arby
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Post by arby on Jun 24, 2019 19:47:45 GMT
what godanubis said was How can a site with even a modicum of due diligence lend money against a building site where no building has occurred?
To which I reply
Because they get their cut irrespective
Not true though, they don't get their cut, or their expenses, or liquidity, or working capital until the loan is repaid.
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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 24, 2019 20:00:45 GMT
There are a few more skeletons in the loan book. I am prepared to give the new team a brief honeymoon period to aggressively settle outstanding long non payers and put them behind us. From now on however I expect nothing but happy lenders as future loans are well researched and appropriately offered as investments. We can all dream
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mjc
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Post by mjc on Jun 24, 2019 21:45:21 GMT
what godanubis said was How can a site with even a modicum of due diligence lend money against a building site where no building has occurred?
To which I reply
Because they get their cut irrespective
Not true though, they don't get their cut, or their expenses, or liquidity, or working capital until the loan is repaid. Perhaps then it is because they are totally, utterly and absolutely useless?
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arby
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Post by arby on Jun 24, 2019 21:48:00 GMT
Not true though, they don't get their cut, or their expenses, or liquidity, or working capital until the loan is repaid. Perhaps then it is because they are totally, utterly and absolutely useless? In this case it seems pretty certain. I have no issue with people stating that, but I do think it's dangerous for people to believe that FS act intentionally against lenders interests as they get their cut anyway.
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petrichory
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Post by petrichory on Jun 24, 2019 23:09:15 GMT
Again, the problem here remains the same as before - blindly believing the lies that are force-fed to lenders through updates and "confidential" emails. Has anyone on this thread actually bothered to spend the London half-pints worth of money to compare the land registry sales price to the money that was repaid to lenders on these two loan phases? The high six figure discrepancy is a little more than "taking a cut", I wish I could elaborate on it more but sadly I am not a member of the privileged members forum so mentioning deed titles is verboten. It will open your eyes. Distrust everyone, investigate everything.
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mjc
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Post by mjc on Jun 25, 2019 6:48:13 GMT
Perhaps then it is because they are totally, utterly and absolutely useless? In this case it seems pretty certain. I have no issue with people stating that, but I do think it's dangerous for people to believe that FS act intentionally against lenders interests as they get their cut anyway. You are quite right, it is not deliberate. I’m sure it is incompetence. (Although I only had less than 1% in this and in the mobile sheds etc. and several hundred other loans, FS seem to have lost 30% of every thing I ever invested, wipes out the profit on all the other p2p platforms, all of which I have total confidence in) It’s so depressing reading their twaddle I don’t log in much these days, whereas it’s a pleasure with PL CP LP HNW AC RS etc etc
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Godanubis
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Post by Godanubis on Jun 25, 2019 11:24:23 GMT
In this case it seems pretty certain. I have no issue with people stating that, but I do think it's dangerous for people to believe that FS act intentionally against lenders interests as they get their cut anyway. You are quite right, it is not deliberate. I’m sure it is incompetence. (Although I only had less than 1% in this and in the mobile sheds etc. and several hundred other loans, FS seem to have lost 30% of every thing I ever invested, wipes out the profit on all the other p2p platforms, all of which I have total confidence in) It’s so depressing reading their twaddle I don’t log in much these days, whereas it’s a pleasure with PL CP LP HNW AC RS etc etc You must be extremely unlucky if as you say and should be the case if you have 1% per loan you would need 30 100% losses to loose 30% there are simply not that number of losses. At 7% total loss of capital to date. Overall an 11.6% return after loss.
