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Post by peer2fear on Aug 11, 2019 21:01:56 GMT
Quick thought experiment on FS to gauge investor sentiment for the platform. What is the minimum % of your total capital across your entire FS portfolio you would take to part ways with FS once and for all? Personally, I have around £5k of zombie loans left with FS with >£500 in 'accrued' interest. I would be happy to kiss goodbye to all my accrued interest and 30% of my current portfolio to walk away from this platform once and for all with ~£3500 in my pocket and a hard lesson learnt.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 11, 2019 22:37:52 GMT
I would wager that 99% of us on here are desperate to get away from FS? I won't publicise on here what percentage haircut I'd accept, it will only give FS ideas! Naming names, there is arby and Godanubis who are pro-FS, but I can't think of anyone else? |
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arby
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Post by arby on Aug 12, 2019 7:01:12 GMT
I would wager that 99% of us on here are desperate to get away from FS? I won't publicise on here what percentage haircut I'd accept, it will only give FS ideas! Naming names, there is arby and Godanubis who are pro-FS, but I can't think of anyone else? Only in this world of extreme viewpoints can anyone who gives a varied opinion be called either pro FS or repeatedly called a shill. Look through my history, there's lots of times I've called FS out for mistakes. But as I don't call them the devil incarnate that's just not good enough. As for this question, I've been wondering similar myself; a lot of my loans still sell at a premium, but to balance out my overdue ones I'd probably accept a 3% interest return.
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r00lish67
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Post by r00lish67 on Aug 12, 2019 8:43:29 GMT
I would wager that 99% of us on here are desperate to get away from FS? I won't publicise on here what percentage haircut I'd accept, it will only give FS ideas! Naming names, there is arby and Godanubis who are pro-FS, but I can't think of anyone else? Only in this world of extreme viewpoints can anyone who gives a varied opinion be called either pro FS or repeatedly called a shill. Look through my history, there's lots of times I've called FS out for mistakes. But as I don't call them the devil incarnate that's just not good enough. As for this question, I've been wondering similar myself; a lot of my loans still sell at a premium, but to balance out my overdue ones I'd probably accept a 3% interest return. I'm a sleeper myself, personally. Apparently.
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09dolphin
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Post by 09dolphin on Aug 12, 2019 9:59:58 GMT
I've accepted that my notional interest will remain notional forever.
In all honesty I'd be glad to receive anything back because my expectation, which I think is realistic, is that I'll get between 5 - 10% but wouldn't be surprised to get 2%. On the spreadsheet where I update my investments I have already deleted all money I had in FS as it helps keep my blood pressure under control. I do check my FS account monthly in the hope that there will have been some progress on one of my many Zombie loans.
If anyone ever posts that they are going to sue FS and uses this forum as a base for crowdfunding I'd happily chip in as I believe FS have operated in an underhand manner, have been dishonest by omission, broken their own T&Cs, posted lies in updates etc.
I still believe in P2P funding as a vehicle for investing and there are several other sites that still retain my confidence, where I am still an active investor and where overall I am making a reasonable return.
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adrian77
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Post by adrian77 on Aug 12, 2019 10:42:44 GMT
I am totally if favour of suing FS for gross incompetence and failing in their duty of care etc as in the art loans but I think we need to stay calm and get a legal opinion as to whether this is likely to be successful. What we don't want is FS to go bust or whatever during any legal action
and we only end up with a rip-off legal bill
Personally I would like to see FS bought out by a professional company already in this field who hopefully would refund at least some of these zombie loans.
Personally I have about 25% of my portfolio in such loans and am expecting a 25% capital return which overall may or may not give me a slight profit over 3 years - fantastic!
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Post by Deleted on Aug 12, 2019 11:18:08 GMT
Ain't ever going to happen, a professional company would not take on the burden. We are stuck with the management we have.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Aug 12, 2019 11:23:09 GMT
I went through my entire FS loan portfolio at the weekend. I have several loans where the accruing interest is probably meaningless, and the capital losses could be substantial, but I also have several loans where the accruing interest should still be paid in full. Overall, I think the accrued and accruing interest will more than cover the capital losses. I also continue to invest in live loans, which do appear to be safer than some of the crazy loans that were presented in the past.
Caveat: I don't have any art loans because I learn't my lesson with the Lubin Art, where the valuation was utterly meaningless, because there was no comeback against the valuer.
