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Post by scores on Mar 3, 2018 14:27:37 GMT
That review is absolutely laughable. It would not surprise me if it was written by one of the Directors or by an employee who was instructed by one of the directors to big-up their own platform. Out of the 11 employees,I wonder how many are actually tasked to chase up borrowers for there loans to be repaid on time. They obviously have at least one employee who's duty it is to write the most farcical updates they can think up. At this moment,I am holding 29 loans which are overdue for repayment. Of these 21 are 6 months overdue,12 are 1 year overdue,and the longest is 939 days overdue.
As for their Customer Service. I find the time they take to reply,and the content of their answers to questions,to be appalling.
I am slowly withdrawing my funds from the FS platform,and would not recommend FS to anyone.
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adrian77
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Post by adrian77 on Mar 3, 2018 18:39:58 GMT
similarly I have 79 loans of which 27 are overdue - granted there are multiple tranches so difficult to compute how many assets have loans against them which are late. If we take 20% as being late then as FS have 1936 individual loans that gives us about 380. Even if we say 10% that is 200 late loans in round figures. Considering the tiny staff and relatively very small cash balance FS has then ,unless the collections process is out-sourced, I just don't see how FS have the staff and time to chase all these late payers - this is not exactly contradicted by the number of meaningless updates we are fed... as I said before there are some big loans here which most of us believe will be even worse than the 70% trubine write-off. I said I expected a P2P company to go buist this year - well I was right on that one. Actually I expected another company to go bust but there is still time... interesting FC article about Coll**** www.ft.com/content/5568a87a-1d36-11e8-956a-43db76e699363 snippets I found interesting never a dull moment...
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mariner
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Post by mariner on Mar 3, 2018 19:13:08 GMT
That review is absolutely laughable. It would not surprise me if it was written by one of the Directors or by an employee who was instructed by one of the directors to big-up their own platform. Out of the 11 employees,I wonder how many are actually tasked to chase up borrowers for there loans to be repaid on time. They obviously have at least one employee who's duty it is to write the most farcical updates they can think up. At this moment,I am holding 29 loans which are overdue for repayment. Of these 21 are 6 months overdue,12 are 1 year overdue,and the longest is 939 days overdue. As for their Customer Service. I find the time they take to reply,and the content of their answers to questions,to be appalling. I am slowly withdrawing my funds from the FS platform,and would not recommend FS to anyone. Re my bold My take on it is, as they have so little staff, they get somebody who is passing by, call them in, say to them," write some waffle on these overdue loans & we will give you 50 quid" Job done for another week Seriously though, the updates are really pathetic & FS are losing their way big time
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mikes1531
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Post by mikes1531 on Mar 3, 2018 23:39:08 GMT
... as FS have 1936 individual loans .... Considering the tiny staff and relatively very small cash balance FS has then ,unless the collections process is out-sourced, I just don't see how FS have the staff and time to chase all these late payers ... : I agree with your conclusion above, but I'm afraid your starting point is wrong. Yes, there are 1936 entries on FS's 'All active and past loans' list. But 1450 of those entries are for Completed loans. Of the remaining 486 loans, 43 are showing a status of Defaulted and the other 443 are classified as Active, though a fair number of the Active loans are well overdue. I can't see an easy way to determine how many of the Active loans are overdue, but I can say that I have 48 of those. If there are a similar number that I've managed to avoid, then that would mean a total of about 150 Overdue and Defaulted loans. Even that is a major overestimate, however, because where a loan has been made in tranches, every tranche will have an entry on that list. The overdue Formby Development, for instance, has seven entries. The infamous Whitehaven loan has five. And so on. A more realistic estimate of the number of non-performing FS loans might be about 100. But that's still a lot of loans/borrowers to chase, and ISTM that FS don't have enough staff at the moment to do all the necessary chasing.
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mariner
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Post by mariner on Mar 4, 2018 8:28:08 GMT
101 of the 443 active loans are over 180 days old
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Post by flx123 on Mar 4, 2018 8:51:24 GMT
101 of the 443 active loans are over 180 days old You may call it a mature loan book. 
