09dolphin
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Post by 09dolphin on Jun 24, 2019 7:52:34 GMT
I still don't understand why a site valued at 350K can be sold for 30K at auction unless the valuation was grossly inaccurate.
What I do know is that FS were utterly stupid in facilitating and promoting further tranches when there was no proof of progress in building (other than the assertions of the borrower) and therefore FS shouldn't be trusted with people's hard earned money.
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pier2pier
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Post by pier2pier on Jun 24, 2019 9:30:40 GMT
A site visit by FundingSecure was performed on June 6, 2016.
Estimated current value: £500,000wonder who the FS person was, not too big a price his first name was Stevie, i wonder
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 24, 2019 13:08:05 GMT
"And that statement encapsulates and is our entire Case, M'Lord."
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r1200gs
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Post by r1200gs on Jun 24, 2019 13:59:48 GMT
A site visit by FundingSecure was performed on June 6, 2016.
Estimated current value: £500,000wonder who the FS person was, not too big a price his first name was Stevie, i wonder This forms part of my official complaint now in the hands of FS who only have a few more weeks to respond. Mind you, the security was worth £800,000.00 when I invested, safe as houses. There's no excuse for this one and many others, just sheer negligence, incompetence and a blatant disregard for lenders funds.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 24, 2019 17:28:35 GMT
A site visit by FundingSecure was performed on June 6, 2016.
Estimated current value: £500,000wonder who the FS person was, not too big a price his first name was Stevie, i wonder This forms part of my official complaint now in the hands of FS who only have a few more weeks to respond. Mind you, the security was worth £800,000.00 when I invested, safe as houses. There's no excuse for this one and many others, just sheer negligence, incompetence and a blatant disregard for lenders funds.Yep, but some are still investing with them!!!! And The Flagwavers think they're good peeps.
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shimself
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Post by shimself on Jun 24, 2019 18:29:04 GMT
This forms part of my official complaint now in the hands of FS who only have a few more weeks to respond. Mind you, the security was worth £800,000.00 when I invested, safe as houses. There's no excuse for this one and many others, just sheer negligence, incompetence and a blatant disregard for lenders funds.Yep, but some are still investing with them!!!! And The Flagwavers think they're good peeps. They do have new management who have invested in them. Who then are either utter numpties, or alternatively experienced clever pwple, but either way they think there is hope.
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bugs4me
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Post by bugs4me on Jun 25, 2019 8:46:32 GMT
This forms part of my official complaint now in the hands of FS who only have a few more weeks to respond. Mind you, the security was worth £800,000.00 when I invested, safe as houses. There's no excuse for this one and many others, just sheer negligence, incompetence and a blatant disregard for lenders funds.Yep, but some are still investing with them!!!! And The Flagwavers think they're good peeps. Only a minority of P2P lenders/investors visit this forum although undoubtedly probably possibly guest numbers have increased so folks should be more aware - surely. Maybe it's like the newspapers and who remembers exactly what they read last week apart from the odd headline here and there.
Lenders are still fazed by the headline rates, the FCA authorised bit and conveniently ignore the risk warnings. Nonetheless IMO, the appetite for P2P is not what it was. The contempt shown to lenders by several platforms plus of course a couple of well publicised - well on here anyway - failures has resulted in folks closing their wallets.
That contempt towards individuals is not just confined to the smaller P2P platforms. Apart from the close to useless updates, there is also the 'skewed' voting which allows the platform to get exactly the result they are after. Are they connected to the borrower in some way - who knows but it certainly appears that way at times.
The way forward is for more and more platforms to chase institutional money although that will not result in a solution. Personally I feel the days of pure P2P are now over. It's really a question of retrieving whatever we can from our 'investments' and irrespective as to the protestations, legal threats, etc individuals are at the mercy of the platform sadly.
The core problem is that P2P has attracted self proclaimed experts offering promising lenders the earth, moon, sun and stars. They are simply charlatans only interested in their own wallets.
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coop
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Post by coop on Jun 25, 2019 9:52:47 GMT
The core problem is that P2P has attracted self proclaimed experts offering lenders the earth, moon and sun. They are simply charlatans only interested in their own wallets.
