ozboy
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Post by ozboy on Jul 9, 2019 15:02:33 GMT
You are absolutely 100% right brightspark, there's a massive con going on here. Wake up Lenders, for fornication's sake.And for anyone new to this Topic, I refer you to the very first posting. I thank you.
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ozboy
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Post by ozboy on Jul 8, 2019 20:11:06 GMT
iRobot I take your point about the new FCA rules. In my own mind these rules may be more of a "wish list" rather than enforceable regulations. Neil Woodford (not involved) and the registry debacle of Col have perhaps left me very distrustful of the FCA. The changes need to be proactive and made very visibly by the platforms themselves. Perhaps then there will be more credibility. And so you very well should be hendragon , The FCA are USELESS and CLUELESS. "Proactive" is not in their vocabulary, when they happen to spot a horse or three has bolted, they nip over and close the stable door. ANY fool could have seen and we all knew that P2P was the LAST industry they should have applied "light touch" to.
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ozboy
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Post by ozboy on Jul 8, 2019 15:49:59 GMT
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ozboy
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Post by ozboy on Jul 5, 2019 21:27:24 GMT
In fact, I recall reading that the judge responsible for appointing BDO claimed he would be keeping an eye on things or words to that effect, re. BDO expenditures. I doubt he's actually doing that! Yeah, I'm sure The Judge has excellent Forensic Accountant qualifications as well as their legal qualifications, and completely understands the minutiae and full depth & breadth of the BDO figures & costs they're presented with, before "signing" them off. I'm sure s/he completely understands the BDO figures/costs/fees before agreeing with them.
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ozboy
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Post by ozboy on Jul 5, 2019 21:10:48 GMT
Rather positive update today from FS on this loan. Very surprising.
"We have had an update from the borrower to say that all of the flats are sold subject to contract, with all purchasers being in receipt of draft contracts. We have been advised that two of the purchasers are close to exchanging contracts. There was a slight delay to the electrical work, however this work is now underway and meters are due to be installed shortly. The final list of tasks are being reviewed this week, with an estimated four weeks to decorate the properties including boxing of pipework, decorating and fitting flooring. The building controls and building warranty surveyor is in regular communication and both will be ready for sign off shortly. Below is a link to the marketing listing, showing additional detail and photos: <rightmove link removed by mod>"
You lost me at " an update from the borrower"........
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ozboy
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Post by ozboy on Jul 3, 2019 22:23:57 GMT
YES.
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ozboy
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Post by ozboy on Jul 3, 2019 18:32:00 GMT
No idea about you guys and gals but my backside is sore, very sore.
Which precludes me from sitting around any longer.
As per the first posting in this Topic, Sell The Damn Boat/s.
You are in serious cloud cuckoo land if you think there's ever any money forthcoming from anyone on this boat-wreck.
It ain't never gonna happen, wise up, For Funding Sake.
Sheeeeeeesh.
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ozboy
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Post by ozboy on Jul 3, 2019 17:40:16 GMT
Oh sqh, such sloppiness, you didn't afford him/her their proper title - RICS Professional Valuer.
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ozboy
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Post by ozboy on Jun 30, 2019 21:23:55 GMT
It's been mentioned before and WELL worth trying IMHO:- The next time there's an outing for these boat/s on show, we show up with placards and embarrass the Sponsor/Whoever into coughing up. It's summer and it'll be a nice day out at the coast somewhere and chance to meet fellow FS Losers Investors. I'm serious btw, embarrassing with a mass demonstration might just do the trick? Or we can sit idle for another 12++ months of zero activity.
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ozboy
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Post by ozboy on Jun 28, 2019 12:51:20 GMT
Just the thread I was looking for. I've pretty much had a disaster at FC and the sinking Provision Fund at RS isn't giving me much confidence either. As such, i'm thinking of getting out of P2P altogether and trying other things. I think I'm ever happier to see the words 'FSCS protected' in the current climate!
Last year I dipped my toe in the water and opened accounts at 2 robo-investors. The idea of S&S investing interests me but I'm a serious rookie despite reading around it which is why I decided to give the robo-investors a try and let somebody do it for me for a relatively low fee. Does anyone have any experience here and any advice? My current quandary is whether to simply put my P2P money into my cash ISA or invest heavier into S&S. Stick with CASH in the Bank until you're confident about wot yer doin'. There's another almighty "upheaval" coming at some stage, current US Debt is $22.5 Trillion (!!!!!) www.usdebtclock.org/ And most/all of that is never going to be paid back. Go figure.
