empirica
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Post by empirica on Aug 21, 2018 6:20:04 GMT
Perhaps you could contribute your ideas to improve confidence in my thread “how do we fix FS” I am surprised you are ordering so many spare parts for something you have been selling as in 'perfect working order'. 'Spare parts' implies those parts exist already.
I see this as him 'pimping his ride'
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Godanubis
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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 Aug 21, 2018 7:46:05 GMT
I am surprised you are ordering so many spare parts for something you have been selling as in 'perfect working order'. 'Spare parts' implies those parts exist already.
I see this as him 'pimping his ride'
Toyota has a company policy that no problem is a problem. One should not rest on one’s laurels but should continuously strive to improve . I see that there was a partial early payback yesterday .This could be a problem for some people causing them to have an overall loss by the time HMRC gets to grips with them. So we will have some people Grumbling that loans should not be allowed to to payback early. In answer to the village idiot to be in perfect working order when we need to have specific specifications as to what perfect order is. There a Many different ideas of what that is FS is different things to different people. For me personally it is working well but could be better but I have the means to make it work for me . We need to try and make it work for everyone and then confidence will be restored. Have a good profitable day everyone
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Post by brightspark on Aug 21, 2018 8:20:42 GMT
For me the litmus test is putting to bed the powerboats fiascos and the Rishton scenario. No amount of emphasising that in investment there are losses as well as gains will restore confidence. Loans such as these demonstrate that FS has not been up to the job when loans get into trouble. Other investors in troubled loans e.g. cinema, Whitehaven etc, will have their own stories and are happy to come onto this platform again and again chapter and verse. The effect on investor confidence is corrosive.
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mjc
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Post by mjc on Aug 28, 2018 6:21:35 GMT
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Post by charliebrown on Aug 28, 2018 11:38:00 GMT
For me the litmus test is putting to bed the powerboats fiascos and the Rishton scenario. No amount of emphasising that in investment there are losses as well as gains will restore confidence. Loans such as these demonstrate that FS has not been up to the job when loans get into trouble. Other investors in troubled loans e.g. cinema, Whitehaven etc, will have their own stories and are happy to come onto this platform again and again chapter and verse. The effect on investor confidence is corrosive. Don’t forget the art loans. Lending millions against assets not owned by the borrower! If you needed just one story to destroy confidence then that is the one. In other fields for this type of negligence you’d be struck off.
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adrian77
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Post by adrian77 on Aug 28, 2018 12:32:40 GMT
damn right! Time for FS to take legal advice and launch a criminal charge against the borrower if possible - should concentrate a few minds before FS face a class action for gross negligence or whatever. I am very glad FS aren't managing my pension fund!
As I said no excuse whatsoever for this especially as it seems to have been a very young woman not exactly known for her love of fine art...
And to FS sleepers I am in several of these loans as I thought they were unrelated.
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Godanubis
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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 Aug 28, 2018 22:29:49 GMT
New loans being filled even with new ones being added. Was at 22 last week now 18 so someone is investing.
Also loans offered at -1% down to 89 half what it was.
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Post by beepbeepimajeep on Nov 22, 2018 10:19:47 GMT
Don’t forget the art loans. Lending millions against assets not owned by the borrower! If you needed just one story to destroy confidence then that is the one. In other fields for this type of negligence you’d be struck off. Is it just me or is the same thing happening again? None of the current loans up there seem to be filling. Recent revelations about the multiple art loans no doubt playing a huge part, but when you have multi millions tied up in stuff like the powerboats, Londonderry and Whitehaven something has to give eventually. The way investors are being treated is ridiculous.
