picnicman
Member of DD Central
Posts: 238
Likes: 216
|
Post by picnicman on Nov 22, 2018 11:17:30 GMT
On the bright side, you should soon be able to sell your holding on the SM by offering a discount (likely rather smaller than a forced sale at auction might lead to). At which point, you’ll be fortunate the loan has an agreed extension, as opposed to being declared non-performing Very true - but I suspect I'll have to be quick if I don't want to find myself at the end of another long queue (circa £217K currently want out at par - a queue going nowhere fast - the word 'glacial' springs to mind) - be interesting to see how many want out at a discount (I certainly know of at least one!). Not meaning to cause upset/talk down in anyway, I guess you come back to the age old saying and a legacy from the mighty Dude - only invest in loans you are prepared to hold to term and do not invest anymore than you are prepared to lose or if you need the cash quickly. The SM whether discounted or not then becomes an irrelevance. - Cheers P
|
|
SteveT
Member of DD Central
Posts: 6,874
Likes: 7,919
|
Post by SteveT on Nov 22, 2018 11:23:45 GMT
On the bright side, you should soon be able to sell your holding on the SM by offering a discount (likely rather smaller than a forced sale at auction might lead to). At which point, you’ll be fortunate the loan has an agreed extension, as opposed to being declared non-performing Very true - but I suspect I'll have to be quick if I don't want to find myself at the end of another long queue (circa £217K currently want out at par - a queue going nowhere fast - the word 'glacial' springs to mind) - be interesting to see how many want out at a discount (I certainly know of at least one!). You’ll be free to go to the head of the queue whenever you choose, simply by offering the best price available. 🙂
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Nov 22, 2018 11:38:35 GMT
Very true - but I suspect I'll have to be quick if I don't want to find myself at the end of another long queue (circa £217K currently want out at par - a queue going nowhere fast - the word 'glacial' springs to mind) - be interesting to see how many want out at a discount (I certainly know of at least one!). You’ll be free to go to the head of the queue whenever you choose, simply by offering the best price available. 🙂 Maybe that will be the case SteveT, maybe not? I'm currently unsure what will be the maximum discount and perhaps more pertinently just how many want out as badly as I do - or indeed how many will want to buy this seemingly eternal loan at any discount (because they sure aren't buying it at par)?
|
|
averageguy
Member of DD Central
Posts: 1,174
Likes: 855
|
Post by averageguy on Nov 22, 2018 12:58:29 GMT
Ouch ...was that really necessary? I will not be patronised. Well from the way I read that post it doesn’t seem patronising ..i’ll step back as I’ve no wish to stir the pot
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Nov 22, 2018 13:12:17 GMT
Mod Hat On/
I really can't see what has brought about this rather unpleasant and totally unwarranted 'spat', but I've just removed some posts - kindly desist from anything further of this sort. Dealing with this I came across a pertinent comment from one of my erstwhile colleagues whose words are relevant here, and despite the frustrations or heat of the moment we could all do with trying to adhere to.
"Being able to disagree politely, see from the other person's perspective, and not interpret disagreement as a personal attack requiring retaliation are necessary characteristics to be able to use a forum like this." registerme
Play nicely now - I'm just unlocking the thread.
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Nov 22, 2018 13:52:34 GMT
Mod Hat On/
I really can't see what has brought about this rather unpleasant and totally unwarranted 'spat', but I've just removed some posts - kindly desist from anything further of this sort. Dealing with this I came across a pertinent comment from one of my erstwhile colleagues whose words are relevant here, and despite the frustrations or heat of the moment we could all do with trying to adhere to.
"Being able to disagree politely, see from the other person's perspective, and not interpret disagreement as a personal attack requiring retaliation are necessary characteristics to be able to use a forum like this." registerme
Play nicely now - I'm just unlocking the thread. My apologies Mod - I'm used to a more robust environment but will comply.
Notwithstanding, the core issue remains as follows - and I have yet to hear a solid valid counter argument (one that doesn't exude 'excuses' that is):
I bought into this loan on the basis that it would be repaid from deposits from pre-sold units. There was no 'this might not happen therefore....' or 'if this doesn't happen Plan B is...' - which might have caused me to pause and consider the possibility that MT's Plan A was somewhat optimistic (which of course it was). Consequently, I content I was mis-sold this loan as the contractual premise upon which its repayment was predicated was not adhered to - and therefore I wish to exit the contract. My position is simple and unambiguous (but I'm sure there will be no shortage of contenders who will wish to obscure this clarity - let's see?).
|
|
averageguy
Member of DD Central
Posts: 1,174
Likes: 855
|
Post by averageguy on Nov 22, 2018 14:06:35 GMT
Tad chilly out ...but the suns quite nice
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Nov 22, 2018 14:10:31 GMT
Tad chilly out ...but the suns quite nice Maybe you should wear some more protection to keep the 'chilly winds' at bay?
