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 
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Post by Godanubis on Jan 16, 2019 15:50:08 GMT
The New Year’s resolutions for FS were probably be to improve the experience. Looking at recently posted updates which seem more frequent and informative, FS have taken on board investor’s concerns. Tougher treatment of wayward borrowers and a reduced willingness to believe waffle and default to show they will no longer give the benefit of the doubt and simply make sure borrowers meet their obligations or FS will inforce their obligations to protect investor funds. Long delinquent loans are now being given more scrutiny and action. These are good indicators that there is a concerted effort to get things up to date and keep closer tabs on new loans. Clearing the backlog will not be an instant fix (similar to new year diet) but as long as there is continued effort over the next few months the goals should be attained. (However the summer speedos May be an expectation too far  ) As with weightatchers the support of others help you attain your goal. Let us all support FS as long as they continue their efforts and have monthly weigh in (updates) The initial impetus required to loose weights is usually an unexpected reflection in a shop window. The impetus for FS would have been the negative comments and realisation of their below par performance. So a little less non specific negativity and an occasional thumbs up 👍 for good performance would go a long way to show appreciation for the actual hard working humans affected by our comments. (Something we often forget) Onward and upward.. |
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james21
Member of DD Central
Posts: 651
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Post by james21 on Jan 16, 2019 15:53:23 GMT
Sorry, I for one dont share your optimism, they are a disgraceful shower and I dont see any definite signs of improvement
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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 16, 2019 16:12:36 GMT
Sorry, I for one dont share your optimism, they are a disgraceful shower and I dont see any definite signs of improvement I’m sure your generalisation has been carefully thought out and you have actually evidence of deliberate misconduct of every employee of FS. Or as in most walks of life when people make mistakes they feel worse within themselves without someone who has absolutely no idea of the complexities of their job commenting. Spend the time actually studying the current situation before commenting. It is demonstrably obviously things are improving. It is becoming more aware on the forum there are just people who only complain without any substance like a Jeremy Corbin View on Brexit. The more diligent members are less willing to accept meaningless troll like posts and require actual evidentiary based posts. Rather than those from insecure people looking for likes to boost their justifiably low self esteem. Since you stopped investing in FS months ago I assume your remarks are just Sour Grapes 🍇
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adrian77
Member of DD Central
Posts: 3,920
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Post by adrian77 on Jan 16, 2019 16:21:41 GMT
bit harsh...
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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 16, 2019 16:25:45 GMT
Took 2 mins before responding to my post. Enough said. By the way although we sometimes disagree you are in the More diligent category
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Post by Badly Drawn Stickman on Jan 16, 2019 16:32:28 GMT
Took 2 mins before responding to my post. Enough said. By the way although we sometimes disagree you are in the More diligent category I am by design not very diligent, I am however very diligent in this lack of diligence. Realising there is a More diligent category could either of you gentlemen offer advice as to how I could upgrade?
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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 16, 2019 16:43:49 GMT
Took 2 mins before responding to my post. Enough said. By the way although we sometimes disagree you are in the More diligent category I am by design not very diligent, I am however very diligent in this lack of diligence. Realising there is a More diligent category could either of you gentlemen offer advice as to how I could upgrade? From my past experience of your posts I’d put you in the “ The wolf 🐺 in sheep’s 🐑 clothing “ category not to be underestimated 👍
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rogerthat
Member of DD Central
Posts: 2,048
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Post by rogerthat on Jan 16, 2019 16:45:50 GMT
"Clearing the backlog will not be an instant fix (similar to new year diet) but as long as there is continued effort over the next few months the goals should be attained."
Surely the understatement of 2019...so far!
You are right of course but it's going to require far, far more than wishful thinking and a few months to turn FS around. It needs root and branch surgery to the cavalier approach they've adopted to date in spraying money (our money) willy nilly at every Tom, Dick & Harriet that knocks on their door. Absurd valuations aside,[not exclusive to FS] it is their complete lack of savvy and business acumen on loan administration that lets them down the most, which currently (if the real truth be known) sees the ship so low in the water, that one large, untimely wave is going to swamp them. It seems to me that their best hope for any future at all, is to make some significant recoveries on the loans of which we all are aware of and their efforts should be aimed solely with that focus in mind..sayings one thing, doings another.
