adrian77
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Post by adrian77 on Aug 30, 2019 18:35:56 GMT
none of your damn business - have you nothing else in your life?
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Post by brightspark on Aug 30, 2019 18:41:11 GMT
(Adrian 77) I think you are being too charitable.
FS ruthlessly pursued short term gains at the expense of good due diligence and duty of care. inexperienced and to a lesser extent experienced investors were badly let down with a plethora of underperforming loans. That lot then walked away. The new lot must know exactly what they have let themselves in for. If they don't then they cannot have asked the right questions nor read any postings on this website. It takes skill to run a platform successfully. A soothing investor report counts for zilch.
The new team will be stretched to turn things around because much investor capital has either been lost or is at great risk. Convincing me and presumably others that investing any more money with them is a sensible policy will take some doing. It will take a complete change of mindset by all those employed at FS.
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bugs4me
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Post by bugs4me on Aug 30, 2019 19:19:58 GMT
'....Anyone with their pension in the FTSE will have lost money in the last year too....' My pension is in the FTSE and is 10% plus up (net) over the past 12 months with the majority of that rise this year - brexit or no brexit. Many folks just track stock values and forget the dividends.
A comment without evidence so obviously a personal view.
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Doc
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Post by Doc on Aug 30, 2019 19:33:56 GMT
'....Anyone with their pension in the FTSE will have lost money in the last year too....' My pension is in the FTSE and is 10% plus up (net) over the past 12 months with the majority of that rise this year - brexit or no brexit. Many folks just track stock values and forget the dividends.
So an authoritative comment without evidence so obviously a personal view.
FTSE 100 down from 7516 to 7207 in the past year.
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bugs4me
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Post by bugs4me on Aug 30, 2019 19:46:52 GMT
My pension is in the FTSE and is 10% plus up (net) over the past 12 months with the majority of that rise this year - brexit or no brexit. Many folks just track stock values and forget the dividends.
So an authoritative comment without evidence so obviously a personal view.
FTSE 100 down from 7516 to 7207 in the past year.
There's more than just the FTSE100 - there are other FTSE's.
Anyway, moving too far OT so will leave for now as we're moving into S&S.
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hendragon
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Post by hendragon on Aug 30, 2019 19:50:03 GMT
Good heavens. I am now the proud recipient of an e-mail from FS suggesting I opt in to e-mails about the exciting new changes they are making. May I suggest that a new and exciting change from FS might be ATTENTION TO DETAIL. Sending me info saying that "Please note: Data is not shared with any date with third parties" and "The FundingSecure Team thanks you for your attention to reading this" if you cannot construct an e-mail correctly heaven help investors if you try to construct a good loan portfolio. For goodness sake stop being so sloppy. Get the basics right and then try the complicated stuff.
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Doc
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Post by Doc on Aug 30, 2019 19:57:37 GMT
FTSE 100 down from 7516 to 7207 in the past year.
There's more than just the FTSE100 - there are other FTSE's.
Anyway, moving too far OT so will leave for now as we're moving into S&S.
Which FTSE index are you talking about then? FTSE 350, FTSE AIM.
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arby
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Post by arby on Aug 30, 2019 20:07:23 GMT
FTSE 100 down from 7516 to 7207 in the past year.
There's more than just the FTSE100 - there are other FTSE's.
Anyway, moving too far OT so will leave for now as we're moving into S&S.
I had always assumed that unless otherwise stated 'FTSE' is understood to be FTSE100. I wasn't taking it off into a discussion of dividends and various tracking indices, my only point was that almost all forms of investment have some associated risk, and people losing part of their pensions isn't necessarily worse than someone losing a house deposit or the kid's university fund. We accept risks everyday, and when the returns from FS are literally 10 times higher than the low-risk rates I personally expect a significant default rate. That doesn't mean i'm happy with FS management (particularly around linked loans), but I'm not going to blame them for me trying to effectively gamble on uncreditworthy charlatans, which we all knew to be the case.
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bugs4me
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Post by bugs4me on Aug 30, 2019 21:28:36 GMT
'....but I'm not going to blame them for me trying to effectively gamble on uncreditworthy charlatans, which we all knew to be the case....' I'm not convinced that everyone was aware of the undesirability of many borrowers - as presented by the platform and this is not of course just limited to FS. Unfortunately in my view many individuals who are behind certain platforms fall into the undesirability column as well.
