ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 12, 2019 19:20:46 GMT
"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."
Errr, so why didn't FS Default their countless Overdue Loans YEARS ago?!
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pip
Posts: 542
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Post by pip on Aug 12, 2019 19:28:13 GMT
‘These loans make up a small proportion of the current loans.’
Sure about that statement, they make up all my loans?
And yes if I had 150 times the amount I had still invested in FS, I would be worried, especially in my disaster of a loan portfolio.
Interestingly a lot of my loans are passing the 2 year overdue mark. Remember that’s the point in which you have said you will default the loans 100% in your calculations and not include any accrued income.
For the previous posters info godanubis uses completely wrong calculations to fool himself (and I suspect that is it) that he makes great returns. He includes all accrued income and doesn’t write off any loans until they are two years overdue, even when, for loans such as the art loans, it is clear that a payout is very unlikely. I would put his analysis of FS in the bin.
My analysis of FS is clear, get out as fast as you can and don’t consider investing another penny in.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 12, 2019 19:28:19 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. I can't be sure if you're failing to keep up gravitykillz, or you're 'avin a larf?!!!!
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Post by gravitykillz on Aug 12, 2019 20:11:26 GMT
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Post by df on Aug 12, 2019 21:56:53 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. I'd be happy to end up with 2%  . So far I expect some loss, but the time will show. I have a significant proportion in "Art", Formby and "Library". I don't expect anything from the Art, not hopeful for much from Formby, but Library might repay (trying to keep positive). Apart from that I have an extensive list of small investments in loans that are not likely to repay. I have occasional repayments from currently performing pawn loans, which offset expected losses a little bit. This, Col, SS/Ly etc. adventures are likely to result in losses, but it doesn't put me off p2p as an industry. Many platforms, as you said, deliver their promised return for few years now. I tend to lean towards them. Smaller real return is better than the higher imaginary one.
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Godanubis
Member of DD Central
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 22:02:41 GMT
"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."Errr, so why didn't FS Default their countless Overdue Loans YEARS ago?! Because defaulting immediately reduces the asset value by >25% and is not always the best option for every loan if allowing greater flexibility increases recovery. You can count them 15 more than 2 years over 5 of them art loans that are still active without default. From nearly 3000 loans granted .05%. Hardly “countless”
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Godanubis
Member of DD Central
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 22:11:34 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. I'd be happy to end up with 2% . So far I expect some loss, but the time will show. I have a significant proportion in "Art", Formby and "Library". I don't expect anything from the Art, not hopeful for much from Formby, but Library might repay (trying to keep positive). Apart from that I have an extensive list of small investments in loans that are not likely to repay. I have occasional repayments from currently performing pawn loans, which offset expected losses a little bit. This, Col, SS/Ly etc. adventures are likely to result in losses, but it doesn't put me off p2p as an industry. Many platforms, as you said, deliver their promised return for few years now. I tend to lean towards them. Smaller real return is better than the higher imaginary one. “Formby” encompasses so many different loans with various quality of asset that I think you should be a little more hopeful that some will be better than others and you are not in all of them. Sorry we have all lost in the art 🖼. 2% still 10-20 times the bank and a good bit better that Stock market recently . “Don’t worry be happy 😃 “
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adrian77
Member of DD Central
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Post by adrian77 on Aug 12, 2019 22:14:34 GMT
150 x £2600 is around £400K so am I right in thinking you have a very diversified portfolio (sensible) rather then a lower number of large investments. If diversified then I regard it as impossible to avoid a high number of defaults. Also if FS goes pear-shaped the SM will go for a Burton which will be bad news for those of us with cashing in on the SM as part of our strategy...
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Godanubis
Member of DD Central
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 22:34:14 GMT
150 x £2600 is around £400K so am I right in thinking you have a very diversified portfolio (sensible) rather then a lower number of large investments. If diversified then I regard it as impossible to avoid a high number of defaults. Also if FS goes pear-shaped the SM will go for a Burton which will be bad news for those of us with cashing in on the SM as part of our strategy... Nearer 700K between 3. Yes it is not the plan to keep any great amount personally in any one loan or lender. With us having similar amounts in S&S etc that dropped a few £10’s of thousands last week. As long as FS and P2P give a Positive return greater than the amount I need at any one time I’m happy. I do agree things should be tightened with better secure loans. Money should be offered to borrowers with lower LTV requirements at a competitive rate even if the reduces headline return rates for a more sustainable but lower quarantined return to investors.
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rogerthat
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Post by rogerthat on Aug 12, 2019 22:58:26 GMT
'As long as FS and P2P give a Positive return greater than the amount I need at any one time I’m happy.'
Good luck to you..but id add that time is running out and patience has worn gossamer thin. Unless FS resolve several loans in particular, someone is going to pull the communication cord and we all know how that's going to end.
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Post by martin44 on Aug 12, 2019 23:18:00 GMT
If i were now looking to invest in P2P ... Based on trustpilot and here ....FS would be a great big bargepole....
