11025
Member of DD Central
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Post by 11025 on Jul 4, 2022 16:35:07 GMT
Just seen it , looks like another legalised smash and grab.
They obviously need to get their earning potential in place before they can think about getting any money to us.
Are lenders going to pay for enforcement action or the borrower ? Doesn't appear clear
You will be please to hear that " The charging structure has been reviewed by the appointed conflict Administrator, James Money, to ensure that it is fit for purpose and reasonable in its approach"
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investibod
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Post by investibod on Jul 4, 2022 16:47:06 GMT
I have just read the letter and with my covid addled brain I could not make too much sense of it.
From what I could try to make of it, it seems that they have paid for another person to supervise them taking money from one pocket and putting it into another while diverting part of it into their own pockets.
Can anybody give me the idiots guide to what this actually means to investors?
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quidco
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Post by quidco on Jul 4, 2022 17:41:20 GMT
The fees look like a total rip off to me
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ptr120
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Post by ptr120 on Jul 4, 2022 18:31:27 GMT
The fees do indeed seem to be higher than those that have been charged or proposed in connection with other platforms in a similar position. I'd love to know if the conflict administrator has just nodded through the fee proposal "yes, that seems fine", or if he has challenged them, benchmarked them, and made counterproposals in any areas.
Charging us a set-up fee, when the platform already charged a set-up fee to the borrower when the loan was written, feels like double dipping.
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averageguy
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Post by averageguy on Jul 4, 2022 19:02:12 GMT
The fees do indeed seem to be higher than those that have been charged or proposed in connection with other platforms in a similar position. I'd love to know if the conflict administrator has just nodded through the fee proposal "yes, that seems fine", or if he has challenged them, benchmarked them, and made counterproposals in any areas. Charging us a set-up fee, when the platform already charged a set-up fee to the borrower when the loan was written, feels like double dipping. Indeed that 20k fee is what stuck out to me ……then the 17% of this and that etc
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dh1
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Post by dh1 on Jul 4, 2022 19:26:19 GMT
investibod - we can't really work out what's what until we see an actual example or two. The charging structure impact is loan specific. The administrators have said "Lenders of loans where distributions are possible will shortly receive a further update specific to those loans." When we see £ signs we'll know whether there's something to moan about and whether that's even worth doing.
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Mucho P2P
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Post by Mucho P2P on Jul 4, 2022 20:14:45 GMT
The fees look like a total rip off to me In which P2P administration are the fees not a total rip-off. And where exactly are the FCA in this matter, seeing as they purportedly claim continuing jurisdiction?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
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Post by ozboy on Jul 4, 2022 21:21:03 GMT
I have only one thing to say about all these P2P Platform failures.
My backside is very, VERY sore............
I thank you.
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merlin99
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Post by merlin99 on Jul 5, 2022 8:59:04 GMT
I have only one thing to say about all these P2P Platform failures. My backside is very, VERY sore............I thank you. I have a feeling that most of the people winding up these P2P platforms must have Viking heritage in other words well versed in raping and pillaging!
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Post by Ace on Jul 11, 2022 18:02:21 GMT
New update on Moneything stating "Further to our last update, please be advised we expect to make the distributions to lenders as well as lender updates on all loans by the end of this month".
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investibod
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Post by investibod on Jul 11, 2022 21:22:53 GMT
New update on Moneything stating "Further to our last update, please be advised we expect to make the distributions to lenders as well as lender updates on all loans by the end of this month". I look forward with great excitement to see what (if anything) I receive by the end of the month.
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ptr120
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Post by ptr120 on Jul 12, 2022 7:32:38 GMT
New update on Moneything stating "Further to our last update, please be advised we expect to make the distributions to lenders as well as lender updates on all loans by the end of this month". I look forward with great excitement to see what (if anything) I receive by the end of the month. Due to the fact that the fees are so high, it is already apparent that on some loans we won't receive anything back at all - even it they are able to achieve 100% recovery.
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dh1
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Post by dh1 on Jul 25, 2022 5:10:30 GMT
The 15th July 2022 Administrators report is now available on the Companies House website: Report
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mv
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Post by mv on Jul 26, 2022 15:22:33 GMT
Still waiting for all the July payments to drop. Not sure what I’ll do first. Pay off the mortgage or buy the Lambo
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investibod
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Post by investibod on Jul 26, 2022 16:30:11 GMT
Still waiting for all the July payments to drop. Not sure what I’ll do first. Pay off the mortgage or buy the Lambo I am wondering if hoping to buy a packet of Hobnobs is a bit ambitious.
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