SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Apr 18, 2018 12:44:06 GMT
That's not to say FS does not have its problems as an investor in both W----haven and K---borough I can personally attest but if you don't like it at least you can get out.
Not once loans pass 30 days remaining, you can't. Of my fairly carefully selected FS portfolio, I reckon at least 60% is now in loans that are in various stages of awaiting renewal / increasingly late / defaulted / all but dead. My "accrued interest" figure is now well over 10% of my capital invested, so my average loan age is over 10 months (and rising). I can't remember the last time I had a significant loan repay or renew. Several months at least. Meanwhile, new FS loans are shovelled out of the door daily and blindly filled by more charitable souls than me.
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Apr 18, 2018 12:45:41 GMT
Loans on the PM seem to be being filled very quickly last couple of days...has made SM little slower than normal.
|
|
pier2pier
Member of DD Central
Posts: 80
Likes: 74
|
Post by pier2pier on Apr 18, 2018 13:02:12 GMT
4 renewals all gone today, just short of 200k, still plenty with faith  wonder how much new money went in Certainly not mine...though I'm getting quite proficient in the "shuffling deck chairs around on the Titanic" caper. Until 6 loans beginning with the letters A..B..C..L..M & P are resolved..I will not invest one new penny into FS and I'm waiting on a response to an email ive sent (which has been acknowledged) regarding those. The outcome will decide whether I pull out completely or continue. 150k renewal all but gone, good day for FS A B C L M & P - no choo choo stuff?
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Apr 18, 2018 13:10:38 GMT
That's not to say FS does not have its problems as an investor in both W----haven and K---borough I can personally attest but if you don't like it at least you can get out.
Not once loans pass 30 days remaining, you can't. Of my fairly carefully selected FS portfolio, I reckon at least 60% is now in loans that are in various stages of awaiting renewal / increasingly late / defaulted / all but dead. My "accrued interest" figure is now well over 10% of my capital invested, so my average loan age is over 10 months (and rising). I can't remember the last time I had a significant loan repay or renew. Several months at least. Meanwhile, new FS loans are shovelled out of the door daily and blindly filled by more charitable souls than me. When I made that post I knew someone would bring up the '30 days', I agree its a pain and see no reason why loans cant be traded for a longer period but at least they are consistent.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Apr 18, 2018 13:14:49 GMT
Certainly not mine...though I'm getting quite proficient in the "shuffling deck chairs around on the Titanic" caper. Until 6 loans beginning with the letters A..B..C..L..M & P are resolved..I will not invest one new penny into FS and I'm waiting on a response to an email ive sent (which has been acknowledged) regarding those. The outcome will decide whether I pull out completely or continue. 150k renewal all but gone, good day for FS A B C L M & P - no choo choo stuff? Before my time thankfully..and I know naff all about clockwork mechanisms..I always ended up losing the key or over winding them 
|
|
|
|
Post by pharcyde on Apr 28, 2018 11:05:04 GMT
Secondary market pretty much dried up completely around January (i'm a regular user).
I managed to clear everything out, but it took 3 months, and virtually everything had to be sold at 1% discount.
|
|
tony
Posts: 136
Likes: 91
|
Post by tony on Apr 28, 2018 20:18:43 GMT
I should know the answer to this question but my senile brain has forgotten it - when does FS get paid their fee by the borrower? If the platform has no stake in the loan and all lending is done by the investors are not FS laughing all the way to their bank when loans are extended and do they have any incentive to take a hard line with defaulting borrowers? The same question arises with L apart from loans made under the original rules, where L provided the funds initially, when I would have thought it would be in their interest to recover defaulted loans as quickly as possible.
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Apr 28, 2018 22:03:54 GMT
I should know the answer to this question but my senile brain has forgotten it - when does FS get paid their fee by the borrower? If the platform has no stake in the loan and all lending is done by the investors are not FS laughing all the way to their bank when loans are extended and do they have any incentive to take a hard line with defaulting borrowers? The same question arises with L apart from loans made under the original rules, where L provided the funds initially, when I would have thought it would be in their interest to recover defaulted loans as quickly as possible. I cannot comment on FS but I would have thought their fees would be at the end of the loan term - but I believe that only applies to traditional pawn. Once they moved into property then it's a bit murky. Maybe someone else with more knowledge than myself will be along later.
LY is a different kettle of fish. Irrespective as to which set of T's&C's applied, there is no reason AFAIK why their expert can-kicking should not continue unfortunately. Even once the asset is sold, funds received and a partial repayment notice is applied to the loan, I would fully expect they will claim to still be chasing the borrower for the balance of monies owed. So no default applied. The borrower may have emigrated to the moon but they (LY) are an optimistic bunch to keep their 'no lender has ever....'!!!
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on May 1, 2018 16:18:40 GMT
FS has been very quiet over the last 24 hours...PM & SM is dead....looks like everyone's funds (including mine!) are all tied up
|
|
wonder how much new money went in 
