arby
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Post by arby on Jun 14, 2019 12:02:07 GMT
Okay that's the 5 grands worth of bling sorted for 6 months. The borrower is doing well with this I might empty my draw and send FS a photo of some stuff.so what shall we go on to next? How about Arby's FS positive thread.similar to the legendary one that was on the LY forum.might get us off of all the bad stuff for a bit and might even be good for a laugh or even a little cry.  I don't make new threads to push my supposed agenda. But i will mention here that a £7k bling loan just went in a few seconds.
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Post by df on Jun 14, 2019 12:11:03 GMT
Okay that's the 5 grands worth of bling sorted for 6 months. The borrower is doing well with this I might empty my draw and send FS a photo of some stuff.so what shall we go on to next? How about Arby's FS positive thread.similar to the legendary one that was on the LY forum.might get us off of all the bad stuff for a bit and might even be good for a laugh or even a little cry. I don't make new threads to push my supposed agenda. But i will mention here that a £7k bling loan just went in a few seconds. Yes, this is because FS increased a usual (£25-£50) maximum bid to £500. I'm sure there will be plenty of it on SM at premium as soon as it is activated.
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arby
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Post by arby on Jun 14, 2019 12:35:12 GMT
I don't make new threads to push my supposed agenda. But i will mention here that a £7k bling loan just went in a few seconds. Yes, this is because FS increased a usual (£25-£50) maximum bid to £500. I'm sure there will be plenty of it on SM at premium as soon as it is activated. I feel like we can agree that bid limits can have influence on the speed of take up and it isn't 100% down to sentiment. That's all I've been saying.
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kaya
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Post by kaya on Jun 14, 2019 12:45:44 GMT
Come on guys lets have some solidarity. Abandon this dodgy platform now!  |
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arby
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Post by arby on Jun 14, 2019 12:47:09 GMT
Come on guys lets have some solidarity. Abandon this dodgy platform now! Do I have to return my profits as I close the door behind me? 😛
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Post by df on Jun 14, 2019 15:58:54 GMT
Yes, this is because FS increased a usual (£25-£50) maximum bid to £500. I'm sure there will be plenty of it on SM at premium as soon as it is activated. I feel like we can agree that bid limits can have influence on the speed of take up and it isn't 100% down to sentiment. That's all I've been saying. Of course "sentiment" plays a significant role and I think FS found the way round it by increasing limits. However low sentiment is, there still enough investors to fill small pawn loans in seconds. It's large property loans that FS (and other platforms) are struggling to fill and I don't think this trend will reverse in near future.
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neal
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Post by neal on Jun 14, 2019 16:39:03 GMT
Come on guys lets have some solidarity. Abandon this dodgy platform now! It's a bit hard to abandon the platform whilst I can't get my money out. I am trying though 😁
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09dolphin
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Post by 09dolphin on Jun 14, 2019 19:58:08 GMT
Come on guys lets have some solidarity. Abandon this dodgy platform now! It's a bit hard to abandon the platform whilst I can't get my money out. I am trying though 😁 Good luck to you. If your loans can't be sold on the secondary market you are basically stuck with the loans until either you get a capital return which is likely to be small in 50% of loans in my experience as the LTV is excessive or, even worse, FS decide there is a possibility of full redemption as in the power boat loans. FS do allow 6 month loans to extend for years with dodgy updates that become laughable over time.. Of course you could have a return of capital + interest but this is unusual when loans are not repaid after 1 or two years. Obviously FS have their own agenda. It is in their interests to refuse to default loans as it makes their statistics look better than the actuality (I do think they have improved slightly over the past month or two) but their longer term track record is abysmal. I can only recall a couple of loans sold after receivers were brought in achieving their valuation when sold. A classic example is the Whitehaven property sold for £30K at auction so you should be very wary of the valuation FS ascribe to any property. I wish you the best but I would advise anyone investing in the majority of FS loans to sell their parts ASAP for whatever they can get and be ultra cautious in investing further.
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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 Jun 14, 2019 20:12:00 GMT
6 seconds to fill once the limit was lifted. As I've said before, I agree confidence in pawn will likely have taken a hit, but we've also had many threads in the last few months stating a slow renewal on a clearly riskier investment (which I class this one as) somehow definitively proves something while ignoring the almost instantly filled better loans Bought and sold no problems no risk.
