oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
|
Post by oldgrumpy on Sept 27, 2017 16:55:42 GMT
I have extracted this text from the email about a renewing loan sent to me by Funding Secure. My bolding and sizing. The total facility including this loan is £1,239,000. Future drawdowns will be released on evidence of works having been carried out.
Evidence of works having been carried out.
We all, I am sure, have realised that this kind of business should not be treated in the same way as a minor pawn loan business, and despite being urged to reform their model, Funding Secure has not commented in any way about plans to do so.
So, in the light of the crass lies which Funding Secure has continually accepted from the Whitehaven borrower (and some others) as "evidence of works having been carried out" perhaps it is time to outline here in a precise (but concise) way what should be done from now on to make Funding Secure's procedures fit for purpose, so that lenders' money can be protected from dubious activity, including that of Funding Secure's updating policy. This should, when acted upon in due course, fundamentally improve the reputation and efficiency of the platform.
fundingsecure , do please join in the discussion here.
So, suggestions please. What solid evidence would lenders like Funding Secure to provide on a regular basis in order to encourage continued investment by lenders?
( It will need to be accepted that rates on these kinds of loans could, quite reasonably, be allowed to drop from 13/14% to maybe 11.5-12% so that FS genuine additional costs could be covered. Lenders should not lose in the long term, as defaults should be less likely.)
Shall we have a poll? No, I think not.
|
|
|
|
Post by moneymagnet on Sept 27, 2017 20:04:40 GMT
Well some good quality pictures would be a start. The developers should be sending these to FS as a matter of course, wouldn't you think? As long as they could be shown to be from the site in question, a record of progress in pictures on all loans would go a long way to help me feel that FS has learned from past mistakes.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Sept 27, 2017 20:35:53 GMT
No poll needed for me. I already voted, with my feet.
|
|
|
|
Post by martin44 on Sept 27, 2017 20:46:22 GMT
Well some good quality pictures would be a start. The developers should be sending these to FS as a matter of course, wouldn't you think? As long as they could be shown to be from the site in question, a record of progress in pictures on all loans would go a long way to help me feel that FS has learned from past mistakes. Not a chance. Not a cat in hell's chance.. Something Akin to me (or anyone) in a casino gambling with your money. Unfortunately they do not care.
|
|
|
|
Post by martin44 on Sept 27, 2017 21:00:05 GMT
I have extracted this text from the email about a renewing loan sent to me by Funding Secure. My bolding and sizing. The total facility including this loan is £1,239,000. Future drawdowns will be released on evidence of works having been carried out.
Evidence of works having been carried out.
We all, I am sure, have realised that this kind of business should not be treated in the same way as a minor pawn loan business, and despite being urged to reform their model, Funding Secure has not commented in any way about plans to do so.
So, in the light of the crass lies which Funding Secure has continually accepted from the Whitehaven borrower (and some others) as "evidence of works having been carried out" perhaps it is time to outline here in a precise (but concise) way what should be done from now on to make Funding Secure's procedures fit for purpose, so that lenders' money can be protected from dubious activity, including that of Funding Secure's updating policy. This should, when acted upon in due course, fundamentally improve the reputation and efficiency of the platform.
fundingsecure , do please join in the discussion here.
So, suggestions please. What solid evidence would lenders like Funding Secure to provide on a regular basis in order to encourage continued investment by lenders?
( It will need to be accepted that rates on these kinds of loans could, quite reasonably, be allowed to drop from 13/14% to maybe 11.5-12% so that FS genuine additional costs could be covered. Lenders should not lose in the long term, as defaults should be less likely.)
Shall we have a poll? No, I think not.
My bold.. The model need changing, Pawning property works at the outset, because it is good for FS and good for the borrower, but the end result with regards a bad borrower is proving to be a disaster, the foreclosure process is woeful, updates are p**s taking, interaction is almost non existent and the SM is rubbish, the good bits........ . *I'm tantalizingly close to out.  * edit **
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Sept 27, 2017 22:10:44 GMT
<snip>
We all, I am sure, have realised that this kind of business should not be treated in the same way as a minor pawn loan business, and despite being urged to reform their model, Funding Secure has not commented in any way about plans to do so.
They have no reason/incentive to reform their current business model whilst they can still continue to fund loans. Plenty of 'warnings' on this forum regarding their lack of diligence but I'm always reminded that it's a small minority of lenders that are members around here.
Numerous posts reference a seemingly cavalier approach to lender's funds, repetitive meaningless updates, etc, etc. Mainly negative, little of a positive nature towards them. Seems to have little if any effect.
Why change though when those loans are still being funded. Only when the money tap is turned off will things change. Hopefully I will be out by then after my defaults, sorry unredeemed loans are eventually partly repaid. I've already mentally written off those funds so any pennies received will be a bonus. I suspect (many) others may feel the same.
It really didn't have to be this way but then again, it's not my business.
|
|
woodie
Member of DD Central
Posts: 120
Likes: 78
|
Post by woodie on Sept 27, 2017 23:32:50 GMT
I'm sorry OG but your attempts to make FS see reason are futile.
