shw
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Post by shw on Jul 30, 2021 13:11:21 GMT
great idea to form MTAG,I have tried to tease out others to act in previous pointed messages relating to MT loans but not much interest to date as some seem to think it is early days in the Admin process !! I have a lot to lose, or have lost already, I am very angry which does not help - I know the MT investments were high risk but cannot reconcile the property valuations = LTV % which looked okay when combined with loan updates that lied about progress and sucked in more cash ? I also do not understand why we cannot get an explanation of where the CASH has been spent, surely before 2nd and 3rd tranches of the loans were released MT would have had substantiated evidence of progress on record ? I am very happy to support a MTAG and "will put my money where my mouth is" if need be. going by some informed comments on the MT pages there are a few of you out there who have the background and experience to lead an MTAG. I hope we can get some LENDER REPRESENTATION started as I have said before single investors have no power at all - we are on our own !! we will be lucky to 5p per 100p invested especially if Moorfields expenses are not kept in check whilst paper pushing and clocking up the very expensive hours - what are MT directors doing for their hourly rate - what value are they adding !! cannot believe I have written a calm message after my implosion earlier this week
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mah
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Post by mah on Aug 2, 2021 16:06:21 GMT
Same here - would Support a MTAG with whatever info I have collated so far, but lack the experience to Form/Lead an AG.
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mah
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Post by mah on Aug 2, 2021 16:07:47 GMT
Would have been nice to see a simple schedule showing where they are with each loan. I particularly liked the bit that said that anticipated recovery was as detailed in section 1, and this section says future distribution is unknown.
One thing that has become apparent is that even if a platform is run down in an 'orderly' fashion, the outcome is still a financial debacle
The whole Admin thing is unsuitable for P2P, it's outdated & geared for Creditors/Shareholders, not for P2P.
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mah
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Post by mah on Aug 2, 2021 16:10:32 GMT
But the further issue is that the administrators need to clarify if they can take the specific costs of administering the loans (rather than the general company administration costs) from the recoveries if there is a shortfall. It seems that they thought they could but now they're not sure.
The plan is to take the MT fees (added by the latest amendment to the Ts & Cs) ahead of the Lenders and then pay the Admins out of it. Hence mention/threat of an Berkeley Applegate (in case it is still insufficient). They are already charging (time recording) loan specific costs to the specific loans, so I assume cost of Recoveries of specific Loans would be charged to that particular Loan.
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mah
Member of DD Central
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Post by mah on Aug 3, 2021 14:34:23 GMT
Could you send me some pointers /more info, please? Sent by PM.
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shimself
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Post by shimself on Aug 11, 2021 17:35:26 GMT
Why are administrators having to deal with the loan book? That should be done by normal staff as it would be if the platform was solvent and the basic cost of doing that charged from recoveries as normal. Most of the work of recovery is done by the specific IP appointed on the individual loan anyway. The way it being done creates a conflict of interest between the interests of creditors for whom the administrators work but derive no benefit from the recoveries and the lenders who derive the benefit from the work but arent represented by the administrators. Fundamentally flawed system which the FCA failed to consider. As did we all I think
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TitoPuente
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Post by TitoPuente on Aug 13, 2021 8:21:29 GMT
Would it make sense to expect that the recent Lendy Court ruling will positively influence the outcome of the application to Court for direction by MT IPs? Or is it wishful thinking?
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merlin99
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Post by merlin99 on Aug 13, 2021 9:42:06 GMT
Would it make sense to expect that the recent Lendy Court ruling will positively influence the outcome of the application to Court for direction by MT IPs? Or is it wishful thinking? Keep wishing and hoping for a successful outcome what ever!
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qlassa
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Post by qlassa on Aug 13, 2021 21:28:56 GMT
Would it make sense to expect that the recent Lendy Court ruling will positively influence the outcome of the application to Court for direction by MT IPs? Or is it wishful thinking? Unless there is a lender group to support too..
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Post by minionbob on Aug 29, 2021 8:43:18 GMT
Do people think there will be a potential difference in treatment between those who agreed/ signed up to the new t and cs as opposed to those on the old ones; I never agreed to the new ones though did think it was uncharacteristically sneaky of them to present the new conditions as the default option when logging into accounts.
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Post by Please turn me over on Oct 14, 2021 18:33:01 GMT
Administration extended until 20 December 2022.
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Post by funkymonkey on Jan 24, 2022 11:02:24 GMT
Adminstrator's progress report now available on CH.
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ptr120
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Post by ptr120 on Jan 24, 2022 17:21:54 GMT
Shocking to see how much Ed and Sophie are making from the administration acting as consultants. The work they are doing can't be a full-time job any more, yet they continue to be well rewarded for what they are doing.
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Mucho P2P
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Post by Mucho P2P on Jan 24, 2022 17:41:54 GMT
Shocking to see how much Ed and Sophie are making from the administration acting as consultants. The work they are doing can't be a full-time job any more, yet they continue to be well rewarded for what they are doing. Considering they could not save the company, one wonders why 2 consultants are needed and the joint administrators cant manage with just one, part time!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 24, 2022 17:50:28 GMT
Shocking to see how much Ed and Sophie are making from the administration acting as consultants. The work they are doing can't be a full-time job any more, yet they continue to be well rewarded for what they are doing. If you are referring to consultant fees, I suspect that covers all three consultant companies, with the ex-directors only being one of them.
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