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Post by munchydave on Nov 26, 2018 16:52:01 GMT
Not that interested if we have nice pictures or not, given that I will never put money into FS again
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Post by munchydave on Nov 20, 2018 13:46:03 GMT
11th Nov 30% filled 20th Nov 32% = 2% in 9 days = 4.5% per day = 68 x 4.5 = completion in 306 days at this rate... I am sure there is a BH around the corner! Not sure I follow your logic however this is still a case of: DO NOT TOUCH WITH BARGE POLE. In fact I now believe nothing I am told by most P2P sites on property valuations, Paintings in secure storage and BOATS.
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Post by munchydave on Nov 19, 2018 19:47:19 GMT
You just have to register (which iI thought was free?). Or maybe I am confusing that with the times, FT, daily mail, and sundry other news sources? Just registered for free. Gets you into a limited number of viewings. Looked at the Lendy one and as expected not a good write up. Not much I can do about it. All my investments are late and unable to sell anything. Just now waiting to see what I get back over the next few years. As you might have guessed I am finished with Lendy and some others.
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Post by munchydave on Aug 18, 2018 8:18:33 GMT
You need to take a holistic approach. Diversify and they are not losses they just result in a lower overall return. 504 days is less than 2yrs lots of p2p have 3year minimum for investment the whole sector is not for those that need investments to pay on the dot. I,m happy that they usually pay or are recovered. Expect every loan to last 24 months and you won,t be too upset and you can relax and enjoy the benefits when they come. Yes, you are right. With FS, expect the same return of Knaresbury, i.e. ZERO CAPITAL return and you will be happy. Stay away people. FS is not capable of managing your hard earned money. Don't listen those sent here to show it is a positive situation. The fact that P2P has mostly turned into a cage of whales (with some other companies in desperate situations as FS) does not confort me... I am getting slowly out of this sector as there are too many delinquent people around (and not only among borrowers)... This is a continuous disaster. Take away all you can while you can. It's very simple. With a properly run and managed P2P site lending money with property as security then losses will be rare as the sale of the property will always cover outstanding and unpaid money, except in the event of some total collapse of the property market. It is obvious that for many sites loans are being given out where the security value of the properties are nothing like the true value and in some cases the security does not even seem to exist. I expect P2P sites to give a truthful, honest and accurate report on the property and its value and not just throw our money at anything that comes along. Capital at risk is NOT a get out clause to cover bad management. For these reasons I am out.
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Post by munchydave on Jul 9, 2018 10:12:53 GMT
New loans posted: Like about 19 in April, 8 in May and ONE in June, with none in July. Have they dissed this forum, or are they miffed by our concerns at lack of chasing recalcitrant borrowers? Is FS singled out for more critical concern than any other platform?Who knows, who cares and if so, perhaps they ought to ask themselves why. Like all platforms, without investors, they are nothing..they don't exist..they cease to be...In fact they become an ex platform. A year or so ago I had a largish holding with FS and made an overall negative return. Well diversified but losses still exceeded returns due to bat debts. I sold what I could and some loans finished. I am now left with 52 loans all of which with a single exception are NOT available on the secondary market and are all late. Some will never pay. Will review the situation if FS manage to get it together but at the moment I am getting out ASAP.
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Post by munchydave on Jun 10, 2018 10:18:33 GMT
I'm having trouble seeing the loans decision page, too. lendy support tell me that everything's working fine, so I've sent them screenshots to prove something's not right! Same problem. I am not able to vote. Contacted L they say all is OK now. A week later still no voting option.
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General P2x Discussion
Farmcrowdy
May 31, 2018 14:43:44 GMT
cb25 likes this
Post by munchydave on May 31, 2018 14:43:44 GMT
Hello
Here's some blurb from the website-
' Founded in 2016, Farmcrowdy is Nigeria's 1st Digital Agriculture Platform focused on connecting farm sponsors with real farmers in order to increase food production while promoting youth participation in Agriculture.'
Returns depend on what type of farm you invest in ( chickens, maize, beans, rice etc), and you receive a share of the profits after the harvest. Capital is insured against catastrophic harvest failure and returns for Maize are 12% per 10 month harvest cycle, for poultry 8% for 3 months.
They take UK debit cards but work in Nigerian currency so obviously there will be bank fees involved.
I'd be interested in other people's opinions.
regards,
Tim
It's Nigeria. Sounds like do not touch with a barge pole.
