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Rupinis loans on MS updates

Please post any MoolahSense topics that you want to discuss with the local p2p community.
gjianwei@yahoo.com
Posts: 18
Joined: Fri Jul 15, 2016 4:30 pm

Re: Rupinis loans on MS updates

Postby gjianwei@yahoo.com » Mon Oct 23, 2017 4:17 pm

MS sent out an update where they are reducing the minimum investing amount to $500 from $1000 per campaign with effect from 10/10/17. And informing all that they have not charged investor service fee (ISF) since inception while other sites charge a fee of 15%-20% on returns which is equivalent to ISF 2%.

gjianwei@yahoo.com
Posts: 18
Joined: Fri Jul 15, 2016 4:30 pm

Re: Rupinis loans on MS updates

Postby gjianwei@yahoo.com » Thu Oct 26, 2017 7:57 am

sent out a enquiry on rupinis case through MS contact us on 19/10/17, till now still not a word. Their 2nd Friday and/or 4 Friday of the month update promise not fulfilled.

Tired of chasing and chasing for updates.

BigBoiBoi
Posts: 5
Joined: Tue Mar 29, 2016 8:53 pm

Re: Rupinis loans on MS updates

Postby BigBoiBoi » Fri Oct 27, 2017 7:03 pm

I also sent an request for update on 20 Oct and they did not reply too.

I had sent another request for update today.

debtguy
Posts: 75
Joined: Thu Apr 21, 2016 12:12 am

Re: Rupinis loans on MS updates

Postby debtguy » Sat Oct 28, 2017 12:21 am

BigBoiBoi wrote:I also sent an request for update on 20 Oct and they did not reply too.

I had sent another request for update today.


did they send out an update via their platform? they just did for my loan (PWGS) which i will update in the other thread.

gjianwei@yahoo.com
Posts: 18
Joined: Fri Jul 15, 2016 4:30 pm

Re: Rupinis loans on MS updates

Postby gjianwei@yahoo.com » Mon Oct 30, 2017 10:33 am

Debtguy,

Nothing updated on platform as well as no email from MS.

BigBoiBoi
Posts: 5
Joined: Tue Mar 29, 2016 8:53 pm

Re: Rupinis loans on MS updates

Postby BigBoiBoi » Mon Oct 30, 2017 8:09 pm

MS had updated their platform on the latest status after I used FB messenger to contact them. I suspect they did not update on some of our platform.

gjianwei@yahoo.com
Posts: 18
Joined: Fri Jul 15, 2016 4:30 pm

Re: Rupinis loans on MS updates

Postby gjianwei@yahoo.com » Mon Oct 30, 2017 10:32 pm

Afraid we post negative reviews on this post.

Updates:

During the Court hearing on 16 October 2017, the Court had granted Ms xxx 6 weeks to look into her affairs and try to reach a negotiated settlement with her creditors including the MoolahSense investors in the Rupinis Promissory Note. At the end of the 6 weeks (ending on 28 November 2017), if Ms xxx has not reached a settlement with her creditors, the Bankruptcy Order against her will automatically be reactivated and the Official Assignee will continue to administer Ms Sivarani's estate.

Our lawyers have written Ms Sivarani's lawyers to ask if Ms xxx is able to make a lump sum payment to the investors during this 6-week period. Ms Sivarani's lawyers have written back to state that they are still taking instructions from Ms Sivarani and that they will get back to us by next week. We will follow up with our lawyers regarding Ms xxx's and her lawyers' further reply and update you accordingly.

Now i worry whether MS will make a deal like allowing ms xxx to repay monthly without letting investors know. Since they have history of making decisions without informing investors.

And the whole saga will happen again and have to go to court and get bankruptcy order costing more for investors to get back what is owed to them. Again MS is siding borrowers again. Sigh.

debtguy
Posts: 75
Joined: Thu Apr 21, 2016 12:12 am

Re: Rupinis loans on MS updates

Postby debtguy » Tue Oct 31, 2017 9:29 am

whoa. this is really in bad faith. she is just exploiting the system to stall for time. And u are right regarding the side deals, MS has a history of doing that. They will give leeway to these guys and the borrowers will then take advantage AGAIN. The process of chasing repayments, filing bankruptcy etc then will have to restart as its a "new loan".

btw, i did dispute this to MS before. Questioned why they took action without consulting investors and that I wanted all investors to gather and meet up and agree on a solution. They said its not conducive to do one as such, and its better they make the deicsion on behalf of us.

gjianwei@yahoo.com wrote:Afraid we post negative reviews on this post.

Updates:

During the Court hearing on 16 October 2017, the Court had granted Ms xxx 6 weeks to look into her affairs and try to reach a negotiated settlement with her creditors including the MoolahSense investors in the Rupinis Promissory Note. At the end of the 6 weeks (ending on 28 November 2017), if Ms xxx has not reached a settlement with her creditors, the Bankruptcy Order against her will automatically be reactivated and the Official Assignee will continue to administer Ms Sivarani's estate.

Our lawyers have written Ms Sivarani's lawyers to ask if Ms xxx is able to make a lump sum payment to the investors during this 6-week period. Ms Sivarani's lawyers have written back to state that they are still taking instructions from Ms Sivarani and that they will get back to us by next week. We will follow up with our lawyers regarding Ms xxx's and her lawyers' further reply and update you accordingly.

Now i worry whether MS will make a deal like allowing ms xxx to repay monthly without letting investors know. Since they have history of making decisions without informing investors.

And the whole saga will happen again and have to go to court and get bankruptcy order costing more for investors to get back what is owed to them. Again MS is siding borrowers again. Sigh.

heyjude
Posts: 48
Joined: Fri Sep 30, 2016 10:14 am

Re: Rupinis loans on MS updates

Postby heyjude » Tue Oct 31, 2017 2:51 pm

Everyday, we get emails about issuers, late payments etc. I dread getting a notification from MS.
Its not a repayment but a default. As it stands I am losing quite a substantial amount if the issuers
do not repay.

I do hope that new investors, who are hoping to get better returns than the banks, choose their
crowd funding platform wisely.

And with all the negative feedback about MS, its not too difficult.

I foresee an email from them like this:

"We are pleased to inform you that yet another issuer has defaulted on their monthly installment.
While this is not ideal, we shall however approach this is a friendly manner and engage the issuer
in light banter and see if we can help them further. Perhaps they need more funds to manage their
business and we would only be too happy to lend them more money. After all, its more commission for
us and investors get to diversify their portfolio"

Well, good luck, investors!

gjianwei@yahoo.com
Posts: 18
Joined: Fri Jul 15, 2016 4:30 pm

Re: Rupinis loans on MS updates

Postby gjianwei@yahoo.com » Fri Nov 10, 2017 8:28 am

MS have not provided any status on Ms Sivarani's lawyers reply on MS request for lump sum. i have just email to MS for update.

Our lawyers have written Ms Sivarani's lawyers to ask if Ms Sivarani is able to make a lump sum payment to the investors during this 6-week period. Ms Sivarani's lawyers have written back to state that they are still taking instructions from Ms Sivarani and that they will get back to us by next week.

let's see how long MS will take to get back to me.

Will update once got reply from MS.


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