ozboy
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Post by ozboy on Jun 6, 2019 13:12:52 GMT
True - I just don't understand how this developer was allowed to borrow so much money across so many concurrent developments on what will undoubtedly prove to be vastly overvalued assets. Have FS a secure audit trail for where all the money has gone and this developer is skint with a skint wife living in a bedsit and visiting food banks - I wonder! This is one of my mega 40 list - will try to update over the weekend but I think the main loans were division 2 whereas I predicted division 1 but overall a premier league loss with both supplementary loans a 100% loss as I predicted. Am I psychic - sadly not as it just struck me as a disaster waiting to happen - although not as crazy as the Park Homes - speaking of which it is time we had an update. Oh adrian77, you DO understand how they were allowed to, we ALL do. And WHY. If The FCA aren't seriously "chatting" with this lot by now, they damn well should be.
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ozboy
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Post by ozboy on Jun 5, 2019 19:53:33 GMT
Maybe worth a look at this analysis (© 2018): Which is the Best: Lindsell Train, Fundsmith or Vanguard? Bung a third in each?
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ozboy
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Post by ozboy on Jun 5, 2019 19:00:45 GMT
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ozboy
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Post by ozboy on Jun 5, 2019 11:21:11 GMT
The FCA doesn't need to impose new and increasingly onerous Rules & Regulations.
ALL they need to do is jail a few Borrowers, Middlemen, Valuers and Platform Directors for blatant Fraud. It's as simple as that.
Watch P2P clean itself up overnight if that were to happen.
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ozboy
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Post by ozboy on Jun 4, 2019 12:25:14 GMT
you can't withdraw spare cash which is in my view a very bad sign No need for such scaremongering. The message on withdrawal says 'Withdrawal suspended during rolling over' This rather vague message pops up when they press the button to suspend the entire site for loan processing during a default or repayment for example. So it sounds like they've just pressed the general 'suspend' button while they fix their 'technical issue'. Site functioning perfectly normally, I just popped in and had a looksee. No funds to Withdraw so cannot comment on that and never agreed their changed terms so can't really do much anyway..
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ozboy
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Post by ozboy on Jun 4, 2019 10:40:25 GMT
Yes, I do try to do that, but keeping up with 26 platforms is pretty consuming. And not helped by the fact that the Recent-T list doesn't show which platform a comment relates to (phase can someone with some relevant programming knowledge have a go at fixing this?). I have fairly drastically reduced the number of platforms I use, partly because of more perceived risk and partly just because it does become too difficult to keep track of them properly.You forgot "but mostly because so many platforms blatantly lie, cheat and deceive, all with impunity."
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ozboy
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Post by ozboy on Jun 3, 2019 13:30:05 GMT
Back in the days when I was recruiting staff I'd consider grammar and spelling mistakes on CVs as "red flags". Likewise with websites seeking my funds when they arbitrarily truncate the bios of their staff . Not that I'd touch this with a barge-pole but anyway..... Snap!
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ozboy
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Post by ozboy on Jun 3, 2019 12:54:30 GMT
Of the 5 cars - how many do you think will result in a 100% recovery I thank you You're a card adrian77, you really are.
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ozboy
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Post by ozboy on Jun 3, 2019 12:50:53 GMT
As for the FCA, from what I have seen, they strike me as a toothless dog, all bark. An organisation set up to just write a strongly worded letter that says to people "oooh, that was naughty what you did there", when something goes wrong, and that's about it. Perhaps you've forgotten the FCA have closed one platform down for not conforming to the regulatory requirements? Then, when that platform's management decided to try to rig the administration by using some dodgy mates to hide the book-cookery, the FCA took court action to put it into the hands of an experienced, approved administrator. Are they perfect? I'm not even beginning to say that. But they're certainly a lot more potent than you suggest.Agreed. When they're roused from their large lunch and pink gin induced slumber. Zzzzzzzzzzzzzzzzzzzzzzzzzzz.
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ozboy
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Post by ozboy on Jun 3, 2019 12:37:16 GMT
" In hindsight I think point 4 was probably the most important (apologies to ozboy who, to be fair to him, has been raising a stink about RICS valuations since before Moses parted the Red Sea)."Yes, my frustration that Valuations and LTVs weren't considered a "problem" nearly drove me to distraction registerme. I could see it all crystal clear and I remember I had only one or two supporters who could also see the light, the vast majority were in the Apologist " That's just the way it is, accept it." camp!!!!! RICS must be held accountable, they are self-serving and obviously have no interest whatsoever in disciplining their completely out of control Members.
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ozboy
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Post by ozboy on May 31, 2019 21:18:12 GMT
104k.. don't stress too much..i can't see a perfect ending..but I don't see a total disaster either..let the experts do the job..yes it'll be expensive..but I think they'll do a better job than lendy. A FAR better job than Lendy (who'd have done Football Association), albeit expensive as you say @billy69. I'm just glad I got out of Lendy with no losses, being in COLL I'd be too depressed being kippered twice.
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ozboy
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Post by ozboy on May 31, 2019 21:12:46 GMT
Taking the pawn loans in isolation*, how would FS perform as a traditional pawnbroker? Would their fees+interest collected minus capital losses from defaulted sales still leave them with a healthy profit? If not, then the valuations are suspect, for whatever reason. And a further point, if (and it's a big if) the valuations are suspect then this opens FS up to the possibility of being exploited by those wishing to offload their assets for the maximum available £££. Take it even further and there's probably an arb to be exploited if the valuations are on the high side (ok, getting a bit exotic now ). * excluding the art loans, just those they'd actually taken possession of! The possibility?!!!! I also know who was exploited, and it wasn't FS.
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ozboy
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Post by ozboy on May 29, 2019 20:07:35 GMT
FS used to be my absolutely favourite platform by miles but I didn't like the way it was heading so got out ages ago, hence I am not in any of these loans. I am in Unbolted though and have experienced a lot of loan defaults there (as is to be expected on bling style loans). The difference though is that on Unbolted every underlying asset was sold for (often quite a bit) more than the loan value resulting in full return of capital and interest to the lenders. This shows quite a big difference in valuation methods between the two platforms and I fail to understand how FS can have got these valuations so far wide of the mark.This has been discussed many times on here, and we all understand exactly how. And why.
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ozboy
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Post by ozboy on May 29, 2019 10:41:23 GMT
The other thing is the GDV figure is prone to change in slight changes in assumptions. For example a lot of these GDV were based on a cost of capital figure of 8%, but clearly the cost of capital was nearer 18-20%. I am not sure why Lendy never included the correct figure maybe to deceive the punters. If the correct cost of finance were used then the GDV headroom would be significantly lower from a Ltv perspective the developer profit would disappear and one would need to ask the motive behind the loan. Never underestimate the impact of compound interest. " maybe"?!!!
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ozboy
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Post by ozboy on May 29, 2019 10:29:29 GMT
I'd like to see a counter claim against the Government's assertions that Leaving was going to cost every family in the UK £500 pa or some-such, and gradually escalated as they got increasingly panicky to costing £5,000 per week or some similar stupidity. I use hyperbole for effect of course. Oh, and Tax payers money was used to fund it. I have said before and we all know, both sides lied shamefully. It's called politics.
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