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Post by Deleted on Nov 9, 2017 10:31:54 GMT
I've just done my 3 monthly review of my P2P portals and I can no longer recommend FS for anything larger than a car. They do seem to manage pawn very well and single cars held in compound work well but I think it is time we come to recognise that anything bigger does not work well. I suspect management is just too nice.  I would welcome any feedback in this issue as I think it is time we face up to reality. |
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Post by shyinvestor on Nov 9, 2017 10:42:02 GMT
My interest has been in single residential properties, on the grounds that forced sales will usually find a buyer. However, some of the valuations have been so optimistic that even these loans are no longer safe. Are the valuations on smaller items considered reliable? Valuing things like an Auerbach painting could also become unstuck I fancy.
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r00lish67
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Post by r00lish67 on Nov 9, 2017 10:45:32 GMT
I've just done my 3 monthly review of my P2P portals and I can no longer recommend FS for anything larger than a car. They do seem to manage pawn very well and single cars held in compound work well but I think it is time we come to recognise that anything bigger does not work well. I suspect management is just too nice. I would welcome any feedback in this issue as I think it is time we face up to reality. Despite my post just now in the floating vessel of frustration thread, when you look at the Non Performing Loan statistics (which include loans that are late, not just defaulted ones) then I believe FS actually fare well. The issue for me is that on the bad apples, investors are fed sweet false promises of redemption every week. I really don't know why they persist in doing it. They subjected themselves to a torturous few months on Whitehaven when they decided to maintain a narrative which was being proven untrue week-by-week in the face of photographic evidence. In short, I want FS to continue and prosper with items larger than cars, but I want them to treat borrowers who persistently delay with more of a hard edge, and investors with more honesty. I'm not sure I would use the word 'nice' when applied to the updates investors receive on some loans!
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Post by Deleted on Nov 9, 2017 10:49:23 GMT
I've run the tax year programme they offer for last year, the year before and this present live year and the thing that stands out is that "large stuff" goes wrong, "small stuff", you get your money back.
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r00lish67
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Post by r00lish67 on Nov 9, 2017 11:08:13 GMT
I've run the tax year programme they offer for last year, the year before and this present live year and the thing that stands out is that "large stuff" goes wrong, "small stuff", you get your money back. Well, there are some 'little' sculptures on the SM at par that you should really like then  To your and shyinvestor 's point, there is little doubt that FS have historically done better on pawn than on anything else. Unfortunately, investing £25 (if you're lucky! I nearly missed out just now...) here or there doesn't really cut it for their ambitions or for many investors. It's not really fair to compare FS's record on pawn to PBL/DFL's, but you could/should compare them to MT/Lendy et al. Tend to agree with shyinvestor re: the PBL types, wish there were more of them. I also tend to suspect that I'm the patsy when I'm sitting in loans that offer bonuses taking the rate up to 17%, which tend to be the big and scary development loans. PS - I quite like the Auerbach actually, since that thread about its 'sister' painting selling for a reasonable chunk. Not that that's any guarantee!
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r1200gs
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Post by r1200gs on Nov 9, 2017 11:09:26 GMT
I was in the turbine (just needs connecting) and I'm in Whitehaven( 5th tranche, well advanced project). I don't need 25 pound loan parts so needless to say, I'm just waiting for the outcome of several unredeemed loans then I'm out completely. Unless I lose on Whitehaven of course, because then FS and I may have a relationship going forward, through my lawyer.
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Post by dan1 on Nov 9, 2017 11:14:56 GMT
I've just done my 3 monthly review of my P2P portals and I can no longer recommend FS for anything larger than a car. They do seem to manage pawn very well and single cars held in compound work well but I think it is time we come to recognise that anything bigger does not work well. I suspect management is just too nice. I would welcome any feedback in this issue as I think it is time we face up to reality. Look it at from an ABL investors perspective... immovable is perhaps more desirable
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 9, 2017 11:26:40 GMT
I think FS need to get tough with receivers. The cost of selling 2 London Parking Spaces in a secured block was extortionate. It involved posting leaflets through the letter boxes of a block of flats. In my experience all letter boxes would be side by side in the foyer. It seems to have cost more than £15,000.
Receivers don't seem to be accountable to lenders. I think they should be named and shamed.
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mikes1531
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Post by mikes1531 on Nov 9, 2017 16:57:01 GMT
Valuing things like an Auerbach painting could also become unstuck I fancy. Yes indeed! Just read the sorry saga of the FS loans made against a collection of Lubin paintings.
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edward
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Post by edward on Nov 9, 2017 17:08:35 GMT
Any thoughts on latest car 2704336139? Not sure at 10%. Will no doubt have to make my mind up quickly...
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rogerthat
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Post by rogerthat on Nov 9, 2017 17:17:25 GMT
I'm not sure 100 squid in the Post office will earn you quite as much  |
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09dolphin
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Post by 09dolphin on Nov 9, 2017 17:24:37 GMT
If you choose to believe the valuations FS ascribe to property well good luck. I've learnt that the rather generous valuations aren't anywhere near the realistic valuations.
A suggestion from me and my experience is to deduct 10 - 20% from the valuation and go with that number. You then have a realistic change of recovering your investment if the borrower pays nothing - however you're not likely to receive much interest on the money lent.
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adrian77
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Post by adrian77 on Nov 9, 2017 19:55:25 GMT
I went for this one - it went very quickly. The FS valuation seemed OK to me - unlike bespoke powerboats such car valuations are very easy to validate. In fact as a general rule I find FS tend to use conservative value for car unlike some crazy property valuations I have seen.
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edward
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Post by edward on Nov 9, 2017 22:38:40 GMT
I went for this one - it went very quickly. The FS valuation seemed OK to me - unlike bespoke powerboats such car valuations are very easy to validate. In fact as a general rule I find FS tend to use conservative value for car unlike some crazy property valuations I have seen. confused...the car loan I was referring to earlier (2704336139) still seems to have 14% remaining to fund a moment ago. Was there another one I missed completely?
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bugs4me
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Post by bugs4me on Nov 9, 2017 22:45:41 GMT
Once my last (defaulted) loan is repaid albeit I expect a loss, then that will be it for me with FS. I do not trust their recovery process (assuming there is one) and once trust goes then it's time to wish them all the best and move on.
Currently though folks are still appearing to snap up everything being offered on a daily basis so nothing is going to change within the FS business model - again assuming they have one. I firmly believe that sooner or later I feel the ***t will hit the fan.
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