j1
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Post by j1 on Apr 7, 2019 8:17:25 GMT
With all the (legitimate) negative chat on this board it's hard to find anyone who isn't talking about how the are trying to get out of funding secure.
Is there anyone left on this board who is happily/unhappily still investing in funding secure? If so why?
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ashtondav
Member of DD Central
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Post by ashtondav on Apr 7, 2019 9:37:54 GMT
Not me. The incompetence is breathtaking. And even if that incompetence applies to a minority of loans it displays a lack of skill that is alarming in a pawn environment when you only get your wedge back at the end of the term - plus a few months!
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james21
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Post by james21 on Apr 7, 2019 9:42:58 GMT
not me, too many loans overrunning many will ultimately result in capital loss and zero interest. Basically it boils down to poor management of the loan book together with a fair smattering of hapless borrowers (for borrowers am putting that kindly if you know what I mean!)
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Monetus
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Post by Monetus on Apr 7, 2019 9:51:34 GMT
After seeing the way the Whitehaven, Power Boat and Art loans have been handled...... no sir.
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arby
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Post by arby on Apr 7, 2019 9:55:28 GMT
I'm still making more than I'm making in ratesetter so I'm very happy with FS. Also, if an investment doesn't pan out, then some responsibility is on me for selecting it, rather than just blindly trusting a black box (such as ratesetter).
I'm a little more confident in the future as it's clear they aren't just issuing later tranches without confirmed assessment of the work carried out.
In short, I understand FS is one of the highest risk p2p investments, this is reflected in the rates offered, and so I went in with the hope of making money but with the realisation I could lose a chunk. The fact I have made money despite some defaults and some assumed defaults means I'm happy to continue.
Please note, I do not have anything against ratesetter, I have about as much invested there as I do in FS and am very happy, just it is a very different beast to FS.
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r1200gs
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Post by r1200gs on Apr 7, 2019 10:08:44 GMT
I would never say never, but I haven't "invested" with them for quite a while.
The displays of shocking incompetence and negligence that we all on this board know about are to blame for that, and as one person put it, FS still appear to be shovelling investor money out of the door on an industrial scale with little clear idea on how to get it back and apparently not too much interest in doing so, either.
Any time I'm tempted I look to loans that lost all my capital, holes in the wall that paid 2.5 percent of my capital back and continue to accrue interest because they dare not close the book on it, a 6 month loan heading for three years old, art loans where they failed to take security, property loans where they failed to register a charge...…...
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 7, 2019 10:08:53 GMT
I will never invest another penny in FS. I just don't think the pawn-broking model is appropriate for their business and notwithstanding this, their incompetence is mind blowing. That doesn't mean that I've lost money overall during the past four years, but that isn't my only yardstick when there are far better options elswhere. I don't enjoy being taken for a mug and that's what FS make me feel on almost a daily basis. It will however take me a long time to get out.
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Godanubis
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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 Apr 7, 2019 10:22:12 GMT
As arby says most P2P have their positive and negative points.
FS has one massive advantage to the others and that is the ability to have ALL your profits to be paid without tax liabilities if you sell outwith your FISA. If necessary and you choose wisely with your loans you can maintain a tax free monthly payout.
FS ACTUAL losses are at reasonable rate when compared to all investment vectors (ie >10% loss currently in stock market)
By actively managing properly diversified investments in FS over a 12-24 month period tax free returns are way in excess of most P2P. and nobody has managed to show otherwise.
I am happy to continue to invest in FS but will also look at others but the necessity to have non taxable return limit the choices.
The annual allowance of £1000 is exceeded in a fortnight so having returns reduced by 40% make most P2P unattractive.
Everyone has to look at their own circumstances and see if there is a place for FS in their portfolios.
For me it has a place for some of my money.
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number5
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Post by number5 on Apr 7, 2019 11:01:38 GMT
My investment in FS has significantly reduced. I only go in on non property loans when they pop up occassionaly or fast filling property loans which I would be confident enough they will sell on SM at a premium or par.
