09dolphin
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Post by 09dolphin on Nov 7, 2019 19:38:09 GMT
As always the hope is “overall “ when concluded the result at that point in time is no loss of capital. In any particular element such as P2P in a varied investment portfolio there are usually fluctuations. If the result across all investment vectors there is a perhaps reduced but overall profit then that would for most be a satisfactory outcome. Is the "reduced but overall profit" you refer to perhaps 10%? I'm sure most investors would be happy with a return of 2%. I refer you to your numerous previous posts where you state you have an overall return in the order of 15%+. Personally I'd be happy with a full return of capital but this obviously is not going to happen. My expectation of the money I had invested in the past 3 years with FS is a 30% return of capital but I suspect I am being overly optimistic.
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09dolphin
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Post by 09dolphin on Oct 22, 2019 12:02:40 GMT
Do FS expect us to have forgotten about this loan. Last update was in July so isn't it about time FS proved they have "improved communication" with investors and made it clear that the borrower has taken lenders (via FS) for a ride and that lenders have lost every penny they lent.
l know FS don't actually have a charge against the land they were supposed to have and they only actually have a charge against someone who has a charge against this loan. Obviously FS misrepresented this loan when it was offered to investors. Am I shocked at this - well no but I do want to know what FS intend to do to retrieve the money lent, and as an investor I think I have a right to know.
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09dolphin
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Post by 09dolphin on Oct 12, 2019 9:07:25 GMT
Oh come on do you really think FS are going to be in a position to pay out if people won? Best chance of getting a penny is to make a song and dance about poor little consumers being shafted through sloppy FCA regulation. Personally for me I think my best avenue is just moving on and learning from my FS experience. If everybody just accepted it and moved on then FS would be happy. Sometimes you should make a stand. Besides I’ve got a lot of money in these loans it’s not so easy to just say oh well another con I’ve fallen victim to let’s move on. There is no chance whatsoever, in my view, that making a song and dance to the FCA will achieve anything for FS investors - but it may benefit other P2P site users. I can well understand the anger investors feel at FS's poor management of security and the general management of the oh so many loans which should have been defaulted 2 or more years ago. Believe me when I say that I'm also angry and I also expect to lose money. In my opinion FS are basically bust. They don't have enough money to chase the borrowers who have taken them for a ride and they have nobody to blame but themselves. It seems improbable that FS have the money to chase the numerous loans which are quite complex so they choose not to (power boat, Harrogate, Whittington. Lytham St Ann's etc) and prefer to take the ostrich approach. FS were good when they were a pawn broking site but their decision to move into property development lending was fatal in my view as they didn't have the experience, expertise etc to be able to manage these sort of borrowers. I think they will be sued for their shortcomings in the Art loan or similar loans in the very near future as people are tired of the really poor communication FS offer and feel they have no other alternative but to take action through they courts. One successful action seems likely to consign FS to becoming yet another failed P2P site. .
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09dolphin
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Post by 09dolphin on Sept 19, 2019 23:12:40 GMT
What a star df , providing the researched example that a comparable account offers 5.3% From FS email just received: I hope it goes well with the increase. Not sure if it's enough, but time will show. At least it is above the most popular accounts of this kind, but would I relocate some of my GS funds to FS at the same rate? Definitely not. In all honesty my experience of FS is so poor I wouldn't consider lending money on Gold Ingots which were valued at less than 5% of the present price of gold on the world market. If I was a director of FS I would seriously consider establishing a provision fund for new loans for people investing in FS30 as this would be reassuring to investors. Then again if FS are overwhelmed by investors deposits this may not be necessary.
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09dolphin
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Post by 09dolphin on Sept 7, 2019 19:45:59 GMT
Yep, another person who has made a small profit on the platform. Some will make a large return, others will break even and some will make varying degrees of loss. We didn't expect anything else when beginning the investment journey. An important metric is the ratio of those gaining to those losing. Unfortunately anecdotal evidence isn't appropriate to gauge that. The information i have gleaned from this forum is that the sites integrity is in question more than whether you make a profit or loss, i have always had the belief that when dealing with any financial institution their integrity is paramount. What a cogent post and one I applaud. Well said and thank you for your contribution.
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09dolphin
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Post by 09dolphin on Sept 7, 2019 19:05:27 GMT
I'm sure Contrarian needs this information as Contrarian is tracking my investments. I have an "investment" of £900 in this Zombie loan and I'd like to think I will have a return of about 5%. or to put it another way I will have a loss of 95%. I look forward to Contrairians comments.
I really would like to be proved wrong
It would also be good if Contrarian details the investments he/she has. Personally I suspect Contrarian has no investments whatsoever and just enjoys making challenging comments. Come on Contrarian and prove me wrong.
