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Post by jackpease on Jul 27, 2015 14:42:03 GMT
Thanks Kevin. Your warnings make it even more worrying that the police will not accept an aggregate claim from the platform on behalf of it's lenders.
This completely opens up P2P lending for deliberate acts of fraud exploiting the fact that nobody has the traction or motivation to pursue a private criminal action if the police won't.
Suddenly lending via the platform (eg Savingstream) rather than to the borrower looks a little less scary
Jack P
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Post by kayfundingknight on Jul 29, 2015 12:34:39 GMT
At FK we take fraud very seriously and will take whatever course of action is open to us to ensure that we send out the right message to potential borrowers and are not seen as a soft target for those seeking to perpetrate fraud. As one of our lenders, you will be aware of the checks we undertake on borrowers to minimise the risks involved. Our default rates are published on our site, available for all to see and judge. www.fundingknight.com/invest/loan-statistics/Our thanks to you and all our lenders for their continuing support via the forum and through investment with us.
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Post by jackpease on Jan 25, 2016 12:01:12 GMT
With no particular expectation that anything would happen, i reported this to 'Action Fraud'. i've had a letter today and my expectation has been matched - the police are taking no further action as there is insufficient evidence to prove criminality.
That, I expect, is the end of that then.
Jack P
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Steerpike
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Post by Steerpike on Jan 27, 2016 16:11:05 GMT
Decisions decisions, now let me give this careful thought, 1 or 2?
Err, 2 springs to mind. Yes 2. 2 it is then.
2.
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Post by jackpease on Jan 27, 2016 16:28:37 GMT
it didn't take me long to decide once i saw that pushing them to bankruptcy might lead to some additional scrutiny. Option two and throw away the key! J
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oldgrumpy
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Post by oldgrumpy on Jan 27, 2016 16:37:26 GMT
I just hope (but don't expect) that the other creditors will vote for bankruptcy so that full scrutiny can be made of his affairs. It will be creditors owed larger sums who will probably vote to accept the 20%. Smaller creditors like most of us are possibly willing to forfeit some of that 20% in order to put this man in a position whereby his earlier lies come back to bite him very hard. Has anyone seen his LinkIn profile? PAH!!!!
Shullbit (anag)
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captainconfident
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Post by captainconfident on Jan 27, 2016 17:14:04 GMT
Also voting to reject for the reasons given above.
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min
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Post by min on Jan 27, 2016 17:20:38 GMT
Me two!
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ablender
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Post by ablender on Mar 28, 2016 18:05:06 GMT
Is this something that relates only to loans on FK or will it effect other P2P platforms as well?
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kaya
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Post by kaya on Mar 29, 2016 16:07:31 GMT
er.... could you rephrase that?
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ablender
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Post by ablender on Mar 29, 2016 16:14:47 GMT
I am talking about the following quoted from various posts in this thread:
"As the arranger of the loan we are unable to claim on behalf of lenders, we can only claim for our, that is FundingKnight’s, direct losses. As a lender you made a direct investment in the loan and you are able, should you so wish, to make a claim to the Action Fraud website."
"Worryingly Funding Knight has been told that it can only claim for its loss - not ours - we have to do it individually. Ie people won't be bothered and the fraudsters get away with it through inertia. This could be a test case - if fraudulent borrowers see that the police will take no action because there is no significant loss (lenders can't be bothered to file their loss) then future fraud will be more common."
"This completely opens up P2P lending for deliberate acts of fraud exploiting the fact that nobody has the traction or motivation to pursue a private criminal action if the police won't."
And so on.
I think that this is a subject that can potentially undermine the whole idea of P2P and should be discussed pan-platform.
In particular we need to see if different platforms are at risk from such cases.
MODS do you think this item should be moved to a more prominent place?
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registerme
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Post by registerme on Mar 29, 2016 17:58:35 GMT
ablender, mods / admins are unlikely to read every post on the forum, so where you'd like to bring a post to our attention the best way to do so is "self-report". I did so a couple of times before becoming a mod and can attest to the fact that it works . I agree with you, this topic deserves wider consideration / discussion, so I've reported it for us to have a think. In the meantime though why don't you start a post in General Discussion?
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kaya
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Post by kaya on Mar 29, 2016 18:10:46 GMT
I have to plead guilty on one of the counts above. With a loss of around just £25, and no faith in the system, I did'nt even bother trying... I hope the effer gets made bankrupt though! (but I have no faith in that either).
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Steerpike
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Post by Steerpike on Aug 10, 2016 15:39:47 GMT
Got the pennies from Mr S*******n at last!
Wot with this and M******f P***r that is two write offs in a week on FK.
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