benaj
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Post by benaj on Apr 9, 2019 16:42:42 GMT
I have 88 "active" loans, does it count as actively investing?
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Post by mrclondon on Apr 10, 2019 17:45:28 GMT
Some footnotes to my earlier post after a bit more thought: - I only bid on loans that I would be happy to hold until maturity (whenever that may be ... years hence), but equally I do reduce my exposure via the SM as the notional maturity date approaches (which with FS also yields tax benefits for me). Whilst sometimes my SM sales are as a result of new DD, it is quite rare (Lendy's DFL021 following filing of dormant accounts, and AC's 753 following cost overruns are the only one I can recall in recent months, and I always post details of the underlying DD as soon as I've sold up) - Whilst I intend to continue lending via FS, I have made a working assumption that the number of opportunities that will meet my criteria over the next six months is likely to be low, and as such I'm not reserving much "working capital" to feed into FS as new opportunities appear. - I commented previously on my hesitancy with loan terms over 6 months, and my perception that many of this year's new loans are higher risk and lack appeal. It is also becoming clear that too many of the multiple loan borrowers on FS are burning bridges by failing to keep any of their loans in good standing. Whilst FS may still have appetite to write new loans to such borrowers (e.g. the new Abergele and Rhos on Sea loans late last year) I certainly don't have any appetite to participate. That said, some of today's updates feel pretty terminal for any future borrower aspirations of new loans. |
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rogerthat
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Post by rogerthat on Apr 10, 2019 18:25:16 GMT
Looks to me that fundingsecure are carpet bombing updates to all and sundry as the realisation has belatedly sunk in that handing out our money like confetti to multiple loan borrowers (in the main) has backfired. Well they cant say they weren't warned. Mores the pity they didn't have the courtesy to inform the very people they depend on for their living first. Frankly, in the race to expand the LB they've thrown caution to the wind and due diligence out the window. My entire LB is either late, very late or unredeemed..so no..im not investing until or unless there are some major recoveries. And the chances of that happening ? 61 updates this week so far and its only Wednesday |
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Post by spareapennyor2 on Apr 11, 2019 8:33:19 GMT
picking up from FC tax statement return
for FS My 18/19 return Every £1 interest earned, ended up with - £1.10p bad debt.
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smee
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Post by smee on Apr 14, 2019 7:34:57 GMT
Unfortunately, I can top that with £3.30 bad debt for every £1 interest. This is by far the worst platform for me.
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p2ploser
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Post by p2ploser on Apr 14, 2019 13:28:05 GMT
Looks to me that fundingsecure are carpet bombing updates to all and sundry as the realisation has belatedly sunk in that handing out our money like confetti to multiple loan borrowers (in the main) has backfired. Well they cant say they weren't warned. Mores the pity they didn't have the courtesy to inform the very people they depend on for their living first. Frankly, in the race to expand the LB they've thrown caution to the wind and due diligence out the window. My entire LB is either late, very late or unredeemed..so no..im not investing until or unless there are some major recoveries. And the chances of that happening ? 61 updates this week so far and its only Wednesday But how many of them have anything meaningful to say? Be nice to see some dates mentioned other than the usual “we’ve given the borrower a deadline and will update investors after”. 
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 14, 2019 13:58:52 GMT
Looks to me that fundingsecure are carpet bombing updates to all and sundry as the realisation has belatedly sunk in that handing out our money like confetti to multiple loan borrowers (in the main) has backfired. Well they cant say they weren't warned. Mores the pity they didn't have the courtesy to inform the very people they depend on for their living first. Frankly, in the race to expand the LB they've thrown caution to the wind and due diligence out the window. My entire LB is either late, very late or unredeemed..so no..im not investing until or unless there are some major recoveries. And the chances of that happening ? 61 updates this week so far and its only Wednesday But how many of them have anything meaningful to say? Be nice to see some dates mentioned other than the usual “we’ve given the borrower a deadline and will update investors after”. I think we are all immune to FS Updates as meaningless, fatuous carp which just kick the problems again and again further down the timeline. The ONLY thing I want to read is " FS have given The Borrower a HARD & FINAL 30 Day deadline to settle Capital and All Due Interest or we will Default like a ton of bricks."Which of course rarely happens because FS' vested interests supersede those of Lenders. The FCA of course condoning this dubious and continuous business "model". Carry on!
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arby
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Post by arby on Apr 14, 2019 15:54:10 GMT
But how many of them have anything meaningful to say? Be nice to see some dates mentioned other than the usual “we’ve given the borrower a deadline and will update investors after”. I think we are all immune to FS Updates as meaningless, fatuous carp which just kick the problems again and again further down the timeline. The ONLY thing I want to read is " FS have given The Borrower a HARD & FINAL 30 Day deadline to settle Capital and All Due Interest or we will Default like a ton of bricks."Which of course rarely happens because FS' vested interests supersede those of Lenders. The FCA of course condoning this dubious and continuous business "model". Carry on! Almost everyone agrees that a forced sale managed by receivers recovers less of a lender's capital than a privately arranged sale. Should FS be more proactive in recoveries? Probably, although it's impossible to prove whether it would have a better outcome for us lenders. The only thing certain is that a simplistic call to just default and sell at auction any overdue property loan shows that the risks of investing in these loans wasn't fully explained or understood.
