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Post by investor1925 on Nov 9, 2020 14:18:54 GMT
Agree with you both guys. I've had more cash back from MT than LY & Col put together since they went into administration.
I'm beginning to thing some on here may be looking for a business opportunity from this run-down.
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ilmoro
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'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 Nov 9, 2020 14:30:59 GMT
Looks at the thread, looks at the history, scratches head, smiles at the irony. Reads the post, knows the thread, and does not have a clue what the author is on about. Thought I might have to enlighten you. My point was that you were complaining about MT procrastinating, and allegedly profiting from it, on the thread relating to a loan where there was no delay. Administrators were appointed prior to term expiry and thus control of the recovery not in MTs hands to be "drawn out". Seems to have ended up being drawnout anyway.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 9, 2020 15:35:59 GMT
So on the basis that Administrators efforts are drawn out - your contention, and so are MT's - mine, would it not be better to remove MT's delay and go straight to whatever delay is the administrator's?
I did not suggest administrators were either faster or cheaper than MT, I just believe they are more effective. I begrudge further lining MT pockets for their effectual recovery actions.
P.S. Where is the irony?
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m2btj
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Post by m2btj on Nov 9, 2020 16:39:02 GMT
Only one winner here....the administrators! If we're lucky they'll throw a few shirt buttons our way!
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sam i am
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Post by sam i am on Nov 9, 2020 17:27:36 GMT
So on the basis that Administrators efforts are drawn out - your contention, and so are MT's - mine, would it not be better to remove MT's delay and go straight to whatever delay is the administrator's?
I'm not taking sides here. But if MT went into administration then we would have administrators (of the platform) managing the administrators (of the loan security). It wouldn't be straight through, there would be two levels of administration.
I'm not arguing which would be more effective.
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rocky1
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Post by rocky1 on Nov 9, 2020 18:57:26 GMT
well with MT comparing their wind down fees to what administrators would charge and their host of other charges including 2% pa on loans where we already have had receivers/administrators for god knows how long why not just have another set of administrators to administrate the bloody whole lot of it and put an end to this farce.well done MT you are right up there with the COLL,LY,FS,and the rest of this fintech BS that is secured lending on fantasy LTVs and years of BS from platforms who do not give a toss about lenders spending their final hours/months/years making sure they are right in there with the rest of the vultures.rant over.
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ton27
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Post by ton27 on Nov 10, 2020 12:38:55 GMT
Quite a good rant - I feel the same way so it saves me from ranting! I once thought MT were good but not since they went into wind-down with fees that can only be described as rapacious.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 10, 2020 15:24:30 GMT
No problem MoneyThing, despite repeated polite requests for an Update on this Loan (last Update 3 months ago) you have shown your clear contempt for Lenders by still refusing to pass on ANY information whatsoever. There are many Lenders on here who are very well connected, your reputation and conduct will follow you and your future business ventures may not turn out quite as lucrative. That is all.
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tommytaylor
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Post by tommytaylor on Nov 10, 2020 17:13:03 GMT
Should have known how much a tin pot outfit they where from the start when they started offering 1 measly bar of smart price chocolate as a main prize winner to their quiz. 50p at best.
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boundah
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Post by boundah on Nov 10, 2020 17:25:10 GMT
well with MT comparing their wind down fees to what administrators would charge and their host of other charges including 2% pa on loans where we already have had receivers/administrators for god knows how long why not just have another set of administrators to administrate the bloody whole lot of it and put an end to this farce.well done MT you are right up there with the COLL,LY,FS,and the rest of this fintech BS that is secured lending on fantasy LTVs and years of BS from platforms who do not give a toss about lenders spending their final hours/months/years making sure they are right in there with the rest of the vultures.rant over. Unfortunately rants don't get us our money back, although they might help with letting off some steam. The question here boils down to: would we prefer to (A) let MT do their best at recovery; or (B) entrust an Administrator to do it better at lower cost. My experience with LY & COL is that (B) doesn't work - communication has been virtually non-existent, fees exorbitant and recovery nil. At least MT give us occasional loan updates, and I have a few quid dribbling in every month.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 10, 2020 21:09:18 GMT
If boundah is happy with MT as his post suggests, it's an interesting position.
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Post by Badly Drawn Stickman on Nov 10, 2020 22:05:59 GMT
If boundah is happy with MT as his post suggests, it's an interesting position. Quite a stretch to class choosing a (possible) least worst outcome as happy, but I suspect you know that. Probably on a par with suggesting you would be happy if we lost all our money as long as Moneything suffered. I'm pretty sure arguing among ourselves will achieve absolutely nothing. Agreeing that we all want our money back and are entitled to state our opinions on how best to achieve it may be the neutral ground here.
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sam i am
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Post by sam i am on Nov 10, 2020 23:44:46 GMT
Moneything or administrator? Devil or deep blue sea? Rock or hard place?
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cedarcourtcapital
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Post by cedarcourtcapital on Nov 11, 2020 10:57:21 GMT
Moneything or administrator? Devil or deep blue sea? Rock or hard place?
Agreed. However for me who got us into this situation has an influence, especially as I have seen little evidence of MT getting anything done, that was not going to happen with to without their 'handling' or their defaults. I keep reading Administrators are expensive, I am okay with that because unless the administrators get some money out of the 'defaults' there is nothing to pay them out of. I do acknowledge that anyone who still has some faith in MT will rightly argue that MT will be cheaper, but only if they get some money back, and I think the chances of that are very slim. Perhaps it is a case of you pay for what you get, or don't get in this situation!
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ilmoro
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Post by ilmoro on Nov 11, 2020 11:49:54 GMT
Moneything or administrator? Devil or deep blue sea? Rock or hard place?
Agreed. However for me who got us into this situation has an influence, especially as I have seen little evidence of MT getting anything done, that was not going to happen with to without their 'handling' of their defaults. I keep reading Administrators are expensive, I am okay with that because unless the administrators get some money out of the 'defaults' there is nothing to pay them out of. I do acknowledge that anyone who still has some faith in MT will rightly argue that MT will be cheaper, but only if they get some money back, and I think the chances of that are very slim. Perhaps it is a case of you pay for what you get, or don't get in this situation! But in most cases, MT isnt handling the default, thats being done by the individual Insolvency Practitioners who dictate the course of those recoveries with minimal involvement from MT. That wont change whether MT are acting as themselves or under the control of an MT administrator (highly likely that MT staff would still be involved to some extent anyway) So would the potential cost of adding an extra layer of 'management' improve the situation - unlikely I suspect. So we are really discussing the loans where a solvent recovery is being pursued. Whether that will result in a better outcome than insolvent recovery? Whether an administrator would pursue a solvent recovery and if so more successfully than MT themselves? Opportunity cost of a solvent recovery v an insolvent recovery at lower quantum/higher cost? Personally that seems highly speculative, involving known unknowns, untested assumptions & hindsight.
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