SteveT
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Post by SteveT on Jun 6, 2017 11:46:37 GMT
I agree. Post when there's new information, not just because another day or two has passed, else people tend just to ignore the thread altogether.
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blender
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Post by blender on Jun 6, 2017 12:21:49 GMT
Daily is a bit much but when does the lack of any new information become newsworthy? A weekly reminder would keep it alive, while nothing happens. Edit: Did I say daily? I might have done but I think I got away with it. It might have been a hypothetical excess. Good for you SXLR, don't let them forget.
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sussexlender
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Post by sussexlender on Jun 6, 2017 13:21:08 GMT
The only reason I added an extra day to the count this morning is because the suggestion that some are " bored" with the reminders of FC's incompetence.
This is exactly what FC hope will happen. They hope that no one remembers how badly they have handled these loans and that the whole situation will simply be forgotten - one of the reason why they killed off the FC Forum, perhaps?
If you look back you will see that I had already stopped doing a daily update.
At least it is good to see that some helpful and experienced investors are still interested to know what is going on. Thanks for your support.
Regards, SXLR
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adrian77
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Post by adrian77 on Jun 6, 2017 18:16:48 GMT
Am I right to think that people invested in this load have had exactly zero communication since FC were forced to divulge the receivers report - or is that a stupid question!
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lucky
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Post by lucky on Jun 6, 2017 20:35:13 GMT
Last communication was 24th. April, absolutely nothing since then.
FC set something of a record today with a Bristol property loan refinancing,out of 28 investors questions they moderated 18 of them.
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sussexlender
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Post by sussexlender on Jun 6, 2017 23:18:04 GMT
If investors were to follow moderator SteveT's suggestion that forum members should only add a post when there is new information then this thread would have died on 24th April.
That is exactly what the management at FC would like - to be able to sit back and tell us nothing thus avoiding valid and justified criticism of their failure to protect investors funds.
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SteveT
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Post by SteveT on Jun 7, 2017 6:50:31 GMT
If investors were to follow moderator SteveT's suggestion that forum members should only add a post when there is new information then this thread would have died on 24th April.
That is exactly what the management at FC would like - to be able to sit back and tell us nothing thus avoiding valid and justified criticism of their failure to protect investors funds. Sure, but this forum exists as a means of sharing information and opinions between P2P lenders, not to conduct a campaign. If every smelly loan on every platform that has one (and most have several) had a thread routinely updated with "Still no news" then the forum would be very dull indeed. Why should this loan be singled out versus, say, the Scottish boatyard on FS, the telecoms provider on AC, the grubby bar on LC, the office block on L, any one of a long list on ReBS (or on FC itself, for that matter)?
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pip
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Post by pip on Jun 7, 2017 8:51:49 GMT
If investors were to follow moderator SteveT's suggestion that forum members should only add a post when there is new information then this thread would have died on 24th April.
That is exactly what the management at FC would like - to be able to sit back and tell us nothing thus avoiding valid and justified criticism of their failure to protect investors funds. Sure, but this forum exists as a means of sharing information and opinions between P2P lenders, not to conduct a campaign. If every smelly loan on every platform that has one (and most have several) had a thread routinely updated with "Still no news" then the forum would be very dull indeed. Why should this loan be singled out versus, say, the Scottish boatyard on FS, the telecoms provider on AC, the grubby bar on LC, the office block on L, any one of a long list on ReBS (or on FC itself, for that matter)? Steve, I do think you make a good point that there are many other loans like this, although the value of this loan is considerable and maybe sometimes its good to use one casestudy as symptomatic of a wider problem. I think that there is a great risk that P2P companies get stung by mis-selling claims. I think the P2P industry needs a shaking, that when putting up investment proposals they need to ensure that the facts are correct. On this one I can't see how the valuation or LTV can have been correct. Unfortunately FC have actually got worse at providing investors with information about loans. On most now its pretty hard to understand what the company does, let alone have any information to adequately assess the risks. Surely this has to change.