No sun here - just gloom!!
P.S. The word 'suns' should be spelled 'sun's' in the context you use it - meaning 'of the sun', not sun in the plural - just saying.
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Nov 22, 2018 14:20:00 GMT
My apologies Mod - I'm used to a more robust environment but will comply.
Notwithstanding, the core issue remains as follows - and I have yet to hear a solid valid counter argument (one that doesn't exude 'excuses' that is):
I bought into this loan on the basis that it would be repaid from deposits from pre-sold units. There was no 'this might not happen therefore....' or 'if this doesn't happen Plan B is...' - which might have caused me to pause and consider the possibility that MT's Plan A was somewhat optimistic (which of course it was). Consequently, I content I was mis-sold this loan as the contractual premise upon which its repayment was predicated was not adhered to - and therefore I wish to exit the contract. My position is simple and unambiguous (but I'm sure there will be no shortage of contenders who will wish to obscure this clarity - let's see?). Ooh ok, I'll have a go. Ok, the loan particulars state: "Exit Strategy: Whilst the loan has a twelve-month term, it is expected to be repaid from the pre-sales of the units which is likely to happen earlier than term. The borrower is in the process of securing development finance" Let's break that down. First we have the word 'strategy'. Strategy does not imply a guarantee. In every game of chess, one player's strategy fails and in this case unfortunately it hasn't worked out to date. Then "It is expected". This, to me, does not represent a promise but an expectation. Then "in the process" meaning that the borrower is trying to obtain longer term finance, but has yet to succeed. So, in conclusion, I'm struggling to relate rxdav . Why not just wait until the SM is freed and see if there is a willing buyer at a reasonable discount before taking further action? You've been earning 13% p.a. to date on this one so you may even be able to come out of it with a net profit potentially.
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Nov 22, 2018 14:29:28 GMT
My apologies Mod - I'm used to a more robust environment but will comply.
Notwithstanding, the core issue remains as follows - and I have yet to hear a solid valid counter argument (one that doesn't exude 'excuses' that is):
I bought into this loan on the basis that it would be repaid from deposits from pre-sold units. There was no 'this might not happen therefore....' or 'if this doesn't happen Plan B is...' - which might have caused me to pause and consider the possibility that MT's Plan A was somewhat optimistic (which of course it was). Consequently, I content I was mis-sold this loan as the contractual premise upon which its repayment was predicated was not adhered to - and therefore I wish to exit the contract. My position is simple and unambiguous (but I'm sure there will be no shortage of contenders who will wish to obscure this clarity - let's see?). Ooh ok, I'll have a go. Ok, the loan particulars state: "Exit Strategy: Whilst the loan has a twelve-month term, it is expected to be repaid from the pre-sales of the units which is likely to happen earlier than term. The borrower is in the process of securing development finance" Let's break that down. First we have the word 'strategy'. Strategy does not imply a guarantee. In every game of chess, one player's strategy fails and in this case unfortunately it hasn't worked out to date. Then "It is expected". This, to me, does not represent a promise but an expectation. Then "in the process" meaning that the borrower is trying to obtain longer term finance, but has yet to succeed. So, in conclusion, I'm struggling to relate rxdav . Why not just wait until the SM is freed and see if there is a willing buyer at a reasonable discount before taking further action? You've been earning 13% p.a. to date on this one so you may even be able to come out of it with a net profit potentially. So to synthesise your argument to its core you seem to be saying the loan proposal was written in a format which whilst seeming to offer facts and a clear rationale was actually (via weasel language) only offering vague assertions and half-promises and that I should have actually assumed the whole repayment proposal was no more than guesswork at best - and that consequently I should not have touched it with a bargepole?
So such silly concepts as truth, integrity, trust, clarity and honesty (etc.) have no place in P2P then - perhaps that's what I've been missing all along!?
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Nov 22, 2018 14:31:10 GMT
Mod Hat On/
I really can't see what has brought about this rather unpleasant and totally unwarranted 'spat', but I've just removed some posts - kindly desist from anything further of this sort. Dealing with this I came across a pertinent comment from one of my erstwhile colleagues whose words are relevant here, and despite the frustrations or heat of the moment we could all do with trying to adhere to.
"Being able to disagree politely, see from the other person's perspective, and not interpret disagreement as a personal attack requiring retaliation are necessary characteristics to be able to use a forum like this." registerme
Play nicely now - I'm just unlocking the thread. My apologies Mod - I'm used to a more robust environment but will comply.
