SteveT
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Post by SteveT on Jul 15, 2019 15:42:48 GMT
An update from FundingSecure on the below loans are available on the platform, please login for details.
2973262607
When is the discussion with your Board about adding loan names to these posts? It’s hardly rocket science.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 15, 2019 19:41:32 GMT
An update from FundingSecure on the below loans are available on the platform, please login for details.
2973262607
When is the discussion with your Board about adding loan names to these posts? It’s hardly rocket science. Unfortunately, that would be the common sense, and competent thing to do. So don't expect it to happen.
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james100
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Post by james100 on Jul 16, 2019 10:28:53 GMT
An update from FundingSecure on the below loans are available on the platform, please login for details.
2973262607
When is the discussion with your Board about adding loan names to these posts? It’s hardly rocket science. Well said. All that thread in its current form does is tell me not one split second of thought has been given to their customer (that's actually us, FS, true story) requirements for information in any accessible form.
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09dolphin
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Post by 09dolphin on Jul 16, 2019 17:16:19 GMT
I ask as I am curious.
Does anyone find the "updates" FS give informative, helpful or useful in any way at all?
Another question on a similar line. Do FS EVER respond to formal complaints and if so any ideas why <removed by mod> don't respond to formal complaints about the management of the powerboat loan and the Lytham St Annes loan <removed by mod>.
Of of my 11 Zombie loans FS rarely publish an update and I took another forumites advice to only check them infrequently and doing that has helped by blood pressure considerably.
PS. A Zombie loan is very descriptive and was first used by another forumite. It describes a loan which, to all intents and purposes is irrecoverable but FS like to pretend it is being "managed". In other words it's dead but FS like to pretend it's active eg the Powerboat and Lytham loans.
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Post by mrclondon on Jul 16, 2019 18:09:57 GMT
I ask as I am curious. Does anyone find the "updates" FS give informative, helpful or useful in any way at all? Sometimes, yes. The most recent update on the Lanarkshire Farm attached the planning approval details, which I hadn't discovered myself. However, in general the updates are vague and of minimal value to professional investors. It is VITAL you do your own due dilligence and do not rely on updates provided by p2p platforms when making investment decisions. Another question on a similar line. Do FS EVER respond to formal complaints Yes, I had a satisfactory if slightly late response to a formal complaint I made at the end of last year regarding inadequate loan descriptions (The only formal complaint I've made). I suspect that many formal complaints are being received by p2p platforms concerning issues associated with loans that are still subject to recovery actions. Platforms have to act responsibly on behalf of all lenders, and restrict the flow of information back to those few that submit untimely formal complaints. Where this gets difficult is in the case of "zombie" loans, as it is impossible to prove that the platform is not engaged in recovery actions.
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bg
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Post by bg on Jul 17, 2019 9:45:04 GMT
When is the discussion with your Board about adding loan names to these posts? It’s hardly rocket science. Well said. All that thread in its current form does is tell me not one split second of thought has been given to their customer (that's actually us, FS, true story) requirements for information in any accessible form. You would think given their current situation, FS would take this simple opportunity to make a 30 second decision to have an 'easy win' with their customers which would at least foster some limited goodwill. Alas not.
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arby
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Post by arby on Jul 17, 2019 12:52:05 GMT
Rather than relying on some unaffiliated website to communicate with lenders, it would be much simpler if they had an option to just receive an automated email whenever there is a loan update on a loan we're involved in. As it's a private email, the full loan name could be included (and the full loan update too).
Having a loan name mostly asterisked out won't provide enough information for all of us to interpret it anyway.
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Doc
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Post by Doc on Jul 18, 2019 20:27:35 GMT
Of of my 11 Zombie loans FS rarely publish an update and I took another forumites advice to only check them infrequently and doing that has helped by blood pressure considerably
Aug 5, 2018 at 9:54am GMT 1 09dolphin said: My investment was 250K but I now have about 1.5K left in FS , all loans long overdue or defaulted. I know you've been trying to wind down your loans on the platform for a while dolphin. I recall you were down from 250k to 1.5k last August, hopefully even less now.
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09dolphin
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Post by 09dolphin on Jul 19, 2019 8:31:02 GMT
Of of my 11 Zombie loans FS rarely publish an update and I took another forumites advice to only check them infrequently and doing that has helped by blood pressure considerably
Aug 5, 2018 at 9:54am GMT 1 09dolphin said: My investment was 250K but I now have about 1.5K left in FS , all loans long overdue or defaulted. I know you've been trying to wind down your loans on the platform for a while dolphin. I recall you were down from 250k to 1.5k last August, hopefully even less now. Sorry to report that has been a minimal reduction in the amount "invested" since last August. But I still hope I will see a 5% recovery of my 1.5K invested at some time in the future. FS just make me so very annoyed with their laid back attitude and they just don't seem to care. If they were honest I would find it so much more acceptable as we all know these loans are high risk so in some loans there will be losses - but a recovery in the order of the Whitehaven is totally unacceptable. That the Lytham loan was made on a loan which had a 1st charge against the property/land is also totally unacceptable. I could go on but it just increases my blood pressure.
