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Post by beepbeepimajeep on Aug 13, 2018 4:44:27 GMT
When they advertise loans as secured on an asset, and that security doesn't even exist, you cannot put any more hard earned money in imo.
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mjc
Member of DD Central
Posts: 342
Likes: 425
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Post by mjc on Aug 13, 2018 9:24:17 GMT
When they advertise loans as secured on an asset, and that security doesn't even exist, you cannot put any more hard earned money in imo. Imv this is FS clearly misleading investors. They do not check whether we are “sophisticated investors” that should be aware of all the pitfalls, dirty tricks, misleading bluff etc etc that highly experienced investors might be expected to know. We can be assumed to take statements made at face value, and accept only a small proportion of loans will fail. Here we have the vast majority of loans going way over the advertised 6 months, and many it seems likely to not repay in full or at all. PPI misspelling then misold investments - p2p next? I hope so? Firms like Galvan and Hoodless Brennan are having many claims made by the ‘no win no fee’ firms, and at only 25% of winnings. Some p2p had better lookout.
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aj
Member of DD Central
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Post by aj on Aug 13, 2018 9:25:36 GMT
Also noticed quite a bit of buying on the main market and the secondary market.
I think the approx £1.6m repaid today helped, a good day for FS, could do with a few more days like this.
Abergele 1st tranche is due in the next few days...£1.5m..and with 13th tranche still only 56% subscribed I think it's going to need a lot more days than this ! The 7th tranche renewal (2502583169) is still in the queue before the first one. so be prepared to wait a bit more. 
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empirica
Member of DD Central
Posts: 326
Likes: 235
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Post by empirica on Aug 13, 2018 9:51:07 GMT
When they advertise loans as secured on an asset, and that security doesn't even exist, you cannot put any more hard earned money in imo. Imv this is FS clearly misleading investors. They do not check whether we are “sophisticated investors” that should be aware of all the pitfalls, dirty tricks, misleading bluff etc etc that highly experienced investors might be expected to know. We can be assumed to take statements made at face value, and accept only a small proportion of loans will fail. Here we have the vast majority of loans going way over the advertised 6 months, and many it seems likely to not repay in full or at all. PPI misspelling then misold investments - p2p next? I hope so? Firms like Galvan and Hoodless Brennan are having many claims made by the ‘no win no fee’ firms, and at only 25% of winnings. Some p2p had better lookout. Where do you think the funds are to cover the claims?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 13, 2018 10:00:02 GMT
"Where do you think the funds are to cover the claims?" - Caught in a classic Catch 22 aren't we.
The same shenanigans and situation as Lendy, they're both peas in a rather dirty pod.
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adrian77
Member of DD Central
Posts: 3,920
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Post by adrian77 on Aug 13, 2018 10:35:52 GMT
Well FS are going to love reading the above! If I had mega smackers in my portfolio I would be giving them a ring! Luckily my holding is now below £1K and I wish I had never started.
What assets have FS got - no idea but looking at their accounts about the same as some of their defaulted loan holders?
Any chance of posting an update somewhere on this forum as to how these claims go - personally I think it is only a question of time before His Honour finds against one of the p2p players...I do hope so!
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Post by boudicca on Aug 13, 2018 10:45:00 GMT
 shocked, thought from all the adrian77 posts that you were still heavily into these loans, now it appears you have very little invested in FS at all.
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adrian77
Member of DD Central
Posts: 3,920
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Post by adrian77 on Aug 13, 2018 10:57:30 GMT
I was but managed to ditch most of my holdings before it was too late - am I relieved -answers on a digital postcard...
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Aug 13, 2018 11:04:30 GMT
I was but managed to ditch most of my holdings before it was too late - am I relieved -answers on a digital postcard... Spare a thought for the poor mugs that bought them.
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Post by boudicca on Aug 13, 2018 11:05:46 GMT
I was but managed to ditch most of my holdings before it was too late - am I relieved -answers on a digital postcard... I guess there are no rules that say you can't post unless you are invested, but still .... ?
Mind if I ask where you are now invested and are there forums to post on there ?
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coop
Member of DD Central
Posts: 714
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Post by coop on Aug 13, 2018 11:11:00 GMT
I was but managed to ditch most of my holdings before it was too late - am I relieved -answers on a digital postcard... I guess there are no rules that say you can't post unless you are invested, but still .... ? You obviously haven't read all the Tesla articles written by short-sellers!  Nothing stopping anyone writing anything as long as it's not libellous. IMO he's doing anyone who is still heavily invested a favour... like a guy shouting "HEY WATCH OUT FOR THAT ICEBERG!!" to the Titanic, only to be told that such actions were injurious to the good people at White Star Line and actually made the ship MORE likely to crash...
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Post by boudicca on Aug 13, 2018 11:14:42 GMT
I guess there are no rules that say you can't post unless you are invested, but still .... ? You obviously haven't read all the Tesla articles written by short-sellers! The Tesla short sellers make money by trying to talk down the stock.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Aug 13, 2018 11:15:28 GMT
shocked, thought from all the adrian77 posts that you were still heavily into these loans, now it appears you have very little invested in FS at all. Don't forget, The first rule of P2P forum posting states: The amount invested is inversely proportional to the amount of platform bashing, trashing and trolling.
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adrian77
Member of DD Central
Posts: 3,920
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Post by adrian77 on Aug 13, 2018 11:20:14 GMT
er yes I do - I am in or was in most loans that I comment on - besides thought this was a discussion forum where I really appreciate comments from other people whether they agree with me or not.
I am approaching retirement and I started doing my FA league as a means of validating whether p2p was a suitable vechile for the funds when I liquidate my property portfolio - you can safely conclude I won't be doing this anytime soon!
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blender
Member of DD Central
Posts: 5,719
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Post by blender on Aug 13, 2018 11:26:00 GMT
Adrian77 is providing a public service, if you ask me. (Which you did not). This is a public discussion forum.
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shocked, thought from all the adrian77 posts that you were still heavily into these loans, now it appears you have very little invested in FS at all.
