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Post by Financial Thing on Jun 11, 2015 21:39:16 GMT
I cannot see the website either.
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FundingSecure (FS) in Administration
Domain Name
Jun 11, 2015 17:06:48 GMT
biggles likes this
Post by Financial Thing on Jun 11, 2015 17:06:48 GMT
Let me start by saying I buy and sell domains and have been doing so for 10 years and I wouldn't touch this loan for any amount.
It also makes me very nervous that FS is loaning large sums of money on such questionable virtual items at unreasonable LTV's. This valuation is pure speculation. Domains are worth what people will pay on a given day (or hour). Buyers come and go quickly. It's not like there are 100's of buyers for a domain name. Got to a domain auction site and look at the high priced domains and see how few people bid of them. Yes, someone may of offered to buy the name at some point, but finding a new buyer in the event of a default could take years. I know this first hand.
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FundingSecure (FS) in Administration
New Loans (FS)
Jun 11, 2015 15:59:09 GMT
Post by Financial Thing on Jun 11, 2015 15:59:09 GMT
My dad was a pawnbroker but he never lent more than 30% LTV on the stuff as it can be tricky to value. Hopefully FS has someone experienced with working with them. The only other thing you have to worry about is gold prices dropping which likely won't happen. When the US stock market pops, gold should (in theory) do well.
The positive is that jewelry can be easily liquidated due to a default so it's relatively safe.
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Post by Financial Thing on Jun 9, 2015 14:10:47 GMT
Thanks for the explanation Ed....Makes sense.
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Post by Financial Thing on Jun 8, 2015 23:47:43 GMT
Ed...
Just curious....when you say "lending our own money first" can you clarify what you mean?
Would I be right in assuming that your company is loaning out from company funds or other methods you have of acquiring finances and then recouping the loan amounts by offering the loans on MT?
Does MT keep a minimum cash reserve outside of what it collects through the website? Sort of a disaster fund as you will? If so how is this calculated?
Thanks
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Post by Financial Thing on Jun 8, 2015 23:41:10 GMT
For goodness sake! Surely someone in a professional organisation like this employs some educated people who can write good enough English to avoid the vagaries and inaccuracies of google-translate... or pay someone. Agreed
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Post by Financial Thing on Jun 8, 2015 19:12:24 GMT
I'm always interested in the next big thing and I've been reading about Betterment, Wealthfront, Nutmeg and even Swanest which like P2P portals each seem to offer different things, the first two being US focused, Swanest looking the most European (I.e. not "getting it" but they want your money) with Nutmeg with relatively high costs. What I cannot find is 1) The correct term to search for these website, tried "robo investor" and "automated investment services" and get very little 2) An equivalent to P2Pindependentforum 3) Any clear UK market listing Anyone else got any ideas? I don't know of any other search term other than Robo Investing. Forums I would check out bogleheads. It's an American site but it's frequented by people from all over the world. They discuss robo investing there, search for it. I'm curious as to why people would invest in these services otherwise than not having the time to make a trade each month. I used Betterment before I knew "better" and found the fund they invest in had some annual fees that were much higher than say a Vanguard Index or Fidelity Fund. The problem is Betterment has fees which range from 0.15 - 0.35% annually. If you add these fees to the fund fees, your returns become reduced, especially if you consider compounded interest over 20 years. I opened up an iWeb account where trades costs £5. Then buy a single Vanguard Lifestrategy Fund (super low annual fee) monthly. One trade and done. If you want to get a but more serious you can buy three funds: Bogleheads UK investing
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Post by Financial Thing on Jun 8, 2015 18:45:42 GMT
Similar to this, ablrate showed me a great site where you can see the returns that other people get and follow their portfolios and automatically mimic them. It was ace and a UK equivalent would be great. Which site is this you speak of?
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Post by Financial Thing on Jun 8, 2015 4:27:13 GMT
I was looking at the investly website and clicked on a company profile investly.eu/000145/company/profile which reads: "Being himself had been three years in the network marketing company I have been searching for a suitable partner CRM'i. Since the market is not an appropriate place, then I started to write it yourself. I proceeded võrkturunduses used in preparing the application and excel google Sheets from the bottom, and the reports by the leaders of your team want to see." Doesn't give me much confidence as a possible investor when the profile is poorly written.
