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Post by queenvictoria on Oct 22, 2020 18:44:28 GMT
Well they're on line now so hopefully got an update for us. I very much doubt it James100. They (Ed, I think) come on here most days and read our drivel but it cuts no ice. They just refuse to communicate. I’ve discussed it with them (well, with Sophie) and they are just not interested in changing their style of communication. I think it is a fatal flaw in them and will haunt them in any future ventures but if they are not interested then they are not interested, I suppose
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cedarcourtcapital
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Post by cedarcourtcapital on Oct 22, 2020 20:42:23 GMT
Well they're on line now so hopefully got an update for us. I very much doubt it James100. They (Ed, I think) come on here most days and read our drivel but it cuts no ice. They just refuse to communicate. I’ve discussed it with them (well, with Sophie) and they are just not interested in changing their style of communication. I think it is a fatal flaw in them and will haunt them in any future ventures but if they are not interested then they are not interested, I suppose The flaw in your logic is thinking MT, or whatever any future incarnation of their business may be called, will act the same silent way as they are now on this forum. They did communicate before when they needed goodwill from their lenders, they communicated quite well in fact when there was something in it for them. Now when there is nothing to be gained they refuse to even pass on relevant information if previous pleading posts are to be believed. The sad fact is it now pays MT to procrastinate, the longer they can string out any recovery process the more they earn for their 'administration' fees.
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rocky1
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Post by rocky1 on Oct 23, 2020 3:23:12 GMT
it seems the chocolate banter days are well and truly over.all these platforms seem to follow the same pattern when the end is nigh and any efforts seem to be to make sure they get as much as possible out of the loan books for themselves. P2P ehh well we all know now how it really works and it is not what it says on the tin.
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ozboy
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Post by ozboy on Oct 23, 2020 9:59:12 GMT
Time to wake the FCA up and get them involved.
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averageguy
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Post by averageguy on Oct 23, 2020 10:22:20 GMT
Time to wake the FCA up and get them involved. We are right behind you Oz...let us know how you get on
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ozboy
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Post by ozboy on Oct 28, 2020 17:56:47 GMT
MoneyThing, your last Update was on 06/08/2020 when, among other things, you stated:- .............................an offer for the full asking price was submitted on plot * and the sale is expected to exchange shortly.
and
The Administrators will be placing the lower undeveloped site into auction shortly.
Please update on this Loan by this Friday 30/10/20
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boundah
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Post by boundah on Oct 28, 2020 18:36:58 GMT
Time to wake the FCA up and get them involved. I'm as frustrated as anyone. But if we involve the FCA we could end up with nice expensive Administrators, whose track record on communications has not been stellar if memory serves.
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cedarcourtcapital
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Post by cedarcourtcapital on Oct 29, 2020 13:50:18 GMT
Could anyone's communication record be worse than MT's current one?
On the subject of getting the FSA involved, if that means taking matters out of MT's ineffectual hands I would be all for it.
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seb8072
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Post by seb8072 on Oct 29, 2020 14:07:31 GMT
Could anyone's communication record be worse than MT's current one? On the subject of getting the FSA involved, if that means taking matters out of MT's ineffectual hands I would be all for it. Yes! Most of the default updates on MT are under 6months old (just), on a certain other platform most are 12months old with some much longer.
I really don't think it makes much difference whether one goes for admin or wind down, both take forever and a day and in both cases we end up with virtually zilch. I'm tempted to think we may be marginally better off with wind down.
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rocky1
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Post by rocky1 on Oct 29, 2020 14:09:12 GMT
i thought most of these loans are already in the hands of administrators.MT pass on updates from receivers/administrators once in a while hence comparing their fees.in effect MT are administrating the administrators and the saga goes on.
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seb8072
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Post by seb8072 on Oct 29, 2020 14:12:32 GMT
i thought most of these loans are already in the hands of administrators.MT pass on updates from receivers/administrators once in a while hence comparing their fees.in effect MT are administrating the administrators and the saga goes on. I think boundah is talking about the platform going into admin.
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cedarcourtcapital
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Post by cedarcourtcapital on Oct 29, 2020 17:23:04 GMT
Yes! Most of the default updates on MT are under 6months old (just), on a certain other platform most are 12months old with some much longer. That is because MT, for the reasons every knows, are loathed to actually put anything into administration, preferring to 'kick the can' rather than playing hard ball. Remaining borrowers now realise this and feed MT all sorts of wishful thinking excuses knowing they can string out the process before the inevitable administration.
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boundah
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Post by boundah on Oct 30, 2020 11:57:34 GMT
i thought most of these loans are already in the hands of administrators.MT pass on updates from receivers/administrators once in a while hence comparing their fees.in effect MT are administrating the administrators and the saga goes on. I think boundah is talking about the platform going into admin. I'm talking about the company going into admin. If you're invested in Lendy or Collateral you'll know how expensive and drawn-out that will be. Oh, and comms will be even worse. cedarcourtcapital - would you refute this?
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cedarcourtcapital
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Post by cedarcourtcapital on Oct 30, 2020 13:17:01 GMT
I'm talking about the company going into admin. If you're invested in Lendy or Collateral you'll know how expensive and drawn-out that will be. Oh, and comms will be even worse. cedarcourtcapital - would you refute this? I am not sure I am one to confirm or otherwise how effectively the communications in administration Lendy or Collateral are as I am pleased to say I am not involved in either. I will not take any issue with you if you assert they are worse than MT's, however they can only be marginally so as MT's efforts do not leave much ground to be worse than! Unlike others I actually care very little about communication, I care about effective action, that being the return of my lending. As I have written elsewhere I contend that borrowers know how weak MT is and has no fear of them doing anything other than 'kicking the can'. To me MT have proved themselves to be ineffectual administrators of their platforms run-down. I do not give them a Covid 19 pass because if they had taken effective action sooner, the loans I am still involved in would have been cleared. YES I would have sustained capital losses, but I have seen no evidence that these will eventually be less following MT's decision making on how to handle their clients who stop paying interest.
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boundah
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Post by boundah on Oct 30, 2020 17:37:11 GMT
I'm talking about the company going into admin. If you're invested in Lendy or Collateral you'll know how expensive and drawn-out that will be. Oh, and comms will be even worse. cedarcourtcapital - would you refute this? I am not sure I am one to confirm or otherwise how effectively the communications in administration Lendy or Collateral are as I am pleased to say I am not involved in either. I will not take any issue with you if you assert they are worse than MT's, however they can only be marginally so as MT's efforts do not leave much ground to be worse than! Unlike others I actually care very little about communication, I care about effective action, that being the return of my lending. As I have written elsewhere I contend that borrowers know how weak MT is and has no fear of them doing anything other than 'kicking the can'. To me MT have proved themselves to be ineffectual administrators of their platforms run-down. I do not give them a Covid 19 pass because if they had taken effective action sooner, the loans I am still involved in would have been cleared. YES I would have sustained capital losses, but I have seen no evidence that these will eventually be less following MT's decision making on how to handle their clients who stop paying interest. I fully agree with the sentiment. In an ideal world MT would insist on full payment of interest, get us full capital recovery and give us regular updates on progress. But I can't see administrators doing a better job, and I'm willing to bet they would cost us far more in the long run.
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