rocky1
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Post by rocky1 on Jul 28, 2018 13:54:50 GMT
I am trying to accurately calculate which platform on this forum has the most whiners very close at the moment between Lendy and Funding Secure..... I am trying to accurately calculate how many of xpubman1 48 posts across the forums have actually Been about the topic of the thread. Just a lot of sarcasm towards other members .i am sure you must know all the answers mr smartarđź’©e
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xpubman1
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Post by xpubman1 on Jul 28, 2018 15:47:52 GMT
OK Mickey, I got it, not mocking anybody, but I have been doing this P2P on many platforms since inception and this forum, in the early days was so valuable with input and helpful DD comment from many knowledgeable people, I just feel that now that a lot of the comment is from people who have no idea what to expect in regards to return, nor have they a lot of idea of what they are doing, I will say it again, if there is no news, good or bad, then how can the platform offer an update?
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xpubman1
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Post by xpubman1 on Jul 28, 2018 15:50:51 GMT
OK Rocky, got that as well, but after this comment of yours, I am obviously smarter than you and that is me done...
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michaelc
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Post by michaelc on Jul 28, 2018 16:04:48 GMT
OK Mickey, I got it, not mocking anybody, but I have been doing this P2P on many platforms since inception and this forum, in the early days was so valuable with input and helpful DD comment from many knowledgeable people, I just feel that now that a lot of the comment is from people who have no idea what to expect in regards to return, nor have they a lot of idea of what they are doing, I will say it again, if there is no news, good or bad, then how can the platform offer an update? And did that encourage you to invest in some loans and not others? I agree though there is way too much noise these days.
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Post by portlandbill on Jul 31, 2018 10:47:16 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default?
There can be no other situation.
If the loan has not been renewed or been repaid by that time, Funding Secure are obliged to auction the security within 14 days (again, according to their terms and conditions).
If that is the case, the only updates that we should see are those following up the default actions.
It seems that FS leave it until sometime after the end of the loan, then asks the borrower "what would you like to do now?" when it should have been sorted out before, and if it's not be sorted out then it's an automatic default.
FS say they have some discretion about what to do in the event of a default, but they don't have discretion in defaulting a loan. If it's not been repaid or renewed within 6 months - it's defaulted.
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Monetus
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Post by Monetus on Jul 31, 2018 10:52:41 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default? There can be no other situation. If the loan has not been renewed or been repaid by that time, Funding Secure are obliged to auction the security within 14 days (again, according to their terms and conditions). If that is the case, the only updates that we should see are those following up the default actions. It seems that FS leave it until sometime after the end of the loan, then asks the borrower "what would you like to do now?" when it should have been sorted out before, and if it's not be sorted out then it's an automatic default. FS say they have some discretion about what to do in the event of a default, but they don't have discretion in defaulting a loan. If it's not been repaid or renewed within 6 months - it's defaulted. In theory yes that's exactly how it should be. But try telling that to the people on day 837 of the Power Boat loan which is still listed as "active"
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7d7
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Post by 7d7 on Jul 31, 2018 12:53:08 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default? There can be no other situation. If the loan has not been renewed or been repaid by that time, Funding Secure are obliged to auction the security within 14 days (again, according to their terms and conditions). If that is the case, the only updates that we should see are those following up the default actions. It seems that FS leave it until sometime after the end of the loan, then asks the borrower "what would you like to do now?" when it should have been sorted out before, and if it's not be sorted out then it's an automatic default. FS say they have some discretion about what to do in the event of a default, but they don't have discretion in defaulting a loan. If it's not been repaid or renewed within 6 months - it's defaulted. You've just highlighted one of the major flaws of the P2P industry today. Platforms make their own rules and violate them without any consequences to confront. FS leave loans running forever as they aren't compelled to act differently. It seems they kick the can down the road until lender funds quietly descend into the dark abyss while they tempt them with new loans and cash back. A scheme which has enabled them to blossom in the past. Apparently, the tide is turning as lenders recognise these patterns. FS, you have been weighed. You have been measured and you have been found wanting. It's time to sort out the mess!
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Post by brightspark on Jul 31, 2018 13:46:36 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default? There can be no other situation. If the loan has not been renewed or been repaid by that time, Funding Secure are obliged to auction the security within 14 days (again, according to their terms and conditions). If that is the case, the only updates that we should see are those following up the default actions. It seems that FS leave it until sometime after the end of the loan, then asks the borrower "what would you like to do now?" when it should have been sorted out before, and if it's not be sorted out then it's an automatic default. FS say they have some discretion about what to do in the event of a default, but they don't have discretion in defaulting a loan. If it's not been repaid or renewed within 6 months - it's defaulted. So what are you going to do about it? You could complain to FS that they are in breach of their own t & c's. If not satisfied you could then take the complaint to the Ombudsman - all of which will cost you nothing. For a small sum it is not worth the hassle. You do have the problem that because the loan is not defaulted any figure for loss is conjectural.
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mjc
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Post by mjc on Jul 31, 2018 14:24:32 GMT
You do have the problem that because the loan is not defaulted any figure for loss is conjectural.
And don’t FS know it!
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bg
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Post by bg on Jul 31, 2018 15:42:55 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default? There can be no other situation. No, there can be:- 6.5 FundingSecure may, at its discretion, elect to delay enforcement of the default procedures if it believes the debt will be repaid by the borrower and that, by not enforcing the default procedures, a better outcome will be achieved for investors.
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Post by portlandbill on Jul 31, 2018 16:36:51 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default? There can be no other situation. No, there can be:- 6.5 FundingSecure may, at its discretion, elect to delay enforcement of the default procedures if it believes the debt will be repaid by the borrower and that, by not enforcing the default procedures, a better outcome will be achieved for investors. May delay default procedures still means it has to be defaulted
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bg
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Post by bg on Jul 31, 2018 16:40:50 GMT
No, there can be:- 6.5 FundingSecure may, at its discretion, elect to delay enforcement of the default procedures if it believes the debt will be repaid by the borrower and that, by not enforcing the default procedures, a better outcome will be achieved for investors. May delay default procedures still means it has to be defaulted I can't see it saying that anywhere in the T&C's but you are perhaps taking it up directly with FS and seeing what they say.
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rogerthat
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Post by rogerthat on Jul 31, 2018 18:03:04 GMT
Am I right in believing that, according to FundingSecure's terms and conditions, on the 6 month anniversary of any loan the loan must have either been repaid, been renewed, or is in default? There can be no other situation. No, there can be:- 6.5 FundingSecure may, at its discretion, elect to delay enforcement of the default procedures if it believes the debt will be repaid by the borrower and that, by not enforcing the default procedures, a better outcome will be achieved for investors. Well of course that is the crux of the matter..but the reality of my relatively short time on FS to date is that what FS believes and what us mere mortals on Planet Earth believe may not have quite the same connotation. However if, as FS believe, that Barnoldswick, The Ritz, Microsculptures, Pablo and his chums, (however many loans that actually turns out to be) and all the others end up paying back capital and interest, then I will be the first to help myself to a serious dollop of cow pie and volunteer for the village stocks for a good tarring and feathering. However, saying's one thing, doing's another and I have yet to see the latter.
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debaura
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Post by debaura on Jul 31, 2018 21:47:20 GMT
Please put your voices up and complain! Make formal complaints - I am and I will be going to the Ombudsman if I can.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 3, 2018 18:55:54 GMT
It seems as FS staff have returned from their holidays as there are a number of updates on a variety of loans both current and late. This is the way to go to keep investors engaged and aware of progression of projects that the have invested their precious cash.
Report card for FS
B+ showing improvement
Keep progressing
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