SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jun 25, 2017 12:44:09 GMT
A friendly local Whitehaven blogger kindly took these photos this morning (Sun 25th June). fundingsecure , you are being lied to and, in turn, are lying to your lenders !!!
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jun 25, 2017 14:01:42 GMT
A friendly local Whitehaven blogger kindly took these photos this morning (Sun 25th June). fundingsecure , you are being lied to and, in turn, are lying to your lenders !!! This is FAR from good, fundingsecure you need to clear this up NOW.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jun 25, 2017 14:41:24 GMT
Just to summarise recent information given by fundingsecure compared to our own photographic updates (upthread) dated 13 May and 25 June. fundingsecure Why do these differ? Should we trust your statements about builders' onsite activity? 24/06/2017 ... Work on the site is continuing. Nothing has happened
19/06/2017 Contractor now on site. There is no evidence of that; nothing has happened. In terms of the court case, the Judge proposed an adjournment on technical grounds until the 28th of June. This allows the defendant time to propose an out of court settlement to the borrower. 10/06/2017 We understand that the contractor is now on site. (From what evidence?) There is no evidence of that; nothing has happened. We will periodically report on progress of the build. 03/06/2017 In the meantime we understand the contractors are now on site. (What exactly do you understand? Who supplied that "understanding?) Have you verified that? There is no evidence; nothing has happened. Further updates will be provided as and when available. 20/05/2017 Borrower has been in regular contact this week and has promised to send the contractor's work schedule as soon as he receives it. Work is due to restart next week. Well it hasn't, has it?!!
It is not the problem that the borrower has encountered the delays. They happen. It is FS's continuous ridiculous and unsubstantiated mis-information of which the above is just a snapshot (I'm not allowed to use the b-s word) and the impact on the site's credibility, to which FS appears to be totally oblivious. I have just come back from hiding in moorland mid-Wales, and the latest three most recent thread posts are to Whitehaven, Powerboat, and Rishton, all of which show astonishing obfuscation into "reasons" why the borrower does not repay, and that FS does not have any way of dealing with monitoring overdue loans properly and in reasonable time.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jun 25, 2017 15:46:52 GMT
A friendly local Whitehaven blogger kindly took these photos this morning (Sun 25th June). fundingsecure , you are being lied to and, in turn, are lying to your lenders !!! This is shocking.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 25, 2017 15:47:02 GMT
Just to summarise recent information given by fundingsecure compared to our own photographic updates (upthread) dated 13 May and 25 June. fundingsecure Why do these differ? Should we trust your statements about builders' onsite activity? 24/06/2017 ... Work on the site is continuing. Nothing has happened
19/06/2017 Contractor now on site. There is no evidence of that; nothing has happened. In terms of the court case, the Judge proposed an adjournment on technical grounds until the 28th of June. This allows the defendant time to propose an out of court settlement to the borrower. 10/06/2017 We understand that the contractor is now on site. (From what evidence?) There is no evidence of that; nothing has happened. We will periodically report on progress of the build. 03/06/2017 In the meantime we understand the contractors are now on site. (What exactly do you understand? Who supplied that "understanding?) Have you verified that? There is no evidence; nothing has happened. Further updates will be provided as and when available. 20/05/2017 Borrower has been in regular contact this week and has promised to send the contractor's work schedule as soon as he receives it. Work is due to restart next week. Well it hasn't, has it?!!
It is not the problem that the borrower has encountered the delays. They happen. It is FS's continuous ridiculous and unsubstantiated mis-information of which the above is just a snapshot (I'm not allowed to use the b-s word) and the impact on the site's credibility, to which FS appears to be totally oblivious. I have just come back from hiding in moorland mid-Wales, and the latest three most recent thread posts are to Whitehaven, Powerboat, and Rishton, all of which show astonishing obfuscation into "reasons" why the borrower does not repay, and that FS does not have any way of dealing with monitoring overdue loans properly and in reasonable time.
Atleast the court case is progressing so hopefully we have a chance to recover some of our capital. Let's all pray that the court case is nothing to with the borrower taking the govt to court to claim brexit was unconstitutional. Hopefully FS have some knowledge of the legalities of that.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jun 25, 2017 16:39:24 GMT
Farce.