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09dolphin
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Post by 09dolphin on Sept 6, 2019 19:08:12 GMT
Well another week and apart from a few small loans that did well and came to fruition we still have a growing list of less than perfect loans such as these damn boats which are still not even classed with a status of "defaulted". It is now 6th Sept so we are about to be surprised when this mystery equity partner comes up with the readies? These boats will soon be 5 years old - I know nothing about power boat racing but would imagine it is very high tech and in terms of racing these boats are technically obsolete due to advances in hull and engine design, marine electronics etc etc We are still awaiting PROOF that there are 2 boats. But don't worry we all know "stable growth - it's a process" - only parts of FS I see growing are customer complaints and the vast amount of overhang in the loan book - but what do I know. Sorry FS but we are not going away - I will be reviewing my top 40 over the weekend. I thank you. This loan should have been paid on 15/10/2016. In other words its almost 3 years overdue but is still "active". There have been numerous spurious "claims" by the borrower about repayments which FS obviously still believe as demonstrated by their lack of action. Why is this loan different to others that FS have defaulted? Obviously it is but I really would like to know what the difference is. The "new management" appear to believe the same rubbish the former management did. Please explain why you do as lenders don't understand your position.
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09dolphin
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Post by 09dolphin on Sept 4, 2019 14:55:53 GMT
... you continue to state that I have 1.5K still "invested". Can I also state that you post incorrect information when you stated on another thread that I had recouped 99% of my investment which is factually incorrect. Can I suggest you check your information before posting such erroneous tosh. Just requoting your previous posts - Aug 5th 2018 - 'My investment was 250K but I now have about 1.5K left in FS' I can't believe that you fail to understand that where my original of 250K or thereabouts is now 1.5K or thereabouts it doesn't equate to 99% returned capital. It would have done if all or the vast majority of the loans had repaid but an unacceptable % have not repaid capital in full, several have only repaid less than 50% of invested capital and one 0%. Even taking account of the interest I have received I still have a capital loss. I wish I could believe you truly don't understand that if a number of borrowers don't repay capital in full that lenders may have a loss, even when you take into account interest. If you really do have such a very limited understanding of what is very simple maths perhaps you could ask for instruction from a 10 or 11 years old child.
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09dolphin
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Post by 09dolphin on Sept 4, 2019 9:38:01 GMT
spooky and suspicious - also wrong on more than one occasion Really :-)
So I guess continually posting negative and often incorrect information about a site where you have very little invested is not a bit suspicious.
Whilst at the same time, not commenting or investing on any other P2P platform, again not at all suspicious.
So Contrarian you expect people to post positive comments about zombie loans. How about I got a really small fraction of my investment back in the Whitehaven loan where a member of FS staff saw development that didn't exist according to one update. Shame the returned capital was so very small but I was pleased it wasn't 100% loss as it has been in some other Loans. Would that satisfy you? Please detail exactly what incorrect information I have posted and indicate what you consider to be very little in terms of an investment as I assume your post includes me as you continue to state that I have 1.5K still "invested". Can I also state that you post incorrect information when you stated on another thread that I had recouped 99% of my investment which is factually incorrect. Can I suggest you check your information before posting such erroneous tosh. I'd also like to add that I have investments in 3 other P2P sites, all of which continue to give me an acceptable level of return, unlike FS which has lost me money.
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09dolphin
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Post by 09dolphin on Sept 4, 2019 8:37:30 GMT
Happy for an alternative opinion as I am in 8 of these art loans (never realised they were linked)... I thank you Judging from your post's you claim to be in most of the loans on FS and since the landrover repaid, by your own admittance around £400 left on the platform.
How can you be in so many loans with only £400 left on the platform? Answers on a digital post card?
Does anyone else find it rather spooky that Contrarian seems to be tracking people who declare the amount they still have "invested" in Zombie loans? Just for your information Contrarian and so you can keep your records up to date I still have the same capital amount invested in the Zombie loans as I had a year ago. I don't take any comfort in knowing that interest is still accruing as the probability of interest being paid is exactly nil.
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09dolphin
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Post by 09dolphin on Aug 30, 2019 10:46:03 GMT
Complaints about the complaints manager. Agh, Its too much Especially when you consider that 09dolphin has now less than £1.5k in late loans out of an original investment £250k.
i.e. Over 99% of their original investment has been repaid. Nice to know you are keeping track of the amount I still have "invested" in FS! I really do wish that I had 99% of my money invested returned. Alas due to the fact that when FS default loans and sell property they rarely return the full amount lent. Whitehaven springs to mind as an example of the loss making ability and potential of FS although I suspect the art loans will be 100% loss. If the management of complaints is typical of FS's level of management in all aspects of the business I am surprised FS ever achieve anything whatsoever.