Fortunately after DDC was established by the Admins it became possible to discuss more openly the background of prospective borrowers which I'm sure raised an eyebrow here and there. But of course this forum represents a small albeit vocal minority of P2P investors who, for those that are not members or visit, do not fully appreciate the risks involved especially when they view the FCA authorised bit on the websites.
I do not wish to see the demise of any platform as apart from the inevitable increased losses on defaulted loans due to fees, etc - it impacts the P2P industry as a whole. What I do find understandable though is the sheer frustration felt by investors/lenders who feel they have possibly/probably been hoodwinked by a platform into lending their hard earned cash without full disclosure of material facts by the platform concerned.
I hope FS can sort out the defaults on a sooner rather than later basis and emerge as a leaner more open business. Only time will tell whether they are successful or not.
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adrian77
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Post by adrian77 on Aug 31, 2019 2:47:29 GMT
true but I made my predictions when the loans were issued and not when they were late so this is not really fair is it. Besides if these loans had been properly valued then OUR money should have been returned - what's the site called - oh yes Funding SECURE
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arby
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Post by arby on Aug 31, 2019 6:27:51 GMT
true but I made my predictions when the loans were issued and not when they were late so this is not really fair is it. Besides if these loans had been properly values then OUR money should have been returned - what's the site called - oh yes Funding SECURE
'secure' refers to security, not a guarantee. 'Security' means there is more than just the morals and good standing of the borrower to encourage repayment. You know that, we all know that, but it doesn't fit your mantra.
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Mucho P2P
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Post by Mucho P2P on Aug 31, 2019 9:02:38 GMT
My pension is in the FTSE and is 10% plus up (net) over the past 12 months with the majority of that rise this year - brexit or no brexit. Many folks just track stock values and forget the dividends.
So an authoritative comment without evidence so obviously a personal view.
FTSE 100 down from 7516 to 7207 in the past year.
And that is also factoring in the rebound from the lows in Dec 2018, circa 6600 level.
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bg
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Post by bg on Aug 31, 2019 9:16:10 GMT
true but I made my predictions when the loans were issued and not when they were late so this is not really fair is it.
That is a blatant untruth. This has been pointed out numerous times ( here and here). You take loans that are already in bad difficulties then 'predict' a potential loss. Bearing in mind your first 'Mega fails' list was started in July 2018, lets just take the first three from that list (from my post in Jan):- 1. Wimbledon. Third charge loan and the contractor died during the build. Clear in 2017 there is likely to be a wipe out of the FS loan - you 'predict' as much in July 2018 2. Knaresborough. Second charge loan where the main property sold for less than the first charge in April 2018. You predict in July 2018 a 100% loss...but did not spot that there were also two BTL's offered as security. One BTL has sold leading to a 12% recovery so far and the second is still in the process of being sold. All in a terrible prediction. 3. Whitehaven. One of the biggest problem loans FS has. Well flagged since 2017 that a big capital loss was forthcoming. Doesn't take mystic meg to predict as much in July 2018.
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song
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Post by song on Aug 31, 2019 9:53:44 GMT
(Adrian 77) I think you are being too charitable. FS ruthlessly pursued short term gains at the expense of good due diligence and duty of care. inexperienced and to a lesser extent experienced investors were badly let down with a plethora of underperforming loans. That lot then walked away. The new lot must know exactly what they have let themselves in for. If they don't then they cannot have asked the right questions nor read any postings on this website. It takes skill to run a platform successfully. A soothing investor report counts for zilch. It seems very possible the new lot were in very deep with loans that had defaulted or hideously late and that the only way to salvage something was to run it themselves as i cannot see anyone with any fiscal sense buying into this after doing proper DD. Keep going ( Adrian 77 ) see you have them off the bridle again.
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james21
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Post by james21 on Aug 31, 2019 10:37:22 GMT
(Adrian 77) I think you are being too charitable. FS ruthlessly pursued short term gains at the expense of good due diligence and duty of care. inexperienced and to a lesser extent experienced investors were badly let down with a plethora of underperforming loans. That lot then walked away. The new lot must know exactly what they have let themselves in for. If they don't then they cannot have asked the right questions nor read any postings on this website. It takes skill to run a platform successfully. A soothing investor report counts for zilch. The new team will be stretched to turn things around because much investor capital has either been lost or is at great risk. Convincing me and presumably others that investing any more money with them is a sensible policy will take some doing. It will take a complete change of mindset by all those employed at FS. Only one of the old lot left we dont know but it might have been him that got everyone in the mess by waving through all these bad loans and part of the new refinance from the "new lot" was that he should go. They new what they were getting as its not a difficult business to understand. Not sure what their ultimate aim is though
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