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pier2pier
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Post by pier2pier on Mar 4, 2018 9:58:28 GMT
101 of the 443 active loans are over 180 days old You may call it a mature loan book. should that not be n rather than a t
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adrian77
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Post by adrian77 on Mar 4, 2018 16:46:37 GMT
fair point guilty !
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Post by beepbeepimajeep on Mar 4, 2018 17:05:58 GMT
3 snippets I found interesting It is correct, as per a post on the collateral board web.archive.org/web/20161226151155/https://www.collateraluk.com/terms-and-conditions/Dec 2016 t&c containing the words "14.2. All client money held in the Client Money Account is held in a segregated bank account and is recognised as client money." webcache.googleusercontent.com/search?q=cache:ta3VfvDkmUMJ:https://www.collateraluk.com/terms-and-conditions/+&cd=1&hl=en&ct=clnk&gl=ukCache from a week before they went offline (at this point they had also removed the we are authorised by the FCA blurb from all their emails). " •In particular you should note that if Collateral was to become insolvent then any money held by it would not be held in accordance with the FCA’s client money rules, which require in particular that client money is held separately from a firm’s own money, and it is likely you would rank as an ordinary unsecured creditor. Ordinary unsecured creditors rarely make any recovery on insolvency. " However despite this the administrator has said the segregated account was still there and has made comments about us getting 100p in the pound.
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mariner
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Post by mariner on Mar 12, 2018 19:51:37 GMT
Just noticed an very descriptive review on Trustpilot, correct in every aspect I think this may be the one that FS was disputing but looks like they have been overruled (quite rightly so) Ha Ha Yet another review on Trustpilot which was disputed by FS & again they have been overruled Straight & to the point 2nd one down in the thread, poster "Property Developer" FS must be fuming!!! but says it all really uk.trustpilot.com/review/www.fundingsecure.com
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mariner
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Post by mariner on Mar 18, 2018 20:41:11 GMT
FS disputing more reviews again on Trustpilot,one because a reviewer did not confirm their name to FS..........eh, are they thick?
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Post by carol167 on Mar 18, 2018 21:25:04 GMT
Where the overall rating falls foul is that clearly borrowers are likely to have good things to say, whilst lenders may well feel very differently.
The two opposite viewpoints have the potential to cancel each other out and give a bit of a false overall viewpoint.
Trustpilot could do with two separate ratings IMO.
If I was a borrower and was able to get away with not paying back the loan, then of course I would give it a very good reveiw.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Mar 18, 2018 22:44:53 GMT
Just noticed an very descriptive review on Trustpilot, correct in every aspect I think this may be the one that FS was disputing but looks like they have been overruled (quite rightly so) Ha Ha Yet another review on Trustpilot which was disputed by FS & again they have been overruled Straight & to the point 2nd one down in the thread, poster "Property Developer" FS must be fuming!!! but says it all really uk.trustpilot.com/review/www.fundingsecure.comDo you have a copy of it anywhere? Funding Secure seems to have censored it.
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mariner
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Post by mariner on Mar 19, 2018 18:42:22 GMT
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btc
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Post by btc on Mar 20, 2018 8:58:50 GMT
Ha Ha Yet another review on Trustpilot which was disputed by FS & again they have been overruled Straight & to the point 2nd one down in the thread, poster "Property Developer" FS must be fuming!!! but says it all really uk.trustpilot.com/review/www.fundingsecure.comDo you have a copy of it anywhere? Funding Secure seems to have censored it. Something like Technically the loans are for 6 months, but they are nice guys and very easy-going. Unlike other lending companies, they will not repossess your property. As long as you promise that you are seeking to refinance your property they won't put any pressure upon you to repay the loan. I provide them with a simple letter of rates available from mortgage brokers, and they accept that as proof of imminent refinance. In fact, you can easily create genuine looking documents on your home computer that state that you have been offered a loan, put a friend's phone number and email on it and they are none the wiser. My current loan with them is 18 months overdue
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