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Post by william0101 on Sept 9, 2017 10:29:16 GMT
Business profiles that say "I want to borrow some money" and little else.
Business profiles that don't make sense, I am sure most people here have some area in which they are expert or at least confident, why did some businesses have to couch their proposition in terms that didn't make sense to anyone?
A pet peeve, misuse of the word "collateral".
We've got 9 days left folks, let rip! Vent pleasurably!
Observing forum rules and sort of good manners, try not to be too specific about a particular loan (e.g. I haven't mentioned the two where "collateral" most offended me although they did spark this post)#
Most of all, let's see if we can observe the end of this era laughing or groaning rather than just moaning.
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justme
Member of DD Central
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Post by justme on Sept 9, 2017 11:41:14 GMT
Hurting my eyes looking at the mobile screen reading about loans.
Time lost doing that ( my partner called it "train watching")
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550 
Likes: 916
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Post by sussexlender on Sept 9, 2017 11:55:39 GMT
As with a number of other very active P2P investors, I will not miss FC having only the default from the total shambles of the London Hotel loans left in my portfolio.
If I can not see what I am putting cash into, then I don't invest.
Good luck to all those that choose to remain at the mercy of the new FC "pig in a poke" automatic investment scheme.
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james21
Member of DD Central
Posts: 651
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Post by james21 on Sept 9, 2017 12:12:36 GMT
Not really thought about it as have been exiting for months now, will be out completely (apart from the defaults that is) before the end of the year
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rogerthat
Member of DD Central
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Post by rogerthat on Sept 9, 2017 12:57:41 GMT
Hard to know where to start..so in the interests of my sanity its probably best not to begin. I think the early Klondike days were good, decent rates generally and above all, communication was relatively easy through the platform. I also used to phone them quite frequently which saved a lot of time. I think where they slipped up however, was expanding too quickly (especially into building developments) and in part, losing sight of what had initially made them and the market, exciting. To an extent I think that was understandable as the P2P phenomena has grown considerably over the last few years, the banks and other more 'accepted' forms of finance seemingly oblivious to the chasm of opportunity they themselves had created by their inward looking cartel on the money supply. Based on no professional experience, I'm now of the opinion that FC's model was flawed, in that their basic premise of a borrowers ability to service a loan (or not !) was based primarily on a credit score, rather than a proven asset. Granted, this was supplemented by historical evidence but the dish seemed to run away with the spoon and oversight and due diligence, arguably dropped, the more loans that appeared. With proven assets and more stringent control once red flags started waving, action could/should have been implemented before many of them went beyond acceptable safety margins
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adrian77
Member of DD Central
Posts: 3,895
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Post by adrian77 on Sept 9, 2017 14:15:32 GMT
Appalling standard of English.
Patronising "spin" that treats the lenders as idiots who can't think for themselves.
Tracking problematic property loans before they are "swept under the carpet".
Adrenalin rush from seeing how my 4 defaulted loans perform - one of which pays me a staggering £0.02 per month....
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Post by GSV3MIaC on Sept 9, 2017 14:29:33 GMT
I'll miss all the exciting promises (starting with the forthcoming API, which last time I looked you could still register for) and the long list of 'coming soon' technical fixes. What I won't miss, because it never happened, was the delivery of any of it.
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Post by beeje13 on Sept 9, 2017 14:56:49 GMT
Bots and traders.
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pickles
Member of DD Central
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Post by pickles on Sept 9, 2017 16:43:49 GMT
Appalling standard of English. Patronising "spin" that treats the lenders as idiots who can't think for themselves. Tracking problematic property loans before they are "swept under the carpet". Adrenalin rush from seeing how my 4 defaulted loans perform - one of which pays me a staggering £0.02 per month.... 1 & 2 will presumably continue. The updates are hilarious. It's like they are written by a precocious 11-year old who's trying to sound grown up and clever but doesn't own a dictionary. 3 agreed - no choice about what to buy or sell, you can just watch and hope. 4 I should be so lucky - I have one where the borrower pays monthly at the rate agreed with FC. It takes SIX MONTHS before they have enough to be able to pay out at 1p to the smallest investor.
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Post by df on Sept 9, 2017 16:54:23 GMT
1. Reading "business profiles" like "We require the loan for our business expansion plans and working capital" and looking at "financial summary/credit score", which appear to be about the same for all of them from A+ to E. I don't understand the logic behind their grade system. How someone with existing outstanding loans wanting to borrow twice the amount of their annual profit get A+?
2. SM with premiums to buy and 0.25% fees to sell.
3. Time spent on maintaining better returns.
I'm planning to keep my funds there for another year and observe. I've prepared for it: - sold all remaining A+/A and replaced them with D/E (no under 10% loans are left in my portfolio). If it stays at 7%+ next Sept I will carry on and might even increase my investment. If not, I will consider to look at BM again or whatever automated 6.5%+ opportunities will be there at the time.
I like the changes. All 5 points make sense to me.
1. Loan parts will now be matched based on your current projected return and the amount of available funds in your account. - this will help those who are getting lower returns on current autobid option. It is fair to care for the majority of customers.
2. No more than 0.5% (subject to a minimum of £20 per business) of your portfolio will be lent to a single business. - far better than AC's 20% on automated accounts. I'm at 19% in GBBA and GEIA, PF is a piece of mind of course, but I still don't like the fact that I have undesirable proportion in some loans.
3. New loan parts will be no larger than £100. - splitting larger investments into smaller chunks will help with liquidity.
4. The option to sell individual loan parts and set a premium or discount will be removed. - that cuts flippers and makes the product more straight forward for those who prefer 'savings account' approach as oppose to S&S. This is the audience they are aiming for.
5. From today, we are becoming the first major lending platform to charge no fees for selling your loans. - very good, will FC's main competitors (Z/RS) drop selling fees or raise lenders rates? It remains to be seen.
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c88dnf
Member of DD Central
Posts: 364
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Post by c88dnf on Sept 9, 2017 17:53:49 GMT
Stock FC phrases:
"no financials will be displayed for this company, as they are not considered relevant."
"the borrower is working hard to"
"the borrower has advised that"
"highly experienced property team"
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
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Post by sussexlender on Sept 9, 2017 20:18:20 GMT
And not to forget the traditional platitude from the FC Weaselspeak department
"We thank all our investors for their patience"
And the new reality
"Our thoughts and prayers are with all the poor borrowers who have defaulted and disappeared with all the cash and stuffed our far too trusting and annoying investors"
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c88dnf
Member of DD Central
Posts: 364
Likes: 266
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Post by c88dnf on Sept 9, 2017 20:37:33 GMT
And not to forget the traditional platitude from the FC Weaselspeak department
"We thank all our investors for their patience"
And the new reality
"Our thoughts and prayers are with all the poor borrowers who have defaulted and disappeared with all the cash and stuffed our far too trusting and annoying investors" By chance I've just heard FC's "song of due diligence" played on the radio (*): Just wishin' and hopin' and thinkin' and prayin'(*) more likely a wireless set tuned to the Light Programme, given the age of the song.....
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rogerthat
Member of DD Central
Posts: 2,048
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Post by rogerthat on Sept 10, 2017 9:19:59 GMT
"5. From today, we are becoming the first major lending platform to charge no fees for selling your loans."
What utter balderdash..
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Post by valerieb on Sept 10, 2017 9:37:55 GMT
And not to forget the traditional platitude from the FC Weaselspeak department
"We thank all our investors for their patience"
Pretty sure you meant to say '......... patients'.
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