daveb4
Member of DD Central
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Post by daveb4 on Dec 31, 2018 16:47:58 GMT
Appears FS are going to start the new year funding the receivers pockets. A number of emails received this afternoon re new unredeemed loans.
Hopefully this might push forward these deals and scare some of the other lenders to be a little bit more honest with the updates provided.
Last month or so seen more pictures of development sites and more wording, maybe just maybe some improvements moving forward.
Don't get me wrong I have been hit with some 'crackers' but at moment still up by a satisfactory percentage. Not sold out yet but have reduced holding.
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nyneil
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Post by nyneil on Dec 31, 2018 17:34:55 GMT
Yes, let's hope that FS have made a New Year's resolution to be more assertive with borrowers and start to claw back some of the outstanding money which is owed to us. I'm sure that most of us feel that FS, and other platforms, have been seen as an easy touch by some borrowers, so once a few have had receivers / administrators appointed, others may choose to become more cooperative, without the need for a heavy handed approach.
A Happy New Year to you all.
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tony
Posts: 136
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Post by tony on Dec 31, 2018 21:14:55 GMT
Perhaps in the future shall receive honest, factual updates at last instead of the usual meaningless waffle which insult and annoy the lenders. If we do it may restore the reputation of FS and encourage more investments but I am not counting on that happening.
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jcb208
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Post by jcb208 on Jan 1, 2019 8:32:30 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on
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Post by brightspark on Jan 1, 2019 10:22:21 GMT
Here, here. The only thing that will make FS chase recalcitrant borrowers is a lack of investors. Let us hope that anyone thinking of investing in FS loans first looks on this website to hear the voices of some of the abysmally treated lenders. For me it's Powerboat, Rishton, Formby. All stinkers. All should have been in Administration years ago. Instead an endless stream of increasingly ridiculous explanations of why it has to be jam tomorrow.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 1, 2019 10:28:44 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on Shambles .......... or shower? All the same with FS I guess?! 
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james21
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Post by james21 on Jan 1, 2019 10:36:12 GMT
They rely on a flow of new lenders because the life cycle of the typical investor is about 18 months I would guess as about then reality kicks in, you are not going to get 13% and you are trapped in overdue loans, so you stop investing and wait it out. Thats me anyway
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Post by chrisuk on Jan 1, 2019 12:46:49 GMT
Same here. I have so many defaulted and/or overdue loans in FS, MT and Lendy that I stopped investing some time ago. I expected to have a few dodgy loans but not this many!
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jcb208
Member of DD Central
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Post by jcb208 on Jan 1, 2019 14:46:46 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on Shambles .......... or shower? All the same with FS I guess?! Shower of S**** sounds better 
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bugs4me
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Post by bugs4me on Jan 1, 2019 16:55:08 GMT
Same here. I have so many defaulted and/or overdue loans in FS, MT and Lendy that I stopped investing some time ago. I expected to have a few dodgy loans but not this many! It's not just the defaults - something to be expected in P2P - it's often the lack of timely action on the part the platform(s). A couple of platforms at least, are really out of their depth dealing with defaults so they just pile up. That's assuming they have been defaulted in the first place. Don't know the stats but suggest there are an equal number of loans that haven't been labelled as defaulted but are members of the platform can-kicking society.
I think most forum members have heard so many 'turning over a new leaf' story it's now I'll believe it when I see it.
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Post by charliebrown on Jan 1, 2019 23:56:49 GMT
Same here. I have so many defaulted and/or overdue loans in FS, MT and Lendy that I stopped investing some time ago. I expected to have a few dodgy loans but not this many! I’m in the same boat (luckily it’s not the FS power boat). I’ve also got a fair chunk in COL that I’m considering to be 100% loss. Then there’s the LY court case hanging over me. I personally wouldn’t recommend any of the above p2p platforms to anyone I like.
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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.
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Post by Godanubis on Jan 2, 2019 3:16:51 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on At 500 days it is still way too soon for the 2 year rule you should at least mentally apply for property loans to resolve. Relatively straight forward house sales can take months to exchange. Have patience and invest/manage your money to mitigate potential reduced overall returns as you won’t have overall losses.
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Post by charliebrown on Jan 2, 2019 10:13:10 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on At 500 days it is still way too soon for the 2 year rule you should at least mentally apply for property loans to resolve. Relatively straight forward house sales can take months to exchange. Have patience and invest/manage your money to mitigate potential reduced overall returns as you won’t have overall losses. 2 years’ where capital is trapped even where there’s ultimately a full recovery (which is highly unlikely) is still a pretty bad situation when you look at the ratio of good to bad loans on platforms like FS and especially LY. I feel unless you are extremely skilled at DD and/or extremely lucky then we’d be better with something like RS at a much more predictable 6% return. I don’t like using lucky and investment in the same sentence.
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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 Jan 2, 2019 11:04:32 GMT
At 500 days it is still way too soon for the 2 year rule you should at least mentally apply for property loans to resolve. Relatively straight forward house sales can take months to exchange. Have patience and invest/manage your money to mitigate potential reduced overall returns as you won’t have overall losses. 2 years’ where capital is trapped even where there’s ultimately a full recovery (which is highly unlikely) is still a pretty bad situation when you look at the ratio of good to bad loans on platforms like FS and especially LY. I feel unless you are extremely skilled at DD and/or extremely lucky then we’d be better with something like RS at a much more predictable 6% return. I don’t like using lucky and investment in the same sentence. No luck involved just work. Never hold loans to the end that are more than 1% of portfolio and you will make good return providing you buy the right one to begin I manage well over 15% tax free in FS on a few hundred £K LY has Loans that are well over a year. MT and others have 5 year Loans it’s the fixation on 6 months that causes perceived problem. Welendus doubles RS return and has provision fund >100% usually of money lent that buys your part if borrowers more than 32 days late. It currently also pays accrued interest (no guaranteed) so maximum loss is possibly 1 month’s interest it also has ISA Actual bad debt as % of money lent (which will usually have continued recovery ongoing) is not particularly high.
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blender
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Post by blender on Jan 2, 2019 11:09:40 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on Shambles .......... or shower? All the same with FS I guess?! Shower in this case. A (butchers) shambles has blood on the floor, not just water.
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