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coop
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Post by coop on Jun 25, 2019 13:09:17 GMT
You are quite right, it is not deliberate. I’m sure it is incompetence. (Although I only had less than 1% in this and in the mobile sheds etc. and several hundred other loans, FS seem to have lost 30% of every thing I ever invested, wipes out the profit on all the other p2p platforms, all of which I have total confidence in) It’s so depressing reading their twaddle I don’t log in much these days, whereas it’s a pleasure with PL CP LP HNW AC RS etc etc You must be extremely unlucky if as you say and should be the case if you have 1% per loan you would need 30 100% losses to loose 30% there are simply not that number of losses. At 7% total loss of capital to date. Overall an 11.6% return after loss. Sorry but that's a yellow card for using that BS 11.6% number from the FS loan statistics page. Unless you caveat it by saying "The average investor invested evenly across all loans has a return of 11.6% and approximately 22% of their capital tied up in defaulted and overdue loans" it's a completely misleading half-truth at best.
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paulb
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Post by paulb on Jun 25, 2019 14:24:55 GMT
Or: "For every £100 lent out, £82 has been returned to lenders". (Ignoring all loans not yet due).
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Godanubis
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Post by Godanubis on Jun 25, 2019 17:13:55 GMT
You must be extremely unlucky if as you say and should be the case if you have 1% per loan you would need 30 100% losses to loose 30% there are simply not that number of losses. At 7% total loss of capital to date. Overall an 11.6% return after loss. Sorry but that's a yellow card for using that BS 11.6% number from the FS loan statistics page. Unless you caveat it by saying "The average investor invested evenly across all loans has a return of 11.6% and approximately 22% of their capital tied up in defaulted and overdue loans" it's a completely misleading half-truth at best. Again all you fixate on the few big loss loans. Yes invest 10% of your funds in each of them and you will lose. Invest 1% in them and overall you win. Recently some long defaults paid back 100% + interest DEFAULT IS NOT LOSS. Unless you over expose to individual loans you will have made a profit.
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adrian77
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Post by adrian77 on Jun 26, 2019 8:00:37 GMT
True - but that is dependent on the actual default rate being low enough for this to happen - to me using FS as an index tracker will not generate profit as the default rate is far too high. Of course you can gamble on the SM etc but again the default rate comes into play. Personally I came to FS after ditching Unding Ircle but as I have said before I was stupid without doing more DD.
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Post by dan1 on Jun 26, 2019 8:14:39 GMT
You are quite right, it is not deliberate. I’m sure it is incompetence. (Although I only had less than 1% in this and in the mobile sheds etc. and several hundred other loans, FS seem to have lost 30% of every thing I ever invested, wipes out the profit on all the other p2p platforms, all of which I have total confidence in) It’s so depressing reading their twaddle I don’t log in much these days, whereas it’s a pleasure with PL CP LP HNW AC RS etc etc You must be extremely unlucky if as you say and should be the case if you have 1% per loan you would need 30 100% losses to loose 30% there are simply not that number of losses. At 7% total loss of capital to date. Overall an 11.6% return after loss.A picture chart speaks a thousand words, no? This assumes the same amount invested in every loan on the platform Details can be read in the following thread... p2pindependentforum.com/post/287944/thread
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coop
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Post by coop on Jun 26, 2019 8:29:47 GMT
So even assuming full recovery for all outstanding overdue loans we're down to under 8%? Worse than I thought.
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Godanubis
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Post by Godanubis on Jun 26, 2019 20:52:51 GMT
You must be extremely unlucky if as you say and should be the case if you have 1% per loan you would need 30 100% losses to loose 30% there are simply not that number of losses. At 7% total loss of capital to date. Overall an 11.6% return after loss.A picture chart speaks a thousand words, no? This assumes the same amount invested in every loan on the platform Details can be read in the following thread... p2pindependentforum.com/post/287944/threadSo still an overall profit despite the fact that you would be crazy to invest in such a way.Glad my accounts are currently 12-18% actual returns.
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shimself
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Post by shimself on Jun 27, 2019 13:27:56 GMT
what godanubis said was How can a site with even a modicum of due diligence lend money against a building site where no building has occurred?
To which I reply
Because they get their cut irrespective
Not true though, they don't get their cut, or their expenses, or liquidity, or working capital until the loan is repaid. Quote: FundingSecure earns revenue from the monthly administration fee it applies to borrowers' loans. We do not take commission from the investors' interest.
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