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Post by Deleted on Jun 5, 2015 7:30:10 GMT
DYOR, I've already chatted to the IOM regulators to check on "the chickens".
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Post by MoneyThing on Jun 5, 2015 7:43:51 GMT
Thanks for the explanation Ed. As a complete newcomer to P2P, sending money to an established business which is unregulated and lists a residential address as a place of business does give me initial red flags, but that's just me. At the end of day, a funding business based in a London office can as easily close down as a home office, and I can certainly appreciate the desire to keep operating expenses low. With several P2P funding websites ceasing to do business, there is a higher risk of default here so as a lender, due diligence makes sense. Ed, the fact that you are so active on this forum speaks volumes for your business and I believe you will do very well because of this ethic so keep up the good work as long as you can. (I have invested some money through your site by the way) Morning optionstrader, I completely understand and appreciate that a company trading from a residential address does raise an eyebrow (although we do have a 'proper' office branch on the Isle of Man). Having run offices in both Soho Square & Gray's Inn Road in London in the past, it is quite scary how much of the expenditure this rent represents. (Just one small correction: we are regulated by the FCA under 'interim' permission (like all other platforms). We have just submitted our full-permission application last week and expect to be granted this within the next 6 months as per the FCA's guidance.) Kind regards, Ed
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james
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Post by james on Jun 19, 2015 14:34:20 GMT
home address from where he operates and has done so for over 10 years (as Capital Mortgages Direct Ltd). The MoneyThing P2P Lending aspect of the company is a recent development. We made the decision early on to try and keep the running costs of the business as low as possible until such time as the business became viable (beyond operational break even). In addition, with the two UK based team members being opposite sides of London, I didn't fancy getting an expensive central London premises at this stage. One day soon I am sure we will. I suggest not being keen to do that office thing quickly. Some years back I worked for a business that was preparing for a billion dollar IPO with hundreds of employees and still had most of them working from their own homes. By that point it did have a couple of physical offices but they still didn't have many of the employees in them. With the proper resources like internal web site and chat system it's entirely possible to do things remotely. I've been to a physical office of my employer less than once a year on average.
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jimc99
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Post by jimc99 on Jul 20, 2015 10:54:31 GMT
Talking about risk...with the price of gold down 10% in the last few weeks, let's hope not too many borrowers decide their items at the pawn shop are not worth redeeming!!
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 20, 2015 11:03:56 GMT
Talking about risk...with the price of gold down 10% in the last few weeks, let's hope not too many borrowers decide their items at the pawn shop are not worth redeeming!! That risk is being carried by Cash Shop under the funding agreement. Problems might emerge if there was such a catastrophic collapse in the gold price that the viability of the whole High Street pawnbroking industry was called into question.
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jimc99
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Post by jimc99 on Jul 20, 2015 11:14:01 GMT
Not necessarily catastrophic.... it just takes the value of gold to fall below the amount borrowed on the item to make the item not worth redeeming. My rough sums on the early gold items indicated that at 1200 dollars an ounce the amount being lent was only slightly less than the scrap value of the gold. It's price today is around 1080 dollars....
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Post by yorkshireman on Jul 20, 2015 11:14:54 GMT
Talking about risk...with the price of gold down 10% in the last few weeks, let's hope not too many borrowers decide their items at the pawn shop are not worth redeeming!! That risk is being carried by Cash Shop under the funding agreement. Problems might emerge if there was such a catastrophic collapse in the gold price that the viability of the whole High Street pawnbroking industry was called into question. Are you an Everton fan then Jonno?
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jonno
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Post by jonno on Jul 20, 2015 11:21:34 GMT
That risk is being carried by Cash Shop under the funding agreement. Problems might emerge if there was such a catastrophic collapse in the gold price that the viability of the whole High Street pawnbroking industry was called into question. Are you an Everton fan then Jonno? Yep, I'm afraid so.Never really had a choice-born 50 yards away from the ground (not in the dug-out),grandfather,dad, and older brother all blues. How about you?
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Post by yorkshireman on Jul 20, 2015 11:24:42 GMT
Don't laugh, Huddersfield Town.
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jonno
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Post by jonno on Jul 20, 2015 11:30:40 GMT
Don't laugh, Huddersfield Town. I actually watched Everton play at Leeds Road with my dad.Can't remember the result (probably means we lost) but the pitch was a mud-bath.
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Post by yorkshireman on Jul 20, 2015 12:19:56 GMT
Don't laugh, Huddersfield Town. I actually watched Everton play at Leeds Road with my dad.Can't remember the result (probably means we lost) but the pitch was a mud-bath. I was probably there as well. As I don’t recall playing Everton in any cup competitions, I reckon that must have been between 1970 and 1972, the last time we were in the top flight.
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jonno
Member of DD Central
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Post by jonno on Jul 20, 2015 14:00:31 GMT
I actually watched Everton play at Leeds Road with my dad.Can't remember the result (probably means we lost) but the pitch was a mud-bath. I was probably there as well. As I don’t recall playing Everton in any cup competitions, I reckon that must have been between 1970 and 1972, the last time we were in the top flight. I could be wrong but I think Frank Worthington scored. Your greatest result was selling us David Lawson,your 'keeper. Total he was!. Apologies to everyone.This thread has taken a worrying turn.
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rogerbu
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Post by rogerbu on Jul 20, 2015 15:10:10 GMT
Here's an achievement - I went to see Ipswich Town play in 1959. I was so impressed; I have never been to a football game since (amateur or professional) I was at Ganges at the time and the reward was that we had an afternoon off and an evening on the town (Ipswich!) . The evening didn't last long as we were only paid 12/6p a week. Any more 'trogs' out there?
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jonno
Member of DD Central
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Post by jonno on Jul 20, 2015 15:20:31 GMT
Here's an achievement - I went to see Ipswich Town play in 1959. I was so impressed; I have never been to a football game since (amateur or professional) I was at Ganges at the time and the reward was that we had an afternoon off and an evening on the town (Ipswich!) . The evening didn't last long as we were only paid 12/6p a week. Any more 'trogs' out there? Do all Tractor Boys refer to the Orwell as "Ganges"? By the way, as you haven't been back since, does that make you an EX TRACTOR FAN?
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jonbvn
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Post by jonbvn on Jul 21, 2015 13:40:21 GMT
I was probably there as well. As I don’t recall playing Everton in any cup competitions, I reckon that must have been between 1970 and 1972, the last time we were in the top flight. I could be wrong but I think Frank Worthington scored. Your greatest result was selling us David Lawson,your 'keeper. Total he was!. Apologies to everyone.This thread has taken a worrying turn. I remember W*nky Frank at S'ton when I was in Uni there. The crowd loved him.
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