greenslime
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Post by greenslime on Aug 19, 2018 22:04:24 GMT
Posted an hour ago The borrower continues a daily dialogue and is expecting funds, finally, next week.So by next Sunday morning all of us in this loan will be celebrating the return of capital and interest, and some of us will doubtless be feeling suitably abashed for ever having doubted FS's ability to manage long overdue loans … Or then again, maybe not …
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greenslime
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Post by greenslime on Aug 18, 2018 19:26:52 GMT
We worked 100hr weeks and did not think we were owed a life without effort.
Am I the only one reminded of Monty Python's Four Yorkshiremen ??
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greenslime
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Post by greenslime on Aug 18, 2018 19:20:40 GMT
It takes a lot of time and effort to make a decent return.
Indeed. And I've been wondering lately if, for those of us who have modest sums in P2P, whether the time required for DD, actively managing loans, etc, etc is really worth it - I suspect if I really looked at the time required to achieve good returns against what those returns would be in absolute monetary terms given the size of my holdings, I would probably be better off spending the time stacking shelves for minimum wage.
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greenslime
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Post by greenslime on Aug 13, 2018 19:45:53 GMT
I personally feel that sometimes FS post updates that are based on what the borrower tell them and this may have no basis in fact (see powerboat as an example). Is it unreasonable to expect FS to verify some of the information they provide to lenders (see Whitehaven as an example)?
Yes but if the borrower tells them they expect to pay the funds next week and FS state "The borrower expects to pay the funds next week" (and this is quoting from the powerboat loan) then what exactly do you expect FS to do to verify this? What they are reporting is a fact - it's exactly what the borrower has said (unless you are claiming FS are just making stuff up?). I just feel that FS is stuck between a rock and a hard place. They get continuously pushed for updates and when they give an update they get slammed for it. What really annoys me is that there are many hundreds of loans that have successfully completed but the answer to everything is "but look at Whitehaven". Yes this loan is a mess, fraud has been committed and hopefully there will be a decent recovery but show me a platform where there hasn't been problem loans. Continuously bringing up the same 8-10 loans while not mentioning the hundreds of successful ones completely misrepresents the situation. What people don't seem to realise, or just won't take on board is that there are legal actions happening in the background of a few of these loans that are sensitive and the details can't be divulged as it will potentially negatively impact the recovery action. Giving confidential, sensitive information to lenders may make them feel a bit better but I personally would rather a higher recovery. I agree that FS were lax in letting a number of loans drag on before getting firm with the borrowers but they are aware of this and have really stepped things up recently so why not just let them get on with it and see how they get on with recovery? Fair points - and I admit I do not have an objective view of FS. But from the perspective of 'confidence' rather than a rigorous analysis of the loanbook, the problem is not borrowers promising there's a cheque in the post, it's that some borrowers have been allowed to repeat that promise ad infinitum and without any apparent sanction - it has left FS looking weak, or unwilling to default loans, or both. This may be a reflection of P2P at the minnow end - for professional lenders allowing the 'feel' of the platform to influence decisions probably seems akin to your granny sticking that week's pension on a complete donkey at Aintree because it shares a name with her late budgie. But not liking the 'feel' got me out of Lendy without loss, so I don't knock it that much. Still, if FS's newly invigorated efforts start to get (some of) my money back then I will be a happy chappie.
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greenslime
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Post by greenslime on Aug 12, 2018 9:20:10 GMT
Posted an hour ago
The borrower continues a daily dialogue and is expecting funds, finally, next week.
So by next Sunday morning all of us in this loan will be celebrating the return of capital and interest, and some of us will doubtless be feeling suitably abashed for ever having doubted FS's ability to manage long overdue loans …
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greenslime
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Post by greenslime on Aug 8, 2018 19:38:10 GMT
- Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. I know some people in Glasgow who could offer FS a very focused and hands-on approach to debt recovery … it might not get all our money back but it might make us all feel better. But seriously … I find it very difficult to have an objective view of FS. Having sold everything I could and ceased investing in new loans some months back my only holdings are dross and my only return on them to date is the dubious pleasure of reading illiterate and information-free updates. The result is that all I see of them are loans that have gone wrong - it may be that if I looked more widely at their overall performance over time I would have a less subjective view. I got out purely because I lost confidence in their ability to deal with borrowers who would or could not repay loans. I can accept that property development doesn't run to schedule and that everybody's interests may be best served by allowing borrowers more time to achieve a favourable resolution, but that assumes that FS are actively managing these situations - 'Ah hae ma doots'. But for 'pawn' loans I don't see why there should be any latitude, and certainly not months of latitude based on assurances that 'the cheque is in the post'. I'm a minnow not a whale, and have never put more into P2P (loan, platform or overall) than I could shrug off if part or all of the P2P thing collapsed tomorrow. That means two things - in terms of the actual sums at stake it's not really worth my time doing much about FS, and in terms of my overall financial situation I don't care if they go belly up tomorrow. I can understand why those with more at stake, whether in sheer monetary terms or in terms of the effect of failure on their life (OT, but did I see some poor so-and-so had put his entire life savings into Collateral ?) are concerned that the questioning of FS's future viability on this forum might become a self-fulfilling prophecy. But it seems to me that confidence is being (has been?) eroded and that FS may have an uphill struggle to regain it.