To date I have made good returns, however they could all be wiped out if I do not get repayments on loans that are significantly overdue. Some of which have been updated to be paid for last few months now. Live chat have given me the same reply for the last few months. I was patient and gave FS benefit of doubt, but didn't appreciate being given useless information every time I asked and no progress.
I now have very large amount of cash drag in FS and as a result have started to move funds to WLU.
I like the sound of AC as well, but I prefer to invest into the 8%+ loans. If anybody has any other recommendations?
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chunkie
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Post by chunkie on Apr 7, 2019 11:43:17 GMT
Both FS and LY are the only two P2P I can find that allow ex pats to invest and I had around £41000 invested at one time; I pulled most of it out a year ago and have stopped investing because of their appalling communications.
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Post by mrclondon on Apr 7, 2019 11:48:15 GMT
Who is still actively investing in funding secure?
I am, ... but ....
My account balance is currently down maybe a quarter on its peak, which is mainly a reflection of the slowdown in new loans, and the relative lack of appeal of the loans they have offered so far this year. I will not touch loans longer than 6 month term until such time as the SM is changed to allow discounts above 1%, and I'm concerned that the risk profile of recent loans (which may have been introduced from a single source) is unsuitable for retail investors ... a point that I think the introduction of minimum bid values shows has been acknowledged by FS, at least in part.
My written off capital at FS remains low (c. 7% of interest earned according to figures on the account information page), and I expect a fairly full recovery of all my loans that are currently overdue (with an average contingency of just 12% vs 33% for my entire p2p distressed loanbook), with the exception of the 2 powerboats.
For now FS remains my largest p2p platform, and its strength in my eyes has been the good deal flow, allowing a relatively low risk loan portfolio to be cherry picked.
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pip
Posts: 542
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Post by pip on Apr 7, 2019 12:17:27 GMT
With all the (legitimate) negative chat on this board it's hard to find anyone who isn't talking about how the are trying to get out of funding secure. Is there anyone left on this board who is happily/unhappily still investing in funding secure? If so why? I expect to lose far more than I make in interest. Hence no way.
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pip
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Post by pip on Apr 7, 2019 12:21:51 GMT
As arby says most P2P have their positive and negative points. FS has one massive advantage to the others and that is the ability to have ALL your profits to be paid without tax liabilities if you sell outwith your FISA. If necessary and you choose wisely with your loans you can maintain a tax free monthly payout. FS ACTUAL losses are at reasonable rate when compared to all investment vectors (ie >10% loss currently in stock market) By actively managing properly diversified investments in FS over a 12-24 month period tax free returns are way in excess of most P2P. and nobody has managed to show otherwise. I am happy to continue to invest in FS but will also look at others but the necessity to have non taxable return limit the choices. The annual allowance of £1000 is exceeded in a fortnight so having returns reduced by 40% make most P2P unattractive. Everyone has to look at their own circumstances and see if there is a place for FS in their portfolios. For me it has a place for some of my money. "FS ACTUAL losses are at reasonable rate when compared to all investment vectors (ie >10% loss currently in stock market)" Yeah but there are a huge number of loans which are overdue and it is highly dubious what they will return. Please don't spout off your normal message about if you are diversified enough it doesn't matter. As I have shown many times before your numbers are totally misleading, you recognise profits up front on interest which has accrued but not paid but don't factor any bad debts for two years even on hugely dubious loans. Please no investor be influenced by his numbers.
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song
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Post by song on Apr 7, 2019 12:44:42 GMT
Not for 2yrs plus after ringing to find out where the 6 yachts lay and was told somewhere in south wales what she did not know was that i was leaning on one and one of the others was in view in Falmouth Marina at the time. But still reading the forum for amusement only.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 7, 2019 13:10:20 GMT
The annual allowance of £1000 is exceeded in a fortnight so having returns reduced by 40% make most P2P unattractive. I don't follow. Firstly if you are a 40% rate payer your allowance is £500 not £1000. Secondly if you use up £1000 in a fortnight your interest must be £26,000 pa implying a capital amount of well over £200,000. Do you really trust FS with that amount? Thirdly the majority of p2p platforms offer ISAs. Any that don't should probably be avoided if the reason is that they have not received approval.
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