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Post by Financial Thing on Jun 4, 2015 22:55:21 GMT
Jun 4, 2015 15:53:58 GMT -4 MoneyThing said: Evening optionstrader, 1. The threads mentioned by bobo & il moro hopefully explain how MT works and how we look to mitigate the risk. If we were unfortunate to go 'pop', the liquidator/administrator would have access to Deeds of Assignment between both the Partner & MT (for Partner originated loans) and then a second Deed of Assignment for each loan (MT or Partner Originated) between MT and the Investor, which explicitly assigns the equitable proportional interest of both the underlying security as well as the defined rate of interest of 1% due to the Investor. 2. This is David's (co-director & shareholder), home address from where he operates and has done so for over 10 years (as Capital Mortgages Direct Ltd). The MoneyThing P2P Lending aspect of the company is a recent development. We made the decision early on to try and keep the running costs of the business as low as possible until such time as the business became viable (beyond operational break even). In addition, with the two UK based team members being opposite sides of London, I didn't fancy getting an expensive central London premises at this stage. One day soon I am sure we will. Excuse my ignorance but I have to ask out of curiosity - why would a residential address vs rented offices have an impact on the perceived risk from a lender prospective? Please feel free to ask anymore questions. Kind regards, Ed
Thanks for the explanation Ed. As a complete newcomer to P2P, sending money to an established business which is unregulated and lists a residential address as a place of business does give me initial red flags, but that's just me. At the end of day, a funding business based in a London office can as easily close down as a home office, and I can certainly appreciate the desire to keep operating expenses low. With several P2P funding websites ceasing to do business, there is a higher risk of default here so as a lender, due diligence makes sense. Ed, the fact that you are so active on this forum speaks volumes for your business and I believe you will do very well because of this ethic so keep up the good work as long as you can. (I have invested some money through your site by the way)
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Post by Financial Thing on Jun 4, 2015 16:59:23 GMT
The contact details are on the sign in page at the bottom but aernt visible once youve logged in. Postal address, phone no & contact form, email is support@savingstream.co.uk To sell loan parts, go to your dashboard, click on view details and then the loan you wish to sell and the selling options areat the bottom of the page. Note that once you put a loan up for sale you earn no interest & the sales proceeds wont appear in your account until all a unit offered is all sold, annoying when someone leaves pence hanging. Any interest accrued is paid at end of month Crossed mrrclondon post ___________ Thanks to you both, quite tricky to figure out.
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Post by Financial Thing on Jun 4, 2015 16:45:37 GMT
oh my I did a little more digging about the residential address. I suppose there really is very little recourse if MT folds, that's just part of the risk of P2P lending.
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Post by Financial Thing on Jun 4, 2015 16:16:19 GMT
Its a minor quirk of the SS site ... the Conrtact Us link is only visible when you have logged out from the site, and are on the public facing webpages, which takes you to this page : www.savingstream.co.uk/contact-usQuite a quirk I'd say. Could you tell me, how do you sell on the secondary market. I couldn't figure out how to do this from the dashboard
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Post by Financial Thing on Jun 4, 2015 16:09:18 GMT
So has anyone else noticed that in the saving stream dashboard, there is no "Contact" link, or any details about how to contact this company aside of a Twitter and FB badge?
I was actually trying to figure out how to sell on the secondary market. Maybe I'm not smart, but I couldn't see ho to do this while logged in. This led me to look for a contact link which I couldn't see either. Then I become somewhat alarmed thinking...what did I just invest in??
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Post by Financial Thing on Jun 4, 2015 15:18:00 GMT
Greetings to all...
Being a complete newcomer to P2P lending, Moneything looks to be an interesting way of investing, but I do have some concerns that maybe Ed or other people can answer. None of these questions are intended to offend, but me being a complete beginner, just trying to inform myself.
1. What happens if MT folds? Do lenders have any recourse? Not saying this will happen but quite a few P2p funding websites have ceased to do business in the last couple of years so this is a very real possibility.
2. The listed address on MT's website in London appears to be a residential home. Again, this isn't necessarily a bad point but it does give me pause for concern since invested money is completely unprotected.
Thanks in advance to anyone who can share their opinions or findings.
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