james21
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Post by james21 on Jul 18, 2019 18:26:11 GMT
Fewer updates, some of those that are posted set targets that are not met, the new owners dont appear to have made an impact on the overdue loan book. Not looking very optimistic. All I want is my money back, you can keep the interest then I can put FS behind me
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trium
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Post by trium on Jul 18, 2019 19:46:55 GMT
Fewer updates, some of those that are posted set targets that are not met, the new owners dont appear to have made an impact on the overdue loan book. Not looking very optimistic. All I want is my money back, you can keep the interest then I can put FS behind me Entirely predictable who would be fastest-finger-first with the "like" button (and second-fastest, come to that)
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09dolphin
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Post by 09dolphin on Jul 18, 2019 19:48:21 GMT
I'd give FS up to a year or 18 months before they become overwhelmed by the many loans made where the security bears no relationship to the security offered and there has been a default.
The fact that the updates they give are frequently wrong doesn't help but just increases the distrust of borrowers.
The number of "Zombie" loans they still have on their books must be embarrassing. They can't even be bothered to respond to official complaints but choose to ignore their responsibility to make a response which is not the action of a vibrant competent company, but I suspect this is a ploy to persuade lenders to take action to force them into administration. Such a shame because they were so promising before they entered the property market
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jcb208
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Post by jcb208 on Jul 18, 2019 19:55:38 GMT
Been waiting 12-18 months for my last 15 loans to repay or close so I can exit,Updates are about every 4 months and usually lies or waffle.
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09dolphin
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Post by 09dolphin on Jul 18, 2019 20:07:47 GMT
Been waiting 12-18 months for my last 15 loans to repay or close so I can exit,Updates are about every 4 months and usually lies or waffle. That's my experience too but it's nearer 24 - 36 months. Such a shame.
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jcb208
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Post by jcb208 on Jul 18, 2019 20:23:46 GMT
That's my experience too but it's nearer 24 - 36 months. Such a shame. Yes you are correct your quote was more accurate then mine ,I did not realise how time fly's until I looked at my account ,I have 15 loans that are between 630 - 786 days old
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p2ploser
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Post by p2ploser on Jul 18, 2019 20:39:14 GMT
I think even the collateral administrators would be quicker than this lot at closing out loans and will probably recover almost as much even after their fees! That's my experience too but it's nearer 24 - 36 months. Such a shame. Yes you are correct your quote was more accurate then mine ,I did not realise how time fly's until I looked at my account ,I have 15 loans that are between 630 - 786 days old |
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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 Jul 18, 2019 21:38:46 GMT
I think even the collateral administrators would be quicker than this lot at closing out loans and will probably recover almost as much even after their fees! Yes you are correct your quote was more accurate then mine ,I did not realise how time fly's until I looked at my account ,I have 15 loans that are between 630 - 786 days old Just checking my holdings in FS as most are aware I take 24 months late as write off point. With Whitehaven still active I have 3 loans that meet that criteria amounting to < 1% of my current investment in FS. On smaller accounts < £10000 I manage they are returning >15% APR. If you require only 8-9% on <£25K this is quite easy selling around the 3-4 month point and being atypical and not greedy with the discount you offer on the maximum diversification portfolio. As to FS management I have recently had cause to contact them on an Issue and found them to be helpful and timely (reply to email within half an hour) Slight problem due to training issue which at least means the have new staff to hopefully make inroads into late loans and improve overall platform experience. I agree updates should at least be given on times promised. I can’t see any advantage to giving a date that can’t be met. There would be less negative impressions if no timeframe was given. I have no objection to updates being delayed if there is no significant change and the staff time is more productively used in dept recovery.
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adrian77
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Post by adrian77 on Jul 19, 2019 9:46:22 GMT
neither have I but instead of dealing with a lot of these loans staff effort seems to be spent in trying to pull the wool over our eyes and try and make an update sound like a positive change when frequently it is the opposite e.g. this Plymouth Second charge does not make sense to me - don't get me started about the art works - not even in FS's possession with owner "under medical teatment" in Spain and bankrupt (on paper anyway), 18 months late and these damn loans are not even defaulted and what "response" do you get from FS - correct!
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r1200gs
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Post by r1200gs on Jul 19, 2019 9:58:25 GMT
FS have hyped a recent loan, gone full-on sales pitch with it. Listed at 9 percent, not a sniff. Now upped to 12 percent, it smacks of desperation. And even at 12 percent there is currently a £7,500 take up of this £365,000 tranche and all other tranches screwed if further tranches are not filled.
