r1200gs
Member of DD Central
Posts: 1,336 
Likes: 1,883
|
Post by r1200gs on Apr 8, 2019 13:26:27 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. Were the people who invested in tranche 5 of Whitehaven or the art loans unlucky or just rubbish with their investments? You know, tranche five described as a project going to plan, cleared with services in place and timber frame paid for? How come FS visited the site and saw something that wasn't there? FIVE development tranches with not a soul checking a bloody thing. FS never visited that site. Matey just sent some cock and bull nonsense and FS happily passed that on to use without checking and matey not quite believing his luck. How about the art loans, art kept nice and secure by FS except our man was busy selling them elsewhere? I would say they were neither unlucky or rubbish with their investments, I would say they are victims of gross incompetence and negligence by the platform allowing erm, people to have money that should not. I would love to put that more clearly. No, I don't believe the people that have lost substantial sums on some loans on FS were unlucky or poor investors, they were deceived.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Apr 8, 2019 13:27:05 GMT
Yer urinating into the wind arby. There's a vast majority of Genuine Concerns on here, versus a very few Vested Interests. It's nothing whatsoever to do with losing money, it's all to do with FS "integrity" and how they have "managed" their business. It's blatantly obvious. Overall I haven't lost. :-) Over and Out. |
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Apr 8, 2019 13:28:07 GMT
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? Lot going to WELENDUS FISA (Sorry might cause slight slow down there) some to SIPP to get that good old tax bonus some for new roof on house the rest will be used as tax free income and as I retired with full control of funds so as to avoid as much income Tax as possible. 
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Apr 8, 2019 13:39:24 GMT
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. The risk is the same but the risk is weighed up and only the reduced risk investments warrent keeping a small amount at high return, They can overun for several months before you reach the same point as if you had bought at the begining.
All life is a gamble you just have to accept that and use whatever actions you can to reduce the negative effects,
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Apr 8, 2019 13:43:20 GMT
Yer urinating into the wind arby . There's a vast majority of Genuine Concerns on here, versus a very few Vested Interests. It's nothing whatsoever to do with losing money, it's all to do with FS "integrity" and how they have "managed" their business. It's blatantly obvious. Overall I haven't lost. :-) Over and Out. That is your well cosidered choice and everyone has to make their own. I mearly state my experience it is up to others to deside it's value. The more actual evidence provided helps others make up their minds
|
|
henryjford
Member of DD Central
Posts: 105
Likes: 139
|
Post by henryjford on Apr 8, 2019 13:47:05 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. . It's me too 100% ozboy
|
|
song
Member of DD Central
Posts: 83
Likes: 115
|
Post by song on Apr 8, 2019 14:27:07 GMT
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. The risk is the same but the risk is weighed up and only the reduced risk investments warrent keeping a small amount at high return, They can overun for several months before you reach the same point as if you had bought at the begining.
All life is a gamble you just have to accept that and use whatever actions you can to reduce the negative effects,
As a racehorse owner i am quite well aware of the gambling aspect and some of the obscure reasons why one of mine has run badly, but blatantly telling you things that are untrue is an absolute disgrace. Nothing to do with whether i win or lose.
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Apr 8, 2019 14:40:33 GMT
Your 100k reduced investment in FS, where have you taken that if you don't mind me asking? Lot going to WELENDUS FISA (Sorry might cause slight slow down there) some to SIPP to get that good old tax bonus some for new roof on house the rest will be used as tax free income and as I retired with full control of funds so as to avoid as much income Tax as possible. That is where my FS funds are heading too...but not quick enough (probably thanks to you  ). Was just seeing if there were any other 8%+ places I could try out!
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Apr 8, 2019 16:02:13 GMT
I note Martin Lewis (financial journalist) is on the Whitehaven case - well done FS!