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Post by munchydave on May 29, 2018 17:10:49 GMT
Add the recoveries £325 to the interest earned to get total income. Subtract the defaults £2345.18 to get gross profit. I make it about £150. Was it worth the effort you would get more with a NS&I bond with full security. That's terrible, is it typical for FS? I haven't used them recently. That's why I am out as soon as possible.
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Post by munchydave on May 29, 2018 14:59:27 GMT
Hi all On my Funding Secure tax statement it says: Total interest earned £2,180.12 Total tax withheld £0.00 Capital losses from defaulted loans £2,345.18 Capital recovered from defaulted loans £325.00 What do I put down as a loss on my personal tax return? Im trying to establish what loans are deemed "unrecoverable" as I need to include that figure as losses on my tax return. What figure does Funding Secure deem unrecoverable? I presume not the 'defaulted loans' amount as this could in the future be 'recovered'? Thanks Add the recoveries £325 to the interest earned to get total income. Subtract the defaults £2345.18 to get gross profit. I make it about £150. Was it worth the effort you would get more with a NS&I bond with full security.
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Post by munchydave on May 28, 2018 7:51:59 GMT
There is no best exit strategy. All investments are so late and overdue that they have been removed from the secondary market or the sales queue is so long with everyone desperate to get out that no one wants to buy. The only option is to sit tight and take funds out as they trickle in. Thanks Dave I was afraid of that. Are you sitting tight in the sale queue or still collecting interest ? Still collecting interest or so I am told by Lendy.
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Post by munchydave on May 27, 2018 21:24:57 GMT
There is no best exit strategy. All investments are so late and overdue that they have been removed from the secondary market or the sales queue is so long with everyone desperate to get out that no one wants to buy. The only option is to sit tight and take funds out as they trickle in.
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Post by munchydave on May 8, 2018 17:32:46 GMT
I'm inclined to say no as well. Basically it also looks like taking the discount ends claims against anyone, so this doesn't bode well for other similar loans where the only viable buyer is the the original borrower. This type of trick appears to be getting quite common now. What's the betting that the IMS surveyor in the Wolves case comes in with an 'adverse' valuation. And what is the point of using 90-day valuations? It's clear that such a thing doesn't exist in these situations. I have just voted NO. Looks like a big fiddle to me. Borrow money then offer to pay back capital with no interest and make it look like they are giving us a good deal. No let them sweat, we have the upper hand, and if it takes years we must not start down the slippy slope of accepting that paying back loans without interest is an option for borrowers.
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Post by munchydave on Apr 25, 2018 16:18:44 GMT
but repeat that I have one investment that is into the 600 day and several over 500 days late Now, that's not true, either, is it? The longest overdue are the Convent six-in-one - 588/9 days. There's only two others over 500 days - the farm and the office block. All three of those are very much live, with activity ongoing. Just look at the updates. The farm was valued in the last fortnight for a potential refinance, else it'll be repossessed for sale. The office block has a possession hearing in just over a week. The convent's sale is being concluded. You want some bad loans to whinge about? I'll flog you my bit of LC's pizzeria at 25% of face value... <offers hand to shake> Be as miffed as you like at Lendy, but at least try and be honest about it. And at least be honest enough to accept that nobody ever promised you 12% would be risk-free... PBL081 is at 607 days. Granted partial repayment but stiil late.
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Post by munchydave on Apr 25, 2018 15:43:19 GMT
Just had a quick look at the Lendy reviews on TrustPilot and note that Lendy seem to be going through the list including the older reviews and taking down anything they don't like.
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Post by munchydave on Apr 25, 2018 9:20:29 GMT
I don't think that the issue is as simple as not liking a review. I assume that Lendy have pointed to their claim, based on their calculations, that no one has lost money with them. I haven't lost any money (yet). So they would have a case for stating that the review was factually incorrect and potentially damaging to their business. It would be reasonable for Trustpilot to accept that, and remove the review. As for Lendy failing, I imagine it may cease to trade in the future as its source of funds dries up. The financial failure is more likely to sit with the lenders than the company whose T&C absolved them of any responsibility for anything. Correct. Lendy's view is that my statement that I have lost money is untrue. Therefore TrustPilot require it to be edited. I have changed the wording so should get through now, but repeat that I have one investment that is into the 600 day and several over 500 days late and still waiting so how long before Lendy accept the default. I do in fact really hope Lendy is correct and no one does loose money, I for one do not want Lendy to fail.
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