ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 30, 2019 11:48:48 GMT
I thought the update was helpful, all of the issues have been acknowledged and it was good to read the comments on the viability of the business, which is my biggest concern as FS going bust is the worst outcome for my loans. He is committing to the business, I would like to know more about the new staff members and who if any has been turfed out, which is what needs doing. For now its a cautious thumbs up, time will tell if the plan can be delivered and I think results in stronger loan management and better communication will be obvious one way or the other over the next 3 monthsI forget, just how long ago now did the New Management take over? 
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locutus
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Post by locutus on Aug 30, 2019 11:48:57 GMT
This is a welcome statement and in my view a mature and sober assessment. Since the new management have taken over, there has been a lot of progress and the new loans have all gone well. There are plenty of people making good money on FS but I'm not surprised they don't want to raise their head above the parapet when the climate is so hostile around here. Some posters will not be happy until the platform itself fails and have no desire to see the new management succeed even if it means lenders lose money.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 30, 2019 11:51:05 GMT
So, they admit they are massively out of their depth drowning in a sea of defaults and fraud that they simply cannot cope with. The plan seems to be to hire lots of expensive specialist staff which should help crystalize massive losses for investors while they issue very few loans meaning nothing to invest in and probably FS running at a loss. I do wonder how this will end? Answers on a postcard please..... And we all wonder who is ultimately paying for that? Let me guess - Lenders?
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arby
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Post by arby on Aug 30, 2019 12:21:01 GMT
This is a welcome statement and in my view a mature and sober assessment. Since the new management have taken over, there has been a lot of progress and the new loans have all gone well. There are plenty of people making good money on FS but I'm not surprised they don't want to raise their head above the parapet when the climate is so hostile around here. Some posters will not be happy until the platform itself fails and have no desire to see the new management succeed even if it means lenders lose money. You mean the posters who regularly state FS need to pull their heads out of their **** and admit the loan book is an issue, start defaulting loans and retain actual specialists to start addressing the problems? Then when we get the message that's what FS are doing, they criticise them for taking the job on in the first place and complaining that it's too little, too late...
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r1200gs
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Post by r1200gs on Aug 30, 2019 12:31:12 GMT
This is a welcome statement and in my view a mature and sober assessment. Since the new management have taken over, there has been a lot of progress and the new loans have all gone well. There are plenty of people making good money on FS but I'm not surprised they don't want to raise their head above the parapet when the climate is so hostile around here. Some posters will not be happy until the platform itself fails and have no desire to see the new management succeed even if it means lenders lose money. You mean the posters who regularly state FS need to pull their heads out of their **** and admit the loan book is an issue, start defaulting loans and retain actual specialists to start addressing the problems? Then when we get the message that's what FS are doing, they criticise them for taking the job on in the first place and complaining that it's too little, too late... I think FS are screwed no matter what they do. The cannot carry on as they have been but unfortunately dealing with reality is also likely to be a nail in the coffin lid, because the reality is a horror show and it will all be on show. The money has been shovelled out the door on an industrial scale to dreamers, chancers and outright crooks who are not going to be paying it back. No matter how clever and expensive the new folk happen to be, that's the reality for many of these older loans. Fundingsecure has to become an even dirtier word before it can get better, and I don't see how they can survive that. As to "interests aligned", so the captain goes down with the ship..... Of course, I would like to be proven wrong.
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arby
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Post by arby on Aug 30, 2019 12:35:18 GMT
You mean the posters who regularly state FS need to pull their heads out of their **** and admit the loan book is an issue, start defaulting loans and retain actual specialists to start addressing the problems? Then when we get the message that's what FS are doing, they criticise them for taking the job on in the first place and complaining that it's too little, too late... I think FS are screwed no matter what they do. The cannot carry on as they have been but fortunately dealing with reality is also likely to be a nail in the coffin lid, because the reality is a horror show and it will all be on show. The money has been shovelled out the door on an industrial scale to dreamers, chancers and outright crooks who are not going to be paying it back. No matter how clever and expensive the new folk happen to be, that's the reality for many of these older loans. Fundingsecure has to become an even dirtier word before it can get better, and I don't see how they can survive that. As to "interests aligned", so the captain goes down with the ship..... Of course, I would like to be proven wrong. That may prove to be the case, and your arguments for the scenario are plausible. It's the glee with which some people look at the outcome of an FS default which irks.
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petrichory
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Post by petrichory on Aug 30, 2019 12:35:54 GMT
This email blast was an investor-relations marketing gimmick, nothing more and nothing less.
Trying to appear remorseful and show faux humility at such an advanced stage is a too-little-too-late type of affair.
Judging by how the new management responded to my formal complaint on a criminally missold loan, you would believe they had all graduated at the top of their class in callous gaslighting. In fact, I was told in no uncertain terms that the changes they had made to the loan - without lender approval - were in fact BENEFICIAL to everyone involved (NB: They were not beneficial, the loan is defaulted and the loan was deliberately and methodically structured in a way to maximise risk with a complete disregard for lender authorisation).
