paid by certain dates, opening dates etc etc). Someone commented that there is nothing we, the individual lender, can do about it so why not just leave MT to get on with it. Of course, there is nothing we can do or should do on individual investments other than sell, if we can, but the point is that I (we) have an ongoing relationship with MT to consider and their poor communication means that I, for one, am moving further away from them. If they would improve this I would consider investing again. I hope they do but I suspect, after months of asking them to, that they are not going to meaning that once I can extract my money I will go elsewhere to invest.
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Post by westcountry on May 30, 2019 10:14:35 GMT
MoneyThing , secondary market trading on this loan was suspended on the 4th February, due to the status of this loan being assessed. Since then Moorfields have assessed and reported on the building's progress, and site visits have been made regularly to monitor progress. With this oversight in place, please would you un-suspend the secondary market to allow this loan to be traded again?
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Post by quidsaveblue2003 on May 30, 2019 18:40:01 GMT
These loans have been extended to 31 July 2019 with no explaination why.
another 2 months uncertainty.
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rocky1
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Post by rocky1 on May 31, 2019 7:42:57 GMT
So are these loans unsuspended then?time to allow trading don't you think money thing.
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justme
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Post by justme on Jun 6, 2019 19:24:24 GMT
Monitoring visit should have happened 24/05. What was its outcome?
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Post by spareafewcoppersguv on Jun 7, 2019 10:00:06 GMT
justme you need to tag MoneyThing with these requests.....
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Post by queenvictoria on Jun 7, 2019 13:44:30 GMT
And yet when I drove past this morning there was still no signage and the render is still crumbling. But they have a website so all is good 🤔 How is looking down there now stokeloans ? 3 months to day after the last opening date. I'm guessing you cant get in the car park for delivery vehicles..........or are there ever any lights on?
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stokeloans
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Post by stokeloans on Jun 7, 2019 16:16:41 GMT
No change from the front,in facts it looks worse than ever,like an abandoned building. I tend to drive past at 8 in the morning so there may be some action during the day,I wouldn't get your hopes up though.
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Post by queenvictoria on Jun 7, 2019 17:08:56 GMT
No change from the front,in facts it looks worse than ever,like an abandoned building. I tend to drive past at 8 in the morning so there may be some action during the day,I wouldn't get your hopes up though. MT, there will have been two fortnightly Bailey visits since your last update. Have they found anything going on or should we assume that it is all in shutdown mode now?
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Post by quidsaveblue2003 on Jun 8, 2019 11:25:35 GMT
A failing project indeed.
Give lenders a reasonable update on why and how long we are going to keep patience with this project.
The borrower is putting some moneying into this project slowly--- but it never keeps up with the interests accumulation, and probably not even the decreasing of the capital value.
It is obvious the interest can never be a reality anymore. This loan is better going to be default and get the money back sooner even it is a lost --- especially it is a lost anyway.
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Post by martin44 on Jun 17, 2019 18:20:18 GMT
MoneyThing could we please have an update with regards to your last update.... "The Bailey Partnership continue to make site visits every two weeks to monitor progress. The next visit is due tomorrow (24th)." I would assume that site visits have now taken place on the 24th (may) and the 7th (june)? Please don't turn into Lendy.
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Post by westcountry on Jun 18, 2019 9:58:20 GMT
MoneyThing could we please have an update with regards to your last update.... "The Bailey Partnership continue to make site visits every two weeks to monitor progress. The next visit is due tomorrow (24th)." I would assume that site visits have now taken place on the 24th (may) and the 7th (june)? Please don't turn into Lendy. Or at least please allow secondary market trading on this loan, MoneyThing, so lenders have the opportunity to sell out of it.
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