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rogerthat
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Post by rogerthat on Apr 14, 2019 17:16:42 GMT
I think we are all immune to FS Updates as meaningless, fatuous carp which just kick the problems again and again further down the timeline. The ONLY thing I want to read is " FS have given The Borrower a HARD & FINAL 30 Day deadline to settle Capital and All Due Interest or we will Default like a ton of bricks."Which of course rarely happens because FS' vested interests supersede those of Lenders. The FCA of course condoning this dubious and continuous business "model". Carry on! Almost everyone agrees that a forced sale managed by receivers recovers less of a lender's capital than a privately arranged sale. Should FS be more proactive in recoveries? Probably, although it's impossible to prove whether it would have a better outcome for us lenders. The only thing certain is that a simplistic call to just default and sell at auction any overdue property loan shows that the risks of investing in these loans wasn't fully explained or understood.I would agree in part..however that's what the T & C's are supposed to do, so when they describe having physical tenure of the assets concerned, either personally or through an appointed 3rd party...I expect that..and nothing less than that. Equally, when information is withheld, inadvertently or by design, that would enable investors to make a better informed judgement of risk assessment, then I call into question the morality and ethics of not doing so.
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jcb208
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Post by jcb208 on Apr 14, 2019 17:19:18 GMT
Stopped investing 6 months ago with 2K in late or default loans ,and not one has repaid with many approaching 700 days old. 1K of which is from the nice man who sold our assets even though they were in Funding Secure's safe possession then ran off to Spain ,
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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 14, 2019 17:31:33 GMT
Almost everyone agrees that a forced sale managed by receivers recovers less of a lender's capital than a privately arranged sale. Should FS be more proactive in recoveries? Probably, although it's impossible to prove whether it would have a better outcome for us lenders. The only thing certain is that a simplistic call to just default and sell at auction any overdue property loan shows that the risks of investing in these loans wasn't fully explained or understood.I would agree in part..however that's what the T & C's are supposed to do, so when they describe having physical tenure of the assets concerned, either personally or through an appointed 3rd party...I expect that..and nothing less than that. Equally, when information is withheld, inadvertently or by design, that would enable investors to make a better informed judgement of risk assessment, then I call into question the morality and ethics of not doing so. Morals and ethics are omitted from most institutions (and individuals ) trying to get their hands on your cash 💰 
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baldpate
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Post by baldpate on Apr 14, 2019 21:13:08 GMT
I expect to continue investing in FS. This despite having a significant portion of my loanbook either officially in default or else self-identified as 'non-performing' (which, for the purpose of tracking my loanbook performance, is how I classify loans >4 months overdue) : with the exception of the "art" loans I do not expect significant losses on these loans. My expectation may be optimistic, of course !
However because these recoveries are slow to be realised, I am unwilling to commit much new money to FS. This isn't helped by the move to 12 month term loans, in which I am very reluctant to invest : 6m accrued interest was bad enough, but having to wait 12m without the possibility of any return is, for me, an ask too far.
So, overall, I am not averse to further investment in FS. per se - but it very much depends on seeing recoveries from the defaulted & overdue loanbook, AND an improvement in the quality future loan offering.
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p2ploser
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Post by p2ploser on Apr 14, 2019 21:55:23 GMT
I think we are all immune to FS Updates as meaningless, fatuous carp which just kick the problems again and again further down the timeline. The ONLY thing I want to read is " FS have given The Borrower a HARD & FINAL 30 Day deadline to settle Capital and All Due Interest or we will Default like a ton of bricks."Which of course rarely happens because FS' vested interests supersede those of Lenders. The FCA of course condoning this dubious and continuous business "model". Carry on! Almost everyone agrees that a forced sale managed by receivers recovers less of a lender's capital than a privately arranged sale. Should FS be more proactive in recoveries? Probably, although it's impossible to prove whether it would have a better outcome for us lenders. The only thing certain is that a simplistic call to just default and sell at auction any overdue property loan shows that the risks of investing in these loans wasn't fully explained or understood. I would argue that fs have excelled in 6 month loans running two and three years where their lack of proactivity in managing them have resulted in the losses we are all starting to see. Not defaulting loans for so long when it’s clear that borrowers have no intention of repaying is also untenable where the only reason to not default is to stop fs default figures showing lenders what they are really getting into.
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song
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Post by song on Apr 15, 2019 11:41:01 GMT
Almost everyone agrees that a forced sale managed by receivers recovers less of a lender's capital than a privately arranged sale. Should FS be more proactive in recoveries? Probably, although it's impossible to prove whether it would have a better outcome for us lenders. The only thing certain is that a simplistic call to just default and sell at auction any overdue property loan shows that the risks of investing in these loans wasn't fully explained or understood. I would assume that anyone advocating that any property be sold in a distressed sale would by its very nature understand the risks as it does not take a lot of understanding.
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michaelc
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Post by michaelc on Apr 15, 2019 15:37:18 GMT
I slowed down new investment considerably around a 9-12 months ago.
They are under new ownership since the start of the year and whilst that is no excuse they claim to be tougher now on borrowers and certainly they seem to be less obsessed with writing new loans than before. I guess new loans are short term cash for them but associated with long term work. Hopefully this means they have more sight of the longer term than before.
I also feel they have not hit the point of no return as Lendy might well have. They do have a good niche in the market (p2p Ebay I like to think of them) and if they devote more resource to recovery things might improve.
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