ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 13, 2018 9:15:50 GMT
Raj is the co founder & director of Crowdlords P2P/equity platform (not listed at CH but on site & LI)
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rogerthat
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Post by rogerthat on Oct 13, 2018 9:23:31 GMT
I have gone through only loans in my Main Account at the moment...these are classed as single loans, overlooking the fact that I have more than one slice in more than a few and multiple tranchesI may be an odd one out either way as the more I delved, the less I really wanted to know. Out of 74 separate loans on my Main Account 54 are overdue..21 @ 200+...11 @ 300 +...11 @ 400+ 11 others (some just under 200) That is an outrageous 67%+   If the aim is to calculate the percentage of loans, multiple tranches (or multiple pawn loans to the same borrower) should be counted as one loan as in most cases these default simultaniously. Could it be more useful to calculate the percentage of your FS overdue in £ rather than loans? I did my best to avoid duplication..and I know almost from memory the overall/general 'state' of each individual loan (multiple tranche or otherwise )..but I will attempt to do a simple ? £'s comparison as my LB stands as of today..though you will have to trust me as I wont be disclosing the actual monetary value..it may in fact be slightly easier as the actual totals currently invested are already presented on the dashboard. To me though the real red flag here is those numbers above 300/400 days  (my hunch is that the biggest %age of my spondoolies are there)..that's not what I was led to believe at the outset and once it goes past 153days, ? there's sod all you can do about it. Stay tuned.
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rogerthat
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Post by rogerthat on Oct 13, 2018 9:31:39 GMT
Let me be Frank here (  ), if you continue to invest with FS, you're an idiot. Or very, very, VERY, lucky. And if you're that lucky, by now you have also convinced yourself you're quite smart, and one step ahead of the game and know better.  Not sure I'm lucky, an idiot, or quite smart? I avoided the worst loans for simple reasons, not really rocket science: WT - Avoided, having previously invested in early WT loans on AC, where valuations were much lower. Power Boats - Avoided renewal. Invested first time round but considered insurance would be excessive after crash. Knaresborough - Avoided, 2nd charge and confused about priority, re wife's charging order. Wimbledon - Avoided, Huge 1st and 2nd charges. Westbury Castle - Avoided, the borrower still owed me pre-drawdown fees on AC. Trains - I started selling my loans at first default. Not following this, so may be OK. Boatyard - sold out when Lendy posted planned refinance and VR didn't cover outstanding interest. Neath - I liked this loan and only sold out at the 11th hour, because it was advertised for sale, 95% complete and yet appeared abandoned, very untidy and I couldn't find PP. NI HA loans - Sold out after speaking to NI planning officer in May 2016. No PP, but a fast track process for HA. Whitehaven - Held all tranches but sold out after reading misleading and contradictory updates. (Note: Nobody active on this forum should hold any tranche other than Tr4 after seeing these photo's, thanks to ali .) PS. I do have large holdings in 9 overdue loans, and my patience is running out. I fully understand why some lenders are leaving, but I still think this is one of the best P2P sites. ..thank you for those kind words of encouragement  A quick glance at the loans above tells me im in none of those..not because im lucky or smart but for historical reasons
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rogerthat
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Post by rogerthat on Oct 13, 2018 11:40:17 GMT
Well here it is folks..an analysis done on the current state of my LB at the moment, in percentage terms which also includes the Frenchay loan which (according to an email) has just closed. Adding up the monetary totals confirms Ive not missed anything.
