adrian77
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Post by adrian77 on Feb 18, 2019 16:36:15 GMT
There's c. £72m "live" loans on the platform at the moment
Is that all - if we take the art loans and 2 x £6m loans plus a few other biggies such as Lytham St Annes then I hate to think what percentage of OUR money as a percentage of the loan book is! How people claim to make over 20% on this platform is a loss to me so I must be missing something...
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paulb
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Post by paulb on Feb 19, 2019 12:37:14 GMT
How people claim to make over 20% on this platform is a loss to me so I must be missing something... People (and gods) who make 20% on FS are doing do by profiting from their fellow lenders, not from the borrowers. Paul.
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kaya
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Post by kaya on Feb 19, 2019 12:55:00 GMT
FS is operating under a pawnbroking licence... This sounds like Collateral, what's the difference? What's to stop the FCA declaring FS to be operating outwith its license?
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trium
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Post by trium on Feb 19, 2019 13:00:24 GMT
How people claim to make over 20% on this platform is a loss to me so I must be missing something... People (and gods) who make 20% on FS are doing do by profiting from their fellow lenders, not from the borrowers. Paul. Don't you just love P2P? "Fellow lenders".  In other walks of life we'd be "competitors" or "rivals" Seriously though, no-one has to sell to our friend you're hinting at and no-one has to buy from him. It's a marketplace.
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paulb
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Post by paulb on Feb 19, 2019 13:10:22 GMT
Don't you just love P2P? "Fellow lenders". In other walks of life we'd be "competitors" or "rivals" Seriously though, no-one has to sell to our friend you're hinting at and no-one has to buy from him. It's a marketplace. We're, by definition, peers, not rivals . I din't claim there is anything wrong with making profits in that way - I'm probably one of the lenders (fellow, or otherwise) who a certain someone has profited from, though of course, I have no way of knowing. At the time, I bought from the marketplace in the hope that I'd make more profit from the borrower than the seller would make from me. In the majority of cases, I'm now less convinced of that as many of my loans are now very overdue, with little sign of coming good any time soon. I've learnt my lesson, and am not buying more FS loans (on the PM or SM) until things turn around - if everyone else feels that way and buyers stop buying, the sellers will end up with a lot of loans to hold to completion, whether they want to or not.
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09dolphin
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Post by 09dolphin on Feb 20, 2019 10:04:18 GMT
In all honesty I really don't know why anyone would lend on FS when you take account of the number of loans that are well over 1 year overdue but have still still not been defaulted.
I have "active" loans that are well over 2 years since inception - despite these being for a mere 6 months. Were FS lying or did they actually believe the BS the lenders give - especially when any reasonable business person wouldn't.
Time to consign FS to the failed P2P businesses.
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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 Feb 20, 2019 10:42:32 GMT
Don't you just love P2P? "Fellow lenders". In other walks of life we'd be "competitors" or "rivals" Seriously though, no-one has to sell to our friend you're hinting at and no-one has to buy from him. It's a marketplace. We're, by definition, peers, not rivals . I din't claim there is anything wrong with making profits in that way - I'm probably one of the lenders (fellow, or otherwise) who a certain someone has profited from, though of course, I have no way of knowing. At the time, I bought from the marketplace in the hope that I'd make more profit from the borrower than the seller would make from me. In the majority of cases, I'm now less convinced of that as many of my loans are now very overdue, with little sign of coming good any time soon. I've learnt my lesson, and am not buying more FS loans (on the PM or SM) until things turn around - if everyone else feels that way and buyers stop buying, the sellers will end up with a lot of loans to hold to completion, whether they want to or not. We are all a family here. Unfortunately we are all permanently sitting round the table at Christmas dinner. We all know how volatile that can be.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 24, 2019 13:32:08 GMT
FORTY days left FS, CLOSE out those Bad Loans.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Mar 3, 2019 21:15:35 GMT
CLOSE out and DEFAULT those Obviously Rotten Loans before 5th April FS.
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In other walks of life we'd be "competitors" or "rivals"
