DiQ
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Post by DiQ on Sept 3, 2016 10:13:34 GMT
Seems quite irresponsible to be releasing new loans when they've admitted their system is having problems.
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Post by mrclondon on Sept 3, 2016 10:25:56 GMT
Seems quite irresponsible to be releasing new loans when they've admitted their system is having problems. In mitigation it is to an existing FK borrower, one that IIRC has had no payment issues. Its a fine line, but keeping existing borrowers onboard probably trumps the systems issues. That said, I'm in no rush to invest ...
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bababill
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Post by bababill on Sept 4, 2016 1:43:03 GMT
If anyone wants to write to the CEO of GLIF I can provide the email address..I would copy and paste it but I would probably get in trouble by the moderators.. FYI I wrote to the CEOs months ago and response was wholly unsatisfactory...My fault for not selling out.....Have lost thousands on the platform and it keeps counting.... And to think I thought ThinCats was bad.
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Post by captainconfident on Sept 4, 2016 18:57:22 GMT
Have lost thousands on Funding Knight?
That is so terribly unlucky. I would suggest that almost everyone else averages between 9% and 11% per annum on this platform, a far higher return than on Four Candles. I have amounts in all the loans which have gone wrong and still average a 10% return over three years.
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Post by mrclondon on Sept 4, 2016 19:11:54 GMT
Have lost thousands on Funding Knight? That is so terribly unlucky. I would suggest that almost everyone else averages between 9% and 11% per annum on this platform, a far higher return than on Four Candles. I have amounts in all the loans which have gone wrong and still average a 10% return over three years. Hmm. My XIRR on FK is 6.5% pa since launch after investing in most loans but not the 2 shields, and is comaparable to the 6.8% XIRR on my FC loanbook (loans written 2010-13 only). The calculation basis I've used is the same for both platforms i.e. the capital value of FK loans in their "Recovery" status is excluded, which is the equivalent of FC's defaulted loans. Both XIRR's oscillate between 6 & 7% as recoveries come in and new defaults reduce the capital value. As with many p2p platforms the return figures presented on the FK dashboard are not particularly meaningful and are best ignored.
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shimself
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Post by shimself on Sept 5, 2016 7:09:48 GMT
........Have lost thousands on the platform and it keeps counting.... ... hmmm
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bababill
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Post by bababill on Sept 5, 2016 8:06:53 GMT
£3848 of loans in recovery or non-performing category. Admittedly only 3 out of the 15 loans I have invested in. Overall interest earned since started will not cover the expected losses. Hence a negative XIRR. Oh well---can't cry over spilled milk.....
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Post by captainconfident on Sept 5, 2016 9:09:19 GMT
Looking at the two troubled loan categories, most of these loans are still paying down either regularly or near regular.
I'm sorry about this prolonged problem with the SM as I like the FK interface more than other similar sites and this uncertainty detracts from impression that FK has been solidly well administered on the lender side. I know you're reading along, FK, and I say to you that at this point you really should give your loyal investors a detailed explanation of the problem rather than continual " just a little bit longer.." updates.
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bababill
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Post by bababill on Sept 5, 2016 9:37:23 GMT
I concur, I really like the FK interface/website also. Very user friendly.
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Post by kayfundingknight on Sept 5, 2016 10:35:36 GMT
FundingKnight Investors,
Please accept our apologies for the ongoing issues. I trust everyone has received the update issued over the weekend:
"We continue to carry out necessary maintenance work to restore trading on The Marketplace. At this point we are not able to release the full secondary market and allow trading, however we expect to be able to allow trading on a considerable proportion of our loans next week.
The processing of some borrower payments has been delayed, while we check these in a test environment to ensure that the existing issues are not exacerbated. On passing these checks (when we are certain that the monies will be apportioned correctly to investors) the payments will then be processed as quickly as possible. We can reassure you that the monies are being held securely and kept separate from FundingKnight working capital. To ascertain whether or not any of your loans are impacted, please go to "My loans". Where funds are being held, pending processing, there will be an update in the relevant loan profile."
The issues we are experiencing are around our secondary market, our ability to offer a primary market has not been impacted. Our new live auction should be followed very soon with other investment opportunities.
In the event that any investor wishes to discuss their personal account - please contact me direct, kay@fundingknight.com. Obviously, I am unable to comment on individual accounts on the Forum.
To help clarify the position re losses for all investors: A loan with status, Non-performing – means either the borrower has a repayment due of more than 45 days or we are no longer comfortable that the loan will be repaid on time. We are in regular discussion with the borrower and will keep investors updated throughout. With status In Recovery – we have serious concerns about the borrower’s ability to meet their obligations. We still consider that some or all of the monies owed to investors will be paid, albeit generally by guarantors and/or by realisation of any security, and outside of the original payment schedule.
As with all investments, investors should consider diversifying to mitigate the risks posed and spreading funds across as many loans as possible is advised.
Kind regards,
Kay
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 5, 2016 10:56:49 GMT
FundingKnight Investors, Please accept our apologies for the ongoing issues. I trust everyone has received the update issued over the weekend: "We continue to carry out necessary maintenance work to restore trading on The Marketplace. At this point we are not able to release the full secondary market and allow trading, however we expect to be able to allow trading on a considerable proportion of our loans next week.
The processing of some borrower payments has been delayed, while we check these in a test environment to ensure that the existing issues are not exacerbated. On passing these checks (when we are certain that the monies will be apportioned correctly to investors) the payments will then be processed as quickly as possible. We can reassure you that the monies are being held securely and kept separate from FundingKnight working capital. To ascertain whether or not any of your loans are impacted, please go to "My loans". Where funds are being held, pending processing, there will be an update in the relevant loan profile."The issues we are experiencing are around our secondary market, our ability to offer a primary market has not been impacted. Our new live auction should be followed very soon with other investment opportunities. In the event that any investor wishes to discuss their personal account - please contact me direct, kay@fundingknight.com. Obviously, I am unable to comment on individual accounts on the Forum. To help clarify the position re losses for all investors: A loan with status, Non-performing – means either the borrower has a repayment due of more than 45 days or we are no longer comfortable that the loan will be repaid on time. We are in regular discussion with the borrower and will keep investors updated throughout. With status In Recovery – we have serious concerns about the borrower’s ability to meet their obligations. We still consider that some or all of the monies owed to investors will be paid, albeit generally by guarantors and/or by realisation of any security, and outside of the original payment schedule. As with all investments, investors should consider diversifying to mitigate the risks posed and spreading funds across as many loans as possible is advised. Kind regards, Kay Can you explain exactly what the issue is with repayments? I cant quite work out how they would be impacted by the SM issues? In my case they are all In recovery loans which arent tradeable on the SM. Is this a historic issue affecting any loans purchased on the SM and therefore there may be issues going back years on these loans?
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Post by kayfundingknight on Sept 5, 2016 14:31:09 GMT
Ilmoro,
Please may I ask you to drop me an email direct, kay@fundingknight.com - I can then look at your account to see the loans that you hold to check which loans may be affected and if there are any reasons outside of the trading issue. Thank you. Kay
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kaya
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Post by kaya on Sept 9, 2016 13:23:22 GMT
I see that W**** Stores have gone to FC for more cash (same 'purpose'). Time to sell perhaps, so hoping to see things back to normal next week...
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