Main Account
Within term......10.00%
183 days +...…. 5.90%
200 days +...… 25.10%
300 days +......15.50%
400 days +......43.50%
Which means 90 % of my MA LB is overdue 59% being grossly so..I might add that almost 90% of the 400+ %age is tied up in the Art Loans as well as Microsculptures
IFISA Account
Within term......57.60%
183 days +...…. 7.50%
200 days +...… 34.30%
300 days +...… 0.10%
400 days +...…. 0.50%
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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 Oct 13, 2018 11:44:55 GMT
Let me be Frank here ( ), if you continue to invest with FS, you're an idiot. Or very, very, VERY, lucky. And if you're that lucky, by now you have also convinced yourself you're quite smart, and one step ahead of the game and know better. Not sure I'm lucky, an idiot, or quite smart? I avoided the worst loans for simple reasons, not really rocket science: WT - Avoided, having previously invested in early WT loans on AC, where valuations were much lower. Power Boats - Avoided renewal. Invested first time round but considered insurance would be excessive after crash. Knaresborough - Avoided, 2nd charge and confused about priority, re wife's charging order. Wimbledon - Avoided, Huge 1st and 2nd charges. Westbury Castle - Avoided, the borrower still owed me pre-drawdown fees on AC. Trains - I started selling my loans at first default. Not following this, so may be OK. Boatyard - sold out when Lendy posted planned refinance and VR didn't cover outstanding interest. Neath - I liked this loan and only sold out at the 11th hour, because it was advertised for sale, 95% complete and yet appeared abandoned, very untidy and I couldn't find PP. NI HA loans - Sold out after speaking to NI planning officer in May 2016. No PP, but a fast track process for HA. Whitehaven - Held all tranches but sold out after reading misleading and contradictory updates. (Note: Nobody active on this forum should hold any tranche other than Tr4 after seeing these photo's, thanks to ali .) PS. I do have large holdings in 9 overdue loans, and my patience is running out. I fully understand why some lenders are leaving, but I still think this is one of the best P2P sites. Diversify,Diversify,Diversify, never more than 1% and sell before 31 days. As our Meerkat friend says "SORTED"
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 13, 2018 12:19:37 GMT
Well, I'm deffo an idiot, but at least I saw the light and didn't continue, managing to cease investing with FS more than a year ago. Just still waiting patiently now for my £12K in various art, Northern Ireland, etc. |
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arby
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Post by arby on Oct 13, 2018 13:04:05 GMT
Well, I'm deffo an idiot, but at least I saw the light and didn't continue, managing to cease investing with FS more than a year ago. Just still waiting patiently now for my £12K in various art, Northern Ireland, etc. If one had invested in every past and present loan then, allowing for a pessimistic recovery rate on defaults, one would breakeven. So, it isn't a question of being an idiot to continue, it's a question of if you believe your due diligence is better than simply investing in every loan. Simply stating that anyone who invests with FS is an idiot says a lot more about you than the supposed idiots. Of course there will be plentiful defaults in this type of business. If you didn't realise that then I can see why you got a rude awakening.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 13, 2018 13:37:00 GMT
Do you think FS have integrity arby? Yes or No? |
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arby
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Post by arby on Oct 13, 2018 15:05:25 GMT
Do you think FS have integrity arby? Yes or No? Yes. As you won't believe that's possible I'll explain why. They're a lender operating in a high risk sector so of course there will be defaults. Their borrowers are paying well over 20% interest, so these are not risk free loans. However, I believe your point is probably more regarding their slow default action? Two points on this, 1. If they're too fast no borrower would go with them so there would be no business. 2. More importantly, if they're too fast they would not be authorised by the FCA. The regulator's primary concern is a fair outcome for the customer. We are not the only customer. In fact, we're probably not even the primary customer, that is the borrower. There are clear expectations that a lender is meant to give as much time as possible to a borrower in difficulty before executing repossession proceedings. Of course FS could give more details on the loans, and at times they make mistakes, but saying they don't act with integrity because you ploughed into an art loan and property loan that went bad is ridiculous. You've made your point clearly, but what is your purpose? Are you trying to 'save' some other unsuspecting soul like yourself, or are you just trying to make yourself feel better by convincing yourself that you're hurting a company that you feel hurt you?
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Post by df on Oct 13, 2018 16:38:28 GMT
Thank you ozboy for your kind words I'm definitely not "FS-lucky" and never consider myself "smart", so must be an idiot  In my personal experience it is the the other way round. The 'idiot' part was at the beginning (most of my defaults are historical), continuity with revised strategy is actually helping to offset losses. If you don't mind me asking, what is your revised strategy? It is very far from ideal, but works for me because I don't have time to study and monitor developments of each loan. 1. I limit the amount I invest per loan with some exceptions (e.g. Italian library). 2. Avoid 2nd charges, most 'supplementals' and increased borrowings, VIP, the boat secured on future sponsorship etc. 3. All property loans go to SM half way through their duration at discount. This reduces my returns, but the risk is somewhat lower.
