michaelc
Member of DD Central
Say No To T.D.S.
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Likes: 2,987
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Post by michaelc on Aug 13, 2019 22:20:13 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.
I broadly agree. On updates and in fact any communication with lenders, they need to improve. In recognition of the fact that many people have invested large sums, is being strict and serious so difficult? If you say you'll provide an update by X date, is it so hard to set a reminder to ensure you do indeed update by that date. This is something relatively cheap and easy you could do but for some reason you don't. I would like to see a FS employee or director come on this forum and answer the questions head on. That has the potential to improve investor sentiment. Lendy decided not to engage and look what happened. I can see from FS's point of view its a risky strategy but I would say now they don't have much to lose.
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adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
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Post by adrian77 on Aug 14, 2019 6:24:46 GMT
I don't think so this is roughly what I have had and I suspect typical.
If FS have a portfolio that returns only 90% (may well be less) of invested capital then as I see it the average investor is going to lose money
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r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
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Post by r1200gs on Aug 14, 2019 7:34:46 GMT
Well, I've certainly lost money. My only hope of getting out of this with my shirt on my back is if the first loan on the tower block pays back capital and interest. That should be crashing down to earth this week, with, I would guess, around a million pounds of investors money going down the toilet. And there's so much more of this to come. Anybody thinking this operation is going to be around much longer needs their bumps felt.
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Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
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Post by Mucho P2P on Aug 14, 2019 8:05:33 GMT
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.
I broadly agree. On updates and in fact any communication with lenders, they need to improve. In recognition of the fact that many people have invested large sums, is being strict and serious so difficult? If you say you'll provide an update by X date, is it so hard to set a reminder to ensure you do indeed update by that date. This is something relatively cheap and easy you could do but for some reason you don't. I would like to see a FS employee or director come on this forum and answer the questions head on. That has the potential to improve investor sentiment. Lendy decided not to engage and look what happened. I can see from FS's point of view its a risky strategy but I would say now they don't have much to lose. " I would like to see a FS employee or director come on this forum and answer the questions head on. That has the potential to improve investor sentiment." <- That I certainly agree to be a very smart move. From a business logistical perspective, the current issue is that FS appear to have many disgruntled lenders and attending to the numerous complaints and questions will involve someone at Director level with the knowledge [and authority] to respond fully. The Directors are otherwise fully engaged in turning around the company, and I believe it is a conundrum for them, to either attend to the defaults the best they can, or to attend to questions on the forum, which might appease an angry crowd, or might not, at the expense of time sorting out the defaults. I am due to meet the Directors again, whereby I shall bring up the topic yet again of engaging on this forum.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Aug 14, 2019 9:33:43 GMT
I think we should all leave negative reviews on Google to warn others. Let's get their google review score to 0 (currently 1.4) I cant believe they are offering bonuses if people transfer their isa with a value of 5k to funding secure. I got an email yesterday offering me £50. I didn't get that email yesterday. Is this only for lenders who do not already have an ISA account with FS?
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r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
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Post by r00lish67 on Aug 14, 2019 9:35:42 GMT
I think we should all leave negative reviews on Google to warn others. Let's get their google review score to 0 (currently 1.4) I cant believe they are offering bonuses if people transfer their isa with a value of 5k to funding secure. I got an email yesterday offering me £50. I didn't get that email yesterday. Is this only for lenders who do not already have an ISA account with FS? Me neither. I did however receive exactly the same promotion for Lending Crowd, funnily enough.... gravitykillz ? 
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Post by gravitykillz on Aug 14, 2019 9:59:14 GMT
Oops my bad. Maybe it was lending crowd. I will delete my previous email.
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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.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Aug 14, 2019 11:04:13 GMT
I broadly agree. On updates and in fact any communication with lenders, they need to improve. In recognition of the fact that many people have invested large sums, is being strict and serious so difficult? If you say you'll provide an update by X date, is it so hard to set a reminder to ensure you do indeed update by that date. This is something relatively cheap and easy you could do but for some reason you don't. I would like to see a FS employee or director come on this forum and answer the questions head on. That has the potential to improve investor sentiment. Lendy decided not to engage and look what happened. I can see from FS's point of view its a risky strategy but I would say now they don't have much to lose. " I would like to see a FS employee or director come on this forum and answer the questions head on. That has the potential to improve investor sentiment." <- That I certainly agree to be a very smart move. From a business logistical perspective, the current issue is that FS appear to have many disgruntled lenders and attending to the numerous complaints and questions will involve someone at Director level with the knowledge [and authority] to respond fully. The Directors are otherwise fully engaged in turning around the company, and I believe it is a conundrum for them, to either attend to the defaults the best they can, or to attend to questions on the forum, which might appease an angry crowd, or might not, at the expense of time sorting out the defaults. I am due to meet the Directors again, whereby I shall bring up the topic yet again of engaging on this forum. I have found them recently to be very helpful. I do have a direct number to get my questions answered but don't have permission to give it out. Give them a call and ask to speak to their managment team directly .
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