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Post by Badly Drawn Stickman on Oct 16, 2018 15:53:59 GMT
Hmmm. Collecting money from new investors to pay the interest due to existing investors. Sounds like a plan, but with obvious risks. It all depends on all the security taken being rock solid for the total amount lent plus interest owed (and ownership being undisputed). I deleted a post I made on this earlier for several reasons, not least of which is that I realised I didn't know enough about how the forum can operate. I had assumed that paying the interest would trigger a renewal involving the loan being relisted, then reasoned as it seems no capital was being repaid that it could just be an extension. I was going to carry out a full in depth study of the position, but got distracted by something. Just as an aside I see you are promoting yourself as the Patron Saint of P2P is that an elected or self awarded title?
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rogerthat
Member of DD Central
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Post by rogerthat on Oct 16, 2018 16:31:07 GMT
Hmmm. Collecting money from new investors to pay the interest due to existing investors. Sounds like a plan, but with obvious risks. It all depends on all the security taken being rock solid for the total amount lent plus interest owed (and ownership being undisputed). I deleted a post I made on this earlier for several reasons, not least of which is that I realised I didn't know enough about how the forum can operate. I had assumed that paying the interest would trigger a renewal involving the loan being relisted, then reasoned as it seems no capital was being repaid that it could just be an extension. I was going to carry out a full in depth study of the position, but got distracted by something. Just as an aside I see you are promoting yourself as the Patron Saint of P2P is that an elected or self awarded title? Ive not seen this before on FS so if, as it seems, this isn't a renewal but they pay the full interest, then is the day clock zeroed in which case wouldn't it have been easier, to have just renewed the loan? My beer mat maths suggests they owe about £43.5K ( ) for 204 days (for 1410173723 ) . Shamelessly edited
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Post by df on Oct 16, 2018 17:15:52 GMT
This is the one I was desperately trying to leave, but can't. I've sold most I could, but two of them were partially repaid, so I'm left with two under £25 that are not sellable.
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p2ploser
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Post by p2ploser on Oct 16, 2018 17:51:36 GMT
New loan (Antique collection) on FS opportunities to come soon. It's always nice to know how this borrower will pay off all these loans especially since that these antiques, swords, clocks value could have been completely overpriced.
This is a six month loan secured against a collection of 19 antiques including silverware, paintings, clocks, swords, porcelain and statues.
Note that the same borrower has the following loans with FundingSecure:
1013434811
1410173723
9114684713
2240243169
The proceeds of this loan are being withheld by FundingSecure to pay interest on loan ref 1410173723
I had assumed that when they say pay the interest that would mean that loan 73723 would then be renewed, as is normally the case when interest is received. Was that just a bad assumption or a logical one?
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blender
Member of DD Central
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Post by blender on Oct 16, 2018 18:12:48 GMT
Hmmm. Collecting money from new investors to pay the interest due to existing investors. Sounds like a plan, but with obvious risks. It all depends on all the security taken being rock solid for the total amount lent plus interest owed (and ownership being undisputed). I deleted a post I made on this earlier for several reasons, not least of which is that I realised I didn't know enough about how the forum can operate. I had assumed that paying the interest would trigger a renewal involving the loan being relisted, then reasoned as it seems no capital was being repaid that it could just be an extension. I was going to carry out a full in depth study of the position, but got distracted by something. Just as an aside I see you are promoting yourself as the Patron Saint of P2P is that an elected or self awarded title? I saw your post removed and it had looked ok - generous I thought. Unfortunately I do not have the access to do the research which you have commenced and was just taken aback by the statement at the end of the OP. I do not know how the loans are combined or how the security is applied. It is open and transparent, so it should be ok.
My appointment as 'Patron Saint of P2P' is neither elected nor self awarded. I prayed to my Goddess, Dolly Parton, and the signature just appeared, though with a small typo. It may not last. Edit: I had not seen Georget's statement and have edited this.
