rocky1
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Post by rocky1 on Oct 12, 2019 5:21:23 GMT
The Client funds for newer loans should be ringfenced. Wow godanubis my last hope that you had something to you has finally gone. Newer loans ringfenced??? How much you got on the line you can’t get out? what makes you think newer loans are any less risk?the borrowers know that p2p platforms are weak and will it seems fail sooner or later.things have come to a standstill on both FS and MT and to me it's beginning to feel a lot like LY on both of these platforms.almost every loan ends up with receivers/administrators/legals having to come in after months/years to find out the so called security/PGs/debentures are not worth a toss and the borrowers have had plenty of time to run rings around them and our security has vanished into thin air
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pip
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Post by pip on Oct 12, 2019 9:06:45 GMT
Wow godanubis my last hope that you had something to you has finally gone. Newer loans ringfenced??? How much you got on the line you can’t get out? less than collateral about 20k in total £500 in the art . <0.5% of portfolio in total . I would still like it back. I actually have forgotten about these two. It will be a nice surprise whatever gets paid back.
I can appreciate others have a greater % to lose. Like Brexit let's just get it over, get something back now and argue who is to blame for the mess and keep fighting.
I would have sympathy for you if you hadn’t been spending the last two years peddling completely fabricated return rates despite me repeatedly telling you why they were not correct. I hope not too many people invested and lost money due to these.
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09dolphin
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Post by 09dolphin on Oct 12, 2019 9:07:25 GMT
Oh come on do you really think FS are going to be in a position to pay out if people won? Best chance of getting a penny is to make a song and dance about poor little consumers being shafted through sloppy FCA regulation. Personally for me I think my best avenue is just moving on and learning from my FS experience. If everybody just accepted it and moved on then FS would be happy. Sometimes you should make a stand. Besides I’ve got a lot of money in these loans it’s not so easy to just say oh well another con I’ve fallen victim to let’s move on. There is no chance whatsoever, in my view, that making a song and dance to the FCA will achieve anything for FS investors - but it may benefit other P2P site users. I can well understand the anger investors feel at FS's poor management of security and the general management of the oh so many loans which should have been defaulted 2 or more years ago. Believe me when I say that I'm also angry and I also expect to lose money. In my opinion FS are basically bust. They don't have enough money to chase the borrowers who have taken them for a ride and they have nobody to blame but themselves. It seems improbable that FS have the money to chase the numerous loans which are quite complex so they choose not to (power boat, Harrogate, Whittington. Lytham St Ann's etc) and prefer to take the ostrich approach. FS were good when they were a pawn broking site but their decision to move into property development lending was fatal in my view as they didn't have the experience, expertise etc to be able to manage these sort of borrowers. I think they will be sued for their shortcomings in the Art loan or similar loans in the very near future as people are tired of the really poor communication FS offer and feel they have no other alternative but to take action through they courts. One successful action seems likely to consign FS to becoming yet another failed P2P site. .
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pip
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Post by pip on Oct 12, 2019 9:22:02 GMT
If everybody just accepted it and moved on then FS would be happy. Sometimes you should make a stand. Besides I’ve got a lot of money in these loans it’s not so easy to just say oh well another con I’ve fallen victim to let’s move on. There is no chance whatsoever, in my view, that making a song and dance to the FCA will achieve anything for FS investors - but it may benefit other P2P site users. I can well understand the anger investors feel at FS's poor management of security and the general management of the oh so many loans which should have been defaulted 2 or more years ago. Believe me when I say that I'm also angry and I also expect to lose money. In my opinion FS are basically bust. They don't have enough money to chase the borrowers who have taken them for a ride and they have nobody to blame but themselves. It seems improbable that FS have the money to chase the numerous loans which are quite complex so they choose not to (power boat, Harrogate, Whittington. Lytham St Ann's etc) and prefer to take the ostrich approach. FS were good when they were a pawn broking site but their decision to move into property development lending was fatal in my view as they didn't have the experience, expertise etc to be able to manage these sort of borrowers. I think they will be sued for their shortcomings in the Art loan or similar loans in the very near future as people are tired of the really poor communication FS offer and feel they have no other alternative but to take action through they courts. One successful action seems likely to consign FS to becoming yet another failed P2P site. . I agree but it’s amazing what can happen when people come together and make a song and dance and claim they are victims. Look at the loan charge groups, tax dodgers trying to claim they are innocent victims and people are listening! Investors need to position themselves as innocent people who relied on the fca to invest their pensions which have now gone up in smoke. Probably won’t work but more chance that FS being in a position to pay out on a barrage of claims.
