Godanubis
Member of DD Central
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 Feb 17, 2020 23:05:47 GMT
In the 5 months since I started this thread my views have changed quite a bit.
I still feel the overall model was a good start and has been improved as we went along.
At that time I had no wish to withdraw any money so the wholly unacceptable delays that have surfaced have put a huge question mark over the invest-ability and future viability of the platform as investor confidence is eroded.
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Post by gravitykillz on Feb 18, 2020 6:26:56 GMT
I wouldn't touch fundourselves with a barge pole. However did try the platform a year ago for a few months but dumped it due to negative reviews and the fact that it looked to good to be true. 15% interest with a provision fund ?
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Post by sayyestocress on Feb 18, 2020 11:56:28 GMT
I wouldn't touch fundourselves with a barge pole. However did try the platform a year ago for a few months but dumped it due to negative reviews and the fact that it looked to good to be true. 15% interest with a provision fund ? I don't recall there being bad reviews a year ago. Everything was pretty positive until they stopped lending for a short period around the start of the current financial year whilst re-branding and everyone's cash drag leapt up. According to their stats the pool of money not being borrowed is less than 10% of the total lender money on the platform so I expect cash drag isn't currently a problem. The only problems I see being reported these days are delayed / withheld withdrawals of uninvested money from the platform. This is claimed to be due to an update that seems to have gone / is going wrong. Whether that's true or not is yet to be seen I suppose. Anyway, regarding the 15% with a provision fund I do believe it is possible with the rates borrowers are paying, this is a very different beast to Lendy, Fundingsecure, Moneything and Collateral. Though, obviously cash drag will always bring the return down because this is short term lending. They even show you tables of what you could expect for different levels of cash drag for the rates you choose on their website.
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benaj
Member of DD Central
N/A
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Post by benaj on Feb 18, 2020 12:03:46 GMT
I do like the Welendus / FO initial objective: I wished I knew about them early, back in 2017. Although I started too late in 2018 and I am very grateful this platform delivered 11%+ return (XIRR). I did believe the business model is viable, short term lending with provision fund. Others competitors like Cashongo (Peachy loans) , Evergreen Finance (Moneyboat) list their loans on Mintos with Buyback guarantee, their lenders enjoy 11%+ as well. Comparing loan performance, Moneyboat has 85% borrowers repay on time. www.mintos.com/en/statistics/I used to invest Peachy loans in 2019, but I decide to wait until their loan performance improve. If FO loans were listed on Mintos and never get suspended, anyone could buy them on the Secondary market with premium / discount whether they are over 60 days late even without buyback guarantee. |
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Post by Badly Drawn Stickman on Feb 25, 2020 9:22:20 GMT
I have received a string of bank transfers this morning, which would seem to be all my outstanding withdrawal amounts less the still active loans plus some other amounts (small) that could be anything. I can confirm that I have now officially lost the plot with this platform.
On the plus side I now have a locked in profit overall (again small) so what happens to the amount still on the platform is more academic interest than a cause of concern.
So just another four platforms to try and reach the same position (mostly in my dreams I suspect)
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Feb 25, 2020 16:44:55 GMT
I have received a string of bank transfers this morning, which would seem to be all my outstanding withdrawal amounts less the still active loans plus some other amounts (small) that could be anything. I can confirm that I have now officially lost the plot with this platform. On the plus side I now have a locked in profit overall (again small) so what happens to the amount still on the platform is more academic interest than a cause of concern. So just another four platforms to try and reach the same position (mostly in my dreams I suspect) I was in that situation maybe 6 or 9 months ago. As I am not an an accountant nor rigorous and methodical in my record keeping (a must I've discovered for p2p in general) it took me a long time to figure out that my "cash out" had worked. If people didn't have big sums locked up here it would almost be comical.
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dh1
Member of DD Central
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Post by dh1 on Feb 25, 2020 22:18:12 GMT
I too have had a small flurry of payments which hopefully mark the end of my involvement with the platform. I think I've come out (marginally) ahead but as ever with this lot you can only tell by completely ignoring the figures on the website...
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 25, 2020 22:58:27 GMT
I spoke to someone yesterday by selecting complaints on the phones. The woman took details and promised to pass my complaint to the investor team. I queried the time to withdraw actual free cash from my account. As of now there have been no payments to my bank.
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Post by Badly Drawn Stickman on Mar 25, 2020 12:59:33 GMT
Fully comprehensive email today, laying out in some detail how current events had created great demand and how this is being competently handled (I'm guessing only read a little bit)
Rushed to check my account, brushing the cobwebs aside anticipating a flurry of action......
I am now working on the theory that the emails are from a parallel universe were things are much better.
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Mucho P2P
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Post by Mucho P2P on Mar 25, 2020 16:10:42 GMT
Fully comprehensive email today, laying out in some detail how current events had created great demand and how this is being competently handled (I'm guessing only read a little bit) Rushed to check my account, brushing the cobwebs aside anticipating a flurry of action...... I am now working on the theory that the emails are from a parallel universe were things are much better. I also received a similar email. Load of rubbish in my opinion, as statistics I have seen from other P2P companies, borrowers are not borrowing or not being given loans. Lenders are not lending at current rates and only wish to lend at much higher rates = liquidity dried up for most, except apparently FO. What can I say, other than congratulations to FO for finding the formula that works .....….
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Post by df on Apr 2, 2020 20:40:22 GMT
Another e-mail today "Act Now – Only 3 days until your £20,000 ISA allowance deadline on the 5th April"...
Had a look at my account summary - my XIRR shows as 1.6%. Not sure how FO algorithm arrived to this figure, but it doesn't look encouraging for taking up this IFISA offer.
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Post by failedtheturingtest on Apr 3, 2020 13:33:30 GMT
In times of businesses shutting down and mass layoffs, I'd expect short-term lenders like FO to experience high demand from borrowers. This is what they were made for! If only their performance in working with lenders had inspired confidence...
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Ukmikk
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Post by Ukmikk on Apr 3, 2020 13:40:06 GMT
In times of businesses shutting down and mass layoffs, I'd expect short-term lenders like FO to experience high demand from borrowers. This is what they were made for! If only their performance in working with lenders had inspired confidence... True, but how many of those borrowers will pay back the loans?
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Post by df on Apr 3, 2020 14:19:09 GMT
In times of businesses shutting down and mass layoffs, I'd expect short-term lenders like FO to experience high demand from borrowers. This is what they were made for! If only their performance in working with lenders had inspired confidence... I’ve just searched for one out of interest. Very big competition, FO appears on page 3 on google search.
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Post by tfw on Apr 3, 2020 18:21:10 GMT
Another e-mail today "Act Now – Only 3 days until your £20,000 ISA allowance deadline on the 5th April"... Had a look at my account summary - my XIRR shows as 1.6%. Not sure how FO algorithm arrived to this figure, but it doesn't look encouraging for taking up this IFISA offer. Your return seems quite low. My investment is still in the double digit XIRR. Did you check the return from the investment summary page? From there you can see each investment and its return.
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