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arby
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Post by arby on Nov 22, 2018 10:25:27 GMT
Don’t forget the art loans. Lending millions against assets not owned by the borrower! If you needed just one story to destroy confidence then that is the one. In other fields for this type of negligence you’d be struck off. Is it just me or is the same thing happening again? None of the current loans up there seem to be filling. Recent revelations about the multiple art loans no doubt playing a huge part, but when you have multi millions tied up in stuff like the powerboats, Londonderry and Whitehaven something has to give eventually. The way investors are being treated is ridiculous. It's true that the 10 loans up there right now are stumbling along, but the second a half decent loan appears, that isn't just a later tranche, it fills very quickly. The situation is much better than it was just a few months ago when there were over 20 loans struggling to fill.
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Post by beepbeepimajeep on Nov 22, 2018 10:30:51 GMT
It's true that the 10 loans up there right now are stumbling along, but the second a half decent loan appears, that isn't just a later tranche, it fills very quickly. The situation is much better than it was just a few months ago when there were over 20 loans struggling to fill. Ok yeah that's true regarding the loans up there at the moment. I would also have agreed the situation on the platform is better than a few months ago, as it did make a significant improvement for a while, but I am afraid the size and number of the dodgy art loans have knocked it right back and I would say confidence is probably worse. Witholding the fact those loans were linked at the time has probably compounded it.
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Post by brightspark on Nov 22, 2018 12:36:48 GMT
My confidence could not get any worse. i have not invested via FS for over a year. I still have the same five festering overdue loans. These include the powerboat, Rishton and Formby loans. I along with others entered into these loans and the Irish wind turbine in good faith. Fat lot of good that did. All we have had is obfuscation and economy with the truth. Fortunately the sums involved are relatively small. I will never ever invest via FS again. Nor Lendy - nothing but misery, nor Collateral and probably not via FC because of the diabolical London loan fiasco. It is not a crisis of confidence in the platform, it is a crisis in the p to p industry. Their DD is generally poor to non-existent and their recovery actions a lesson in how to drag both feet.
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james21
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Post by james21 on Nov 22, 2018 13:10:44 GMT
Seems to have got worse quickly these last 3 months, very little active management of overdue and defaulted loans and communication is dire. Lots more losses to come I fear. I have stopped investing and all of my loans are set to "not renew"
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adrian77
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Post by adrian77 on Nov 22, 2018 13:12:48 GMT
whether or not a new and brilliant property manager has been engaged FS still have the massive problem with all these highly problematic and late loans e.g. The fine art renewal of £475K where one investor has a staggering £380K! I am in this loan and it is not me !
Either this chap or chappesse has put his entire funds into this one or is a very big player - I suspect the latter so I would guess he has already taken preliminary legal advice on suing FS over this one!
Crisis - what crisis? I am not worried as I going to sell my entire property portfolio built up over 40 years and slap it into a 2 year late, unfinished and unproven petrol tank on steroids which is burning money quicker than my wife in Harrods and take the 18% (plus 1% cashback?) - tasty!
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james21
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Post by james21 on Nov 22, 2018 13:18:49 GMT
I have decades of experience in managing businesses, you dont need to be an expert in financial businesses to understand how a ptop business works, the principles are the same. I am at a loss to understand why its not effectively managed, and yes it does ultimately come down to the abilities of the people in charge. Will it get better? I honestly dont know
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Post by mrclondon on Nov 22, 2018 13:47:52 GMT
[...] It is not a crisis of confidence in the platform, it is a crisis in the p to p industry. Their DD is generally poor to non-existent and their recovery actions a lesson in how to drag both feet. I have decades of experience in managing businesses, you dont need to be an expert in financial businesses to understand how a ptop business works, the principles are the same. I am at a loss to understand why its not effectively managed, and yes it does ultimately come down to the abilities of the people in charge. Will it get better? I honestly dont know I'm in full agreement with both these points. What is glaringly obvious is that very few p2p platforms have any non executive directors (NEDs) on their senior management teams. Many p2p platforms are startups not a diversification of existing business, and to believe they do not need the occaisonal advice, guidance and mentoring that NEDs (generally retired senior managers) can bring is verging on arrogance. Yes, expensive, but most SME businesses that employ NEDs believe the benefits hugely outweigh the cost.
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