Mucho P2P
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Post by Mucho P2P on Jan 12, 2021 11:08:06 GMT
Just noticed, despite me never explicitly tagging them as such, their "borrower focused" mailshots now seem to end up in my gmail spam where they belong. But they are FCA authorised aren't they? They must be reliable and trustworthy and ...and and .... What the feck does FCA authorised mean?It means they ticked all the right boxes, produced all the right paperwork and said all the right things (at some point in the past). " What the feck does FCA authorised mean?" <- Very LITTLE IS SEEMS, when it comes to consumer protections. At the absolute best, the FCA limits the amount of scammers into the market. Seems once the scammers are in the market, they are half way home to their end prize. Ask yourself, just how interested are the FCA at jumping all over Lendy, Collateral, FundingSecure et all when they go bust to investigate and PROSECUTE the perpetrators?
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Post by df on Jan 12, 2021 19:27:58 GMT
Just noticed, despite me never explicitly tagging them as such, their "borrower focused" mailshots now seem to end up in my gmail spam where they belong. But they are FCA authorised aren't they? They must be reliable and trustworthy and ...and and .... What the feck does FCA authorised mean? They used to arrive at my gmail spam, but I've deliberately re-directed them to my inbox (took me few months of marking them as "not spam" to get it working). I like archiving things. According to some past communications the ethos is to 'contextualise' the platform into a borrowers&lenders community (remember Christmas cards with hand written addresses - must have taken a lot of time and effort doing this), so may be that's the reason for us receiving these money saving tips e-mails. The irony is (if I'm reading the situation correctly) that at present the actual community consists of the borrowers who didn't repay, investors with stuck funds and the FCA authorised company who borrowed from us. What does 'FCA authorise' mean? In my observation it is a tick box exercise (i.e. the paper work was submitted and met the required criteria). I was always under impression that p2p firms are not allowed to borrow from investors, was that a breaking of FCA rule? Most of my remaining investments are in FO's own 5 year (mid-term  ) loan. It's earning no interest and I have no confidence in receiving my capital back when the term ends. The other thing that bothers me is - the investment in these "business" loans were made automatically and we were informed of this (and given the choice to opt out) after this was already done. I guess all these things are OK with FCA  On a positive side. My bank account has recently received a series of payments from FO - not much, but any bit of cash arriving back from Welendus is a good news.
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optimist
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Post by optimist on Jan 15, 2021 17:36:54 GMT
A company that you lend money to on the understanding that they will invest it and pay you interest but that "borrows" the money themselves, refuses to repay the money when you ask, fails to respond to complaints, and stops even paying interest because you ask for the money back would seem to be beyond "not following FCA rules". I believe a Ponzi scheme is one where money is borrowed and interest "paid" without any actual investment occurring. The company continues to borrow money and make promises regarding the marvellous profits while paying themselves from the takings. I'm looking at this as a null hypothesis and try to show that this is not one or at least very similar in function and outcome for investors. I'd be interested in people's opinions.
A null hypothesis might be that tiny interim payments are merely a distraction. I've asked a number of times for an account statement to determine whether there are actually any payments occurring from borrowers and whether FO were actually adding any supposed payments to the total. I got a copy and pasted total from the website and a load of waffle bluster and flannel. The lack of transactions leads me to question whether there is any meaningful trading occuring. This may be a moot point now but still pertinent to those who haven't requested all their money back yet. No sign of the millions from abroad so that looks as though it was also BS
Their front page still says that a value plus Zero equals a smaller value so they're not worried about being able to do simple addition and subtraction but they're spending money on advertising.
The ombudsman is doing nothing - apparently the don't have laptops to work from home.
The system seems a bit rubbish when compared to the levels of service and support you would expect in most industries. I suppose I could start writing complaint letters about the FCA to the Ombudsman and Vis Versa,,,
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benaj
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Post by benaj on Jan 15, 2021 21:30:48 GMT
Can someone give us a better impression about how the loanbook is performing?
On paper, 2020 is a fantastic for FO.
£3.6m loans originated in 2020,
actual default is 0%
average loan term is 85 days.
🤔 when did FO restart lending again?
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optimist
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Post by optimist on Jan 16, 2021 15:19:08 GMT
Can someone give us a better impression about how the loanbook is performing? On paper, 2020 is a fantastic for FO. £3.6m loans originated in 2020, actual default is 0% average loan term is 85 days. 🤔 when did FO restart lending again? I recommend you check your "Pooled" amount and how much it increases each month, check this against the published XIRR and see whether it is as expected.
If not then FO may not be not paying what they say they should be paying (if the default rate is Zero.) I'd expect some monthly variation but not a significant average offset without defaults.
In May, I looked at the XIRR and compared it to the actual amount that my account had increased by. The published XIRR was around 12% whereas my account increased by around 4% (dropping from around 10%) My conclusion was that the received paymenst from borrowers were probably running at around 1/3 of expected but when I talked to them the pooled amount increased, so I guessed there was an accounting error. It could also be that my interim withdrawals changed somethign in the calculations but no explanation was given.