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Jun 25, 2017 17:29:12 GMT
FS is a very high risk site, lending without credit checks, on dodgy building sites, to developers unable to get credit from anyone else, and only charging interest at the end of the loan.
if I end up with 8% from a diversified portfolio of over 100 loans I'll be pleased. Virtually no one in investment makes 11% to 13% returns over long periods of time.
Set your expection at 8% calms the nerves and enables you to shrug off FS incompetence.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jun 25, 2017 18:03:10 GMT
There's a fundamental flaw in the P2P Model, which we are all aware of, and which the FCA must now address with some urgency. (Fat chance.)
Investors put up the Funds and take the Risk, however we have no control whatsoever on how and when the Asset Security is seized and disposed.
Not exactly ideal is it?
|
|
stokeloans
Member of DD Central
Posts: 400
Likes: 484
|
Post by stokeloans on Jun 25, 2017 19:11:48 GMT
I am fairly new to FS and don't have anything in this loan but it has opened my eyes to the way FS do business. I make a point now of not investing in any kind of development loan that has tranches,loans that are not 1st charges and land with PP.. It's bricks and mortar or items of value for me from now on.
Their lack of communcation on this loan speaks a thousand words,if that's possible
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 25, 2017 19:12:22 GMT
There's a fundamental flaw in the P2P Model, which we are all aware of, and which the FCA must now address with some urgency. (Fat chance.) Investors put up the Funds and take the Risk, however we have no control whatsoever on how and when the Asset Security is seized and disposed. Not exactly ideal is it? The only saving grace is that FS do not get any fees until lenders capital & interest is paid. I suppose that is THE incentive for FS to make sure all loans are paid out to lenders.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jun 25, 2017 19:58:12 GMT
The only really useful thing about my/our rantings on this forum is that FS may take notice of the detrimental publicity their platform is getting and "not like it up'em". People who just say (and accept) that these are high risk borrowers are quite right, of course. We should accept risk from such borrowers, however that risk should be more sternly monitored when necessary by the platform than it is here; that is what most of the gripes are about - not the fact that we may end up with a "wrong'n" sometimes. We do give grief to Lendy, AC and FC when appropriate too, not just FS. FS do have relatively sound loans too. Most of us hope to pick those we think fit that category. (I am certainly not actually in all those loans I criticize the management of). I am pleased to say I am still way above ashtondav 's 8% target, but there are a few defaults yet to unwind, including moderate amounts in Wind Turbine and Boatyard ("close" again twenty minutes ago!!!!) + minor odd ones including the Londonderry nonsense.
|
|
morris
Member of DD Central
Posts: 261
Likes: 149
|
Post by morris on Jun 26, 2017 5:51:23 GMT
I will soon have an ISA account and will continue with a non-ISA account for the time being. I suppose a good strategy going forward would be to put prime loans in the ISA, and riskier loans in the non-isa account so that any defaults can then be written off against taxable income.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jun 26, 2017 7:39:55 GMT
I am transferring all main account resources gradually to the ISA regardless as each loan ends. If I think a new offering is (even) riskier I don't even unwrap my main account bargepole. I don't invest at all. Eventually my main account will be very small, and only used if there is no room in the ISA and something tempting appears.
|
|
Steerpike
Member of DD Central
Posts: 1,962
Likes: 1,680
|
Post by Steerpike on Jun 26, 2017 8:04:33 GMT
If I assume a full return of unredeemed capital and interest and that all loans are repaid in full including accrued interest my XIRR is above 13%, unfortunately, I doubt that this will come to pass.
If I assume a zero return on unredeemed capital and interest and ignore accrued interest my XIRR is 1.65%, which I hope will not be the outcome, however even this pessimistic prediction assumes 100% return of capital on existing loans.
I have been investing with FS for less than two years and so perhaps my (predicted) returns are different to others that have been investing for longer, but 8% is about the midpoint of the two projections.
I think that there has been a significant reduction of confidence in the platform over the last few months and this will change only when some of the seriously overdue loans are closed, the pressure was relieved and confidence boosted when Lancaster repaid in full but that seems like a long time ago now.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jun 26, 2017 8:25:37 GMT
I'm waiting for the next tranche to be released. "Internal decoration and snagging" perhaps?
Yet again, I'm going back to my portfolio and thinning it out. This is beyond farcical and a disgrace, this is a whole new level. I probably shouldn't say what I believe it to be, the mods are keeping an eye on me......
|
|