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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 16, 2019 16:55:05 GMT
"Clearing the backlog will not be an instant fix (similar to new year diet) but as long as there is continued effort over the next few months the goals should be attained." Surely the understatement of 2019...so far! You are right of course but it's going to require far, far more than wishful thinking and a few months to turn FS around. It needs root and branch surgery to the cavalier approach they've adopted to date in spraying money (our money) willy nilly at every Tom, Dick & Harriet that knocks on their door. Absurd valuations aside,[not exclusive to FS] it is their complete lack of savvy and business acumen on loan administration that lets them down the most, which currently (if the real truth was known) sees the ship so low in the water, that one large, untimely wave is going to swamp them. It seems to me that their best hope for any future at all, is to make some significant recoveries on the loans of which we all are aware of and their efforts should be aimed solely with that focus in mind..sayings one thing, doings another. Another one from the diligent category. You are perfectly correct about past operations and as you say it will take time. We should and will keep a close eye 👁 on the future operating of the platform and at least give them to opportunity to show improvement.
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pip
Posts: 542
Likes: 725
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Post by pip on Jan 16, 2019 17:00:10 GMT
"Clearing the backlog will not be an instant fix (similar to new year diet) but as long as there is continued effort over the next few months the goals should be attained." Surely the understatement of 2019...so far! You are right of course but it's going to require far, far more than wishful thinking and a few months to turn FS around. It needs root and branch surgery to the cavalier approach they've adopted to date in spraying money (our money) willy nilly at every Tom, Dick & Harriet that knocks on their door. Absurd valuations aside,[not exclusive to FS] it is their complete lack of savvy and business acumen on loan administration that lets them down the most, which currently (if the real truth was known) sees the ship so low in the water, that one large, untimely wave is going to swamp them. It seems to me that their best hope for any future at all, is to make some significant recoveries on the loans of which we all are aware of and their efforts should be aimed solely with that focus in mind..sayings one thing, doings another. Another one from the diligent category. You are perfectly correct about past operations and as you say it will take time. We should and will keep a close eye 👁 on the future operating of the platform and at least give them to opportunity to show improvement. I hope they improve and return as much of my money as possible. However I will not be giving them any more of my money to have an opportunity to show improvements. I lent about £5k on this platform between 1 and 3 years ago and have about £1.8k paid back the other £3.2k almost all overdue. I went through them and I think realistically if I am lucky I might get £1k back. If they refund me all my losses, show about 5 years of evidence that things have really changed and that their valuations are realistic, assets secured and loans repaid roughly when promised then I may consider returning. Until then I am in get as much as I can out mode.
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Post by beepbeepimajeep on Jan 16, 2019 17:08:12 GMT
FS have taken on board investor’s concerns........Tougher treatment of wayward borrowers and a reduced willingness to believe waffle and default to show they will no longer give the benefit of the doubt and simply make sure borrowers meet their obligations or FS will inforce their obligations to protect investor funds. I see no tougher treatment of borrowers in the loans I am in that are multiple years overdue. They are not meeting their obligations and Funding Secure are posting blatant lies as fact (powerboats). Not in my outstanding loan book. Being fair I did notice a concerted effort from Funding Secure in the middle of last year. Several loans were recovered or paid off that I was pleased at. However since then things have tailed off and the same old bs has resumed. Nobody who is reasonable expects instant fixes. What I do expect is... 1 - Loans to have truthful and important information. For example Funding Secure deliberately withheld the fact the art loans were linked and this has caused a lot of pain. 2 - Valuations to be reasonable. Some of them are ridiculous. 3 - TRUTHFUL AND FACTUAL UPDATES. Funding Secure are terrible at this. They pass borrowers lies on as fact and treat us like idiots. If we were to get truthful updates which contained verified facts there would not be so much anger. You can only believe "We will pay next week" once before it becomes bs. They should also address late loans with an update within a couple of weeks of becoming overdue. 4 - TRUTHFUL DEFAULTS. Another massive failing from Funding Secure. Not defaulting loans which are clearly in default. The fact the art loans are not defaulted is outrageous. We can only speculate why they refuse to default loans but it does make their statistics look a lot better not to do it. 5 - Sell the asset when a loan is in default. Ok I agree with being reasonable and allowing some leeway but you allow some leeway and then you have to act. Some of these loans take the piss. The powerboats - why have these not just been sold? Could it be it would make their recovery figures look awful? Shame on Funding Secure, it's not their money tied up. I see plenty of people giving credit where credit is due on these forums. It is Funding Secure that have brought a negative experience to investors, not investors making an unfair negative comment. It would be nice if Funding Secure showed some appreciation for our hard earned which is affected by their poor performance. Funding Secure seem to constantly forget there is real money tied up in these loans and our bottom line is affected by their actions, probably because it is not their money.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Jan 16, 2019 18:04:15 GMT
BANG ON beepbeepimajeep. FS has a VERY small Fan Club these days, in fact, only two, three or four members it seems?