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locutus
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Post by locutus on Oct 12, 2019 9:34:17 GMT
In my opinion FS are basically bust. They don't have enough money to chase the borrowers who have taken them for a ride and they have nobody to blame but themselves. It seems improbable that FS have the money to chase the numerous loans which are quite complex so they choose not to (power boat, Harrogate, Whittington. Lytham St Ann's etc) and prefer to take the ostrich approach. This is just wishful thinking and not based on reality at all. FS have very wealthy backers who have invested large sums into the business. They are a profitable business according to accounts filed at CH. Every one is welcome to their opinion but at least ground it in some facts rather than what you would like to happen. FS have historical problem loans that do need to be dealt with and have made some poor decisions in the past but constantly predicting their demise helps no one.
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Post by brightspark on Oct 12, 2019 10:12:12 GMT
If it does nothing else constantly predicting the demise of Funding Secure because of rubbish customer service might just keep them on their toes and discourage other potential suckers. i write as a long-suffering investor in Rishton, Powerboat , Knaresborough, Formby and Llundudno not to mention the now defunct Irish Wind turbine fiasco. This new lot have now had several months to get a grip. There is no evidence of progress. Just the same hollow promises and meaningless updates with suggestions in the background that all is not as it appears. The world of investment is full of such businesses that vary from outright scams to legitimate duds. I am not in art for arts sake but I would urge investors in the loans to keep shouting because softly softly goes nowhere.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 12, 2019 11:07:44 GMT
brightspark, you are unequivocally correct. FS would have been stopped in its tracks years ago if it was based in Oz or the USA, investors en masse there simply refuse to put up with carp like this. It is uniquely British that many endlessly "apologise" for and meekly accept FS' kind of absolutely deplorable conduct. After nearly 40 years here I love this country but I still don't understand this unfathomable attitude amongst many. In my lifetime experience to date I have learned one or two invaluable lessons and besides ensuring tight Credit Control in business, the other one is "Nice guys finish last."
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 12, 2019 11:38:40 GMT
less than collateral about 20k in total £500 in the art . <0.5% of portfolio in total . I would still like it back. I actually have forgotten about these two. It will be a nice surprise whatever gets paid back.
I can appreciate others have a greater % to lose. Like Brexit let's just get it over, get something back now and argue who is to blame for the mess and keep fighting.
I would have sympathy for you if you hadn’t been spending the last two years peddling completely fabricated return rates despite me repeatedly telling you why they were not correct. I hope not too many people invested and lost money due to these. I don’t seek sympathy losses are factored in to my investments. I still make greater returns for P2P and you have yet to show how you make a loss overall if you invest diversified over many different platforms and loans. More importantly sell well before loans are due and keep minimal amounts to completion. How you can say a <.5% loss on 2 platforms that have “failed” if nothing is returned can be a failure. It means just a 1-2% reduction in return overall Put all your eggs in one basket is your foolishness. I make 2% a day in one share that is volatile I still only have it as a minuscule part of my overall share investments. I could risk hundreds of thousands in it but that is greedy and foolhardy.
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adrian77
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Post by adrian77 on Oct 12, 2019 11:53:01 GMT
absolutely but where is the evidence they are dealing with them e.g. the 2 speedboat loans are still showing as active despite being about 3 years late and still no news about the art fiasco which are also still showing as active - there are also several borrowers with multi-million Pound loans and interesting histories and there are going to be many more belters e.g. Tower Block I don't want FS to go bust I just want my money back and effective action taken to effect it - that said - head above the parapet - I predict FS will hit major financial problems in 2020...just my opinion.