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Doc
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Post by Doc on Aug 12, 2019 11:33:41 GMT
Just to add some perspective, the other day you mentioned you only had £1.5k left on the platform stuck in zombie loans out of an original £250k, sounds like good progress to me.
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adrian77
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Post by adrian77 on Aug 12, 2019 12:14:09 GMT
sadly I tend to agree with you but like to remain positive..
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pip
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Post by pip on Aug 12, 2019 12:34:23 GMT
I have around £2,641 outstanding with £561 accrued interest. Every loan is at least a year overdue. I have been through my portfolio and every loan looks very doubtful. I am also aware of platform risk which could jeopardise payout from any loan which actually pays back.
Most, but not all, of my loans are property development loans. All of these projects are either significantly behind, have been handed to receivers or have other serious issues (such as having burnt down and the insurers seemingly not paying out).
Based on the comments from FS and the outcome of other loans, I have serious doubts over 1) the security over the assets, 2) the recovery value vs. initial loan, 3) the priority of my loan vs other loans secured on the asset, 4) the amount of any recovery which will be lost in receiver or admin fees, 5) the fact that a lot of these loans seem to have related borrowers, all have similar issues, which makes me question either the integrity or competence of the borrower, 6) the ability of FS to provide accurate and timely updates, 7) the ability of FS to recover funds, and 8) the ability of FS to remain a going concern throughout the recovery process.
I don't expect to get back much for these loans at all. What would I accept for them, well I have fully written them off myself, so would accept £250. Never know, I got a surprise £7 on Saturday so I may get a few hundred back eventually, can't see much more than that.
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r1200gs
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Post by r1200gs on Aug 12, 2019 12:55:34 GMT
The platform is screwed with more, I mean lots more bad loans coming sown the road. People can be stupid but they are not that stupid that they will keep throwing money into the black hole that is FS. Even if FS got some good loans that actually did pay back with interest they are going to be dwarfed with defaults and loss of capital. Just get me most of my money back and even a little interest on the tower block and I'll never look at the FS site again unless I get notification of money back so I can withdraw it.
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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 12, 2019 17:22:24 GMT
I have around £2,641 outstanding with £561 accrued interest. Every loan is at least a year overdue. I have been through my portfolio and every loan looks very doubtful. I am also aware of platform risk which could jeopardise payout from any loan which actually pays back. Most, but not all, of my loans are property development loans. All of these projects are either significantly behind, have been handed to receivers or have other serious issues (such as having burnt down and the insurers seemingly not paying out). Based on the comments from FS and the outcome of other loans, I have serious doubts over 1) the security over the assets, 2) the recovery value vs. initial loan, 3) the priority of my loan vs other loans secured on the asset, 4) the amount of any recovery which will be lost in receiver or admin fees, 5) the fact that a lot of these loans seem to have related borrowers, all have similar issues, which makes me question either the integrity or competence of the borrower, 6) the ability of FS to provide accurate and timely updates, 7) the ability of FS to recover funds, and 8) the ability of FS to remain a going concern throughout the recovery process. I don't expect to get back much for these loans at all. What would I accept for them, well I have fully written them off myself, so would accept £250. Never know, I got a surprise £7 on Saturday so I may get a few hundred back eventually, can't see much more than that. With more than 150 times that invested in FS I guess you think we should be worried  I'll buy yours for £300. I'll take the risk you can have a little more than expected.
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Post by gravitykillz on Aug 12, 2019 18:49:01 GMT
What went wrong with fs? I thought all the loans were secured with property? Can they not just sell the underlying asset ?
Sounds similar to lendy and collateral.
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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 12, 2019 19:10:50 GMT
What went wrong with fs? I thought all the loans were secured with property? Can they not just sell the underlying asset ? Sounds similar to lendy and collateral. The problem in some of the older loans for various reasons are no longer likely to return the sums lent, This was due to either bad judgment with issuing the loan in the first place, Less than accurate valuations, changes in market conditions or just downright fraud.
The current team are trying to address these issues by legal means when available.
These loans make up a small proportion of the current loans. As they try to correct past errors there will be an increase in loans being defaulted to either allow for charges to be enforced or just to give the borrowers a wakeup call.
Defaulting allows for greater control over the loan with the ultimate goal of full recovery or at least the best possible recovery with follow up recoveries if possible.
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I'll buy yours for £300. I'll take the risk you can have a little more than expected.