IFISAcava
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Post by IFISAcava on Jul 12, 2020 21:39:07 GMT
Interesting chat with the owner of FO yesterday, which I expect to be greeted with varying degrees of enthusiasm from this forum Apparently the secondary market was shut down due to Covid19 shenanigans therefore slowing any withdrawls. There have been some changes in other platforms, some of which have been more and some less annoying than this one so, OK. In a couple of weeks it will start running again, so sales of loans should accellerate. Hopeful. Also there is some "good news pending" Regarding the platform, again in the next couple of weeks. Personally I started thinking of FC automation at that point but that's pure unsubstantiated speculation on my part so please ignore. I said I'd hold off withdrawing all my funds (currently I have 20% pending withdrawl) for the next couple of weeksAnd he did share his mobile number and email address so, as an investor with some concerns I got a response and I have only this forum to cast doubt on the otherwise sunny good news... I've been invited to discuss any concerns with him if i want to in the future. I noted some glitches on the website that were accepted and will be fixed. Particularly the lack of detail on loans and the incorrect numbers in event history. Some lack of info on the revised website was discussed and apparently this is to simplify the website for those who don't like to be confused with more information. To be fair, I considered FO as fire and forget, so this sort-of makes sense but I'm currently a little worried. I noted that I am more confused by a lack of, or conflicting informatoin, and apparently an "advanced" mode or equivalent is being considered to give more advanced users more information if wanted. This would seem a good idea. I noted some discrepancies in calculations on my account, some of which were fixed same day, my XIRR went from 10.4% to 5.8% to 8.1% in a few weeks which was "surprising". £400 dissapeared from the account but reapeared on questioning. Interest earned has dropped from around 12% PA eqv to 6% then 3% despite 95% being invested but according to the phonecall repayments are better than normal so that's another point for further clarification - pending It would be a lot more understandable if the numbers were visible. I requested a CSV download button for every transaction, every loan, every payment etc - happy to crunch the numbers if I want to and I have a record so I can work out what's going on if I can be bothered. I look forward to this all being resolved in the next couple of weeks as discussed
but how can you withdraw partial funds under their T&Cs? Has anyone successfully withdrawn capital?
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optimist
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Post by optimist on Jul 13, 2020 12:18:31 GMT
I have my funds distributed over 14 investments of varying amounts and interest rates to allow me to evaleate which works best and to make partial withdrawls without losing interest on the remainder. I have made two withdrawl requests for two different amounts and have received approx 3% of the total requested amount about 3 weeks after the request was made (probably the uninvested cash).
The remaining amount will (according to FO) likely be sold more quickly than has been the case recently once the secondary market opens in a couple of weeks
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Post by Ace on Jul 13, 2020 13:24:10 GMT
I have my funds distributed over 14 investments of varying amounts and interest rates to allow me to evaleate which works best and to make partial withdrawls without losing interest on the remainder. I have made two withdrawl requests for two different amounts and have received approx 3% of the total requested amount about 3 weeks after the request was made (probably the uninvested cash).
The remaining amount will (according to FO) likely be sold more quickly than has been the case recently once the secondary market opens in a couple of weeks
Good luck with that. His forecasts have an extremely poor record of ever materialising. Thanks for posting the content of your discussion though.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 13, 2020 14:09:02 GMT
Sorry when was it communicated to investors that the SM was closed as required by COBS 18.12.30?
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Post by df on Jul 13, 2020 18:35:16 GMT
Sorry when was it communicated to investors that the SM was closed as required by COBS 18.12.30? I keep all comms in the folder, SM closure was never announced. Yesterday I've withdrawn another investment. Most of it was pooled, only 1 live loan. This loan was sold immediately and the whole investment figure appeared in pending. So I assume the SM is operational.
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optimist
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Post by optimist on Jul 14, 2020 16:02:53 GMT
I have my funds distributed over 14 investments of varying amounts and interest rates to allow me to evaleate which works best and to make partial withdrawls without losing interest on the remainder. I have made two withdrawl requests for two different amounts and have received approx 3% of the total requested amount about 3 weeks after the request was made (probably the uninvested cash).
