IFISAcava
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Post by IFISAcava on Nov 4, 2018 23:17:06 GMT
Yes, would be odd if people treated differently. The loan shows up in my defaulted figures total now (added in the last few days), but I think that's an error in the system as I haven't actually lost any money from my overall total. Unless that's coming, which would mean reversing a previous credit, which would be outrageous and precipitate me taking all funds off the platform. Interesting replies, for which many thanks. I can guarantee that this has not happened in my own case, not least because my correspondence with Crowd2Fund has been of the hard-cheese-old-chap variety (rather than e.g. claiming they had already refunded me). Their first piece of news was simply that they couldn't recover the loan, and I only pursued it because I recalled a mention of fraud that had once appeared on the relevant Q&A page, but is now down the memory hole. I was expecting to find more fuss about this online (here?) but I guess most people quite reasonably believed what they were told, viz. that this was a bad debt and not a con from the start. I am sure you are right about your case. It's just that I also now have a default in my figures for a loan I sold and no longer owned. System seems erroneous at the moment.
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zlb
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Post by zlb on Nov 5, 2018 19:55:54 GMT
I can't see the tp review referred to here. I thought that c2f did all they could to recover defaults. They communicate in a straight forward way about this.
I'm interested in different point: I've noticed that recent loans are not filling, so must be competed with eg c2f equity raise, presume. Is this a new factor (lower investor input) or were all loans like that?
And what do we think of a loan labelled as "staff pick"?
I like c2f, and I like knowing the companies involved and wishing them well in their hard work with my money, so I'm not a detractor.
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macq
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Post by macq on Nov 5, 2018 20:42:46 GMT
I can't see the tp review referred to here. I thought that c2f did all they could to recover defaults. They communicate in a straight forward way about this. I'm interested in different point: I've noticed that recent loans are not filling, so must be competed with eg c2f equity raise, presume. Is this a new factor (lower investor input) or were all loans like that? And what do we think of a loan labelled as "staff pick"? I like c2f, and I like knowing the companies involved and wishing them well in their hard work with my money, so I'm not a detractor. By searching Crowd2fund trustpilot last night the first review was the one mentioned but it now looks like its been removed? Only my opinion but would ignore "staff pick" as just a promotion and just as likely to default as any other(also i tend not to take any notice of the low/high risk ratings on the loan page) Think the loans do take longer to fill and this is only a hunch but about 18 months back there were very few loans on the SM and new customers would pick up even the 6% ones as there were less new loans as well.So the loans filled with people buying in and keeping for one month and then flipping now the SM is stuck at 1500 loans.So maybe its a case of lower cash flow?
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zlb
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Post by zlb on Nov 5, 2018 21:20:15 GMT
Yes, macq I think lower cash flow which I wonder about the implications of - it appears that new loans don't have to fill with p2p money, but the exchange only shifts with p2p. Wonder what the balance is between individual p2p investors and their equity investors or similar - who I suspect would be less affected than me by losses. What do people reckon on their speed of scaling up? I'm finding myself investing in fewer new loans because they seem less attractive but maybe that's just my perspective changing. Agree, I've not felt confident about low risk loans if that's based purely on credit reference than eg assets/potential security.
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tycho
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Post by tycho on Nov 5, 2018 21:39:14 GMT
I can't see the tp review referred to here. I thought that c2f did all they could to recover defaults. They communicate in a straight forward way about this. I'm sorry to go on about this, but I'm afraid that is the opposite of what happened in this case. There was no default, because there was no loan. The money was 'borrowed' by fraudsters in the name of an identifiable limited company with whom they had no connection. From what others have told me on this forum, some investors had their money refunded quite candidly when this was discovered, and others (like me) were told nothing for a year and then had the loan 'written off' with no mention of fraud. Common sense would suggest that this is not in the category of risk that IFISA customers are expected to endure, but I don't know what the exact legal position is. The Trustpilot reviewer presumably violated T&Cs by naming the company in question, although I will add that Crowd2Fund still have a public-facing webpage containing the name of the company and its director, despite the whole thing being a sham.