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greenslime
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Post by greenslime on Aug 7, 2018 18:35:16 GMT
Can some more knowledgeable body please confirm that my understanding is correct - There are five (or six?) loans on art to a single borrower. The common borrower was not apparent from FS's documentation when the loans were launched. FS does not actually hold the pieces of art in question. They are held by a reputable and well-regarded company in the art storage/transport line who have no financial interest or claim apart from being paid storage fees. The loans are now significantly overdue but FS are unable to sell the items and repay lenders because what were offered as simple pawn loans have become 'complex'. This complexity arises from the fact (previously unknown to FS and to lenders) that the borrower's ownership of these pieces may not be clear cut. It has taken FS 6 months to discover this.Our hopes of seeing anything back from this lie in the borrower being from a monied family who will pay off the loans to avoid adverse publicity and spare their offspring the consequences of their actions. AFAIK the loans involved are 8: Collection of Vases - Renewal (1179005019) Auerbach Painting - Renewal (2442801065) Fine Art - Renewal (3020915407) Painting by Chagall (5073631341) Pablo Picasso Etching _1st Tranche - Renewal (1763618002) Pablo Picasso Etching _2nd Tranche - Renewal (2909973008) Pablo Picasso Etching _3rd Tranche - Renewal (1944450730) Painting by Lowry (1614460897) Some of the loans are renewals and appeared on this site in December 2016. If FS did some DD in Nov/Dec 2016, then FS took over 18 months to realise they had lent millions against a security not (directly) owned by the borrower.
This alone would warrant the removal of any FCA licence that FS might hold. Thanks, I think - that's all a bit more depressing than I thought. I'm in 3 of these.
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greenslime
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Post by greenslime on Aug 7, 2018 14:55:55 GMT
Can some more knowledgeable body please confirm that my understanding is correct -
There are five (or six?) loans on art to a single borrower.
The common borrower was not apparent from FS's documentation when the loans were launched.
FS does not actually hold the pieces of art in question.
They are held by a reputable and well-regarded company in the art storage/transport line who have no financial interest or claim apart from being paid storage fees.
The loans are now significantly overdue but FS are unable to sell the items and repay lenders because what were offered as simple pawn loans have become 'complex'.
This complexity arises from the fact (previously unknown to FS and to lenders) that the borrower's ownership of these pieces may not be clear cut.
It has taken FS 6 months to discover this.
Our hopes of seeing anything back from this lie in the borrower being from a monied family who will pay off the loans to avoid adverse publicity and spare their offspring the consequences of their actions.
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greenslime
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Ablrate (ABL) in Administration
New loans?
Jul 31, 2018 16:45:44 GMT
Post by greenslime on Jul 31, 2018 16:45:44 GMT
I don't like bid limits, but it may be a better idea to restrict the last 100k, or whatever, rather than the first £100k. Then there is no risk to the loan filling speedily. Say, if the unbid part of the loan is down to £100k within 24 hours, access to that remaining part is restricted to new bidders (accounts) subject to one bid each of a maximum of £1k, for the next 24 hours. (insert other parameters). Such a system would only kick in where it was needed and would not need to be selected, or not, for each loan. It provides flobberchops two loan system within one. That seems a most excellent idea. BH can have their feeding frenzy but save some morsels for the small investors.
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greenslime
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Post by greenslime on Jul 30, 2018 21:12:33 GMT
Has anyone spotted this update before, just seemed to suddenly appear or I talking rubbish? Would have thought some comments would have been made from the 28th onwards? 28/07/2018
The borrower remains confident that funds will finally be transferred shortly, based on the ongoing dialogue with the funder, despite further delays. As previously advised, in addition to the main source of funds an interim backup has also now been arranged. I think they should simply have quoted Sir Richard Mottram's pithy summary of the situation at DETR in 2002. Since I'm sure reproducing it here would attract censure, here's the Wiki link - en.wikipedia.org/wiki/Richard_Mottram
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greenslime
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Post by greenslime on Jul 30, 2018 16:55:39 GMT
What about the pawn loans such as the vases or various paintings? Well, it was recently pointed that in the case of some of the paintings FS may not actually have the items in their possession. Given FS's characterisation of the recovery of these loans as 'complex' I am resigned to a prolonged series of updates of dubious utility and marginal literacy, but little in the way of repayments. And before anybody says it, it's entirely my own fault for not looking before I leapt, aka doing some DD.
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greenslime
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Post by greenslime on Jul 27, 2018 15:23:59 GMT
I am seeing more updates this week than for quite a while, this is a good thing But have they paid you any money ?
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greenslime
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Post by greenslime on Jul 26, 2018 12:17:15 GMT
Busy x 2, then crashed car …. meh.
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greenslime
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Post by greenslime on Jul 25, 2018 21:35:38 GMT
I refuse to vote for anyone that isn't male, middle-aged, straight, married, suited, normal and balding. And with a paunch, don't forget the paunch …..
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greenslime
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Post by greenslime on Jul 23, 2018 17:59:59 GMT
I still don't understand what could be complex about unredeemed pawn loans where FS holds the pledged item ….. Am I missing something because unfortunately I cannot see that stated as a fact anywhere on the loans. I have only had a brief look though. On the Lowry for one it states "The painting is held at Constantines, London." As is the Chagall … and doubtless the others. I will now utter a short expletive . ****! And again. ****! Well, now I see the scope for 'complexity' ….
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