Something was wrong with the published data but I have been unable to get a detailed statement to determine whether this was an honest mistake.
When I complained several times, and eventually asked to withdraw all funds, the total jumped by a large amount to give 9.99% - "surprisingly" close to the published expected 10% this came with an indignant denial that money was missing.
At the same time I stopped earning interest so the amount I wind up getting may be 5% if it turns up in the next year, 3% if in 2022 and most likely 2% after 5 years so I will have made no money and lost making money on the lot for that time. If as they say, they've taken 3.6M over the past year, then not paying us back is simply a choice, they have decided to keep our money and not pay us interest.
I remember trying to invest, I had money sitting there but not invested, at that time (though I didn't know it then) there were people trying to withdraw money but unable to.
I'd suggest you do your own calculations and draw your own conclusions (don't believe people on the internet) but how do you plan to withdraw any money "earned" if you can't withdraw it for 5 years and it devalues until you get it (assuming we ever get it). How's the loanbook performing? I'd be much better off financially if I earned nothing and could get my original investment back
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squid
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Post by squid on Jan 16, 2021 22:02:11 GMT
Four ombudsman decisions relating to borrower complaints against this firm are currently published on the Financial Ombudsman Service website.
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optimist
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Post by optimist on Jan 17, 2021 15:30:26 GMT
Four ombudsman decisions relating to borrower complaints against this firm are currently published on the Financial Ombudsman Service website. OK, so not only a Ponzi scheme and they lost all 4 cases.
Genius - so the answer is to borrow our money back from ourselves then not repay it? lol
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Post by df on Feb 13, 2021 16:40:43 GMT
Can someone give us a better impression about how the loanbook is performing? On paper, 2020 is a fantastic for FO. £3.6m loans originated in 2020, actual default is 0% average loan term is 85 days. 🤔 when did FO restart lending again? It looks like lending has never stopped 2021 is also looking great. We are only in mid Feb and £1.1m has been lent already Provision fund coverage is 221.6%.
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benaj
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Post by benaj on Feb 13, 2021 17:15:51 GMT
Can someone give us a better impression about how the loanbook is performing? On paper, 2020 is a fantastic for FO. £3.6m loans originated in 2020, actual default is 0% average loan term is 85 days. 🤔 when did FO restart lending again? It looks like lending has never stopped 2021 is also looking great. We are only in mid Feb and £1.1m has been lent already Provision fund coverage is 221.6%. And how much are lent on medium term?
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Post by Ace on Feb 13, 2021 18:00:30 GMT
Still no sign of my requested withdrawal since March 2020.
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Post by df on Feb 13, 2021 18:42:20 GMT
It looks like lending has never stopped 2021 is also looking great. We are only in mid Feb and £1.1m has been lent already Provision fund coverage is 221.6%. And how much are lent on medium term? None (or close to none), according to displayed stats. "Average loan term this year is 85 days".
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optimist
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Post by optimist on Apr 10, 2021 20:19:20 GMT
Can someone give us a better impression about how the loanbook is performing? On paper, 2020 is a fantastic for FO. £3.6m loans originated in 2020, actual default is 0% average loan term is 85 days. 🤔 when did FO restart lending again? It looks like lending has never stopped 2021 is also looking great. We are only in mid Feb and £1.1m has been lent already Provision fund coverage is 221.6%. Lending never stopped but the secondary market did, so, on the subject of overall impressions: 1. The numbers don't add up, IE the simple addition on their front page is incorrect. How can you be happy investing? 2. You can't get your money back because if requested, they just stop paying the (imaginary?) interest and still don't give you your money 3. They have MY MONEY and you're happy they reinvested instead of paying their investors back a year after they asked for their money? Some of us are suffering here, and your "profits" partly come from that unfair policy. Overall impression: Pond  at least photosynthesises
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optimist
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Post by optimist on May 4, 2021 17:58:32 GMT
Finally got a good chunk of my money back today - perhaps 75%
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Post by Badly Drawn Stickman on May 4, 2021 18:32:13 GMT
Finally got a good chunk of my money back today - perhaps 75% Well done. I got some back last month, but another percentage just seems to have vanished. I have no idea where to look on the platform to find it. Emails sent still get totally ignored. On the plus side odd tiny little amounts still appear occasionally.
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optimist
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Post by optimist on May 4, 2021 20:51:58 GMT
Well done. I got some back last month, but another percentage just seems to have vanished. I have no idea where to look on the platform to find it. Emails sent still get totally ignored. On the plus side odd tiny little amounts still appear occasionally. I don't think my complaining did anything other than P them off but that's fine, I expect my comments will outlive their company
The numbers don't add up on the website so I don't think you'll find your % there but best of luck
Off to pour myself a drink and celebrate a new and improving year. Wonder what crazy scheme to try next
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) loan. It's earning no interest and I have no confidence in receiving my capital back when the term ends. The other thing that bothers me is - the investment in these "business" loans were made automatically and we were informed of this (and given the choice to opt out) after this was already done. I guess all these things are OK with FCA 
at least photosynthesises