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petrichory
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Post by petrichory on Jun 14, 2019 23:47:27 GMT
Bought and sold no problems no risk. Unless of course they decide, five days after you buy, to arbitrarily and without notice change the secondary market discount rate at which you can sell. Or they arbitrarily change the length of the loan without correcting the secondary market. Or they arbitrarily change the entire loan you are already invested in, like a certain occupier-modified farmhouse in Yorkshire. Or they pause the loan because a previously unconnected loan has suddenly become connected to it, dragging it into default way before the 30-day mark. That's assuming you can even sell your loan part when people with higher account privileges are allowed to front-run your trades at much lower discounts.
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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 Jun 15, 2019 0:21:15 GMT
Bought and sold no problems no risk. Unless of course they decide, five days after you buy, to arbitrarily and without notice change the secondary market discount rate at which you can sell. Or they arbitrarily change the length of the loan without correcting the secondary market. Or they arbitrarily change the entire loan you are already invested in, like a certain occupier-modified farmhouse in Yorkshire. Or they pause the loan because a previously unconnected loan has suddenly become connected to it, dragging it into default way before the 30-day mark. That's assuming you can even sell your loan part when people with higher account privileges are allowed to front-run your trades at much lower discounts. You are obviously talking about another platform you choose your premium or discount position is based on accrued interest on similar discount/ premium. Bling sells within mins of activating. Rate change was only done once when FISA was introduced. I buy and sell 10’s of thousands every month without issues.
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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 Jun 15, 2019 0:24:07 GMT
Come on guys lets have some solidarity. Abandon this dodgy platform now! I’m quite happy with my net 10-18% 
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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.
Posts: 2,011
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Post by Godanubis on Jun 15, 2019 0:38:47 GMT
I feel like we can agree that bid limits can have influence on the speed of take up and it isn't 100% down to sentiment. That's all I've been saying. Of course "sentiment" plays a significant role and I think FS found the way round it by increasing limits. However low sentiment is, there still enough investors to fill small pawn loans in seconds. It's large property loans that FS (and other platforms) are struggling to fill and I don't think this trend will reverse in near future. I broadly agree for the less active bling is usually a good bet to hold. For the aggressive player it makes a quick buck. The property market is still a bit of a maverick area . With platforms trying to tighten up their loan book assets and aggressively pursuing legal claims against lax professionals and belligerent borrowers there may be a future for those more investor oriented platforms. There are green shoots on FS that they are trying to address past errors and find a model that fulfills the aspirations investors with everyone getting the best chance to benefit providing both sides ensure each investment meets their risk criteria v returns.
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bugs4me
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Post by bugs4me on Jun 15, 2019 9:19:44 GMT
'....There are green shoots on FS that they are trying to address past errors....' The problem IMO with this comment is that it seems to be based more upon hope rather than fact. The new management have had more than enough time to turn over a new leaf, a new approach but seem content to just allow things to carry on as before.
There are far too many overdue loans that should have been formally defaulted ages ago with appropriate action enforced rather than meaningless updates with just about everyone knowing (including the platform) what the eventual outcome will be. The only damage to the platform with be a further degradation to their reputation but they are beyond bothering with this aspect. The damage to lenders will be financial loss probably or possibly on an increasing scale. So they continue to treat lenders with as idiots contempt. Only once this attitude ceases and a reasonable amount of time passes will confidence return.
Many platforms have been reliant upon a positive churn rate of lenders. This trend IMO has now reversed. Personally I rue the day that the ineffective FCA became involved as it gave platforms a level of integrity which they took full advantage of hiding behind. Doing some basic DD on the platforms you wouldn't loan them the money for a cup of tea let alone trust your hard earned cash with them.
It follows that in a 'normal' business, the cost(s) of mistakes/errors are carried by the owners/shareholders. With P2P platforms the costs of those errors, made by the owners/management etc, are carried by the lenders/investors. It's understandable why there appears to be a negative attitude towards many platforms - unfortunately one or two bad apples do have an impact on them all.
If you can make P2P work for you financially then great, carry on. In my case, having wound down my P2P lending and moved on so to speak to greener pastures, any further returns will be a bonus. Overall it was a worthwhile exercise as I was involved during the early days but as the trust has ebbed away it's no longer for me.
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thedog
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Post by thedog on Jun 15, 2019 11:50:57 GMT
Bought and sold no problems no risk. That's assuming you can even sell your loan part when people with higher account privileges are allowed to front-run your trades at much lower discounts. Hi - Can you expand on that comment? Not sure how that could work on the SM or do you mean you believe information is provided to certain account holders in advance of wider updates? Thanks
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