The remaining amount will (according to FO) likely be sold more quickly than has been the case recently once the secondary market opens in a couple of weeks
Good luck with that. His forecasts have an extremely poor record of ever materialising. Thanks for posting the content of your discussion though. I remain optimistic. I'll make a record of what was said and track progress. Hopefully it helps all of us. I thought of withdrawing all my money when the returns fell off a cliff a month or two back, but withdrew some and requested a response by the 10th or I was going to withdraw the rest.
I got a call on the 10th. Now I'll track what was agreed in the call.
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Post by df on Jul 15, 2020 19:34:11 GMT
Good luck with that. His forecasts have an extremely poor record of ever materialising. Thanks for posting the content of your discussion though. I remain optimistic. I'll make a record of what was said and track progress. Hopefully it helps all of us. I thought of withdrawing all my money when the returns fell off a cliff a month or two back, but withdrew some and requested a response by the 10th or I was going to withdraw the rest.
I got a call on the 10th. Now I'll track what was agreed in the call.
Yes please! Keep us updated.
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Post by Ace on Jul 23, 2020 21:47:41 GMT
Good luck with that. His forecasts have an extremely poor record of ever materialising. Thanks for posting the content of your discussion though. I remain optimistic. I'll make a record of what was said and track progress. Hopefully it helps all of us. I thought of withdrawing all my money when the returns fell off a cliff a month or two back, but withdrew some and requested a response by the 10th or I was going to withdraw the rest.
I got a call on the 10th. Now I'll track what was agreed in the call.
Well optimist, tomorrow will be 2 weeks since Nadeem's promises to you were made. I'm looking forward to hearing how many of the promises were kept 😉
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Ukmikk
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Post by Ukmikk on Jul 24, 2020 15:00:41 GMT
I remain optimistic. I'll make a record of what was said and track progress. Hopefully it helps all of us. I thought of withdrawing all my money when the returns fell off a cliff a month or two back, but withdrew some and requested a response by the 10th or I was going to withdraw the rest.
I got a call on the 10th. Now I'll track what was agreed in the call.
Well optimist, tomorrow will be 2 weeks since Nadeem's promises to you were made. I'm looking forward to hearing how many of the promises were kept 😉 I feel like we've been down this path before..
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optimist
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Post by optimist on Jul 24, 2020 23:56:59 GMT
Somethiing was done on the day I had the chat and a discrepancy resolved in my favour though not explained.
Overall amounts received are still lower than expected (with regards the conversation re level of payments received from customers being good / normal)
My account balance (80% of which is still live) has increased by 0.007% in 2 weeks equating to 0.2% PA - this may be due to delays in processing
Need to crunch some more numbers and will ask for some further confirmation / support from FO such as proper historical data
Does the "my analytics - Events history" graph work for anyone? Mine always shows a spike of returns on the last day, as does the table below it
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Post by df on Aug 4, 2020 13:18:12 GMT
Somethiing was done on the day I had the chat and a discrepancy resolved in my favour though not explained.
Overall amounts received are still lower than expected (with regards the conversation re level of payments received from customers being good / normal)
My account balance (80% of which is still live) has increased by 0.007% in 2 weeks equating to 0.2% PA - this may be due to delays in processing
Need to crunch some more numbers and will ask for some further confirmation / support from FO such as proper historical data
Does the "my analytics - Events history" graph work for anyone? Mine always shows a spike of returns on the last day, as does the table below it
I thought this feature has been gone long time ago, or is it hidden somewhere?
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Post by Ace on Aug 4, 2020 13:34:52 GMT
Somethiing was done on the day I had the chat and a discrepancy resolved in my favour though not explained.
Overall amounts received are still lower than expected (with regards the conversation re level of payments received from customers being good / normal)
My account balance (80% of which is still live) has increased by 0.007% in 2 weeks equating to 0.2% PA - this may be due to delays in processing
Need to crunch some more numbers and will ask for some further confirmation / support from FO such as proper historical data
Does the "my analytics - Events history" graph work for anyone? Mine always shows a spike of returns on the last day, as does the table below it
I thought this feature has been gone long time ago, or is it hidden somewhere? Investments -> Event History takes you there. Some of it makes sense if you struggle hard to understand it, but not all. I've never found it particularly useful.