Will check with the administrator if I can post the twitter link - in the meantime please PM me if you want it
|
|
|
|
Post by df on Apr 8, 2019 16:03:10 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 do, but not very actively. I keep renewal button green for all pawn. If new pawn comes in I'll invest, but not if it's art work or collections of memorabilia or toys. My FS funds have reduced by 53% since 12 months ago. Why? Most pawn has multiple renewals and/or get repaid. Yes, it a gamble, not an informed investment, but I'm prepared to take the risk. If FS stops doing pawn my involvement will eventually result in "waiting for recoveries only". The only property loan I've recently put something in was Glasgow Bridge. Probably the last FS property loan for me ever? I have to give FS a credit for introducing minimum bid for larger property loans - "By implementing a higher minimum our aim is to ensure that potential investors will spend more time reviewing more complex offerings before deciding to commit their funds". In other words - don't do it if you don't know what you're doing. Very wise move, should've implemented this long time ago.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Apr 9, 2019 7:26:22 GMT
I stopped lending via FS about 18 months ago, when it became clear just how shoddy was their due diligence and ongoing loan management. Those making money on FS do so by diligently “passing the parcel” to another less cautious lender before term; entirely logical but hardly reliable in the long term (FS could change their SM at any time) and certainly not a stable proposition for a P2P platform.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Apr 9, 2019 8:20:06 GMT
I stopped lending via FS about 18 months ago, when it became clear just how shoddy was their due diligence and ongoing loan management. Those making money on FS do so by diligently “passing the parcel” to another less cautious lender before term; entirely logical but hardly reliable in the long term (FS could change their SM at any time) and certainly not a stable proposition for a P2P platform. That's a sweeping generalisation. It's also wrong. I have made money with FS while selling less than 10% of my loans on the SM. In fact, my secondary market summary on the dashboard shows an overall loss so that means I've 'bought' more interest than I've sold. I don't understand why it's so hard for people to realise that with hundreds/thousands of loans it's possible that some people make money while others lose.
|
|
song
Member of DD Central
Posts: 83
Likes: 115
|
Post by song on Apr 9, 2019 8:35:31 GMT
I stopped lending via FS about 18 months ago, when it became clear just how shoddy was their due diligence and ongoing loan management. Those making money on FS do so by diligently “passing the parcel” to another less cautious lender before term; entirely logical but hardly reliable in the long term (FS could change their SM at any time) and certainly not a stable proposition for a P2P platform. That's a sweeping generalisation. It's also wrong. I have made money with FS while selling less than 10% of my loans on the SM. In fact, my secondary market summary on the dashboard shows an overall loss so that means I've 'bought' more interest than I've sold. I don't understand why it's so hard for people to realise that with hundreds/thousands of loans it's possible that some people make money while others lose. Perhaps i have misread Steve T but i cannot any see any mention of the word loss in his statement.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Apr 9, 2019 10:03:57 GMT
That's a sweeping generalisation. It's also wrong. I have made money with FS while selling less than 10% of my loans on the SM. In fact, my secondary market summary on the dashboard shows an overall loss so that means I've 'bought' more interest than I've sold. I don't understand why it's so hard for people to realise that with hundreds/thousands of loans it's possible that some people make money while others lose. Perhaps i have misread Steve T but i cannot any see any mention of the word loss in his statement. He stated that the only people making money with FS do it by selling all their loans on the SM i.e. Exclusively holding loans to completion will result in a loss. This may be true for individuals but is wrong as a rule.
|
|
alison
Member of DD Central
Sanctuary!!
Posts: 356 
Likes: 99
|
Post by alison on Apr 9, 2019 16:09:48 GMT
I made money on FS.
There ya go I said it!!
Abouit a couple of thousand on a peak of £14k+.
But I started to pull out about 3 years ago.
(Can't remember the trigger but might have been around the time of Boaty McBoatyard.)
I had most of my investments back by about a year ago but have been stuck pretty much ever since by the final £900+ trapped in a dozen "Loan Active" or "Unredeemed" items which look pretty sick as parrots to me. (Obviously includes the speedy boaty things.)
So would I put a bent halfpenny of someone else's money into FS now?
Are you having a laugh?
Absolute bunch of chancers.
|
|
). Was just seeing if there were any other 8%+ places I could try out!
