adrian77
Member of DD Central
Posts: 3,899
Likes: 4,131
|
Post by adrian77 on Feb 12, 2019 10:31:35 GMT
very true - just hope it wasn't a liquid lunch....I am clearly in the wrong business.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Feb 12, 2019 10:37:04 GMT
You must have somehow missed the part where the post said You have no idea what they spent the upfront fee on. It certainly appears like they checked nothing out legally. Other platforms did turn down loaning on these items so presumably they actually did carry out some checks FundingSecure never bothered with. The valuations on FS are regularly just plucked out of thin air. "Current value : £800,000" (Whitehaven) The others probably saw they had loans with FS and decided not to lend. You have no evidence that FS did not get proper valuations just because people don’t like the fact they might loose money does not mean there was malfeasance. Where would The upfront fees come from if the loan was not taken up ? Also there is the underlying fact FS do not get their fees until the borrowers are fully repaid it may be accruing but they won’t get it until investors do. Therefore there is NO incentive to do anything others than try to operate loans efficiently. In the end if FS decide to pay this themselves all the moaning in the world won’t get you a penny more and there would be no validity to any complaint as the bottom line is the money was paid. You may not like some things they do but they do within the law and in line with their T&Cs. Any breach of T&C is a civil matter. Only regulated operations are of any interest to regulators. Anyone investing properly and prudently does not lose money. I’m sure you invitation to join the “We hate FS” Kabal will be issued soon.
|
|
|
Post by beepbeepimajeep on Feb 12, 2019 10:37:48 GMT
I never accused the art loans of being unfairly valued. If you want to talk about them best to continue in the art loan thread.
I'm not sure what you mean here?
You or I are not in a position to judge what is criminal or not. There is definitely a case against this loan (Whitehaven) some clear misrepresentations were made to get investment. There is also a case against the Art Loans, where the loans were advertised as secured on items to get investment. That security apparently did not exist. However all we can do is speculate, you cannot state for a fact there is nothing shady thats gone on here, nor can anyone say there has been.
Nonsense, many legitimate and proper investments have lost money.
|
|
|
Post by beepbeepimajeep on Feb 12, 2019 10:40:33 GMT
I dont hate FS, but I do hate being outright ripped off (Whitehaven, Art Loans). I also hate being taken for a mug (Powerboats).
When behaviour like that is occuring it is not up to the customers to stay quiet about it. The onus is on the platform to sort the issues.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Feb 12, 2019 10:42:02 GMT
I never accused the art loans of being unfairly valued. If you want to talk about them best to continue in the art loan thread. I'm not sure what you mean here? You or I are not in a position to judge what is criminal or not. There is definitely a case against this loan (Whitehaven) some clear misrepresentations were made to get investment. There is also a case against the Art Loans, where the loans were advertised as secured on items to get investment. That security apparently did not exist. However all we can do is speculate, you cannot state for a fact there is nothing shady thats gone on here, nor can anyone say there has been. Nonsense, many legitimate and proper investments have lost money. I was referring to FS as a whole not individual loans. Their losses are currently 0.58%. If FS pay capital back there are no grounds for official complaints the loan is not yet completed. FS update was “As previously reported we expect this process to be a long drawn out affair, but we will continue to pursue all avenues to ensure the maximum possible recovery.”
|
|
09dolphin
Member of DD Central
Posts: 631
Likes: 857
|
Post by 09dolphin on Mar 6, 2019 20:34:45 GMT
I wonder what the value of the AFrame is now, assuming it actually exists.
A detailed update is overdue on this loan but, as usual, FS are treating it's investors with contempt.
|
|
adrian77
Member of DD Central
Posts: 3,899
Likes: 4,131
|
Post by adrian77 on Mar 7, 2019 9:19:04 GMT
Any idea what the true losses are likely to be e.g. if we take CH and several other defaulted property loans, 2 x £6m linked loans , art loans etc etc I can see well over £5m going down the river...
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 7, 2019 19:14:00 GMT
Any idea what the true losses are likely to be e.g. if we take CH and several other defaulted property loans, 2 x £6m linked loans , art loans etc etc I can see well over £5m going down the river... Ah ! that cloudy crystal ball again Being polished by the usual FS hating Cabal I see.
|
|
adrian77
Member of DD Central
Posts: 3,899
Likes: 4,131
|
Post by adrian77 on Mar 7, 2019 20:25:27 GMT
not the answer I was hoping for - would be interested in how you think the loans I mentioned will pan out. I love Europe but not very keen on the EU cabal - love business but not very happy with how FS have managed my art loans which I think is quite reasonable. Yes will be interested to see what recovery these loans make...
|
|
michaelc
Member of DD Central
Posts: 4,925
Likes: 2,774
|
Post by michaelc on Mar 7, 2019 22:05:53 GMT
Very easy to pick out a few terrible loans. Equally very easy just to spout how wonderful everything is. Is the truth inbetween? I've no idea. What I do wonder (but not quite enough to actually invest the time to do it) is what would my position be if I'd invested say £25 in every loan ever available on the platform? And what would it be if the amount I'd invested was proportional to the loan size? I'm sure there are other similar interesting questions. I thought dan1 published some interesting stats but not sure if they answered those questions or if anyone else has? Sadly as a mathematician turned software engineer I probably (just) posess the skills to do it but I'm too lazy! Surely this would be a great project for a phd student to do properly and fairly?
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 21, 2019 15:59:24 GMT
An update from FS. Not worth anyone's time reading it as still looks like another 2 years to go before loan written off completely.
|
|
|
Post by beepbeepimajeep on Jun 21, 2019 16:21:42 GMT
An update from FS. Not worth anyone's time reading it as still looks like another 2 years to go before loan written off completely. It did cause me to look at this loan again, and be reminded of the complete bs/lies Funding Secure spin to their investors. A full 3 months after the pictures and revelations in the OP of this thread
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jun 21, 2019 16:54:39 GMT
An update from FS. Not worth anyone's time reading it as still looks like another 2 years to go before loan written off completely. It did cause me to look at this loan again, and be reminded of the complete bs/lies Funding Secure spin to their investors. A full 3 months after the pictures and revelations in the OP of this thread Three years?
Investments are relatively safe - compared with, for example?
|
|
adrian77
Member of DD Central
Posts: 3,899
Likes: 4,131
|
Post by adrian77 on Jun 22, 2019 7:52:39 GMT
As I said before when I borrowed money from the bank they knew exactly where their money had gone - sounds to me as if there was not accountability for the FS money whatsoever.
Also how relevant are the other assets as I don't think FS have any claim on them?
Sounds to me as yet another piece of meaningless spin twaddle meant to promote a positive development when in fact there is none and the chance of any future recovery is nil - just my opinion.
|
|
min
Member of DD Central
Posts: 604
Likes: 170
|
Post by min on Jun 22, 2019 18:32:47 GMT
As I said before when I borrowed money from the bank they knew exactly where their money had gone - sounds to me as if there was not accountability for the FS money whatsoever. Also how relevant are the other assets as I don't think FS have any claim on them? Sounds to me as yet another piece of meaningless spin twaddle meant to promote a positive development when in fact there is none and the chance of any future recovery is nil - just my opinion. Companies have to keep detailed accounts for 7 years, including all bank transactions. If these do not exist then directors can (and should be) prosecuted. Might not get our money back but might deter others from ‘obtaining money by false pretenses’.
|
|