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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 16, 2019 18:21:16 GMT
BANG ON beepbeepimajeep . FS has a VERY small Fan Club these days, in fact, only two, three or four members it seems? Another diligent contributor usually negatively though. With several hundred £K invested in this platform over the last few years any below 100% loan repayments have only resulted in a 1-2% reduction in overall returns. There have been insufficient actual losses confirmed to dent a fully diversified and managed portfolio. To loose or even have 25% of portfolio delinquent as some say indicates blatant overexposure in individual loans.
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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 16, 2019 18:24:22 GMT
FS have taken on board investor’s concerns........Tougher treatment of wayward borrowers and a reduced willingness to believe waffle and default to show they will no longer give the benefit of the doubt and simply make sure borrowers meet their obligations or FS will inforce their obligations to protect investor funds. I see no tougher treatment of borrowers in the loans I am in that are multiple years overdue. They are not meeting their obligations and Funding Secure are posting blatant lies as fact (powerboats). Not in my outstanding loan book. Being fair I did notice a concerted effort from Funding Secure in the middle of last year. Several loans were recovered or paid off that I was pleased at. However since then things have tailed off and the same old bs has resumed. Nobody who is reasonable expects instant fixes. What I do expect is... 1 - Loans to have truthful and important information. For example Funding Secure deliberately withheld the fact the art loans were linked and this has caused a lot of pain. 2 - Valuations to be reasonable. Some of them are ridiculous. 3 - TRUTHFUL AND FACTUAL UPDATES. Funding Secure are terrible at this. They pass borrowers lies on as fact and treat us like idiots. If we were to get truthful updates which contained verified facts there would not be so much anger. You can only believe "We will pay next week" once before it becomes bs. They should also address late loans with an update within a couple of weeks of becoming overdue. 4 - TRUTHFUL DEFAULTS. Another massive failing from Funding Secure. Not defaulting loans which are clearly in default. The fact the art loans are not defaulted is outrageous. We can only speculate why they refuse to default loans but it does make their statistics look a lot better not to do it. 5 - Sell the asset when a loan is in default. Ok I agree with being reasonable and allowing some leeway but you allow some leeway and then you have to act. Some of these loans take the piss. The powerboats - why have these not just been sold? Could it be it would make their recovery figures look awful? Shame on Funding Secure, it's not their money tied up. I see plenty of people giving credit where credit is due on these forums. It is Funding Secure that have brought a negative experience to investors, not investors making an unfair negative comment. It would be nice if Funding Secure showed some appreciation for our hard earned which is affected by their poor performance. Funding Secure seem to constantly forget there is real money tied up in these loans and our bottom line is affected by their actions, probably because it is not their money. A well thought out and constructive response with valid points. I was however referring to FS moving forward not just rehashing old gripes. There are several updates where FS are defaulting loans guicker than had been the case.
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Post by beepbeepimajeep on Jan 16, 2019 18:29:37 GMT
I was however referring to FS moving forward not just rehashing old gripes. Nothing old about my points, they are current and forward issues as far as investors are concerned. If you are tired because it's the same complaints over and over then Funding Secure should resolve them. Until that happens they will be current problems, not old.
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