jcb208
Member of DD Central
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Post by jcb208 on Jul 31, 2019 15:46:31 GMT
Fundingsecure will have massive claims against them If these art loans are not paid out in full.We were led to believe they were in secure storage before we committed to lend our money
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james100
Member of DD Central
Posts: 1,088
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Post by james100 on Jul 31, 2019 16:45:36 GMT
Have to say, the last fortnight's worth of fundingsecure reviews on Trustpilot are absolutely stunning. Not sure I've ever seen so many open suggestions of fraud, negligence, unworthiness one one screen. I note the most recent reviewer (not me, btw) is inviting people interested in court pursuits to contact them via FB. uk.trustpilot.com/review/www.fundingsecure.com |
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agent69
Member of DD Central
Posts: 6,056
Likes: 4,441
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Post by agent69 on Jul 31, 2019 16:55:53 GMT
Have to say, the last fortnight's worth of fundingsecure reviews on Trustpilot are absolutely stunning. Not sure I've ever seen so many open suggestions of fraud, negligence, unworthiness one one screen. I note the most recent reviewer (not me, btw) is inviting people interested in court pursuits to contact them via FB. uk.trustpilot.com/review/www.fundingsecure.comBut there is one guy who appears to love them.
3 separate reviews with 2 x 5* and 1 x 4*
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arby
Member of DD Central
Posts: 910
Likes: 959
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Post by arby on Jul 31, 2019 17:11:36 GMT
Have to say, the last fortnight's worth of fundingsecure reviews on Trustpilot are absolutely stunning. Not sure I've ever seen so many open suggestions of fraud, negligence, unworthiness one one screen. I note the most recent reviewer (not me, btw) is inviting people interested in court pursuits to contact them via FB. uk.trustpilot.com/review/www.fundingsecure.comBut there is one guy who appears to love them.
3 separate reviews with 2 x 5* and 1 x 4* One can leave multiple reviews? Surely that goes against the entire purpose of such a review site? (I've never looked at it, but it seems obvious to me that it shouldn't work like that)
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adrian77
Member of DD Central
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Post by adrian77 on Jul 31, 2019 17:40:22 GMT
is he based in Whitehaven?
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agent69
Member of DD Central
Posts: 6,056
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Post by agent69 on Jul 31, 2019 17:50:50 GMT
is he based in Whitehaven? He appears easily pleased, as all his reviews are 4* and 5*
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Jul 31, 2019 21:17:32 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS? LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes. Perhaps Im late to the party and others have already progressed with this(?). The Irish wind turbine loan is such a case. It was described in the prospectus as recently constructed and just needing connection to the grid. When eventually sold it went for a knockdown price ostensibly because it needed a lot of remediation to bring it to working order. Investors received around a third of their capital back. The platform of course was reliant on the borrower to make the original pitch. It is the nature of p to p. Caveat Emptor and all that. Or perhaps " Cave mendacium et dolosum abominabitur"!!!!!!
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michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,722
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Post by michaelc on Jul 31, 2019 21:48:26 GMT
Have to say, the last fortnight's worth of fundingsecure reviews on Trustpilot are absolutely stunning. Not sure I've ever seen so many open suggestions of fraud, negligence, unworthiness one one screen. I note the most recent reviewer (not me, btw) is inviting people interested in court pursuits to contact them via FB. uk.trustpilot.com/review/www.fundingsecure.comDoesn't sound that likely that a guy getting coaches to travel and using low cost holiday companies would be putting up a serious sum to mount a legal challenge. I could be completely wrong and I am aware that might sound a bit snobbish but that's how I feel about it.
