09dolphin
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Post by 09dolphin on Aug 5, 2019 17:03:34 GMT
Really? FS are the victims here? How? Of course the investors are the most critical victims, but denying FS are also victims is a very strange perspective. As a result of fraud, FS have; - lost credibility - lost income from successful loans - paid/paying legal fees - spent excessive time on these cases Investors have likely lost their money. The ultimate cost to FS and their other investors could possibly be even higher. Time will tell. I have to wonder if FS had complied with their own T&Cs (specifically to have taken control of the artwork) they would have been scammed. I also wonder exactly what the person from FS who inspected the Whitehaven property saw when it was inspected and assured lenders it was proceeding. It seems to me that FS didn't just leave the window open they almost took adverts out suggesting people borrow money without any sort of security other than a "gentlemans agreement".
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ozboy
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Post by ozboy on Aug 5, 2019 17:12:59 GMT
Of course the investors are the most critical victims, but denying FS are also victims is a very strange perspective. As a result of fraud, FS have; - lost credibility - lost income from successful loans - paid/paying legal fees - spent excessive time on these cases Investors have likely lost their money. The ultimate cost to FS and their other investors could possibly be even higher. Time will tell. I have to wonder if FS had complied with their own T&Cs (specifically to have taken control of the artwork) they would have been scammed. I also wonder exactly what the person from FS who inspected the Whitehaven property saw when it was inspected and assured lenders it was proceeding. It seems to me that FS didn't just leave the window open they almost took adverts out suggesting people borrow money without any sort of security other than a "gentlemans agreement". Your observations are spot on 09dolphin. FS' behaviour in numerous Loans is 100% wrong, not merely that urine poor word "unacceptable."
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ozboy
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Post by ozboy on Aug 5, 2019 17:26:05 GMT
My drawing a line was under the constant moaning. Not under the recovery of losses. I suspect that if the losses stop, the moaning will stop.
People want action not words.
True! But I'd settle for less, just simple Professional Loan Management with Integrity.  agent69
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Mucho P2P
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Post by Mucho P2P on Aug 5, 2019 18:25:17 GMT
" put the good ones forward with a recommendation to lend. " <-FS are prohibited from recommending any investment under their FCA licence as they do not have an asset management licence. From FS home page - "Our tax efficient Innovative ISA programmes and peer-to-peer lending opportunities are carefully selected, appraised in detail, robustly structured and professionally managed by teams of proven sector specialists." what's that if not a recommendation? Not a recommendation under FCA regs. Have you contacted the FCA to obtain their opinion on this matter/description? I would dare hazard a guess that it would be considered an explanation of offerings and processes involved in selecting loans by the FCA and FS. "proven sector specialists" is the caveat in that sentence - unfortunately for the lenders!
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Mucho P2P
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Post by Mucho P2P on Aug 5, 2019 18:35:17 GMT
Maybe the "duty of care" point should be addressed to the old owners and not the new owners of FS? Not wishing to continue a point-by-point debate, but this last point is nonsense. The company that runs the platform is the legal person with whom you do business. You do not have any legal relationship with the owners or directors of the business. If it's sold as a going concern there is no material change in the relationship. FC is now a plc - but there is no wiping of the slate clean.
My correction, I should have written, "maybe the duty of care point should HAVE been addressed to the old owners in a timely manner......."
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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 Aug 7, 2019 9:48:52 GMT
We are all victims including FC to the actions of deceitful borrowers. Just to be like the Labour Party response to any good news “Too little too late” is not constructive.
At least now something is being done at what I believe is an acceptable pace to ensure that the appropriate action is taken to maximise returns.
Uncomfortable as it is we have to wait and see what can be done about wayward loans and giving constructive advice directly to FS representatives I have found is listened to and taken into consideration.
As as always best plan for the worst work and hope for the best.
Perspective... Stock markets dropped near 6% in last few days . Are defaulted loans more than 6% of your portfolio?.
I presume the were all held >6 months not just a few days as could be case with stocks etc.
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adrian77
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Post by adrian77 on Aug 7, 2019 10:28:22 GMT
Sadly a lot of us have over 6% in default- for me 25-30% and that is due in large part to 9 art leans that FS never said were linked. Also a lot of these crazy property loans were linked although to be fair to FS they are now declaring this.
Stock markets go up and down and very few FT100 companies lose 100% of their value
but loans such as **arter House, hells Bells etc sure as hell aren't going to bounce back and some of their loans are clearly going to be added to the 100% loss total.
Personally I think a good investment will be Sterling after it falls to near parity with the Euro and than bounces back once this Brexit gubbins is over - as to FS I am giving it a miss until I see a massive sea change.
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r00lish67
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Post by r00lish67 on Aug 7, 2019 10:34:16 GMT
Perspective... Stock markets dropped near 6% in last few days . Are defaulted loans more than 6% of your portfolio?. I presume the were all held >6 months not just a few days as could be case with stocks etc. Ah but stock markets are still up 15% since the start of the year, 29% p.a. equivalent. More than double a typical FS loan. Btw, both your point and my point above are totally misleading and irrelevant.
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arby
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Post by arby on Aug 7, 2019 10:34:43 GMT
Sadly a lot of us have over 6% in default- for me 25-30% and that is due in large part to 9 art leans that FS never said were linked. Also a lot of these crazy property loans were linked although to be fair to FS they are now declaring this. Stock markets go up and down and very few FT100 companies lose 100% of their value but loans such as **arter House, hells Bells etc sure as hell aren't going to bounce back and some of their loans are clearly going to be added to the 100% loss total. Personally I think a good investment will be Sterling after it falls to near parity with the Euro and than bounces back once this Brexit gubbins is over - as to FS I am giving it a miss until I see a massive sea change. Stating you have 30% of your loans in default is a very misleading statistic. If I don't invest further in FS then in a year of two 100% of my loans will be in default as all the non-defaults will have successfully completed and you are not counting them anymore.
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adrian77
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Post by adrian77 on Aug 7, 2019 11:03:14 GMT
correct as of today - it is actually in effect 100% when you include Lytham St *nnes (well over a year late) etc which to me should be defaulted. When I sold my portfolio about 30% of my loans were in default...trying to criticise me is not going to change the dire state of the FS loan book as I see it.
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arby
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Post by arby on Aug 7, 2019 12:07:27 GMT
correct as of today - it is actually in effect 100% when you include Lytham St *nnes (well over a year late) etc which to me should be defaulted. When I sold my portfolio about 30% of my loans were in default...trying to criticise me is not going to change the dire state of the FS loan book as I see it. Pointing out to others that statistics should be understood and not just taken at face value is not a criticism of you.
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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 Aug 7, 2019 18:46:20 GMT
The point is S&S an instant hit defaults can be a hit or not a hit only time will tell my 6% figure can only effectively be compared to losses crystallised. Currently mine works out at 1.8% of FS investment. update. 9 August The opposite is also true just made >30% in 2 days with Burford Capital share which appears to have been manipulated by being unfairly shorted. There are dubious manipulative people everywhere  |
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ozboy
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Post by ozboy on Aug 23, 2019 12:03:17 GMT
Just noticed this on the FS website under "Borrow Money":- "We appoint a RICS Valuer if related to property or carry out a valuation from our approved panel of Valuers"So, according to their own website, FS ARE complicit in the dire RICS "Professional" Valuations?! www.fundingsecure.com/borrow-money |
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