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09dolphin
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Post by 09dolphin on Aug 28, 2019 15:17:03 GMT
Funding Secure are you taking the pi** what is going on with this loan? Update the people you clowns. How the FCA don't get involved in this? Oh right they are an even bigger bunch of Clowns. I know what I would like to do to each Funding Secure member of staff! Bring back .............!! Now about 4 months or so since I put in an official complaint about Whitehaven and after asking if I was going to get an official response, next week, nothing happened. A few weeks later I get a mail with a pathetic little note saying they will get to me. I suspect FS staff are overworked, demoralised and totally out of their depth. All this comes down to management. I'm still waiting for a response to the formal complaint I made in April this year about the powerboat loan +the Lytham St Annes loan. I spoke to the person I was told was handling my complaint (Isabel Mathews) who denied she was the claims handler but couldn't tell me who was. I was told that FS are trying to work through the complaints as quickly as possible... Frankly I'd be ashamed that it was taking me so long to deal with the complaints. But hey ho that FS for intrepid investors. I suggest you do as I will - on or immeadiately after 1st September put in a formal complaint.
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09dolphin
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Post by 09dolphin on Aug 28, 2019 15:04:23 GMT
I had received an email saying that a person called ****** ******* was handling my complaints about the numerous loans that were in arrears. When I contacted FS and spoke to ****** ******* at FS I was told she was not prepared to tell me who the complaint manager was!!!!!!! Obviously FS <redacted> or she did. It would be good to know who is actually responsible for managing my complaint made in April 2019.
FS aren't prepared to tell people who have invested in their oh so dodgy loans who, if anyone, is actually managing the problem as evidenced by my conversation with ****** *******.
When I asked why FS had not responded to a formal complaint made in April 2019 I was told that they are "really trying to work though them as quickly as possible!. There was no response as to well over why FS don't comply with the regulators instuctions. Obviously FS feel they can ignore the requirements of the regulatory body in terms of responding to formal complaints. Such as shame that FS have so very many complaints it takes them 5 months to respond to a complaint. I can't think why they have such problems relying to complaints and it's such a shame they are obviously overwhelmed by the number of complaints as it takes them over 5 months to respond to a complaint.
Lastly, having been told that ****** ******* was handling my complaint (albeit really badly) I was told by her that she can't respond as she is not the complaints handler. Who is handling my complaint that I made in early April? Do FS actually have people who handle complaints? Do FS actually have anyone who is capable of responding to "difficult" questions or do they assume that people are stupid enough to invest without expecting any real return. Perhaps more importantly why was I told that ****** ******* was handling my complaint when SHE says it untrue.
All I can say is that FS are <redacted> and their staff confirm this.
Please consider most carefully before lending with FS. If I knew what I know now I'd never have lent a penny through FS as they are basically dishonest.
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09dolphin
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Post by 09dolphin on Aug 27, 2019 12:31:38 GMT
I think, as a general statement. regarding FS's very late loan repayments and the evidence of their performance that we can assume that lenders will be lucky to get a 25% capital return as the LTVs FS use are normally, constantly and grossly overvalued. FS choose to accept these valuations and continue to present them as being realistic to lenders which is a lie.
FS's management of loans is dire as evidenced by their behaviour. I have to ask why loans that should have been repaid well over 2 years (yes 24 months or over +700 days ago are still "active" rather than "defaulted". FS have no answer to this question.
As I stopped investing about 2 years ago I have no opinion as to FS loans that are less than 2 years overdue, only the numerous loans that FS continue to mismanage that are 2 years or more in arrears. When will FS take action - if ever or do they actually prefer the inertia solution. Can FS be trusted to "manage" loans that should obviously have been defaulted. I would suggest not but equally I would suggest that it's a massively and huge risk relying on FS's statement regarding assets they suggest you lend on as the valuation may or may not be - 95%. Do FS actually know how to manage a defaulted loan - obviously not as demonstrated by their abysmal performance to date.
In all honesty I think this borrower should only be used by the most sophisticated borrowers who have very many years experience of dealing with people who suggest the investment has a value when it plainly doesn't and also don't accept valuations which are plainly fallacious.
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09dolphin
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Post by 09dolphin on Aug 19, 2019 20:23:18 GMT
"We (i.e. FS) have sight of documentary evidence of funding to the equity partner which is due to be signed off on or before 15h August. Should this occur, this would then trigger the issuance of the legal contract, notarising and then release of the funds internationally." Not so much as a whisper from FS that the signing has happened so logically no issuance of the legal contract etc etc. Yet another can-kicking exercise manufactured by the borrower supported by the platform who have not the necessary spunk even after all this time to tell investors that the money has all gone down the plughole sadly along with many millions elsewhere in other none or under-performing duds. This "ploy" by the borrower of pretending that funding and the provision of documentation of the supposed funding from an equity partner has been used before in relation to this loan. I would have expected FS to have become more stringent and demanding of proof having been misled before. Obviously I'm wrong and FS obviously don't learn from previous bad experiences.
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