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Post by charliebrown on Jul 12, 2018 12:44:13 GMT
I think procrastination, ambivalence and couldn’t give a toss about delays and defaults seems to apply to most platforms, certainly the platforms I’ve tried. There’s thread after thread on these forums complaining about lack of empathy and kicking the can down the road. It seems borrowers need to be treated with kid gloves whereas investors are ten a penny (put ten pennies in, get one penny out). They say these days customers are loyal to experience not brand but to be quite honest I haven’t used any platform that offers investors a good experience.
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rocky1
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Post by rocky1 on Jul 12, 2018 12:46:43 GMT
i think lendy are well out in front for borrowers running rings round them
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aligibbs
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Post by aligibbs on Jul 12, 2018 15:18:42 GMT
It doesn't take long for a loan which is lent at an LTV of 60-70% with an interest rate (to lenders) of 12-14% (and therefore 16-18% to borrowers) to get out of hand if its not quickly resolved. I'd much prefer that FS stepped in quicker- even if there is capital loss, as this is obviously going to be lower than waiting 12+months (and longer it seems).
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 12, 2018 17:20:27 GMT
It doesn't take long for a loan which is lent at an LTV of 60-70% with an interest rate (to lenders) of 12-14% (and therefore 16-18% to borrowers) to get out of hand if its not quickly resolved. I'd much prefer that FS stepped in quicker- even if there is capital loss, as this is obviously going to be lower than waiting 12+months (and longer it seems). 'twill never happen, it's just not their Modus Operandi, which is Profit For FS At All Costs. Unless, of course, it's bling or similar or VERY low LTV property which is slightly more likely to achieve somewhere near the Valuation and can arguably be shot of quickly with little or no Capital Loss. But then, I'd have thought all on here are fully acquainted with FS' MO by now? 
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rogerthat
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Post by rogerthat on Jul 12, 2018 18:01:54 GMT
It doesn't take long for a loan which is lent at an LTV of 60-70% with an interest rate (to lenders) of 12-14% (and therefore 16-18% to borrowers) to get out of hand if its not quickly resolved. I'd much prefer that FS stepped in quicker- even if there is capital loss, as this is obviously going to be lower than waiting 12+months (and longer it seems). 'twill never happen, it's just not their Modus Operandi, which is Profit For FS At All Costs. Unless, of course, it's bling or similar or VERY low LTV property which is slightly more likely to achieve somewhere near the Valuation and can arguably be shot of quickly with little or no Capital Loss. But then, I'd have thought all on here are fully acquainted with FS' MO by now? MO ?....Monthly Obfuscation 
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aligibbs
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Post by aligibbs on Jul 12, 2018 18:05:40 GMT
It doesn't take long for a loan which is lent at an LTV of 60-70% with an interest rate (to lenders) of 12-14% (and therefore 16-18% to borrowers) to get out of hand if its not quickly resolved. I'd much prefer that FS stepped in quicker- even if there is capital loss, as this is obviously going to be lower than waiting 12+months (and longer it seems). 'twill never happen, it's just not their Modus Operandi, which is Profit For FS At All Costs. Unless, of course, it's bling or similar or VERY low LTV property which is slightly more likely to achieve somewhere near the Valuation and can arguably be shot of quickly with little or no Capital Loss. But then, I'd have thought all on here are fully acquainted with FS' MO by now? is it profit though? As if it's a massive capital loss, then surely they don't get paid either (or least, their fee is massively reduced?). They also have to continue to provide "updates", chase, engage legal people/team etc? You'd think anyway.....
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james21
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Post by james21 on Jul 12, 2018 18:31:37 GMT
I am not sure that is such a good idea. I can think of other p to p sites that are just as dysfunctional. In many ways the malaise permeates the financial services sector. I don't know of any other P2P site which allows borrowers to run rings round them to the extent that FS does. You may be right. But as long as they offer 13% the new lenders will line up; and enjoy the ride until the defaults kick in 12 months later. Its a bit like a legal ponzi scheme
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 12, 2018 19:04:34 GMT
Filed Accounts to 31/3/17
Turnover £3,980,500
Gross Profit £2,714,820
Operating Profit £436,152
Cash £2,822,063
Net Assets £742,432
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rs
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Post by rs on Jul 12, 2018 19:25:13 GMT
Filed Accounts to 31/3/17 Turnover £3,980,500 Gross Profit £2,714,820 Operating Profit £436,152 Cash £2,822,063 Net Assets £742,432 If FS have defaulted a loan FS have to pay expenses to chase up these loans through legal process. At what point do FS give up on chasing the loan as FS have to pay all these fees and recover it from borrower when borrower assets recovered? Am I correct in this assumption?
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adrian77
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Post by adrian77 on Jul 13, 2018 3:32:17 GMT
Very interesting and cogent question - plus I think there are other expenses :
staff to make daily contact and deal with numerous legal issues
water cooler costs whilst staff dream up ever more ridiculous excuses
mooring fees for repossessed boats
numerous fees for repossessed developments e.g. security, council tax, planning for e.g. Astbury, auction entry and then withdrawal fees
storage fees for classic cars etc
etc etc
And budgetting for a planned class action which sooner or later a p2p platform is going to face...
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jul 13, 2018 18:05:20 GMT
Record broken again - now 18 not filling available.
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Post by brightspark on Jul 13, 2018 18:34:46 GMT
I am sure FS will be able to produce a graph showing that their hard-working borrower sourcing team is going all out to produce a near endless supply of high quality loans from which investors can chose. Of course there will be the odd also ran but that is the nature of investment. Do due diligence, diversify and do not lend more than can be afforded and it will all turn out for the best. Won't it?
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rogerthat
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Post by rogerthat on Jul 13, 2018 19:34:46 GMT
Record broken again - now 18 not filling available. And not one penny of mine in any of them...me alone wont matter a jot but Id venture to suggest that the increasing number of loans struggling to fill means im not the only one whose cheesed off with a loan book being submerged in unredeemed, grossly overdue loans and those others where we haven't a clue what the hell is going on. How much longer can this continue ?
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jul 13, 2018 20:30:42 GMT
Record broken again - now 18 not filling available. And not one penny of mine in any of them...me alone wont matter a jot but Id venture to suggest that the increasing number of loans struggling to fill means im not the only one whose cheesed off with a loan book being submerged in unredeemed, grossly overdue loans and those others where we haven't a clue what the hell is going on. How much longer can this continue ? Indeed. Suffice to say, I'm also largely holding back - certainly not in any of those 18.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 13, 2018 22:43:27 GMT
There is a large loan going to renew beginning of next week, (see most recent update for V**** B***** M***). I suspect this will release enough money to fill half the available loans.
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