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Post by Badly Drawn Stickman on Oct 16, 2018 19:09:28 GMT
I deleted a post I made on this earlier for several reasons, not least of which is that I realised I didn't know enough about how the forum can operate. I had assumed that paying the interest would trigger a renewal involving the loan being relisted, then reasoned as it seems no capital was being repaid that it could just be an extension. I was going to carry out a full in depth study of the position, but got distracted by something. Just as an aside I see you are promoting yourself as the Patron Saint of P2P is that an elected or self awarded title? I saw your post removed and it had looked ok - generous I thought. Unfortunately I do not have the access to do the research which you have commenced and was just taken aback by the statement at the end of the OP. I do not know how the loans are combined or how the security is applied. It is open and transparent, so it should be ok.
My appointment as 'Patron Saint of P2P' is neither elected nor self awarded. I was struck by Georgette being 'the Philosopher of P2P', and thought that was rather nice - and richly deserved of course. So I thought, why not me also? Consequently I prayed to my Goddess, Dolly Parton, and the signature just appeared, though with a small typo. It may not last.
I was concerned an innocent passerby might not realise they had stumbled on the post of somebody capable off error, and mistaking it for high end due diligence invest unwisely (despite the obvious warning sign). That I had clearly invested could have created a stampede (the potential if unlikely 'power to move markets' is not to be taken lightly). I'm sure it will all turn out grand.
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mjc
Member of DD Central
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Post by mjc on Oct 16, 2018 19:44:06 GMT
Hmmm. Collecting money from new investors to pay the interest due to existing investors. Sounds like a plan, but with obvious risks. It all depends on all the security taken being rock solid for the total amount lent plus interest owed (and ownership being undisputed). - Ho Ho Ho. 😛 Bernie Madoff would have been proud to have thought up this ruse. But here they are at least pawning a very nice piece, not seen anything quite like it is the charity shops I use. Sure this should be a renewal if the interest is paid on the earlier loan? Go on, ruin my day!
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Post by dan1 on Oct 16, 2018 21:14:44 GMT
I deleted a post I made on this earlier for several reasons, not least of which is that I realised I didn't know enough about how the forum can operate. I had assumed that paying the interest would trigger a renewal involving the loan being relisted, then reasoned as it seems no capital was being repaid that it could just be an extension. I was going to carry out a full in depth study of the position, but got distracted by something. Just as an aside I see you are promoting yourself as the Patron Saint of P2P is that an elected or self awarded title? Ive not seen this before on FS so if, as it seems, this isn't a renewal but they pay the full interest, then is the day clock zeroed in which case wouldn't it have been easier, to have just renewed the loan? My beer mat maths suggests they owe about £18100 for 204 days (for 1410173723 ) . If this 'new/renewal/extension' is £40K and FS are withholding the proceeds, where's the remaining £22K going ? or is it just another new loan If they charged the borrower 2.4% per month (see www.fundingsecure.com/borrow-money/interest-rates) then the borrower owes 2.4% * 12 * 204/365 * £270k = £43.5k The question should be, where is the £3.5k coming from In all seriousness, I suspect the borrower negotiated a better rate than 2.4% pm or FS are willing to forego a small proportion of their fees.
