moist
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Post by moist on Aug 29, 2019 17:10:28 GMT
Hope its as positive as it sounds....didn't Lendy say the same?
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michaelc
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Say No To T.D.S.
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Post by michaelc on Aug 29, 2019 17:13:14 GMT
Hope its as positive as it sounds....didn't Lendy say the same? As I recall the thrust of what Lendy said was that "great news, we're going to outsource everything" which I found very concerning. This is different I think. I'll give it 3 to 6 months to see how much progress there has been.
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arby
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Post by arby on Aug 29, 2019 17:22:13 GMT
If there really are leading in-house lawyers/insolvency experts then it should start to cut through the BS and get straight to a practical and best case outcome.
As suggested above, some time to judge if that actually happens is fine by me.
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rogerthat
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Post by rogerthat on Aug 29, 2019 17:27:24 GMT
Hope its as positive as it sounds....didn't Lendy say the same? So do I..but the reality is that regurgitating the same message, more or less, every so often. loses its appeal. What it does do though, is give FS yet more breathing space to prevaricate, obfuscate and generally shuffle the deck chairs on the Titanic. The scene may appear different but the end result is the same.
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Post by elpasi on Aug 29, 2019 17:31:35 GMT
I only have remnant money from a couple of defaulted loans (I still came out with a profit broadly similar to that of a general bank savings account even assuming all other loans I hold become losses).
If I get more money back from this, great. If not, doesn't matter to me, I've already offset the claimed losses against gains on other platforms in tax returns.
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jo
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dead
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Post by jo on Aug 29, 2019 17:32:21 GMT
I'm glad to get this update. But tawk is cheap and I can't spend words. So show me the money, guys.  |
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rs
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Post by rs on Aug 29, 2019 18:13:03 GMT
How do you know these new specialists are employed by FS?
Surely FS can’t allocate the specialists time/cost to individual loan recoveries if these new specialists are employed by FS?
Or can they?
Would depend on old T&C.
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invester
P2P Blogger
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Post by invester on Aug 29, 2019 18:17:30 GMT
Not sold.
We get all these people talking themselves up, and when it comes to the loanbook they are pleading naivety. Some of the loans have been stinking for ages.
Need to see some results and accountability for past errors, not shifting the blame on to the previous regime.
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rocky1
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Post by rocky1 on Aug 29, 2019 18:27:25 GMT
this is begining to look,sound and feel a lot like another lendy sneaking up on us.may be raj did not realise how bad things were and believed FSs own BS but he has put his own money at risk and hopefully he has got more balls than the  bag LB and can turn the company around because there is only one way it is heading at the moment. |
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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 29, 2019 18:32:45 GMT
Hmmmm, I emailed FS earlier upon receipt of today's missive:-
"Funding Secure knows full well that most of the Loans have been "Sale by Pawn".
That is, the Assets have been criminally Over-Valued and Funding Secure has lent our money out in excess of what the Asset is actually worth.
Please therefore explain how your new, experienced and expert team will be able to recover Capital and Interest from a Borrower who profits from refusing to repay?
Particularly regarding Property Loans and where the Borrower is a ring-fenced SPV (Special Purpose Vehicle.)
I'd like to know the answer to that one please.
And I think you would as well.
OzBoy."
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pip
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Post by pip on Aug 29, 2019 19:32:45 GMT
Not sure what people are waiting 3-6 months for? Reinvest back into FS? That would be madness in my opinion, all of my loans are overdue and any recovery is extremely unlikely.
I wish the new team well getting any recovery on my loans. But if they think that will mean I will reinvest any recoveries into new loans they have got to be kidding. The risk/reward is awful. Risk = more of my money up in smoke/ reward about 5% if the loan repays in 5 months. If anybody think this stacks up...well I will be kind, I don't agree.
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Post by bracknellboy on Aug 29, 2019 19:40:16 GMT
The (rephrased) “what we found is worse than we expected” worries me. It would worry more if I had a large exposure. Of course this may fall into the outward justification category, and actually it is as they expected, but if not it would suggest insufficient dd - and where that is the case, things rarely turn out well.
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Post by brightspark on Aug 29, 2019 19:53:11 GMT
Fully concur with all the sentiments expressed. FS is well beyond spin from Raj Kumar et al to put the show back on the road. Investors no longer will put up with jam tomorrow. I have had too much of that already. FS had its chances and threw them away with more garbage promises. I want salvage of what is there to be recovered from the wreckage and then out. No more apologies, no more promises, no more rubbish loans with fantasy due diligence, no more properties that are not developed in spite of promises to the contrary, no more boats that never leave harbour, no more dodgy refinances. In fact no more!!!
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reinvestor
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Post by reinvestor on Aug 29, 2019 21:32:00 GMT
Surely the godly one will be along in a moment to tell us how he is making a fortune from FS and that even though things are worse than the management thought, he is doing just fine.
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Steerpike
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Post by Steerpike on Aug 30, 2019 7:28:41 GMT
"...We, the new team, knew we would face challenges around putting adequate controls on the loan book but were surprised by the scale and complexity of the task we faced..." - sounds like very poor due diligence.
Many fine words and promise of a company that in the future may live up to its name and clearly this is good news for future investors.
Regarding the current loan book, it appears that 2019 has delivered no significant change in the handling of or repayments on my sample cross section of non performing loans.
Demonstrating effective and efficient recovery processes will be an essential part of restoring confidence for many investors.
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bag LB and can turn the company around because there is only one way it is heading at the moment.
