IFISAcava
Member of DD Central
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Post by IFISAcava on Aug 15, 2020 14:23:28 GMT
The 20% has not been applied to me, whatever the owner says - I have 80% sitting there as cash for 9 months that they won't give to me. And regardless of the 126 day average, I have 20% in loans that have not budged for months with terms up to 5 years. If I were a new investor I would not touch this operation with a socially distanced bargepole. I suspect your (and my) money is not sitting there as cash, but being held hostage to prop up an incompetent business. They never had enough borrowers to be viable and will have very few investors interested in investing more if they do get a market share. Maybe not illegal but certainly morally bankrupt behavior from a company that refuses to engage in communication with its lenders. Obviously any potential future investors should do their own due diligence. The owner brands us as 'competitors making false statements to ruin his business' or something like that from memory. Whereas we really ought to be bigging it up so more people invest and there is a (slightly) greater chance of getting some money back! Good thing I trod carefully with this one and don't have that much to lose in the great scheme of things - still annoying though.
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optimist
Member of DD Central
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Likes: 72
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Post by optimist on Aug 15, 2020 22:40:16 GMT
I suspect your (and my) money is not sitting there as cash, but being held hostage to prop up an incompetent business. They never had enough borrowers to be viable and will have very few investors interested in investing more if they do get a market share. Maybe not illegal but certainly morally bankrupt behavior from a company that refuses to engage in communication with its lenders. Obviously any potential future investors should do their own due diligence. The owner brands us as 'competitors making false statements to ruin his business' or something like that from memory. Whereas we really ought to be bigging it up so more people invest and there is a (slightly) greater chance of getting some money back! Good thing I trod carefully with this one and don't have that much to lose in the great scheme of things - still annoying though. So you don't believe the new investment is real? Seems that would make a huge difference
That's why I asked Ace and just joined Seedrs (no info yet)
Edit - I now have serious doubts - I think I was wrong, please consider all optimistic opinions as optimisitic and see overall impressions thread 24/10/20
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Post by Ace on Aug 16, 2020 6:44:28 GMT
Whereas we really ought to be bigging it up so more people invest and there is a (slightly) greater chance of getting some money back! Good thing I trod carefully with this one and don't have that much to lose in the great scheme of things - still annoying though. So you don't believe the new investment is real? Seems that would make a huge difference
That's why I asked Ace and just joined Seedrs (no info yet)
The info on Seedrs is under the "Updates" tab. It's only available to shareholders.
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IFISAcava
Member of DD Central
Posts: 3,666
Likes: 2,993
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Post by IFISAcava on Aug 16, 2020 8:25:34 GMT
Whereas we really ought to be bigging it up so more people invest and there is a (slightly) greater chance of getting some money back! Good thing I trod carefully with this one and don't have that much to lose in the great scheme of things - still annoying though. So you don't believe the new investment is real? Seems that would make a huge difference
That's why I asked Ace and just joined Seedrs (no info yet)
It may be, but the best predictor of future behaviour is past behaviour.
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optimist
Member of DD Central
Posts: 122
Likes: 72
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Post by optimist on Aug 18, 2020 19:56:47 GMT
So you don't believe the new investment is real? Seems that would make a huge difference
That's why I asked Ace and just joined Seedrs (no info yet)
It may be, but the best predictor of future behaviour is past behaviour. Are we doing the same thing and expecting a different result? Well, maybe but Australia caught fire, there's a pandemic and the stock market skyrocketed, there's Brexit, the biggest recession in recorded history and then someone gives Fund Ourselves a gazillion quid. I'm betting on change. just not sure in what direction
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Post by df on Sept 14, 2020 8:00:17 GMT
84% of my pending withdrawals (sold loans and PF bonuses for 2 months) were processed and arrived in my bank account this morning.
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Post by Ace on Sept 14, 2020 9:26:42 GMT
84% of my pending withdrawals (sold loans and PF bonuses for 2 months) were processed and arrived in my bank account this morning. Sounds promising. Were any of those loans to FO themselves?
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Post by jac2703 on Sept 14, 2020 11:13:30 GMT
84% of my pending withdrawals (sold loans and PF bonuses for 2 months) were processed and arrived in my bank account this morning. That's good news - when did you request your withdrawal?
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Post by df on Sept 15, 2020 10:08:08 GMT
84% of my pending withdrawals (sold loans and PF bonuses for 2 months) were processed and arrived in my bank account this morning. Sounds promising. Were any of those loans to FO themselves? One of them was a “mid-term”, so I guess the answer is yes. This loan is still there, not withdrawn. It looks like partial withdrawal from an investment works. Investment is still showing on the list in grey font. The amount showing as pending is four times larger than the remaining loan and I’ve no idea what is the rest of the money in “pending” - it’s confusing as usual, but I’m glad I‘ve got something back.
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Post by df on Sept 15, 2020 10:10:33 GMT
84% of my pending withdrawals (sold loans and PF bonuses for 2 months) were processed and arrived in my bank account this morning. That's good news - when did you request your withdrawal? Approximately a couple of months ago.
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Post by shaunperry on Sept 19, 2020 2:49:24 GMT
Digressing, looking at a loan agreement, how can a loan of 1827 days be described as a short term loan?
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Post by Ace on Sept 19, 2020 7:30:57 GMT
Digressing, looking at a loan agreement, how can a loan of 1827 days be described as a short term loan? Those 5 year loans are usually described as medium-term loans, at least all of mine are. In case you weren't aware, the 5 year loans were actually loans made to FO themselves. They have also turned out to be loans that you can't get rid of. When selling investments containing 5 year loans you end up lending to FO, interest free, for the remainder of the loan term.
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IFISAcava
Member of DD Central
Posts: 3,666
Likes: 2,993
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Post by IFISAcava on Sept 19, 2020 8:48:31 GMT
Digressing, looking at a loan agreement, how can a loan of 1827 days be described as a short term loan? Those 5 year loans are usually described as medium-term loans, at least all of mine are. In case you weren't aware, the 5 year loans were actually loans made to FO themselves. They have also turned out to be loans that you can't get rid of. When selling investments containing 5 year loans you end up lending to FO, interest free, for the remainder of the loan term. And whilst holding your interest free loans they ignore any and all correspondence from you.
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Post by Badly Drawn Stickman on Sept 19, 2020 9:52:13 GMT
Those 5 year loans are usually described as medium-term loans, at least all of mine are. In case you weren't aware, the 5 year loans were actually loans made to FO themselves. They have also turned out to be loans that you can't get rid of. When selling investments containing 5 year loans you end up lending to FO, interest free, for the remainder of the loan term. And whilst holding your interest free loans they ignore any and all correspondence from you. I do get a bizarre 7p a month payment from somewhere which I withdraw when I can track down how to do it (really should write the process down) three of these were paid the other day. But yes really a platform afraid to engage with its investors by email (and presumably phone?) really should be under some serious scrutiny by the relevant authorities. Clearly we need an action group, I just can't think of a title for it.
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Post by df on Sept 20, 2020 18:10:02 GMT
And whilst holding your interest free loans they ignore any and all correspondence from you. I do get a bizarre 7p a month payment from somewhere which I withdraw when I can track down how to do it (really should write the process down) three of these were paid the other day. But yes really a platform afraid to engage with its investors by email (and presumably phone?) really should be under some serious scrutiny by the relevant authorities. Clearly we need an action group, I just can't think of a title for it. I've received three e-mails this month so far. "Money management tips from Fund Ourselves" - how to make the perfect cheapest cup of tea, grocery shopping on a budget and other money saving tips... FOAG could suffice for a title if anyone has a desire to create one.
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