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Post by mrclondon on Oct 22, 2018 10:18:37 GMT
The list of related loans that was included in the recent new loan (antique collection) seemed to omit one of the loans ( 1449160788 Military Collection). This is my list
| Loan | End Date | Rate | Name | 1013434811 | £359,843 | 27/09/2018 | 12% | Military and Time Piece Collection | 2107291381 | £270,000 | 30/05/2019
| 12% | Collection of French Clocks
| 9114684713 | £70,128 | 26/10/2018 | 12% | Military Items and Clock | 2240243169 | £134,335 | 23/11/2018 | 12% | Military Items and Clocks | 1449160788 | £135,000 | 01/02/2019 | 12% | Military Collection | 1077721503 | £40,000 | 18/04/2019 | 12% | Antique Collection |
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| TOTAL
| £1,009,306 |
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E&OE
(I've now merged together all the threads on these loans)
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rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
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Post by rogerthat on Nov 10, 2018 11:06:16 GMT
fundingsecure ...This borrower has 6 loans it seems, totalling £1.09m excl int. 2 of those loans are already overdue and a third seemingly heading that way shortly. A 4th...the clock renewal is in suspended animation as not a penny has been added for at least 48 hours and is not going to fill. Rather than adopting the ostrich position would it not be in the best interests of everyone to make a decision sooner rather than later before this joins the alarming list of grossly overdue multiple loans that are already on the platform ? Edit..a £1K bid has just been added.. but it still wont fill
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Post by investor1925 on Nov 10, 2018 11:35:48 GMT
fundingsecure ...This borrower has 6 loans it seems, totalling £1.09m excl int. 2 of those loans are already overdue and a third seemingly heading that way shortly. A 4th...the clock renewal is in suspended animation as not a penny has been added for at least 48 hours and is not going to fill. Rather than adopting the ostrich position would it not be in the best interests of everyone to make a decision sooner rather than later before this joins the alarming list of grossly overdue multiple loans that are already on the platform ? Edit..a £1K bid has just been added.. but it still wont fill Agreed FS has a fundamentally sound system going on ie loans on pawn & property, but what they MUST do is speed up defaults. You can't go on forever letting loans go overdue & just sit there for ages. They meed to put in a backstop & say "OK you all have problems now & again & loans go overdue, but if you go past X days, we WILL default, claim the asset, & sell it" If they carry on like they are now, people will get fed up & leave. At the moment X days is FAR TOO LONG. Time to default & sell.
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arby
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Post by arby on Nov 21, 2018 15:54:28 GMT
fundingsecure ...This borrower has 6 loans it seems, totalling £1.09m excl int. 2 of those loans are already overdue and a third seemingly heading that way shortly. A 4th...the clock renewal is in suspended animation as not a penny has been added for at least 48 hours and is not going to fill. Rather than adopting the ostrich position would it not be in the best interests of everyone to make a decision sooner rather than later before this joins the alarming list of grossly overdue multiple loans that are already on the platform ? Edit..a £1K bid has just been added.. but it still wont fill A 1% bonus and a single 25k investment has closed the gap so it's at least possible to now fill the clock loan. Not yet a sure thing though.
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Post by df on Nov 21, 2018 18:28:11 GMT
fundingsecure ...This borrower has 6 loans it seems, totalling £1.09m excl int. 2 of those loans are already overdue and a third seemingly heading that way shortly. A 4th...the clock renewal is in suspended animation as not a penny has been added for at least 48 hours and is not going to fill. Rather than adopting the ostrich position would it not be in the best interests of everyone to make a decision sooner rather than later before this joins the alarming list of grossly overdue multiple loans that are already on the platform ? Edit..a £1K bid has just been added.. but it still wont fill A 1% bonus and a single 25k investment has closed the gap so it's at least possible to now fill the clock loan. Not yet a sure thing though. I wonder what will be the next stage - increase rate to 13%? Everything else is already there (bonuses for BH's and CB). It will be a miracle if this tranche fills, "collections" are not popular any more. It's impressive that someone dipped a 25k toe in this loan - good luck to them.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 21, 2018 22:01:02 GMT
Did the £25K Punter phone FS first and cut a deal?
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p2ploser
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Post by p2ploser on Nov 22, 2018 19:08:40 GMT
A 1% bonus and a single 25k investment has closed the gap so it's at least possible to now fill the clock loan. Not yet a sure thing though. I wonder what will be the next stage - increase rate to 13%? Everything else is already there (bonuses for BH's and CB). It will be a miracle if this tranche fills, "collections" are not popular any more. It's impressive that someone dipped a 25k toe in this loan - good luck to them. Don’t talk this one down. I need this to renew to get my money out!
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