Yes, I would say there was an air of desperation and with the whole load more investors just about to get their fingers burnt with the council block and more, then I would suggest things are going to get worse before they get better, if they get better. There's a price to pay for routinely handing out investors money with little to no chance of them ever seeing it again.
Meanwhile, if our little god like friend (who I can't see :-)) is happy rearranging his deck chairs for a profit on the deck of the Titanic, I'm happy for him.
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p2ploser
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Post by p2ploser on Jul 19, 2019 11:21:20 GMT
Several newspapers seem to be currently getting more involved in publishing articles related to personal finance where investors are not being treated well. Just the sort of problems this platform is exhibiting. Lendy being the most recent example. That said, London capital finance and also the whole Woodford thing also spring to mind. I worry it’s just a matter of time before that happens to fundingsecure, at which point the less well informed investors that are currently propping this platform up by still buying their loans will become aware and the platform will collapse. Just to be clear this is not what I want as I still have significant investments in this lot.
Confidence in this platform seems to be very low and unless fundingsecure start providing meaningful updates I order to restore some confidence that they are actually doing something to get our money back then I fear they will be off to collateral / Lendy land along with our cash.
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p2ploser
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Post by p2ploser on Jul 19, 2019 11:23:58 GMT
Day trading these loans is great until the music stops and no more mugs are left to buy the loans. Trust you will have made so much money by then that any capital loss with be tiny  I wish you the best of luck. I think even the collateral administrators would be quicker than this lot at closing out loans and will probably recover almost as much even after their fees! Just checking my holdings in FS as most are aware I take 24 months late as write off point. With Whitehaven still active I have 3 loans that meet that criteria amounting to < 1% of my current investment in FS. On smaller accounts < £10000 I manage they are returning >15% APR. If you require only 8-9% on <£25K this is quite easy selling around the 3-4 month point and being atypical and not greedy with the discount you offer on the maximum diversification portfolio. As to FS management I have recently had cause to contact them on an Issue and found them to be helpful and timely (reply to email within half an hour) Slight problem due to training issue which at least means the have new staff to hopefully make inroads into late loans and improve overall platform experience. I agree updates should at least be given on times promised. I can’t see any advantage to giving a date that can’t be met. There would be less negative impressions if no timeframe was given. I have no objection to updates being delayed if there is no significant change and the staff time is more productively used in dept recovery. |
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bg
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Post by bg on Jul 19, 2019 12:09:06 GMT
I have no objection to updates being delayed if there is no significant change and the staff time is more productively used in dept recovery. I have huge objections to this. If you say you will make an update by a certain date then make the update, otherwise why mention a date in the first place? It's completely pointless. Everyone understands there may well be no new information so why not simply say so like other (well run) platforms do. Saying "We have been unable to get in touch with the borrower and are calling them daily and will provide an update when we do" or words to that effect is completely fine. Otherwise I think its only fair to assume the platform is doing nothing or simply does not care about its investors. Saying we will update investors by 12 May and there being no update even by July is unprofessional and just not on. But they don't seem to care or listen.
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arby
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Post by arby on Jul 19, 2019 12:46:10 GMT
I have no objection to updates being delayed if there is no significant change and the staff time is more productively used in dept recovery. I have huge objections to this. If you say you will make an update by a certain date then make the update, otherwise why mention a date in the first place? It's completely pointless. Everyone understands there may well be no new information so why not simply say so like other (well run) platforms do. Saying "We have been unable to get in touch with the borrower and are calling them daily and will provide an update when we do" or words to that effect is completely fine. Otherwise I think its only fair to assume the platform is doing nothing or simply does not care about its investors. Saying we will update investors by 12 May and there being no update even by July is unprofessional and just not on. But they don't seem to care or listen. Fair and obvious. Just not to FS.
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Mousey
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Post by Mousey on Jul 19, 2019 12:48:44 GMT
The directors of fundingsecure have actually been quite clever - they have managed to convince Raj Kumar and Vijay Gandhi to invest no doubt large sums of money despite the issues with the loan book including the negligence related to the administration of the Art Loans. It would appear Luxmore has managed a successful exit.
Based on correspondence from Investors, public comment on message boards and in the media it became clear that Investor confidence was being eroded in the Company.
The level of non-performing loans continued to increase, further undermining confidence. This increase in the level of non-performing loans led to significant additional costs.
There was also increasing public scrutiny of the platform with regular comment within the media and online forums
Of course we know how that finished...
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I wish you the best of luck.