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Post by peer2fear on Aug 13, 2019 18:27:50 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. Ouch, that's heavy going. I must admit that I remain optimistic that over the years I will receive some semblance of my investment capital back though I am not expecting really any interest. Some of the things I 'invested' in I want to kick myself for but many others I honestly feel entirely let down by the platform. I must admit that I have become extremely cynical about the whole P2P thing. Sure, while it lasts, you can make stable returns but out of the 8 platforms I've used I expect to lose far more in one (FS) than I have made in interest across all of them. FC also looks like it will result in a small loss for me which just seems shocking. Either I'm terrible at picking platforms or I've just been unlucky that 25% of my eggs have gone bad?
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Post by peer2fear on Aug 13, 2019 18:40:51 GMT
Alas when I started this journey with FS about two years ago I was lured into lending in a IFISA with that saintly promise of tax free returns so I'm not even eligible for tax relief so whatever I write off is a complete and utter write off. For me, some of the faults with FS are just so so simple to remedy with such little effort. Namely, provide an update on your progress even if that update is somewhat immaterial e.g. we are pursuing the borrower but haven't made contact yet. The countless number of loans with promises of updates "by the end of the week at the latest" and then no update whatsoever for 3-4 months show pathetic corporate governance and disgraceful care for their lenders. Logging in to MT the other day to read the update on the car loans I couldn't quite believe I was reading such a thorough update on a loan rather than the throw away one liners from FS which are still somehow plagued by grammatical errors  |
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Post by df on Aug 13, 2019 19:25:11 GMT
I'd be happy to end up with 2% . So far I expect some loss, but the time will show. I have a significant proportion in "Art", Formby and "Library". I don't expect anything from the Art, not hopeful for much from Formby, but Library might repay (trying to keep positive). Apart from that I have an extensive list of small investments in loans that are not likely to repay. I have occasional repayments from currently performing pawn loans, which offset expected losses a little bit. This, Col, SS/Ly etc. adventures are likely to result in losses, but it doesn't put me off p2p as an industry. Many platforms, as you said, deliver their promised return for few years now. I tend to lean towards them. Smaller real return is better than the higher imaginary one. “Formby” encompasses so many different loans with various quality of asset that I think you should be a little more hopeful that some will be better than others and you are not in all of them. Sorry we have all lost in the art 🖼. 2% still 10-20 times the bank and a good bit better that Stock market recently . “Don’t worry be happy 😃 “ I thought Formby and Hightown Formby are not connected. Are they? I'm not in Hightown, but in both , 13% and 14% Formby facilities. It's been 2 years since overdue and no joy in recovery. The updates are not very informative, so it is difficult to envisage the result, but I can't see the second facility being repaid. With banks I'm still getting overall 2%+. I'm happy that I've always kept my p2p exposure under 30% (approx 26% atm), so most of my capital is preserved.
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bugs4me
Member of DD Central
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Post by bugs4me on Aug 13, 2019 21:28:20 GMT
'....For me, some of the faults with FS are just so so simple to remedy with such little effort. Namely, provide an update on your progress even if that update is somewhat immaterial e.g. we are pursuing the borrower but haven't made contact yet. The countless number of loans with promises of updates "by the end of the week at the latest" and then no update whatsoever for 3-4 months show pathetic corporate governance and disgraceful care for their lenders....' Yes they are simple to rectify but that's not going to happen with the current staff in place that are addicted to one liner meaningless updates and couldn't give a hoot about missing an update deadline - it's now part of their DNA. The new owner(s) had an excellent opportunity to sort out this mess with lenders and whilst I agree it may take a while to turn things around, those basics could be rectified overnight. So now I wonder what the motives are of the new owners and no, words simply will not cut it anymore.
The FS fiasco is having a contagion effect on other platforms. When will they realise it's all about lender confidence and trust. Without that you don't have investors, whether they be private individuals, institutions, etc and it really is immaterial how good the loan offering is, it simply won't fill. Sure you'll get some bling away but that will be it. So platforms, all of you where applicable, stop treating lenders as a mere inconvenience and get your act together.
Sometimes I wish FS would just be wound up but looking at what will no doubt finish up being horrendous Administrators fees then many an investor would be hit hard. On the other hand, this blot on the landscape is doing us no favours at all. So I'm in a 'I dunno' mood at the moment.
What is obvious is the 'churn rate' of lenders is now in negative territory with more lenders giving up P2P and fewer new ones replacing them. A sad state of affairs brought on by a few rotten apples affecting the many good ones.
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. So far I expect some loss, but the time will show. I have a significant proportion in "Art", Formby and "Library". I don't expect anything from the Art, not hopeful for much from Formby, but Library might repay (trying to keep positive). Apart from that I have an extensive list of small investments in loans that are not likely to repay. I have occasional repayments from currently performing pawn loans, which offset expected losses a little bit.
