Crisis of confidence in the platform

Where FS has a truly awful reputation but seemingly doesn’t care and are spending all their efforts on originating new loans and very little effort or emotion on any type of recovery action my conclusion would be that the owner’s plans are short term not long term. 

supposition indeed ! maybe just try linked in  , its pretty useful to do a bit of digging if you have 5 mins 

I maybe hopelessly naive but I think the in last few weeks FS have shown a tougher and more proactive approach. While there are, and probably be will more, horror stories given the nature of the business I am still getting a much better return here than most other places and I think even such examples as the Art debacle will sort themselves over time. Just don't expect to see your money back as early as you might hope.

Unfortunately beepbeepimajeep, the Apologists, Defenders & Shills think it's all perfectly fine and acceptable. It's all part and parcel of "investing."

You don't get 10 -12% returns without risk, dontcha know?    

These people are music to the ears of the Platforms and I would say a large factor in the industry continuing to get away with what it does.

TBH I agree with that but , all this is starting to catch up with them , now we can see it for what it is , plenty of BS in the loans listings , plenty of BS in updates ....

I know some people in Glasgow who could offer FS a very focused and hands-on approach to debt recovery … it might not get all our money back but it might make us all feel better.   

But seriously …

I find it very difficult to have an objective view of FS.  Having sold everything I could and ceased investing in new loans  some months back my only holdings are dross and my only return on them to date is the dubious pleasure of reading illiterate and information-free updates.  The result is that all I see of them are loans that have gone wrong - it may be that if I looked more widely at their overall performance over time I would have a less subjective view.

I got out purely because I lost confidence in their ability to deal with borrowers who would or could not repay loans.  I can accept that property development doesn't run to schedule and that everybody's interests may be best served by allowing borrowers more time to achieve a favourable resolution, but that assumes that FS are actively managing these situations - 'Ah hae ma doots'. But for 'pawn' loans I don't see why there should be any latitude, and certainly not months of latitude based on assurances that 'the cheque is in the post'.

I'm a minnow not a whale, and have never put more into P2P (loan, platform or overall) than I could shrug off if part or all of the P2P thing collapsed tomorrow.  That means two things - in terms of the actual sums at stake it's not really worth my time doing much about FS, and in terms of my overall financial situation I don't care if they go belly up tomorrow.  I can understand why those with more at stake, whether in sheer monetary terms or in terms of the effect of failure on their life (OT, but did I see some poor so-and-so had put his entire life savings into Collateral ?) are concerned that the questioning of FS's future viability on this forum might become a self-fulfilling prophecy.  But it seems to me that confidence is being (has been?) eroded and that FS may have an uphill struggle to regain it.