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zlb
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Post by zlb on Nov 5, 2018 21:53:49 GMT
I can't see the tp review referred to here. I thought that c2f did all they could to recover defaults. They communicate in a straight forward way about this. I'm sorry to go on about this, but I'm afraid that is the opposite of what happened in this case. There was no default, because there was no loan. The money was 'borrowed' by fraudsters in the name of an identifiable limited company with whom they had no connection. From what others have told me on this forum, some investors had their money refunded quite candidly when this was discovered, and others (like me) were told nothing for a year and then had the loan 'written off' with no mention of fraud. Common sense would suggest that this is not in the category of risk that IFISA customers are expected to endure, but I don't know what the exact legal position is. The Trustpilot reviewer presumably violated T&Cs by naming the company in question, although I will add that Crowd2Fund still have a public-facing webpage containing the name of the company and its director, despite the whole thing being a sham. I do believe you, I'm simply agreeing it seems out of character and strange that they haven't been consistent. So the company in question didn't ask for a loan, but someone else did, who shouldn't have done, in the name of that company... Wonder what the likelihood is, of it happening again, and being handled poorly, it seems.
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macq
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Post by macq on Nov 5, 2018 22:15:31 GMT
Yes, macq I think lower cash flow which I wonder about the implications of - it appears that new loans don't have to fill with p2p money, but the exchange only shifts with p2p. Wonder what the balance is between individual p2p investors and their equity investors or similar - who I suspect would be less affected than me by losses. What do people reckon on their speed of scaling up? I'm finding myself investing in fewer new loans because they seem less attractive but maybe that's just my perspective changing. Agree, I've not felt confident about low risk loans if that's based purely on credit reference than eg assets/potential security. Not sure what you mean by the new loans don't have to fill with P2P money as i assume that is the only way they are funded(but could be wrong ) the equity offerings that they do are different options i believe
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IFISAcava
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Post by IFISAcava on Nov 5, 2018 22:38:03 GMT
wrote to them last night to ask how I can have written off debt just added to my account for a loan I sold 11 months ago - no reply yet.
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IFISAcava
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Post by IFISAcava on Nov 5, 2018 22:46:14 GMT
Also I have a loan part that I put up for sale but it isn't visible in the Exchange and I can't cancel the sale (you usually can) - it's lost.
Something seriously awry with their system.
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zlb
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Post by zlb on Nov 5, 2018 22:47:39 GMT
Yes, macq I think lower cash flow which I wonder about the implications of - it appears that new loans don't have to fill with p2p money, but the exchange only shifts with p2p. Wonder what the balance is between individual p2p investors and their equity investors or similar - who I suspect would be less affected than me by losses. What do people reckon on their speed of scaling up? I'm finding myself investing in fewer new loans because they seem less attractive but maybe that's just my perspective changing. Agree, I've not felt confident about low risk loans if that's based purely on credit reference than eg assets/potential security. Not sure what you mean by the new loans don't have to fill with P2P money as i assume that is the only way they are funded(but could be wrong ) the equity offerings that they do are different options i believe I was referring to the loans that don't fill. I thought there was wording, implies the gap is filled with other money. However, I've made a mistake in not reading it properly. "Business keeps the raised amount even if target is not met" (Wonder what the point of that is if it's much less). Sorry to confuse the issue. this is the kind of equity raise I meant. I suppose there may be FCA restrictions on their topping up un-filled loans when this money... www.google.co.uk/amp/s/www.forbes.com/sites/davidprosser/2018/01/09/crowd2fund-plots-path-to-1bn-valuation/amp/
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IFISAcava
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Post by IFISAcava on Nov 5, 2018 22:50:32 GMT
In fact I am getting more and more twitchy now with all these errors, glitches, inconsistencies and lack of responsiveness. Maybe time to start heading for the hills.
