littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Dec 13, 2017 23:03:06 GMT
" I am very selective on FS BTW.", errrr, you need to be!  From the hundreds or thousands of investors there is bound to be the odd one who has avoided the disasters. They are either smarter or luckier than me.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168 
Likes: 4,859
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Post by ozboy on Dec 13, 2017 23:21:31 GMT
It's luck.  |
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stevio
Member of DD Central
Posts: 2,065
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Post by stevio on Dec 14, 2017 8:51:52 GMT
I am frankly staggered by the support for this platform expressed several times above. It is the only platform where I have made a net loss (losses exceed all time interest.) They were set up and organised to do pawn and moved into property without the necessary expertise. Just read the updates on South Wales Property (1442701959) in chronological order to see what an incompetent shower they are. Is it the platform or the investor? The investor should know the risks, but FS employ their pawn philosophy to all loans, ie if you have security, we will lend against it
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SteveT
Member of DD Central
Posts: 6,875
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Post by SteveT on Dec 14, 2017 8:55:57 GMT
Is it the platform or the investor? The investor should know the risks, but FS employ their pawn philosophy to all loans, ie if you have security, we will lend against it In practice, it's more like "If you can send us a Valuation that purports to show security, we will lend against it". Witness the NI wind turbine 
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sapphire
Member of DD Central
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Post by sapphire on Dec 14, 2017 9:07:15 GMT
Do those who have been following FS for some time now, think that FS are learning from its past experiences and mistakes and lenders feedback and taken steps to improve or have these all been water of a duck's back?
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r1200gs
Member of DD Central
Posts: 1,336
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Post by r1200gs on Dec 14, 2017 9:13:27 GMT
Do those who have been following FS for some time now, think that FS are learning from its past experiences and mistakes and lenders feedback and taken steps to improve or have these all been water of a duck's back? I would be astonished if Whitehaven has not taught FS a lesson and if it hasn't now, it will. I want my money back.....  Oh, would I recommend FS? Only to the jaded and sceptical.
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stevio
Member of DD Central
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Post by stevio on Dec 14, 2017 9:23:51 GMT
Do those who have been following FS for some time now, think that FS are learning from its past experiences and mistakes and lenders feedback and taken steps to improve or have these all been water of a duck's back? The recent London loans were pulled, cant remember any others off hand There a business, "learning" means being more selective, less deal flow, less interest and fees for them Their loans fill within days normally, within seconds some. Old lenders leave, but are replaced by a raft of new lenders. So there is no incentive for them to change a thing
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blender
Member of DD Central
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Post by blender on Dec 14, 2017 9:26:34 GMT
Do those who have been following FS for some time now, think that FS are learning from its past experiences and mistakes and lenders feedback and taken steps to improve or have these all been water of a duck's back? I would be astonished if Whitehaven has not taught FS a lesson and if it hasn't now, it will. I want my money back..... Oh, would I recommend FS? Only to the jaded and sceptical. What have the jaded and sceptical done to deserve that?
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bugs4me
Member of DD Central
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Post by bugs4me on Dec 14, 2017 15:09:21 GMT
I fully accept there is a learning curve with any business which is on-going in my experience.
When I started my business it was no different - the learning curve that is. The difference of course was it was my money that was invested so there was every incentive to minimise errors and when applicable learn from them ultra fast so (hopefully) they were not repeated. With P2P in general, not just FS, they are using lenders funds to gain their experience and whilst folks are queuing up to lend, there is absolutely no incentive for P2P platforms to change.
Some do of course but I'm convinced that if it was their personal money that was being lent, would many of the 'offerings' ever be listed - I think not.
The platform T's & C's which we all agree to prior to lending basically absolve them from any responsibility whatsoever. No doubt one day these will be challenged but for now, with many platforms, it does feel like the wild west.
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Post by Deleted on Dec 14, 2017 15:31:38 GMT
Do those who have been following FS for some time now, think that FS are learning from its past experiences and mistakes and lenders feedback and taken steps to improve or have these all been water of a duck's back? I think there is a learning curve and FS have two issues 1) That the period from change of practise to testing of the practise will take a minimum of 6 months (big time loop, in control theory this is not good) 2) I'm not sure that FS has a "learning-culture" (there is no control loop, in control theory this is disastrous) Based on these two "questions" I cannot lend to FS on anything larger than a car until I see a significant improvement in performance. However I have very little to show me that the performance has improved. I do not know how I will ever know anything has changed and will continue to put my money elsewhere. If anyone can give me any advice on how to check this, please let me know. If FS could show us all what learning-system they are using it might attract me back.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Dec 14, 2017 15:55:31 GMT
I'm convinced that if it was their personal money that was being lent, would many of the 'offerings' ever be listed - I think not. Have you looked at Kuflink who put their own money into every loan?
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madpierre
Member of DD Central
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Post by madpierre on Dec 14, 2017 16:26:10 GMT
I cannot recommend FundingSecure in any way. In my view FS are the highest risk of any P2P platform because they appear to be driven purely by increasing their loan book. They offer loans which have absurdly inaccurate LTVs, scant background information, and they have no interest in chasing loans which are overdue. You can play the system with some success and pass on the risk to many vacuous imbeciles through the SM but I cannot encourage that as it only leads to further growth of the platform. Charlatans should not be supported so I'm out - or I would be if I didn't have far too many thousands tied up in perpetually unresolved defaults. Other than that, of course, FS are great |
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