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optimist
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Post by optimist on Aug 4, 2020 22:19:58 GMT
I thought this feature has been gone long time ago, or is it hidden somewhere? Investments -> Event History takes you there. Some of it makes sense if you struggle hard to understand it, but not all. I've never found it particularly useful. Mine is complete gibberish, It's one of the things I'm certain of with Fund Ourselves. Total earnings over the past year show as less than 10% of "earnings to date" today, so the graph is flat then has a huge spike at the end always. On some sites I find this graph useful as it's a (fairly) straight line unless there's a problem, at which point I start checking nuimbers. I've started checking and it's proving a bit of a headache.
XIRR total on the summary sheet is 3/4 of an average of the XIRRs weighted by amount. This jumped from 12% to 5.8 to 8.1 to 7.4% over three weeks when I've been invested for a year Much more importantly, actual increase in total investment has gone from 100% of the calculated amount that I should get according to the loan terms. to 75% to 35% to 1% over the past 4 months - IE earnigs appear to have fallen off a cliff. Total defaults and late payements for the year according to the stats page is zero, yup, absolutely no failures to pay, so all money has been paid to Fund Ourselves and I have 95% invested so where has the money gone? A chunk of money had dissapeared from my account but reappeared without an explanation when I questioned the figures, this took my return that month from a significant negative to 4% PA but that's still 1/3 of what it should be according to their figures unless I'm misunderstanding something.
I highlighted my concerns, asked for clarification and noted that I'd be reviewing again on the 9th. I also requested a SQL / Access or Excel/CSV version of all transactions which will give me further headaches if they agree
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Post by Ace on Aug 4, 2020 22:30:10 GMT
Investments -> Event History takes you there. Some of it makes sense if you struggle hard to understand it, but not all. I've never found it particularly useful. Mine is complete gibberish, It's one of the things I'm certain of with Fund Ourselves. Total earnings over the past year show as less than 10% of "earnings to date" today, so the graph is flat then has a huge spike at the end always. On some sites I find this graph useful as it's a (fairly) straight line unless there's a problem, at which point I start checking nuimbers. I've started checking and it's proving a bit of a headache.
XIRR total on the summary sheet is 3/4 of an average of the XIRRs weighted by amount. This jumped from 12% to 5.8 to 8.1 to 7.4% over three weeks when I've been invested for a year Much more importantly, actual increase in total investment has gone from 100% of the calculated amount that I should get according to the loan terms. to 75% to 35% to 1% over the past 4 months - IE earnigs appear to have fallen off a cliff. Total defaults and late payements for the year according to the stats page is zero, yup, absolutely no failures to pay, so all money has been paid to Fund Ourselves and I have 95% invested so where has the money gone? A chunk of money had dissapeared from my account but reappeared without an explanation when I questioned the figures, this took my return that month from a significant negative to 4% PA but that's still 1/3 of what it should be according to their figures unless I'm misunderstanding something.
I highlighted my concerns, asked for clarification and noted that I'd be reviewing again on the 9th. I also requested a SQL / Access or Excel/CSV version of all transactions which will give me further headaches if they agree You have my sympathy. I've long since stopped bothering to analyse my FO loans. It's really simple for me now; each month I receive zilch from FO. It seems that Nadeem is the only one that doesn't accept that his baby is dead. He doesn't even reply to shareholders on Seedrs anymore.
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paulb
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Post by paulb on Aug 13, 2020 14:13:39 GMT
Does the "my analytics - Events history" graph work for anyone? Mine always shows a spike of returns on the last day, as does the table below it
I believe the spike on the last day is because the last day includes all the accrued, but not paid, interest. In my case, only around 10% of the promised interest has actually been paid, with the rest in this spike. It's a little concerning, as this looks to me as though the lend-to-ourselves lending (the "medium term loans") are not actually paying in instalments, as I believe they should be doing according to the agreement. Could somebody else run the figures they see in the Key Loan Terms of the loan agreement against a repayment calculator - if I do this, using the quoted amount lent, duration and APR and using monthly repayments, the total amount paid more-or-less matches the total shown in the agreement. If the loan isn't paying down monthly, either the APR should be a lot lower, or the total amount should be a lot higher? It's also a little odd to me that (on the loan I was looking at which is over a year old) that not a single "slice" of the loan has been replaced (sold on the secondary market) given the numerous people on these forums reporting that they've tried to sell up/withdraw. Paul.
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