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elliotn
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Post by elliotn on Nov 6, 2018 2:43:54 GMT
Not sure what you mean by the new loans don't have to fill with P2P money as i assume that is the only way they are funded(but could be wrong ) the equity offerings that they do are different options i believe I was referring to the loans that don't fill. I thought there was wording, implies the gap is filled with other money. However, I've made a mistake in not reading it properly. "Business keeps the raised amount even if target is not met" (Wonder what the point of that is if it's much less). Sorry to confuse the issue. this is the kind of equity raise I meant. I suppose there may be FCA restrictions on their topping up un-filled loans when this money... www.google.co.uk/amp/s/www.forbes.com/sites/davidprosser/2018/01/09/crowd2fund-plots-path-to-1bn-valuation/amp/The unfilled portion normally comes back round as tranche 2 and 3 etc, not sure they have institutional investors (unlike LC where each loan fills regardless of the ‘p2p’ %).
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zlb
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Post by zlb on Nov 6, 2018 10:13:34 GMT
I was referring to the loans that don't fill. I thought there was wording, implies the gap is filled with other money. However, I've made a mistake in not reading it properly. "Business keeps the raised amount even if target is not met" (Wonder what the point of that is if it's much less). Sorry to confuse the issue. this is the kind of equity raise I meant. I suppose there may be FCA restrictions on their topping up un-filled loans when this money... www.google.co.uk/amp/s/www.forbes.com/sites/davidprosser/2018/01/09/crowd2fund-plots-path-to-1bn-valuation/amp/The unfilled portion normally comes back round as tranche 2 and 3 etc, not sure they have institutional investors (unlike LC where each loan fills regardless of the ‘p2p’ %). welI wondered why they didn't call the first raise 'tranche 1 of x'.
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zlb
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Post by zlb on Dec 29, 2018 9:28:32 GMT
They're raising equity again, as planned.
What's the thinking on their ability to find borrowers? The loan flow is still poor, certainly if one has a diversification approach. Conversely, loans aren't getting filled quickly. I wonder what the exchange (sm) turnover is, given its nearly all on sale at premium, as if the loans are all a dead bet once they've made three repayments. I don't buy these loans. And anyway, most objects on the exchange are what I've already invested in.
The equity raise isn't listed as being for plugging the investor gap. They are going to use a good chunk of it to raise investors. This seems a reasonable aim. But what about the loan flow?
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macq
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Post by macq on Dec 29, 2018 15:35:48 GMT
They're raising equity again, as planned. What's the thinking on their ability to find borrowers? The loan flow is still poor, certainly if one has a diversification approach. Conversely, loans aren't getting filled quickly. I wonder what the exchange (sm) turnover is, given its nearly all on sale at premium, as if the loans are all a dead bet once they've made three repayments. I don't buy these loans. And anyway, most objects on the exchange are what I've already invested in. The equity raise isn't listed as being for plugging the investor gap. They are going to use a good chunk of it to raise investors. This seems a reasonable aim. But what about the loan flow? While they may have only 2 or 3 loans a week (some from returning borrowers) its the time it takes to fund that worries me more.A £50000 loan can take a week and £100000 - 250000 can be a month or more and in 3 or 4 tranches.I would guess like other platforms that after the first investor sign ups it can be hard to get new money and fears over the economy will not help the process so it will be hard for them to get a balance.But to be fair so far i have done ok with C2F and not had many defaults (guess i just jinxed myself) Never been one for the equity raising (would rather use a private equity fund or VCT for a similar punt) but the figures they used last time made me smile and now on revenue of some £832k ending with a loss of over £700k they talk of a valuation of nearly £70m by 2019. Not really up on this sort of thing or how to do the figures but it does sound a tad optimistic and also follows up on some of the same directors doing a raise for a separate blockchain/crypto company in the summer as well
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