This is no different to any other financial industry really, what are all these stock websites, tipping services, active fund managers, etc if not charlatans only interested in their own wallets. DYOR as always, but so much easier said than done isn't it!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 25, 2019 11:38:26 GMT
The core problem is that P2P has attracted self proclaimed experts offering lenders the earth, moon and sun. They are simply charlatans only interested in their own wallets.
This is no different to any other financial industry really, what are all these stock websites, tipping services, active fund managers, etc if not charlatans only interested in their own wallets. DYOR as always, but so much easier said than done isn't it! Basically everyone here is the same. Interested in their own wallets ! We can safely leave our money in safe secure places but only get a pittance in interest. Once you decide you want more you move to the same league as those you disparage. It is like the man on the train in a carriage with a beautiful woman and he asks.”will you sleep with me for £1 million” She says OK. He then asks “Will you sleep with me for £20” She says “I will not. What type of woman do you take me for?” He replies “ I know what type you are we are just negotiating on a price” We know what type of people we are the only difference is the degree of return we try to get.
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Post by Ace on Jun 25, 2019 13:26:58 GMT
This is no different to any other financial industry really, what are all these stock websites, tipping services, active fund managers, etc if not charlatans only interested in their own wallets. DYOR as always, but so much easier said than done isn't it! Basically everyone here is the same. Interested in their own wallets ! We can safely leave our money in safe secure places but only get a pittance in interest. Once you decide you want more you move to the same league as those you disparage. It is like the man on the train in a carriage with a beautiful woman and he asks.”will you sleep with me for £1 million” She says OK. He then asks “Will you sleep with me for £20” She says “I will not. What type of woman do you take me for?” He replies “ I know what type you are we are just negotiating on a price” We know what type of people we are the only difference is the degree of return we try to get. So, we're all financial prostitutes. But we get to choose our pimps (platforms). It just so happens that I'm on a train at the moment. I'm now contemplating the moral rectitude of the lady opposite me!
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 25, 2019 17:20:33 GMT
Basically everyone here is the same. Interested in their own wallets ! We can safely leave our money in safe secure places but only get a pittance in interest. Once you decide you want more you move to the same league as those you disparage. It is like the man on the train in a carriage with a beautiful woman and he asks.”will you sleep with me for £1 million” She says OK. He then asks “Will you sleep with me for £20” She says “I will not. What type of woman do you take me for?” He replies “ I know what type you are we are just negotiating on a price” We know what type of people we are the only difference is the degree of return we try to get. So, we're all financial prostitutes. But we get to choose our pimps (platforms). It just so happens that I'm on a train at the moment. I'm now contemplating the moral rectitude of the lady opposite me! That was a previous era where you didn’t have to get written permission witnessed by the pope to actually try to talk to a woman Yes we are trying to sell our funds to the highest bidder. You may end up with a fatal dose of something that eliminates those funds. So take precautions to minimise exposure to minor curable mistakes.
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Post by Ace on Jun 25, 2019 17:42:12 GMT
So, we're all financial prostitutes. But we get to choose our pimps (platforms). It just so happens that I'm on a train at the moment. I'm now contemplating the moral rectitude of the lady opposite me! That was a previous era where you didn’t have to get written permission witnessed by the pope to actually try to talk to a woman Yes we are trying to sell our funds to the highest bidder. You may end up with a fatal dose of something that eliminates those funds. So take precautions to minimise exposure to minor curable mistakes. No worries there, I have all the protection I need; I look like an amateur investor geek 😕
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r1200gs
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Post by r1200gs on Jul 26, 2019 10:05:04 GMT
Just so everyone knows how seriously FS are taking this, FS have not responded to the official complaint I made on the 8th May.
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james21
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Post by james21 on Jul 26, 2019 10:28:59 GMT
Just so everyone knows how seriously FS are taking this, FS have not responded to the official complaint I made on the 8th May. As I recall they indicate a period time in which is within 8 weeks, they have not done that so suggest ask for explanation and copy in to one of the directors such as rajkumar@fundingsecure.com
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squid
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Post by squid on Jul 26, 2019 12:12:47 GMT
After eight weeks (with a response or not) a complaint can be progressed to the Financial Ombudsman Service for their involvement.
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