locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 5, 2019 12:25:15 GMT
This thread was suggested by this story (though it's been on my mind anyway)
"Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.
It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December.
Cotten, 30, had sole responsibility for handling the funds and coins.
In court documents filed with the Nova Scotia Supreme Court on 31 January, his widow Jennifer Robertson, says the laptop on which Cotten "carried out the companies' business is encrypted and I do not know the password or recovery key".
------------
I've got lots of financial and other accounts, with the login details and passwords kept on my laptop in a 'master password' file. The password to the master password file is known only to me and isn't written down anywhere.
When I die, bit of a problem for my executor(s) - they can't access the file (I have left a printed summary page of institutions I have accounts with, but no account numbers or other details, in case of theft).
Do others worry about this? Anybody have a workable answer?
They should not be using your password after your death as they would likely be committing a crime by accessing accounts without going through the proper channels. I would keep a spreadsheet of companies, accounts and account numbers with which you do business. Encrypt and store this on dropbox. Share the link with a trusted relative or friend. Set up a dead man's switch (Google has one) to send the password to the encrypted spreadsheet on your death. They can then go through the proper channels to manage your estate. Edit: I can recommend VeraCrypt.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 3, 2019 17:32:17 GMT
Reported as spam. Just update your original thread as per normal forum etiquette.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 2, 2019 19:25:30 GMT
Lendy investors are in a very strong position with this loan so I'm inclined to hold out for everything that is owed. Apartment buyers have my complete sympathy and I hope they do pursue criminal action against the people that have mismanaged this development. However, unless they are prepared to pay the debt that is owed, they will end up with nothing as unsecured creditors. Let's see what the next few days bring.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 1, 2019 20:30:23 GMT
What I most object to about FS's policy re the repayment by partial sale of multi-tranche, non-defaulted loans is the fact that they seem to allow the borrower to take part of their profit from the early sales - i.e. not the whole of the sale realisation goes to paying down debt, rather just sufficient that the original LTV on the residual debt is maintained. Setting aside the issue of how the repayment should be distributed, it doesn't seem right to allow the borrower to take out any money before all debt is repaid (thus effectively treating them as having a higher priority than any secured lender). What if the developer uses funds from sales to pay down capital/interest but also requires them to continue the development? If he uses all his sale proceeds to pay off the loans, he'll have to take out new loans to finish the development. This issue seems less clear cut to me.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 1, 2019 20:26:55 GMT
Prudent loan repayments are always pay the more costly first. Only if all loans were defaulted simultaneously would the ranking be followed. As it says ranking is applied if loan defaults. What triggers the default is the contentious issue. A fair compromise would be if the loan is overdue by even a single day, then even if not defaulted, the repayment priority should be adhered to.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 1, 2019 19:36:12 GMT
It's their definition of what constitutes a "default" that's the issue. When ranking loan tranches are already well overdue for repayment then they have to be regarded as non-performing by any reasonable definition. Yet FS are happy to renew or repay "longer over-running" tranches whilst ranking ones carry on "continuing to accrue interest". The L.St.Annes 1st Facility 1st Tranche (1987161194), which should have been first in line for renewal using the additional £100k 5th Facility that was raised back in June, is now up to 446 days and counting. Still not defaulted by FS though !! In that case, I certainly agree with you. Did you complain to FS and did they respond? A clarification around this area would be very welcome from FS.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Feb 1, 2019 19:12:25 GMT
This is definitely frustrating but what is the solution? Unless I have missed something, in default, FS comply with the stated priority of tranches. However, if the loan has not defaulted, then the borrower is free to repay in any order they wish and often chooses to pay the more expensive/higher interest/lower ranking tranches first.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 30, 2019 11:27:52 GMT
