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Post by beepbeepimajeep on Jul 30, 2018 13:48:28 GMT
21 loans currently available - almost all of them struggling to fill. Col****urne still there of course Amazed they haven't done something with Col****urne as of yet. It was first posted before a ball was hit at the French Open*  |
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james21
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Post by james21 on Jul 30, 2018 14:11:36 GMT
21 loans currently available - almost all of them struggling to fill. Col****urne still there of course Amazed they haven't done something with Col****urne as of yet. It was first posted before a ball was hit at the French Open* This is why Land in Lytham tranch has not been renewed (apart from an issue with priority of renewal, and the general issue with the loan in general ;much discussed) they cant put it up because few will renew and it will sit unrenewed with the rest of em
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paulb
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Post by paulb on Jul 30, 2018 14:42:12 GMT
I've got some queued up on a couple of these pending loans - at 45 days, they should be 1/4 of the way through their term, but aren't even starting yet. At least FS pays interest from when the money is invested, rather than when the loan fills. Does anyone know what happens to loans which don't fill? Do they sit there forever? If they're cancelled, what happens to the accrued interest?
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james21
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Post by james21 on Jul 30, 2018 14:49:28 GMT
I've got some queued up on a couple of these pending loans - at 45 days, they should be 1/4 of the way through their term, but aren't even starting yet. At least FS pays interest from when the money is invested, rather than when the loan fills. Does anyone know what happens to loans which don't fill? Do they sit there forever? If they're cancelled, what happens to the accrued interest? They fund the balance via the underwriter, would not do for their reputation to cancel the loan
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paulb
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Post by paulb on Jul 30, 2018 15:04:04 GMT
Thanks. Do you know at what point they ask the underwriter to step in? Some of these have been open for many weeks, and seem to have ground to a halt. I think a few good repayments will be required to free up some cash to fill them.
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michaelc
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Post by michaelc on Aug 3, 2018 22:05:13 GMT
Now 22.
In "normal" times there is one loan there I might have had a nibble of. Currently not investing anything more unless I start to see some movement on the recovery side.
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rogerthat
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Post by rogerthat on Aug 3, 2018 23:01:44 GMT
Now 22. In "normal" times there is one loan there I might have had a nibble of. Currently not investing anything more unless I start to see some movement on the recovery side. I'd wager you are not alone as is evidenced by the snail pace investing of late on the platform...as for myself I don't have anything at all invested in the current 22. Indeed, neither have I renewed anything over the last 3 weeks, a few of which I was quite happy with and now also have quite a large amount on the SM. It may be a coincidence but the flurry of updates that have appeared in the last few days might suggest that FS have at last recognised the collateral damage being caused and are making a concerted effort to reduce the burgeoning potential and current bad debt. One wonders if they are not already too late.
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09dolphin
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Post by 09dolphin on Aug 5, 2018 8:32:36 GMT
I'd wager you are not alone as is evidenced by the snail pace investing of late on the platform...as for myself I don't have anything at all invested in the current 22. Indeed, neither have I renewed anything over the last 3 weeks, a few of which I was quite happy with and now also have quite a large amount on the SM. It may be a coincidence but the flurry of updates that have appeared in the last few days might suggest that FS have at last recognised the collateral damage being caused and are making a concerted effort to reduce the burgeoning potential and current bad debt. One wonders if they are not already too late.I suspect you are not the only one to have lost trust. Alas FS have assumed that all investors are gullible and attracted by the headline rate of interest. I must admit I was too but the lesson I have learnt is that the actual interest rate is in the order of 2 - 3% when you take losses into consideration. My 250K investment now consists of just a few bad loans in the order of 10K and it would take more than a FS management reorganisation to persuade me to reinvest. My prediction is that FS will fold in the next 6 months.
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09dolphin
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Post by 09dolphin on Aug 5, 2018 8:54:26 GMT
I'd wager you are not alone as is evidenced by the snail pace investing of late on the platform...as for myself I don't have anything at all invested in the current 22. Indeed, neither have I renewed anything over the last 3 weeks, a few of which I was quite happy with and now also have quite a large amount on the SM. It may be a coincidence but the flurry of updates that have appeared in the last few days might suggest that FS have at last recognised the collateral damage being caused and are making a concerted effort to reduce the burgeoning potential and current bad debt. One wonders if they are not already too late. I'd guess that you're not the only one who, due to losses, has experienced a return which in my experience is 3 - 4% rather than the 8 - 9% I expected My investment was 250K but I now have about 1.5K left in FS , all loans long overdue or defaulted.
If FS had had a more proactive policy relating to unredeemed loans I think they may still have had a business that I would regard as still viable. Allowing borrowers to dictate when or if they make a repayment is rather an unusual business model that is guaranteed to fail.
Would anyone invest in FS if they were looking for investors under the present management - I know I wouldn't.
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gareot
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Post by gareot on Aug 5, 2018 9:09:30 GMT
My biggest investment here is 1586956834 F****y. Last investment was Apr 2017, been withdrawing ever since By my calculations I'm near to break even at the moment so any returns now are profit, no where near 13-14% returns. Just so pleased to be almost out from this crowd.
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number5
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Post by number5 on Aug 5, 2018 11:05:09 GMT
I moved from FC to FS about 10 months ago, now the talk of everyone withdrawing from FS...where are you all moving to?
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cwah
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Post by cwah on Aug 5, 2018 11:53:31 GMT
I be moved a most of my investment to FS because I found out they are much more conservative with their valuation.
They also use property value instead of GDV for the loan. And it's renewed periodically so there is a potential to exit
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Post by brightspark on Aug 5, 2018 12:57:38 GMT
I removed all my investments from FS in early 2018 as several of my loans were not performing. I am glad I did. Nearly a year later i still have 5 loans that remain on the books with feeble updates ad nauseam. Returns have been severely dented by the Northern Ireland wind turbine which repaid 37% of capital, Rishton loan which well over a year overdue has not full repaid, the powerboat loan which has not repaid and reflects badly on the boat owners, FS, a motor manufacturer sponsor and on Cowes week all tarred with this grubby loan. Others no doubt have their tales of woe to tell. Me - I am avoiding FS until there is ample evidence that it has turned over a new leaf - I cannot see that being soon as their solution seems to be to offer ever more of the same medicine.
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Post by beepbeepimajeep on Aug 5, 2018 13:26:45 GMT
I moved from FC to FS about 10 months ago, now the talk of everyone withdrawing from FS...where are you all moving to? UK Micro Caps.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 5, 2018 17:16:55 GMT
I be moved a most of my investment to FS because I found out they are much more conservative with their valuation. They also use property value instead of GDV for the loan. And it's renewed periodically so there is a potential to exit You what cwah?!!!!  I'm not sure if your tongue is in your cheek or not?
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