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pip
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Post by pip on Aug 30, 2019 12:53:54 GMT
The site still says "Earn up to 13% pa*". Disgraceful.
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arby
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Post by arby on Aug 30, 2019 13:28:25 GMT
The site still says "Earn up to 13% pa*". Disgraceful. What part of the statement is wrong? And what does the asterisk refer to?
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Post by brightspark on Aug 30, 2019 13:57:08 GMT
I think FS are screwed no matter what they do. The cannot carry on as they have been but fortunately dealing with reality is also likely to be a nail in the coffin lid, because the reality is a horror show and it will all be on show. The money has been shovelled out the door on an industrial scale to dreamers, chancers and outright crooks who are not going to be paying it back. No matter how clever and expensive the new folk happen to be, that's the reality for many of these older loans. Fundingsecure has to become an even dirtier word before it can get better, and I don't see how they can survive that. As to "interests aligned", so the captain goes down with the ship..... Of course, I would like to be proven wrong. That may prove to be the case, and your arguments for the scenario are plausible. It's the glee with which some people look at the outcome of an FS default which irks. I don't think many are showing glee. FS understandably wishes to continue to generate revenue i.e. continue to offer loans (hopefully now well researched) . Meanwhile there are bad loans with associated disgruntled investors that demand attention. These two issues are opposing. Let's hope this newish management has the necessary skill set to strike the right balance. Otherwise FS has no future.
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alanh
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Post by alanh on Aug 30, 2019 14:14:06 GMT
I will stick my head above the parapet and say that I made a decent amount of money out of FS. However I stopped lending any new money a year ago in the face of increasing overdue loans and now have a collection of loans "awaiting recovery" or whatever. If I start to see any repayments on these loans then I would take that as an encouraging sign and would be quite happy to go back in, but its certainly taking forever and despite FS saying that they are putting more effort into recoveries I have yet to see any concrete evidence.
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adrian77
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Post by adrian77 on Aug 30, 2019 16:29:12 GMT
I know of nobody who shares this view- there are people such as I simply want our money back and are not exactly impressed with the highly professional "its organic growth" manner in which they have lost our money! If (or when) FS go bust I will feel sorry for their staff but to be honest won't shed a tear for the directors...
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arby
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Post by arby on Aug 30, 2019 17:20:00 GMT
I know of nobody who shares this view- there are people such as I simply want our money back and are not exactly impressed with the highly professional "its organic growth" manner in which they have lost our money! If (or when) FS go bust I will feel sorry for their staff but to be honest won't shed a tear for the directors... You just want your money back? It's a few hundred quid. Is that the price to stop the league table update? Seems cheap at double the price!  You may not have made much, but by your own admission you can lose 100% on all your remaining loans and still not make an overall loss so things could be worse. They are worse for a lot of people. I'm sure there are a few people like me who have had 3 chunky repayments in the last week or two which helps provide a bit of balance- still to be determined which side the pendulum ultimately rests though!
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adrian77
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Post by adrian77 on Aug 30, 2019 17:39:14 GMT
As I said I did my list to validate FS before I put some serious money in and to act as a sounding board for other investors. Some people have contacted me stating they have lost part of their pensions and I really feel for them as I think they have been appallingly badly let down my FS and make no apologies for saying so. As for other investors who have lost money and tried to belittle me - tough as you should have listened to those of us that know the property game!
I think it is fair to say my prediction has, to date, not been too inaccurate - not because I am a property guru but because it was bleeding obvious. One mistake I did make was to under-estimate just how much wool has been pulled over the eyes of FS.
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arby
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Post by arby on Aug 30, 2019 18:34:38 GMT
As I said I did my list to validate FS before I put some serious money in and to act as a sounding board for other investors. Some people have contacted me stating they have lost part of their pensions and I really feel for them as I think they have been appallingly badly let down my FS and make no apologies for saying so. As for other investors who have lost money and tried to belittle me - tough as you should have listened to those of us that know the property game! I think it is fair to say my prediction has, to date, not been too inaccurate - not because I am a property guru but because it was bleeding obvious. One mistake I did make was to under-estimate just how much wool has been pulled over the eyes of FS. Pointing out massively late loans as problematic is, as you say, bleeding obvious. Pointing out which available loans are good/worth a punt/probably one to avoid/bargepole, now that would be potentially useful. As you yourself say, you still have a fun punt on current FS loans, so why not say which ones? Anyone with their pension in the FTSE will have lost money in the last year too. It is sad, but that is why either people need to understand the risks of investing or we need the regulator to just prevent consumers from risking their own money. Sounds a bit too much like a nanny state to me, but I can see how we'd end up there.
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