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Post by df on Oct 13, 2018 16:55:48 GMT
Well here it is folks..an analysis done on the current state of my LB at the moment, in percentage terms which also includes the Frenchay loan which (according to an email) has just closed. Adding up the monetary totals confirms Ive not missed anything. Main Account Within term......10.00% 183 days +...…. 5.90% 200 days +...… 25.10% 300 days +......15.50% 400 days +......43.50% Which means 90 % of my MA LB is overdue 59% being grossly so..I might add that almost 90% of the 400+ %age is tied up in the Art Loans as well as Microsculptures IFISA Account
Within term......57.60% 183 days +...…. 7.50% 200 days +...… 34.30% 300 days +...… 0.10% 400 days +...…. 0.50% Is your Main much older than IFISA?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 13, 2018 18:14:27 GMT
Do you think FS have integrity arby ? Yes or No? Yes. As you won't believe that's possible I'll explain why. They're a lender operating in a high risk sector so of course there will be defaults. Their borrowers are paying well over 20% interest, so these are not risk free loans. However, I believe your point is probably more regarding their slow default action? Two points on this, 1. If they're too fast no borrower would go with them so there would be no business. 2. More importantly, if they're too fast they would not be authorised by the FCA. The regulator's primary concern is a fair outcome for the customer. We are not the only customer. In fact, we're probably not even the primary customer, that is the borrower. There are clear expectations that a lender is meant to give as much time as possible to a borrower in difficulty before executing repossession proceedings. Of course FS could give more details on the loans, and at times they make mistakes, but saying they don't act with integrity because you ploughed into an art loan and property loan that went bad is ridiculous. You've made your point clearly, but what is your purpose? Are you trying to 'save' some other unsuspecting soul like yourself, or are you just trying to make yourself feel better by convincing yourself that you're hurting a company that you feel hurt you? More to do with what we're far too often not told, you know, non disclosure of Material Facts. And the knowing acceptance of laughable Valuations. Or call it, integrity.Yes, I'm very keen for would be lenders to be made very aware of the, errrrr, "vagaries" of FS before they consider investing their hard earned. I'm like that, I like to help people, like many others on here. I also always like being reminded that these are high risk loans too.  Many on here fully understand my points, some don't.
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Monetus
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Post by Monetus on Oct 13, 2018 19:14:08 GMT
Do you think FS have integrity arby ? Yes or No? Just to be clear... we are talking about the same Funding Secure that lent £800,000 across 5 tranches of a loan that was never meant to exceed 70% LTV having claimed to have visited the site and seen a well-advanced project that in reality was just a flattened building site worth almost nothing. Aren't we?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 13, 2018 20:22:54 GMT
Yes, we are, Sir! |
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rogerthat
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Post by rogerthat on Oct 13, 2018 20:59:52 GMT
Well here it is folks..an analysis done on the current state of my LB at the moment, in percentage terms which also includes the Frenchay loan which (according to an email) has just closed. Adding up the monetary totals confirms Ive not missed anything. Main Account Within term......10.00% 183 days +...…. 5.90% 200 days +...… 25.10% 300 days +......15.50% 400 days +......43.50% Which means 90 % of my MA LB is overdue 59% being grossly so..I might add that almost 90% of the 400+ %age is tied up in the Art Loans as well as Microsculptures IFISA Account
Within term......57.60% 183 days +...…. 7.50% 200 days +...… 34.30% 300 days +...… 0.10% 400 days +...…. 0.50% Is your Main much older than IFISA? No..opened same time..if I recall I did start out with the idea of filling that 1st (tax free) but as my bids got larger I realised the additional risk I was taking so scaled back..the 34.3 % represents to a greater extent a certain large development in Wales which has reached the 14th tranche. I have in the main. the 1st tranche so when the current tranche completes, Im next in line  ..ive already had a lucky 4 figure escape with the Cinema..but this is much larger..get by this and im going to rethink my stategy
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(my hunch is that the biggest %age of my spondoolies are there)..that's not what I was led to believe at the outset and once it goes past 153days, ? there's sod all you can do about it. Stay tuned.
), if you continue to invest with FS, you're an idiot.
A quick glance at the loans above tells me im in none of those..not because im lucky or smart but for historical reasons
In my personal experience it is the the other way round. The 'idiot' part was at the beginning (most of my defaults are historical), continuity with revised strategy is actually helping to offset losses.
..ive already had a lucky 4 figure escape with the Cinema..but this is much larger..get by this and im going to rethink my stategy