moist
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Post by moist on Apr 7, 2019 18:21:14 GMT
yep, all looking fine.......
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nw99
Posts: 340
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Post by nw99 on Apr 7, 2019 19:02:25 GMT
Waited a year for funds back nothing yet . No more investments in it for me
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p2pstephan
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Post by p2pstephan on Apr 7, 2019 20:58:54 GMT
I’m in. FS has done me proud. You do need to choose your investment very carefully. What I do not get is the attitudes of some investors.
Take the VIP loan. This is an unsecured loan and it is clearly stated “unsecured”. VIP - We all know that VIP does not mean much but what we can assume is this person has no assets to offer FS as collateral and is in desperate need of cash. The attitude of people who were in this loan when it looked like it was going bad was “If this person has no money and is about to be made bust then I just don't see what FS can do - apart from admitting they should never have made this loan and recompense investors”. Then the borrower paid interest and reduced the loan. All of a sudden people were not only happy to fund this loan but the days before the 30 day cut-off, no one was willing to offer it for sale at -1%. Now its 193 days they will be getting a bit twitchy and if it goes bad they will blame FS.
Another example is the Dutch Barge. The interest was paid late and was renewed after 264 days. The investors started blaming FS with comments like “just ****ing sell it, it's been long enough”. There are clear rules for defaulting a loan. If FS just ****ing sold it, then the borrower would be well within their rights to take FS to court and win. This is not the first time this barge has had a prolonged renewal time. Even a change of owner of the debt, yet today this loan is on sale at a premium of 0.3%. It seems to me there are clear risk warnings and investors seem very happy to put their hard earned cash into these loans and blame FS if it turns out bad.
There are several examples were investors a right to complain, such as the Art loans. I was just lucky to avoid these loans as I would not have been aware of the hidden risks.
There are times when FS do better for us investors than I think they strictly need to. If you invest in a loan and its processing. It can be processing for days. For me, several times, FS has not permitted the loan to go-ahead due to discovering a legal issue or some other issue that means the borrower cannot get the loan. FS pay us the interest out of their own funds. Happened to me several times. Thanks FS. |
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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 21:05:40 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. I do have sufficient to generate over £25000 PA as I return >15% actual return despite what pip thinks. I actually pay less than 20% tax as I’m in Scotland and mange to avoid any more. You can only have 1 FISA a year max £20000 so if you are just starting. FS has advantages there.
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cwah
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Post by cwah on Apr 7, 2019 21:11:07 GMT
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. I do have sufficient to generate over £25000 PA as I return >15% actual return despite what pip thinks. I actually pay less than 20% tax as I’m in Scotland and mange to avoid any more. You can only have 1 FISA a year max £20000 so if you are just starting. FS has advantages there. What loans did you invest on if I may ask? I'd love to make £25k / year in interest!
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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 Apr 7, 2019 21:20:47 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. As a supposed blogger you should be aware overdue is not failure it is overdue. Tell us all where you are actually loosing? Then we can all judged if the platform is to blame or your over exposure and poor management skills. Again the last time you ignored the question SHOW ME ANYONE WHO HAS MADE A ACTUAL LOSS BY PRUDENT EXPOSURE AND INVESTMENT ON FS. You don’t have a loss (although you can offset defaults) until the loan is complete then it is still only a part of a larger performing portfolio so overall a profit.
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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 Apr 7, 2019 21:36:30 GMT
I do have sufficient to generate over £25000 PA as I return >15% actual return despite what pip thinks. I actually pay less than 20% tax as I’m in Scotland and mange to avoid any more. You can only have 1 FISA a year max £20000 so if you are just starting. FS has advantages there. What loans did you invest on if I may ask? I'd love to make £25k / year in interest! It is not easy it was on over £350k which allowed me to buy nearly all the SM cherry picked parts and resell them often. Have reduced 100K or so to reflect SM slowdown. Small amounts (relatively) bought to hold on good >20%+ loans which means the only interest not paid throughout is paid with a significant premium even when slow. A great amount of work (I see as fun) . As previously mentioned several hundred K in S&S was down 15% so any constant profit on FS is welcome. To me it is a hobby that pays. Enjoying it means I don’t get upset at defaults on occasional loan or lower than expected returns or loss in even fewer loans. The overall effect is profit. (Mr Micawber and Ferengi philosophy)
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number5
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Post by number5 on Apr 8, 2019 7:22:04 GMT
What loans did you invest on if I may ask? I'd love to make £25k / year in interest! It is not easy it was on over £350k which allowed me to buy nearly all the SM cherry picked parts and resell them often. Have reduced 100K or so to reflect SM slowdown. Small amounts (relatively) bought to hold on good >20%+ loans which means the only interest not paid throughout is paid with a significant premium even when slow. A great amount of work (I see as fun) . As previously mentioned several hundred K in S&S was down 15% so any constant profit on FS is welcome. To me it is a hobby that pays. Enjoying it means I don’t get upset at defaults on occasional loan or lower than expected returns or loss in even fewer loans. The overall effect is profit. (Mr Micawber and Ferengi philosophy) Your 100k reduced investment in FS, where have you taken that if you don't mind me asking?