Notwithstanding, the core issue remains as follows - and I have yet to hear a solid valid counter argument (one that doesn't exude 'excuses' that is):
I bought into this loan on the basis that it would be repaid from deposits from pre-sold units. There was no 'this might not happen therefore....' or 'if this doesn't happen Plan B is...' - which might have caused me to pause and consider the possibility that MT's Plan A was somewhat optimistic (which of course it was). Consequently, I content I was mis-sold this loan as the contractual premise upon which its repayment was predicated was not adhered to - and therefore I wish to exit the contract. My position is simple and unambiguous (but I'm sure there will be no shortage of contenders who will wish to obscure this clarity - let's see?).
Doesn't sound like you really want an answer answer and you just want to vent to be honest - several people have taken the trouble to answer you, I dont think you will get any further by persisting to repeat the same
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Nov 22, 2018 14:36:51 GMT
My apologies Mod - I'm used to a more robust environment but will comply.
Notwithstanding, the core issue remains as follows - and I have yet to hear a solid valid counter argument (one that doesn't exude 'excuses' that is):
I bought into this loan on the basis that it would be repaid from deposits from pre-sold units. There was no 'this might not happen therefore....' or 'if this doesn't happen Plan B is...' - which might have caused me to pause and consider the possibility that MT's Plan A was somewhat optimistic (which of course it was). Consequently, I content I was mis-sold this loan as the contractual premise upon which its repayment was predicated was not adhered to - and therefore I wish to exit the contract. My position is simple and unambiguous (but I'm sure there will be no shortage of contenders who will wish to obscure this clarity - let's see?).
Doesn't sound like you really want an answer answer and you just want to vent to be honest - several people have taken the trouble to answer you, I dont think you will get any further by persisting to repeat the same Thanks for that response stevio - most helpful.
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Nov 22, 2018 14:44:16 GMT
So to synthesise your argument to its core you seem to be saying the loan proposal was written in a format which whilst seeming to offer facts and a clear rationale was actually (via weasel language) only offering vague assertions and half-promises and that I should have actually assumed the whole repayment proposal was no more than guesswork at best - and that consequently I should not have touched it with a bargepole? When you wrote 'synthesise', would you not have been better to use 'distil'? I would have thought someone audacious enough and condescending enough to correct someone else's grammar unnecessarily, would have as good a command of vocabulary as they obviously think they have of punctuation. I am sure if you feel you have been misled, you will exercise your right to take legal action, as you have pledged to do in the past. This is your right of course, as is venting, but drawing others into your therapy seems wrong to me, and to others it appears.
|
|
rxdav
Member of DD Central
Posts: 354
Likes: 349
|
Post by rxdav on Nov 22, 2018 15:17:16 GMT
So to synthesise your argument to its core you seem to be saying the loan proposal was written in a format which whilst seeming to offer facts and a clear rationale was actually (via weasel language) only offering vague assertions and half-promises and that I should have actually assumed the whole repayment proposal was no more than guesswork at best - and that consequently I should not have touched it with a bargepole? When you wrote 'synthesise', would you not have been better to use 'distil'? I would have thought someone audacious enough and condescending enough to correct someone else's grammar unnecessarily, would have as good a command of vocabulary as they obviously think they have of punctuation. I am sure if you feel you have been misled, you will exercise your right to take legal action, as you have pledged to do in the past. This is your right of course, as is venting, but drawing others into your therapy seems wrong to me, and others it appears.
No - I meant synthesise as in 'the combination of components or elements to form a connected whole' (dictionary definition) - in the context of language and concepts clearly - not chemicals.
Distil, as in 'extract the essential meaning or most important aspects of' (dictionary definition) would have been a worthy alternative but not the word I chose.
Many thanks for your concerned input to the grammatical issues here - it is noted, but rejected.
Regrettably, only one person so far has actually addressed the question I asked - perhaps that is too difficult or might risk putting MT in something other than a 'saintly' light?
|
|
boundah
Member of DD Central
Posts: 368
Likes: 430
|
Post by boundah on Nov 22, 2018 16:20:27 GMT
Many thanks for your concerned input to the grammatical issues here - it is noted, but rejected.
Regrettably, only one person so far has actually addressed the question I asked - perhaps that is too difficult or might risk putting MT in something other than a 'saintly' light?
[Grammatical arguments deleted]... I'm not sure anyone is trying to portray MT as 'saintly'. From my reading, they are simply pointing out that MT did not represent the repayment strategy as a cast-iron guarantee, but rather as an expectation. Many loans propose a repayment strategy that proves over-optimistic, but I'm pretty certain these would not be construed as 'mis-selling' in a court. But you're of course welcome to try - good luck with that.
|
|