mariner
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Post by mariner on Jun 9, 2018 8:01:36 GMT
Latest Update 2133 entries in total 1587 completed 27 cancelled 45 defaulted for a total of £5,481,753.88 474 active Of the 474 active 116 late (i.e. due on or before 26/05/2018) for a total of £31,445,949.96 So, almost £37,000,000 of our money defaulted or overdue!!............& substantially rising week on week Incompetence or what? Latest Update 2175 entries in total 1619 completed 28 cancelled 47 defaulted for a total of £6,245,753.88 481 active Of the 481 active 116 late (i.e. due on or before 09/06/2018) for a total of £32,696,079.96 Almost £39,000,000 of our money defaulted or overdue!! Keeps on rising & rising Gross incompetence or what?
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ashtondav
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Post by ashtondav on Jun 9, 2018 8:07:22 GMT
Withdrawing as fast as possible. FS is a disaster, and that is in a relatively benign economy - Gawd help us if we get a downturn...
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james21
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Post by james21 on Jun 9, 2018 9:02:52 GMT
For every one leaving its fair to assume two new ones join (all wearing 13% goggles) few have heard of this web site
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james21
Member of DD Central
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Post by james21 on Jun 9, 2018 9:10:54 GMT
<snip> So perhaps the best approach is to ignore the updates and live chat and simply wait for the email that says "One of your investments has been completed and closed" and consider very carefully before investing again. I think your approach is probably the best one to preserve one's health. The numerous posts about this that and the other are frankly a waste of time IMO. Okay, maybe venting off now and again may help but there are so many examples where FS continuously demonstrate they have lost interest I ask myself what is the point.
Repayment by the borrower is optional or so it appears. When they repay is also an option. Loan management is below poor IMO at FS. So reading posts expecting something realistic from FS - those days are over, assuming they ever existed in the first place. Reading updates, another sad joke point.
Mentally, I've written off 50% of my final loan which will result in a c7% return since I first got involved. Whenever a loan becomes overdue then investors are at the mercy of the borrowers. It really is that simple.
Maybe FS were better in their earlier days. Their dash for growth has resulted in high blood pressure for many an investor now locked into overdue loans.
Interesting you come up with 7% return on FS, thats the figure I come up with for my loans over 18 months on the platform and I have analysed it several times this year. I am giving it all of the remains of this year before deciding to quit to see how me being more selective that I started at the beginning of the year reduces my defaults and increases my return
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Post by mrmister on Jun 11, 2018 10:00:19 GMT
Withdrawing as fast as possible. FS is a disaster, and that is in a relatively benign economy - Gawd help us if we get a downturn... I keeps seeing posts that people are leaving FS, FC, LY, etc - so which P2P is everyone fleeing to for safety?
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Nomad
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Post by Nomad on Jun 11, 2018 10:03:04 GMT
Withdrawing as fast as possible. FS is a disaster, and that is in a relatively benign economy - Gawd help us if we get a downturn... I keeps seeing posts that people are leaving FS, FC, LY, etc - so which P2P is everyone fleeing to for safety? Ablrate, Relendex, Archover...
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Post by mrmister on Jun 11, 2018 10:21:29 GMT
I keeps seeing posts that people are leaving FS, FC, LY, etc - so which P2P is everyone fleeing to for safety? Ablrate, Relendex, Archover... I've heard of the first but not the other two - I assume they are tiddlers and I notice that Archover appear to have a minimum investment of £1000 per loan - for me too much for any LV over 50%.
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james21
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Post by james21 on Jun 11, 2018 11:46:31 GMT
Ablrate, Relendex, Archover... I've heard of the first but not the other two - I assume they are tiddlers and I notice that Archover appear to have a minimum investment of £1000 per loan - for me too much for any LV over 50%. Relendex; solid loans, fair interest rate c8%
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mariner
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Post by mariner on Jun 23, 2018 7:53:16 GMT
Latest Update 2175 entries in total 1619 completed 28 cancelled 47 defaulted for a total of £6,245,753.88 481 active Of the 481 active 116 late (i.e. due on or before 09/06/2018) for a total of £32,696,079.96 Almost £39,000,000 of our money defaulted or overdue!! Keeps on rising & rising Gross incompetence or what? Latest Update 2194 entries in total 1642 completed 28 cancelled 48 defaulted for a total of £6,360,253.88 476 active Of the 476 active 141 late (i.e. due on or before 23/06/2018) for a total of £36,546,399.96 Almost £43,000,000 of our money defaulted or overdue The figures say it all
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adrian77
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Post by adrian77 on Jun 23, 2018 8:48:49 GMT
is that all !
Gordon Bennett.
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r00lish67
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Post by r00lish67 on Jun 23, 2018 9:51:24 GMT
The Anglesey property 1st facility now renewing today (was 2 months overdue), so that'll chisel off a million. More renewals/redemptions definitely required though I agree.
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bg
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Post by bg on Jun 23, 2018 10:52:19 GMT
I really don't think this sort of 'analysis' is helpful at all.
Agree there are some loans with some serious issues on FS but to make out that all loans should be reaping on time is unfair and unrealistic. By way of their nature, bridging and developments loans do run over term in the majority of cases. It is to be expected (and impacts banks just as much as all P2P lenders). What is unreasonable is expecting a platform/bank to default the loan and call the property a day after a loan goes late. That would not lead a suboptimal outcome for both lenders and borrowers and would probably make borrowers reluctant to take out the loan from FS in the first place.
I think it would be more appropriate to highlight individual loans where there are issues (and there are threads for most of them) or to do the analysis on loans that are over 6 or 12 months late. That will give a better indication of the state of the loan book.
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mariner
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Post by mariner on Jun 23, 2018 11:07:48 GMT
Quite entitled to your opinion of course
Only giving it "as is stands"
Lenders can make up their own minds
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bg
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Post by bg on Jun 23, 2018 12:26:09 GMT
Quite entitled to your opinion of course Only giving it "as is stands" Lenders can make up their own minds OK but you frame it as if there should be no late loans which just isn't how this industry works. How about putting it into some context? Lendy for example, doesn't even classify a loan as non-performing until it is over 6 months late. It currently has £42m in non-performing loans but if you look at their loan book it has around £60m in live loans that are less than 6 months late. So in total over £100m overdue loans. Gross incompetence or what?! As I said it is to be expected with this kind of lending. Even AC with lower risk, better secured loans (and with significantly lower interest rates) has £35m in suspended loans. FC has much more in both defaults and late loans but a few months ago they stopped people from downloading the loan book so you can't even do this sort of analysis. How's that for transparency.
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mariner
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Post by mariner on Jun 23, 2018 12:45:04 GMT
No probs
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