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blender
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Post by blender on Jun 7, 2017 14:23:54 GMT
I think this loan is exceptional and deserving of regular scrutiny on the forum. It is a loan which showed how deficient FC's SME model and loan contact were for property development loans. In particular the weakness in monitoring and of enforcement of terms - when you consider that for SME loans the only monitoring was of the monthly payments and credit events, no repayments for property till the end. And how a team mainly targeted on origination and refinancing was left in charge of late loans for far too long. This loan must have played a role in FC's decision to retreat from secured property loans, which they now want to do as quickly and quietly as possible. This loan tipped FC into closing their forum, removing from public gaze the continual questions and warning which were coming from their lenders throughout. It's not a vendetta, these borrowers have £1.6m of lenders' money, and it is suggested that FC have some responsibility for any loss. They would like nothing more than for comment to cease on this forum. Where else will they be visibly held to account? I can understand that if you have a moderator's hat in your pocket you might anticipate a difficult future with this thread; FC have form with independent forums. Perhaps best to ensure that this thread has good and active moderation to keep it well within the rules, but without suppression, so that if and when there are challenges, all is in good order.
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sussexlender
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Post by sussexlender on Jun 7, 2017 14:51:57 GMT
Thank you blender.
The use of the ugly word "vendetta" by moderator SteveT is at best misguided. It is an absurd concept when considering a single investor against the FC "Superbrand" and frankly deserves an apology.
A vendetta carries with it the stigma of very high level criminal activity or a desire for revenge neither of which have any baring on my attempt to remind FC of their failure towards investors in these London loans. I don't use the platforms mentioned by SteveT so do not have the other "smelly loans" he mentions.
Regards, SXLR
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SteveT
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Post by SteveT on Jun 7, 2017 15:08:18 GMT
I willingly retract the word if it offends you and have changed it to "campaign", which better reflects what I meant anyway (although Google's definition of "vendetta" includes "a prolonged bitter quarrel with or campaign against someone", which is pretty close)
I'm absolutely fine with FC's feet being held to the fire. I'd just rather hear about new news, not simply the absence of it every few days.
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r00lish67
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Post by r00lish67 on Jun 7, 2017 15:55:08 GMT
Just to re-appear briefly here to remind you that I raised it (although perhaps wish I hadn't), and am not affiliated with forum moderation in any way - far too lazy for that I don't think anyone is suggesting that being vocal or even repetitive on this loan should be moderated out, it's just that as users of the forum it's a bit of a balancing act between keeping an issue's focus up and it becoming a little overwhelming, that's all.
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c88dnf
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Post by c88dnf on Jun 8, 2017 1:19:10 GMT
I think this loan is exceptional and deserving of regular scrutiny on the forum. It is a loan which showed how deficient FC's SME model and loan contact were for property development loans. In particular the weakness in monitoring and of enforcement of terms - when you consider that for SME loans the only monitoring was of the monthly payments and credit events, no repayments for property till the end. (snip) It's not a vendetta, these borrowers have £1.6m of lenders' money, and it is suggested that FC have some responsibility for any loss. They would like nothing more than for comment to cease on this forum. Where else will they be visibly held to account? (snip) Nicely put. I can only add that I continue to find the "amber" rating on this loan remarkable (on a red/amber/green scale). I'm finding it very difficult to envisage any logic for not putting this loan straight to "red", or indeed "red with super-strength flashing lights and dancing girls".
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blender
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Post by blender on Jun 8, 2017 6:51:15 GMT
I assume it is amber because they have the security. If the lighting indicated FC's performance you would need sunglasses with a red filter. And rather than girls, dancing devils, complete with tails, horns and those pointy sticks they use to torture you.
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sussexlender
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Post by sussexlender on Jul 5, 2017 20:52:57 GMT
Good evening
These loans are not going to go away. I note a number of other property loans pushed by the now disbanded "highly experienced property team" from FC appear to be going the same way (see other threads).
So I don't upset the all seeing eye, I am not going to state a number of days late but instead will ask has anyone else got any idea how long it has been since we received any payments on these incompetently handled and highly suspect loans?
Not long to go now before we get to August and the Receivers report. "Negligence / failure to protect investors / failure to control the borrower" -I wonder if they will have the courage to state what many investors feel has taken place?
Of course, apart from closing the FC Forum (a classic example of cowardly management) FC could simply pay all investors back their capital and the interest and then do what they want with these questionable borrowers, but that would probably interfere with this weeks dancing and indoor golf competition.
Funny old world. Now have very few FC loans left and then I am out apart from these disgraceful 5 London hotel equity release loans. The Eastbourne hotel that all currently locked in investors helped these slippery borrowers to purchase is still trading using our money and advertising on various travel sites.
Regards, SXLR
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