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arby
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Post by arby on Jul 19, 2019 8:41:44 GMT
I know you've been trying to wind down your loans on the platform for a while dolphin. I recall you were down from 250k to 1.5k last August, hopefully even less now. Sorry to report that has been a minimal reduction in the amount "invested" since last August. But I still hope I will see a 5% recovery of my 1.5K invested at some time in the future. FS just make me so very annoyed with their laid back attitude and they just don't seem to care. If they were honest I would find it so much more acceptable as we all know these loans are high risk so in some loans there will be losses - but a recovery in the order of the Whitehaven is totally unacceptable. That the Lytham loan was made on a loan which had a 1st charge against the property/land is also totally unacceptable. I could go on but it just increases my blood pressure. I think the previous poster's point is that it would appear to most people that you had at least 20% of your investment tied up in the zombie loans you regularly mention. Knowing that the amount tied up is actually just over 0.5% of your investment, while still unacceptable, does provide some context.
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r1200gs
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Post by r1200gs on Jul 19, 2019 9:13:04 GMT
I know you've been trying to wind down your loans on the platform for a while dolphin. I recall you were down from 250k to 1.5k last August, hopefully even less now. Sorry to report that has been a minimal reduction in the amount "invested" since last August. But I still hope I will see a 5% recovery of my 1.5K invested at some time in the future. FS just make me so very annoyed with their laid back attitude and they just don't seem to care. If they were honest I would find it so much more acceptable as we all know these loans are high risk so in some loans there will be losses - but a recovery in the order of the Whitehaven is totally unacceptable. That the Lytham loan was made on a loan which had a 1st charge against the property/land is also totally unacceptable. I could go on but it just increases my blood pressure. Looking at the take up rate of loans, I think the chickens are coming home to roost. Despite an increase from 9 percent to 12 percent, there's been a £7,500 take up of a £365,000 loan over two or three days now and where does that leave the other loans when this chap can't get the money to finish the development? Quite a few more are due to have their fingers burnt shortly when the result of the council flats sale is announced which I suspect might be announced today. There's risk, and then there is complete and utter incompetence, negligence and total carelessness with other people's money. Oh yes, we've seen some improvements since the complete and utter disgrace that was the (complete lack of) management of the Whitehaven loan, but to little too late I suspect. There's still a lot more bad news coming down the road from FS carelessly shovelling investors money out the door on an industrial scale.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 19, 2019 9:26:50 GMT
FS are a complete shower and I'm extremely surprised it has actually taken this long quite frankly. (Are you allowed to say "Frank" on here?!)  Cue FS Flag Wavers (are there any left?!) spouting some sort of nonsensical garbage and how if you only have 1% of your pot in every Loan blah blah you'll still make money despite FS being a crock. Rolls eyes, shakes head and saunters away ..................... Caveat Emptor indeed!!!!! EDIT / PS - And why wasn't I invited to the Summer Party?!!  |
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rocky1
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Post by rocky1 on Jul 19, 2019 10:51:44 GMT
FS newsletter latest.any loans not filled by the gamblers will be picked up by FS underwriters.maybe the centurion boys don't like the look of this latest batch.
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coop
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Post by coop on Jul 19, 2019 10:53:25 GMT
Sorry to report that has been a minimal reduction in the amount "invested" since last August. But I still hope I will see a 5% recovery of my 1.5K invested at some time in the future. FS just make me so very annoyed with their laid back attitude and they just don't seem to care. If they were honest I would find it so much more acceptable as we all know these loans are high risk so in some loans there will be losses - but a recovery in the order of the Whitehaven is totally unacceptable. That the Lytham loan was made on a loan which had a 1st charge against the property/land is also totally unacceptable. I could go on but it just increases my blood pressure. Looking at the take up rate of loans, I think the chickens are coming home to roost. Despite an increase from 9 percent to 12 percent, there's been a £7,500 take up of a £365,000 loan over two or three days now and where does that leave the other loans when this chap can't get the money to finish the development? Quite a few more are due to have their fingers burnt shortly when the result of the council flats sale is announced which I suspect might be announced today. There's risk, and then there is complete and utter incompetence, negligence and total carelessness with other people's money. Oh yes, we've seen some improvements since the complete and utter disgrace that was the (complete lack of) management of the Whitehaven loan, but to little too late I suspect. There's still a lot more bad news coming down the road from FS carelessly shovelling investors money out the door on an industrial scale. If you look at the loan stats page they now have less than £10m active loans not past due date (total amount lent fig of £309.5m minus 'Loans due by end of month' figure of £299.8m) and have £55m of loans overdue and £14.7m funds pending recovery. So the small matter of non-performing loans being 7 times the cash amount of performing loans. It's hard to see how they are going to be able to reverse this trend - the new minimum of £500 in most loans will make it even harder, I think most people with enough money to consider putting £500 in individual FS loans are probably more likely to be more canny investors and therefore less likely to choose FS. Only one of the bidders on the £365k loan has put in more than £500 (and that was only £1k) so at this rate it's going to take at least another 4-500 or so investors to fill...
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coop
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Post by coop on Jul 19, 2019 11:01:07 GMT
Another thought occurs - how are they going to fill lots of tranches of a loan with £500 minimum bids? Even if there is only say 5 tranches and assuming investors are being quite laissez-faire about diversification (let's say max 5% of P2P funds in any one loan) then by the latter tranches only HNW individuals will want to have that level of exposure:
Tranch 1 £500 invested (total P2P funds of £10,000 required to maintain 5% max diversification)
Tranch 2 £1000 (total p2p funds £20,000)
Tranch 3 £1500 (total p2p funds £30,000)
Tranch 4 £2000 (total p2p funds £40,000)
Tranch 5 £2500 (total p2p funds £50,000)
so quite quickly only those with very deep pockets or very high appetite for risk will be able to invest in later tranches.
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