boundah
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Post by boundah on Jan 5, 2019 17:14:45 GMT
Boundah… I am pleased to read you are happy with your participation in this loan, indeed you are prepared to invest more when the opportunity arises. I can only conclude you have had cash flow issues which will be resolved soon. I can see no other reason why, as this loan has only recently struggled to become filled, you would appear to be prepared to take more on in the future, but not in the recent past, when you would have benefitted from a 'cashback' bonus. Wow, cedarcourtcapital - you must be psychic. Maybe you could help me with some of the other issues I must have?
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Post by Badly Drawn Stickman on Jan 11, 2019 23:34:44 GMT
Boundah… I am pleased to read you are happy with your participation in this loan, indeed you are prepared to invest more when the opportunity arises. I can only conclude you have had cash flow issues which will be resolved soon. I can see no other reason why, as this loan has only recently struggled to become filled, you would appear to be prepared to take more on in the future, but not in the recent past, when you would have benefitted from a 'cashback' bonus. Wow, cedarcourtcapital - you must be psychic. Maybe you could help me with some of the other issues I must have? I have been applying my own psychic talents and have it on good authority (despite MoneyThing not offering chocolate for this interesting guessing game) that this loan will be going live on Monday. Those of you desperate to join the sales queue should be accordingly alert. I am fairly happy to hold personally.
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picnicman
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Post by picnicman on Jan 12, 2019 10:24:12 GMT
Wow, cedarcourtcapital - you must be psychic. Maybe you could help me with some of the other issues I must have? I have been applying my own psychic talents and have it on good authority (despite MoneyThing not offering chocolate for this interesting guessing game) that this loan will be going live on Monday. Those of you desperate to join the sales queue should be accordingly alert. I am fairly happy to hold personally. Badly Drawn Stickman - a man after my own heart, not foolproof, but lees risky than the buy and then sell !! I would think the sales queue will be slow to reduce as most would surely have had their fill whilst the cashback was on? Perhaps discounting when it comes may come to some rescue. Cheers P
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jan 14, 2019 19:16:34 GMT
Does the fact that this loan has not drawndown yet worry lenders?
I sincerely hope this is because MT are looking after the lenders interest, and given the issues that have been highlighted, are ensuring all the i's are dotted and the t's crossed.
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Post by funkymonkey on Jan 14, 2019 19:45:26 GMT
Accounts and confirmation statement haven't been filed yet, which is a condition before the money can be drawn down. As interest was being accumulated while the loan was filling, there will be 2 months interest paid when drawdown happens, I presume, for those that invested from the start
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amwinv
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Post by amwinv on Jan 14, 2019 21:59:56 GMT
Does the fact that this loan has not drawndown yet worry lenders? Nope. The fact it's taking it's time is filling me with confidence that MT are holding off til they are satisified. That's all we can ask for. Those accounts need to be looked at to make sure the borrower isn't ultimately buying into some debt-laden blackhole or something. I would much rather this falls through in a few weeks and we get our capital back, as opposed to us lending too quickly for the sake of lending and discover something nasty when it's too late.
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Post by oktaeder on Jan 20, 2019 11:15:02 GMT
There was a long long time until this loan was filled. So I can't understand why the papers now are not ready.
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Post by Badly Drawn Stickman on Jan 20, 2019 11:43:51 GMT
There was a long long time until this loan was filled. So I can't understand why the papers now are not ready. There is quite a wide range of possible positions people could take with this, the obvious starting one is that it can take as long as it likes seeing as we are getting 'safe' interest while we wait. That could be enhanced with mild annoyance that we could have already had interest payments that we could have reinvested and earned money on, so we are technically losing money by this delay. It is of course also possible that if the loan does not proceed, given that the borrower is covering the interest until draw down he may well say 'why should I'. I could go on.... Sometimes overthinking things is just a waste of time. I'm sure it will all be grand (or maybe not)
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Post by oktaeder on Jan 20, 2019 11:59:33 GMT
I don't have a problem waiting. But I don't understand why collect money over months and very hardly without having done the paperwork.
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copacetic
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Post by copacetic on Jan 20, 2019 12:13:45 GMT
...we could have already had interest payments that we could have reinvested and earned money on, so we are technically losing money by this delay. To be fair interest on the interest for £1000 invested in tranche A for the 2 months it's been live would only be 10p.
I'm wondering though if we're actually going to get the interest in the event that it doesn't drawdown. The borrower has agreed to cover it but does this mean that it's secured? Probably £40-50k interest accrued in total already ... scary.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jan 20, 2019 13:33:42 GMT
There was a long long time until this loan was filled. So I can't understand why the papers now are not ready. Have a read of the post above your first (by amwinv), for possible reasons. MT cannot afford to get this one wrong, so it is assumed they are double checking everything for our benefit, because several posters, earlier in this thread, have raised possible red flags.
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Post by eascogo on Jan 20, 2019 16:28:30 GMT
Update: loan expected to drawdown early next week.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jan 30, 2019 9:15:04 GMT
This silence over the reason for the delay in drawdown of these loans is, for me, deafening.
I am very pleased that MT are doing due diligence and sincerely hope they are wary of the importance of this loan to the long term health of their platform given there are clearly issues at present which are at present making then uneasy about these loans being drawn.
I have absolutely no information on the reason for the extended delay, no knowledge what so ever to back up any suggestion that something is wrong. That said, given the extended delay I am now certainly uneasy about this loan. If I was offered the opportunity to revoke my offer to lend I would certainly avail myself of that opportunity, but that is not likely. Given, as I have suggested previously, there will likely be a huge sale queue (cash back) the moment this loan is eligible for the secondary market, maybe the delay is good as this will test the theory that variable pricing will unblock long sale queues.
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johni
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Post by johni on Jan 30, 2019 9:43:08 GMT
The FAQ on this loan details items to be completed before drawdown. Not sure if there are further terms.
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Post by eascogo on Jan 30, 2019 12:40:53 GMT
I have a very large stake in this loan (A, not B) but the delay in drawdown is also worrying me. The interest accrued to date is significant. I expect that MT would have to pay this out of their own pocket should the loan be withdrawn. Without some large new loan proposals in place much of the returned capital would likely leave the platform. The outcome is significant for the platform. I hope that MT can bring us up to date asap.
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