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Post by sayyestocress on Jun 22, 2018 8:08:55 GMT
No email for me either, though I don't have much left in PM after fire-selling as much as I could before the sm closed. I would gladly take a hit to get out completely. It appears that you are not alone in having this view but isn't option 2 a green light for an unspecified and unlimited haircut? I'm of the view (perhaps incorrectly) that the properties aren't worth what PM think they're worth so even if I'd stay in I'd effectively be losing money. I don't have enough money in PM for the haircut to have a significant impact on my finances anymore. There seems to be no sniff of a sale for any of my remaining properties, so if this speeds up my exit I will be glad.
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Steerpike
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Post by Steerpike on Jun 22, 2018 8:21:13 GMT
20% haircut and fond farewell sounds reasonable, 80% haircut and bitter resentment less so.
If the likely outcome of option 2 is closer to the latter than the former I would be inclined to risk option 1.
Option 3 seems to be the least attractive choice.
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littleoldlady
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Post by littleoldlady on Jun 22, 2018 8:30:35 GMT
I did not get this email. I have 6 properties, all term expired and all being sold. Does this explain why some people have received it and some not?
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hazellend
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Post by hazellend on Jun 22, 2018 11:33:53 GMT
I did not get this email. I have 6 properties, all term expired and all being sold. Does this explain why some people have received it and some not? Nope, just the usual incompetence unfortunately
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Post by Deleted on Jun 22, 2018 16:38:15 GMT
So how is option 2 supposed to have a chance when 75% of votes are needed to pass it yet people haven't even got the email / opportunity to vote?
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benaj
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Post by benaj on Jun 22, 2018 17:21:32 GMT
I also did not receive this significant email, perhaps a sign of the competence level of PM. Perhaps the emails were sent manually.
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jnm21
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Post by jnm21 on Jun 23, 2018 4:22:55 GMT
Could one read this as "Our original model was flawed & untenable, so we are having yet another attempt at making the costings work, oh and yes, if you don't vote for it you will have to fork out more money or face significant interest charges"?
Anyone else feel sick? It is like the bitter pills never stop coming! Like many on here I wish I had never heard of PM. This may be the straw that finally puts me off P2P.
As Gary Neville termed the City or Liverpool for the league choice, this is like asking who do I want my wife to cheat with!
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hazellend
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Post by hazellend on Jun 23, 2018 8:00:42 GMT
I don’t feel sick but I would say this is a worse experience than collateral where I hold twice the amount.
If it takes an 80% write off so be it.
I’ve been offered a phone call with the PM CEO but I really don’t know what else there is to say.
I would have invested a lot more here. Luckily I stopped at only 55k and if can get out with 60% I will just chalk it down to an expensive lesson and try and tax harvest the loss
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Post by Deleted on Jun 24, 2018 22:40:51 GMT
I don’t feel sick but I would say this is a worse experience than collateral where I hold twice the amount. If it takes an 80% write off so be it. I’ve been offered a phone call with the PM CEO but I really don’t know what else there is to say. I would have invested a lot more here. Luckily I stopped at only 55k and if can get out with 60% I will just chalk it down to an expensive lesson and try and tax harvest the loss What would be the point of a phone call with the 'CEO'?
What is the point of the vote when not everyone has been emailed about the vote?
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littleoldlady
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Post by littleoldlady on Jun 25, 2018 13:58:13 GMT
I gather that the emails are being sent out in batches. I suspect, but am not sure, that the batches have been selected in decreasing portfolio value.
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benaj
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Post by benaj on Jun 25, 2018 16:36:23 GMT
My biggest concern is the size of unknown existing debt owed to Property Moose. SPV 74 for example has 13k debt shown in 31st May update, it wasn't mentioned before.
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benaj
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Post by benaj on Jun 25, 2018 17:15:38 GMT
No description about the 13k debt in SPV 74, totally out of the blue. BTW, SPV 74 is a Buy to sell, so it really needs an explanation.
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Post by Deleted on Jun 25, 2018 18:48:53 GMT
I've just received this email. I just think this is just one more stage in a long saga where every few months they change something or another so that it is impossible to keep track of how poorly the SPV investments have done. 1 year down the line there will be another change and then another vote. The whole process is just to mask the poor performance of Property Moose. I have absolutely zero confidence in PM.
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Post by queenvictoria on Jun 26, 2018 9:40:01 GMT
I received my email yesterday and have registered my vote. My stake is not high <£10k so perhaps why not called.
I was encouraged by the plan presented in the email. It sounds like they have given some creative thought on how to improve matters both for those who want to liquidate and those who want to stay invested. I am presuming that there is some confidence that a portfolio mortgage will be available, of course.
Lets give PM the chance to pull this off without tearing into them again eh?
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Post by Deleted on Jun 26, 2018 20:36:00 GMT
Ok, fair enough. One last chance I guess.
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