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ozboy
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Post by ozboy on Jun 28, 2019 11:50:27 GMT
If the judgement is made that there is a problem within the investment industry that is losing a serious number of voters to the party in power only then will substantive changes be made. Otherwise there will continue to be cooing noises and much wringing of hands coupled with the mantra of Caveat Emptor. We will see what RSM have to say shortly but if a substantial repayment is not soon made to HQ investors something will hit the fan. Pressure on the FCA is already becoming intense over other financial problems within the City (LCF, Woodford, Collateral, etc etc) and Lendy's death throes only add to the sense that small investors with their pension pots have been exposed as sitting targets for all and sundry. I suppose considering my position when I invested in each of my loans, that it could be argued 12% interest was fair game for the risk involved with peer2peer being a new-ish investment market, property value volatility, valuation inaccuracy, just bad luck etc.... However, I'm not going to stomach it very well should it turn out (and I must stress that this has not been suggested, let alone proven), that if for that 12% interest, I also should have been taking into account from the outset, the FCA being toothless and broken (I'm a great believer in if you take a job on, you do it..... the FCA accepted the regulatory 'job' so they should have delivered), unscrupulous platform operator with motives outside of building a sustainable long term business. Their breaking of terms and conditions that I relied on when choosing to invest. Again, I am really NOT saying that any of this has been done. The only team that truly could determine this or in all fairness eliminate suspicion (if in fact Lendy have done a sterling job throughout and just suffered bad luck) is the administrator. The report I hope will outline Lendy's performance, far better than the interest to date or stalled loans ever have. As an aside, my financial adviser shared his opinion of the FCA and it wasn't pretty. He reckons they're about as light touch as you can get on pretty much anything that comes under their nose, and that they misrepresent themselves to joe public that believe they add a small level of security. Just my advisers opinion, but I'm mentioning it now on this forum so we'll all be able to see whether it rings true. S/he's absolutely right. I sold investments for 5 years in the City and all the bodies involved in "Regulation" are useless, as I have said and warned on here many times before. These Regulators only exist for their own benefit and provide scant real protection to the Public, witness how they run to cover whenever they're shown to be what they are - completely incompetent. The FCA won't last much longer and will join SIB, LAUTRO, FIMBRA, PIA and the FSA in the graveyard. All abject failures which have cost Consumers a LOT of lost money. And then the Government will form another new Regulator and crow about how this new Body will be different & protect Consumers much better blah blah and this New Body will also fail and another New Body formed again into an infinite loop. NOTHING is ever learned. [ EDIT/PS: eg Did anyone else notice Bailey's complete lack of responsibility and concern for Investors losses when he was grilled by The Treasury Committee on The FCA's failings last Tuesday? ]
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ozboy
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Post by ozboy on Jun 27, 2019 18:31:23 GMT
If you feel so strongly ozboy perhaps you should register to attend the FCA's Annual Public Meeting 2019 where you can ask Mr Bailey a few difficult questions I'm a long way away but perhaps Col investors who live closer would like to attend? I will buy you a 1/2 of bitter if you attend Cat's urine, Real Men Drink Guinness!
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ozboy
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Chat
Stocks
Jun 26, 2019 21:20:53 GMT
Post by ozboy on Jun 26, 2019 21:20:53 GMT
Having my holiday and have just gone back to reading a website that I have subscribed to a year ago on how to invest in stocks. I do not like bonds or funds, but this whole new learning has taught me that so much work need to put into it to wisely pick an individual company to invest in. Nothing comes easy.... But everything is fun and worth it. Trust me, just buy one of the vanguard Lifestrategy funds. Individual stocks is very risky. I trust you hazellend, Vanguard Lifestrategy, way to go. (With maybe a small punt in Fundsmith and/or LindsellTrain?) This is not investment advice, do your own research and make your own informed decisions.
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ozboy
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Post by ozboy on Jun 26, 2019 20:32:27 GMT
Oh bugs4me , I'm attracted to an intelligent man. I like you! Loans slow to fill = predictions of impending collapse. Big hitting investor reportedly piles in = accusations of skulduggery and corruption. While FS certainly have their faults these sort of scurrilous and groundless statements really don't help any of us.Maybe, maybe not, but they certainly educate. And the underlined bit is the understatement of the millennium!
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ozboy
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Post by ozboy on Jun 26, 2019 19:02:45 GMT
1/ I am indeed grateful to monetus providing what he can. Without him, I'd know even less than the very little I know now. 2/ Regarding the huge amount of secrecy, something does not smell right. Consulting the creditors is surely not normally like a politician consulting the electorate because usually there are normally orders of magnitude fewer creditors than there are voters. Even in this case (Col/BDA) it would be manageable. My question to someone who knows more about this than me is, if it turns out that the thick cloak of secrecy was put in place largely to hide malpractice rather than the implied aim of protecting our interests do we have any legal address over BDA ? Yes, we do michaelc . The route to take is to complain to BDO (good luck with getting a response) prior to escalating the matter to the regulatory body for insolvency practitioners. It is pleasing to see pressure maintained on the FCA. Nevertheless, the same should apply to BDO. To the best of my knowledge, the maximum compensation that the complaints commissioner will recommend for each investor is 50% of their holdings. If so although I hope not, where would the other half come from? Current progress indicates the JA are not acting to achieve a better result for investors as pledged in April 2018. Action speaks louder than words and we can see that they have: - maintained a time costs basis to magnify their fees in a phase that has no stipulated deadlines. - continued to avoid interim repayments without clarification. - employed a unilateral NDA to such a level that leaves transparency and accountability compromised. - not moved expeditiously with respect to data and loan recovery. While it has been said that confronting BDO will result in enhancing their final bill, standing idle will equally magnify that bill. The choice is ours. Well 7d7, that now makes a Team of Two, thee & me, any other joiners? I repeat, I don't like being a kipper.
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