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Post by martin44 on Jul 31, 2019 22:01:34 GMT
1 boat or 2  ? |
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Post by martin44 on Jul 31, 2019 22:08:24 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS? LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes. Perhaps Im late to the party and others have already progressed with this(?). I nformation about loan offerings are provided by borrowers. Platforms do not audit it. presumably therefore it can unknown to a platform be factually wrong or misleading. I am not in the Art loans nor the park homes so would not comment specifically on them. No.. The platform has a lender priority to perform due diligence... if a loan looks dodgy then the platform should "NOT" OFFER IT AS A SOUND LENDER OPPORTUNITY. It should reject the borrowers application and move on.
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arby
Member of DD Central
Posts: 910
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Post by arby on Aug 1, 2019 6:27:31 GMT
I nformation about loan offerings are provided by borrowers. Platforms do not audit it. presumably therefore it can unknown to a platform be factually wrong or misleading. I am not in the Art loans nor the park homes so would not comment specifically on them. No.. The platform has a lender priority to perform due diligence... if a loan looks dodgy then the platform should "NOT" OFFER IT AS A SOUND LENDER OPPORTUNITY. It should reject the borrowers application and move on. Peer to peer. Not borrower to fund manager to investor. I do agree with your sentiment though and obviously dodgy loans shouldn't be offered, but there have been many instances of FS pulling loan offerings at the last minute when something in their checks doesn't look right. It's all about finding the right balance
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Post by brightspark on Aug 1, 2019 8:16:19 GMT
There is no "right balance". Deliberate lying would constitute mis-selling but I would not accuse FS of that. Investing is not a fair process. Ultimately investors have to weigh everything up that they are told and that includes claims by the platforms as to the quality of their loan offerings and the probity of the borrowers. My experience leads me to the conclusion that FS loans are high(er) risk. Not for me so I no longer invest. A choice.
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09dolphin
Member of DD Central
Posts: 638 
Likes: 866
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Post by 09dolphin on Aug 1, 2019 8:24:45 GMT
Wow . I've just read a page of the Trustpilot reviews and I'm shocked that FS hasn't been spurred into urgent action. Sadly I have to agree with most of the reviewers comments. What was a really good P2P site 5 years ago is now basically disreputable.
What FS don't seem to understand is that once you lose your reputation for honesty, effective management etc it's probably lost forever (remember Ratners the jewellers and the CEO's unfortunate remark which destroyed the business).
Trust pilot is one of my first "ports of call" when deciding if I should make an investment. If I was now thinking of investing I would not even bother doing more DD as it's an obvious basket case.
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james100
Member of DD Central
Posts: 1,088
Likes: 1,289
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Post by james100 on Aug 1, 2019 16:03:42 GMT
Have to say, the last fortnight's worth of fundingsecure reviews on Trustpilot are absolutely stunning. Not sure I've ever seen so many open suggestions of fraud, negligence, unworthiness one one screen. I note the most recent reviewer (not me, btw) is inviting people interested in court pursuits to contact them via FB. uk.trustpilot.com/review/www.fundingsecure.comDoesn't sound that likely that a guy getting coaches to travel and using low cost holiday companies would be putting up a serious sum to mount a legal challenge. I could be completely wrong and I am aware that might sound a bit snobbish but that's how I feel about it. Agree. In any case, fundingsecure have sent the heavies in to silence him...his review is now being "cleansed" from trustpilot on the basis that he may not be an "active investor". Which makes me laugh because he's not said anything that the verified active investors aren't saying anyway.
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Doc
Member of DD Central
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Post by Doc on Aug 1, 2019 17:22:45 GMT
Doesn't sound that likely that a guy getting coaches to travel and using low cost holiday companies would be putting up a serious sum to mount a legal challenge. I could be completely wrong and I am aware that might sound a bit snobbish but that's how I feel about it. Agree. In any case, fundingsecure have sent the heavies in to silence him...his review is now being "cleansed" from trustpilot on the basis that he may not be an "active investor". Which makes me laugh because he's not said anything that the verified active investors aren't saying anyway. I took a look, out of interest, perhaps it was because, the poster used one name to post under and then asked people to find him on facebook, using a completely different name???
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