locutus - your post so could easily read... I don't know if you've been been reading the same board as I have but I can't understand how you can fail to see what is going on. There is a concerted effort by a small number of individuals trying to promote FS. I don't know if they are platform competitors, shills, bored trolls, happy customers or something else but the evidence is right there. They never post any due diligence or reasoned analysis and instead egg one another on with positive predictions of doom and gloom. This just doesn't represent reality and is far from a balanced view. Many loans haven't repaid successfully on FS and many people make money but any newcomers here would run for the hills after reading the incessant and repetitive posts. Ironically, now that some long time posters have had enough and called out this out, you jump to their defence. For someone who wants FS to succeed and should be impartial, you have a strange way of showing it. If the FS board was overwhelmingly positive, then you would have a point. As it is overwhelmingly negative, I'm not sure what you're trying to say. It might have seemed like a clever reversal to you but it doesn't reflect the reality.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 30, 2019 11:14:14 GMT
I think you've just proved my point arby . All I can assume is that by perpetuating this "debate" that you're attempting to run FS into the ground, after all why else would you continue to post such comments disparaging other users views on FS unless it was for the purpose of creating this negative narrative that ultimately drives investors away from FS? The lifeblood of FS is new blood, that is new investors, whether in the business or the platform, to replace those who've migrated elsewhere (whether that be because they are no longer in a position to invest, have become disillusioned, or sadly passed away) and grow the business as a whole. The first thing a prospective newbie does is have a quick google and they find sites like this or TrustPilot and think no thanks. So, I really can't understand the reason for perpetuating? I'll give you my own perspective, which is that FS were one of my last platforms to enter because of all the negative feedback dating back several years and if I didn't have considerable time to invest then TBH I wouldn't bother and believe me I consider pulling out frequently. You commented a while back that you would take a break from posting but have returned in the same vein. I thought you'd realised that your efforts were counter productive despite best efforts so I'm genuinely interested in why you have returned? It's fascinating to watch this play out. I don't know if you've been been reading the same board as I have but I can't understand how you can fail to see what is going on. There is a concerted effort by a small number of individuals trying to undermine FS. I don't know if they are platform competitors, shills, bored trolls, aggrieved customers or something else but the evidence is right there. They never post any due diligence or reasoned analysis and instead egg one another on with negative predictions of doom and gloom. This just doesn't represent reality and is far from a balanced view. Many loans redeem successfully on FS and many people make money but any newcomers here would run for the hills after reading the incessant and repetitive posts. Ironically, now that some long time posters have had enough and called out this out, you jump to their defence. For someone who wants FS to succeed and should be impartial, you have a strange way of showing it.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 30, 2019 11:03:46 GMT
So why start 13 additional threads about the exact same topic...
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 30, 2019 10:48:35 GMT
You have started 13 individual threads to date predicting "mega failures" on the FS board. Unless you have ulterior motives, I can see no need to pollute the board with 13 threads of this nature. Why don't you just maintain a single thread and update it as you go along? Even better, you can add some analysis to each of your posts and explain your reasons for the predictions.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 29, 2019 18:45:16 GMT
FS has its issues which are completely understandable Thanks for illustrating my point with another constructive and well argued post.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 29, 2019 18:33:38 GMT
jonno ozboy I can only speak from experience and my best returns have indeed come from FS. FS has its issues which are completely understandable giving it is a very young and fast growing company but you only have to look at some of their recent recruits to realise they are a serious contender in P2P. I don't post often but when I see the constant negative posts from a small minority, I think it is only fair to give a balanced view and make it known that some people are happy with the platform and making money. Of course, there are improvements I hope they make in their origination and recoveries but from what I've seen, everything is heading in the right direction to give me continued confidence to invest.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 29, 2019 17:43:15 GMT
It seems to me that there is a concerted (and possibly coordinated) effort by a small number of very vocal posters seeking to undermine FS's reputation. FS are not perfect by any means and they have definitely made mistakes deserving of criticism but they are also no worse than any other P2P platform. In fact, I find them better than most which is why I have the majority of my P2P investments with FS and my returns have been excellent to date. The real risk for me is not platform negligence or borrower fraud but the small group of people posting the same ill-informed opinions over and over trying to bring about the downfall of a platform. The reason why is anyone's guess.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Jan 29, 2019 13:50:35 GMT
Thank goodness I only have just under £1k left in my FS account £1k must be peanuts to you given the fact that you're a very successful developer with many projects under their belt so I'm surprised at the amount you post on FS threads.
|
|