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Post by Deleted on Apr 8, 2019 8:19:25 GMT
Just hoping to get some money back. Putting more in would seem crazy.
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rogerthat
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Post by rogerthat on Apr 8, 2019 11:16:41 GMT
Just hoping to get some money back. Putting more in would seem crazy. Amen to that bro 
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song
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Post by song on Apr 8, 2019 12:23:08 GMT
As a supposed blogger you should be aware overdue is not failure it is overdue. Its a failure of the contract entered into, and from that point you are gambling, so all you are is a punter.
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arby
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Post by arby on Apr 8, 2019 12:33:11 GMT
As a supposed blogger you should be aware overdue is not failure it is overdue. Its a failure of the contract entered into, and from that point you are gambling, so all you are is a punter. If you look at it that way then I'm not surprised you're unhappy. You are gambling from day 1 of the investment, not only at Day 183 when it hasn't been repaid. From the outset it is clear that one is gambling the secured asset is sufficient to pay any debt. Nothing magical changes on Day 183, it's still the exact same risk that should have been considered at Day 1.
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adrian77
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Post by adrian77 on Apr 8, 2019 12:41:02 GMT
moi - I have looked at my late/defaulted loans and estimated my likely return which includes writing off 6 "unrelated" art loans at 100%. I have done a lot of DD, traded in the SM etc and had a pretty diverse portfolio which was less diverse than I thought as FS never said the loans were linked. I am looking at an overall loss of about £100 on about £6K -I have about £1K just stuck with FS which I can't access. Could be worse but what a waste of time investing in FS has been and very disappointed considering these were SECURED loans, managed by industry professionals with realistic and professional valuations...
I am worried the whole p2p industry to going to hit a mega short-term problem sooner or later due to bad loans just getting flipped all over the place and there will be blood on the carpet. The FCA will then be forced to actually do something to justify their inflated salaries but until then I am not taking the risk - I would have earnt more leaving the money in my current account!
Before people slag me off - I am expecting to be told I did not manage my loan book correctly - yeah right! I am just glad I never put a large sum of money into this outfit - good luck to those of you with mega holdings in the art works, speed boats etc etc.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 8, 2019 12:57:15 GMT
Hi All, I've been away for 3 weeks, skiing my mammaries off. ;-)
Good to see The Usual Suspects, with Very Large Loan Book Exposures to protect at all costs, getting jumpy and still vainly justifying the crock that FS is, and thereby (trying) to protect the Secondary Market, their questionable means of regularly dumping the pooeyist of Loans on the unwary.
There is NO justification whatsoever for the way FS conducts its business, and there has been ample time now for "Under New Management" to produce results.
My Overdue Loans have remained virtually the same for over a year, says it all, I just want OUT. New Money into FS? You've GOT to be joking.
Caveat Emptor indeed!!!
That is all.
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arby
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Post by arby on Apr 8, 2019 13:06:52 GMT
Hi All, I've been away for 3 weeks, skiing my mammaries off. ;-) Good to see The Usual Suspects, with Very Large Loan Book Exposures to protect at all costs, getting jumpy and still vainly justifying the crock that FS is, and thereby (trying) to protect the Secondary Market, their questionable means of regularly dumping the pooeyist of Loans on the unwary. There is NO justification whatsoever for the way FS conducts its business, and there has been ample time now for "Under New Management" to produce results. My Overdue Loans have remained virtually the same for over a year, says it all, I just want OUT. New Money into FS? You've GOT to be joking. Caveat Emptor indeed!!! That is all. . I assume you're counting me in that list? Yes, my ~£100/week transactions (split evenly between buy and sell) on the SM are what's keeping FS afloat. Alternatively, why is it so hard to accept that some people make money while others lose. Nobody has ever claimed the data FS release is doctored and that clearly shows that a lot of people will have made lots of money, while others who are either unlucky or just plain rubbish with their investments will have lost. Just because you lost doesn't proves that everyone else must be a shill who is trying to protect their own investment.
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