Just check the available loans - ain't none! Well that is not exactly an eternal source of unbridled wealth is it?
I thank you
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pip
Posts: 542
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Post by pip on Oct 12, 2019 12:04:43 GMT
I would have sympathy for you if you hadn’t been spending the last two years peddling completely fabricated return rates despite me repeatedly telling you why they were not correct. I hope not too many people invested and lost money due to these. I don’t seek sympathy losses are factored in to my investments. I still make greater returns for P2P and you have yet to show how you make a loss overall if you invest diversified over many different platforms and loans. More importantly sell well before loans are due and keep minimal amounts to completion. How you can say a <.5% loss on 2 platforms that have “failed” if nothing is returned can be a failure. It means just a 1-2% reduction in return overall Put all your eggs in one basket is your foolishness. I make 2% a day in one share that is volatile I still only have it as a minuscule part of my overall share investments. I could risk hundreds of thousands in it but that is greedy and foolhardy. You are really not worth the effort of debating with, have a good life.
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arby
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Post by arby on Oct 12, 2019 12:08:14 GMT
absolutely but where is the evidence they are dealing with them e.g. the 2 speedboat loans are still showing as active despite being about 3 years late and still no news about the art fiasco which are also still showing as active - there are also several borrowers with multi-million Pound loans and interesting histories and there are going to be many more belters e.g. Tower Block I don't want FS to go bust I just want my money back and effective action taken to effect it - that said - head above the parapet - I predict FS will hit major financial problems in 2020...just my opinion. Just check the available loans - ain't none! Well that is not exactly an eternal source of unbridled wealth is it? I thank you 6 months ago you were pointing out the large unfilled queue of loans as a sign FS was going under! 😂 It's almost as if people are looking for signs to back up their existing view... You say you just want your money back, well you're at least one of the lucky ones who has had their initial money back, now it's just a case of what amount of return on capital you receive. I'd expect it to be rubbish, but at least you haven't made a loss.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 12, 2019 12:18:33 GMT
absolutely but where is the evidence they are dealing with them e.g. the 2 speedboat loans are still showing as active despite being about 3 years late and still no news about the art fiasco which are also still showing as active - there are also several borrowers with multi-million Pound loans and interesting histories and there are going to be many more belters e.g. Tower Block I don't want FS to go bust I just want my money back and effective action taken to effect it - that said - head above the parapet - I predict FS will hit major financial problems in 2020...just my opinion. Just check the available loans - ain't none! Well that is not exactly an eternal source of unbridled wealth is it? I thank you 6 months ago you were pointing out the large unfilled queue of loans as a sign FS was going under! 😂 It's almost as if people are looking for signs to back up their existing view... You say you just want your money back, well you're at least one of the lucky ones who has had their initial money back, now it's just a case of what amount of return on capital you receive. I'd expect it to be rubbish, but at least you haven't made a loss. Exactly chances of an overall loss either in P2P individually or as should be only part of an investment portfolio are minimal at most. Failure of individual loans or platforms should only result in a lower than expected profit.
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adrian77
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Post by adrian77 on Oct 12, 2019 14:47:45 GMT
yes ,barring miracles, it will be rubbish - I need to check my maths but I think overall I am now on target to hit a small loss - not exactly 13% is it! And yes I am extremely lucky compared to the many of we investors who have lost 4 and 5 (and possibly 6?) figure sums in various farces. Be interesting to see what 2020 brings...
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Mousey
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Post by Mousey on Oct 15, 2019 10:39:05 GMT
fundingsecure can we please have an urgent update concerning the ramifications of the consent order that was granted on 2nd October 2019?
What is the significance of the figure £2,908,987.74 and why is the borrower allowed to remove from the country assets of value above this amount?
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adrian77
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Post by adrian77 on Oct 15, 2019 13:46:45 GMT
Great stuff Mousey - I find this extremely worrying! Is this related to his divorce - wonder which country the £2.9m is heading for!
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