Their actions ( or rather inactions ) have put themselves beyond the pail.
I, with others, am voting with my feet.
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on Sept 28, 2017 1:37:19 GMT
I'm walking too. Anyone have recommendations where to park our cash? I'd settle for 10% providing the lender is more professional than FS and L***y.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Sept 28, 2017 9:53:27 GMT
I'm sorry OG but your attempts to make FS see reason are futile. Their actions ( or rather inactions ) have put themselves beyond the pail. I, with others, am voting with my feet. You may well be right.  It might take the crash of the other larger platform which it seems is well down the road to self-destruction by slack and ill judged procedures to make all platforms look more carefully at their own positions.
|
|
|
|
Post by Deleted on Sept 28, 2017 10:10:12 GMT
I used to manage Industrial building projects world wide from a base in Bolton.
On every project we identified clear sign-off points along the project line and, as part of our builders contracts they had to
1) Provide weekly photos showing that they were carrying out work to achieve those sign-off points
2) All documentations including photos at the sign off points
This was built into our management process so that on a daily basis we (the management team) reviewed 1/5 of all the projects to ensure that they were exactly where they were expected to be. After a tough start this took less than 15 minutes a day, so did it as a stand up meeting with Lean performance measures (pretty graphs and things but linking into Gen Y and Millenial drivers).
I have mooted this idea to FS yesterday and if they want the Quality Engineer who documented and process designed this work for me is still active as a consultant Quality Engineer. I.e. practical help is available if FS would like to PM me.
Needless to say there was push back from the actors in this matter. In our case they were suppliers and we speedily sacked a few. The message got through and our ability to deliver on time became a USP.
Some people think every project is special, they aint, they all follow the same general shape only the details change. So process management of a development is extremely easy, it just needs rigor and a plan.
Hope this helps.
BTW we were building giant vacuum pumps for every technology used in the world.
Bobo
|
|
|
|
Post by eascogo on Sept 28, 2017 11:20:16 GMT
I'm sorry OG but your attempts to make FS see reason are futile. Their actions ( or rather inactions ) have put themselves beyond the pail. I, with others, am voting with my feet. You may well be right. It might take the crash of the other larger platform which it seems is well down the road to self-destruction by slack and ill judged procedures to make all platforms look more carefully at their own positions. Was curious about etymology and spelling. Follow the link for an interesting background history.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Sept 28, 2017 15:54:36 GMT
I'm walking too. Anyone have recommendations where to park our cash? I'd settle for 10% providing the lender is more professional than FS and L***y. : Have you looked at Assetz or The House Crowd? (I mention those two because they're platforms I know a bit about, having invested through them.) I'm not sure 10% is achievable as an average these days, but I'd have thought 9% was possible.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Sept 28, 2017 15:58:26 GMT
I'm walking too. Anyone have recommendations where to park our cash? I'd settle for 10% providing the lender is more professional than FS and L***y. : Have you looked at Assetz or The House Crowd? (I mention those two because they're platforms I know a bit about, having invested through them.) I'm not sure 10% is achievable as an average these days, but I'd have thought 9% was possible. 9% is going to be hard in future with Assetz - diversified portfolio likely to be 8.5% given the rates on new loans.
|
|
|
|
Post by Harland Kearney on Sept 28, 2017 21:53:09 GMT
I've been with FS since I started P2P last year, more blindly than by taste I put a portion of my money into the platform (little under 2.5k) but any completions of loans I am now withdrawing to put into other sites. From what others with far more experience than I are saying on this website makes me uncomfortable. Out of the 67 loans I hold 5 are defaulted whilst about 10 others are grossly over due (One has reached 400 days!)
|
|
poppyland
Member of DD Central
Posts: 237
Likes: 243
|
Post by poppyland on Oct 3, 2017 12:22:58 GMT
I'm walking too. Anyone have recommendations where to park our cash? I'd settle for 10% providing the lender is more professional than FS and L***y. : Have you looked at Assetz or The House Crowd? (I mention those two because they're platforms I know a bit about, having invested through them.) I'm not sure 10% is achievable as an average these days, but I'd have thought 9% was possible. Hi guys, I would not recommend House Crowd. We stupidly put a large sum into what was supposed to be a 10 month investment with a return of 10% over that time. It was a "buy a house, do it up and sell it on" type project. It is now almost two years later, and the refurbished house has still not sold. On top of that, the refurbishment cost a lot more than expected, mainly because damp was discovered in the cellar. I have no idea when we will get our capital back, or how much interest we will get on top, but it has not been a good investment at all. What is especially annoying is that we get regular emails from House Crowd about "exciting" new projects that we might want to sink our money into, and champagne parties they are holding to celebrate new launches or current success.
|
|
*
It might take the crash of the other larger platform which it seems is well down the road to self-destruction by slack and ill judged procedures to make all platforms look more carefully at their own positions.
