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Post by mrclondon on Sept 13, 2019 9:56:07 GMT
Slight overstatement I thnk .... you may want to review & revise.
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benaj
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Post by benaj on Sept 13, 2019 9:57:04 GMT
Slight overstatement I thnk .... you may want to review & revise. I spotted the cumulative and edited my previous post, just over 2Mil per month.
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pip
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Post by pip on Sept 13, 2019 12:35:56 GMT
Slight overstatement I thnk .... you may want to review & revise. I spotted the cumulative and edited my previous post, just over 2Mil per month. You sure they are not including refinances of loans in repayments? In any case repayments will go to the people who made the loans, investors in the 30 day product will not be first in line to any repayments on my dud loans thank you very much! To me I would advise investors to be very sure what they are investing here. To me it looks a cynical attempt to offload dud loans to unsuspecting borrowers who have no visibility of what they are investing in. I suspect the repayments in 30 days will largely if not totally depend on somebody else investing in the product. If this dies up or the platform folds then recoverability looks bleak.
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benaj
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Post by benaj on Sept 13, 2019 12:54:09 GMT
I spotted the cumulative and edited my previous post, just over 2Mil per month. You sure they are not including refinances of loans in repayments? In any case repayments will go to the people who made the loans, investors in the 30 day product will not be first in line to any repayments on my dud loans thank you very much! To me I would advise investors to be very sure what they are investing here. To me it looks a cynical attempt to offload dud loans to unsuspecting borrowers who have no visibility of what they are investing in. I suspect the repayments in 30 days will largely if not totally depend on somebody else investing in the product. If this dies up or the platform folds then recoverability looks bleak. My guess is 250k being invested on loans soon to be repaid or recovered and selected by the Credit Committee. Someone pocketing the difference while the FS30 investors gets the 5% monthly interest on time, another possibility could be a 250k special loan book which pays 5% monthly interest without fixed security and no one knows the name of the real borrower.
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Post by df on Sept 13, 2019 13:07:05 GMT
You sure they are not including refinances of loans in repayments? In any case repayments will go to the people who made the loans, investors in the 30 day product will not be first in line to any repayments on my dud loans thank you very much! To me I would advise investors to be very sure what they are investing here. To me it looks a cynical attempt to offload dud loans to unsuspecting borrowers who have no visibility of what they are investing in. I suspect the repayments in 30 days will largely if not totally depend on somebody else investing in the product. If this dies up or the platform folds then recoverability looks bleak. and selected by the Credit Committee. Someone pocketing the difference while the FS30 investors gets the 5% monthly interest on time, another possibility could be a 250k special loan book which pays 5% monthly interest without fixed security and no one knows the name of the real borrower. Why? The loans due to be recovered/repaid soon are already filled. My guess is FS30 money will be helping new loans fo fill.
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benaj
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Post by benaj on Sept 13, 2019 13:09:32 GMT
My guess is 250k being invested on loans soon to be repaid or recovered and selected by the Credit Committee. Someone pocketing the difference while the FS30 investors gets the 5% monthly interest on time, another possibility could be a 250k special loan book which pays 5% monthly interest without fixed security and no one knows the name of the real borrower. Why? The loans due to be recovered/repaid soon are already filled. My guess is FS30 money will be helping new loans fo fill. See how versatile this FS30 helping the platform.
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rocky1
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Post by rocky1 on Sept 13, 2019 13:12:08 GMT
so f**o can drop £25 investments into the latest batch of unfilling loans where there are minimums of £100 £250 and £500 to the rest.i suppose it's FSs game so they can me up the rules as they go along.still there is a little interest in the all new FS30 product and hope they can get these latest batch out of the way.
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adrian77
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Post by adrian77 on Sept 13, 2019 13:14:15 GMT
Madam how very dare you think such an outrageous thing - surely not - oh hang on isn't this exactly what FC are accused of doing?
I have read the terms for the 30 day account - I am no lawyer but I think from a legal viewpoint it is very poor and the actual commitment to paying 5% looks illusory to me.
I also think the FS business model is now very muddled - on my forum screen I have FS advertising "earn up to 13" whilst at the same time they are offering a 30 day account offering 5% target return. So which one is it. If FS guaranteed 5% return I would be interested but they don't. But what really worries me is the "black box" model as I wonder just how recoverable some of the current loan book loans actually are e.g. Ly*** St A**** and whether they may or may not end-up in the black box.
If FS concentrated on bling and similar items such as pawn shop do then I think they would have a good chance but I really worry the UK property market will undergo a correction and that will be very nasty for a lot of FS loan holders. Just my opinion - I thank you.
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r00lish67
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Post by r00lish67 on Sept 13, 2019 13:30:57 GMT
I also think the FS business model is now very muddled - on my forum screen I have FS advertising "earn up to 13" whilst at the same time they are offering a 30 day account offering 5% target return. So which one is it. Yes, 2 types of product. Very confusing. I mean, I can't think of any other platform that has two or more types of product. Oh, except Assetz. And Lending Crowd of course. Wait - Proplend is another. I suppose Ratesetter has 3 different markets, and 5 soon. But apart from those....well, I suppose Growth Street has two types.and Funding Circle, Zopa, LendingWorks... Anyway, what are these FS geezers trying to pull!
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coop
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Post by coop on Sept 13, 2019 13:48:54 GMT
I spotted the cumulative and edited my previous post, just over 2Mil per month. You sure they are not including refinances of loans in repayments? In any case repayments will go to the people who made the loans, investors in the 30 day product will not be first in line to any repayments on my dud loans thank you very much! To me I would advise investors to be very sure what they are investing here. To me it looks a cynical attempt to offload dud loans to unsuspecting borrowers who have no visibility of what they are investing in. I suspect the repayments in 30 days will largely if not totally depend on somebody else investing in the product. If this dies up or the platform folds then recoverability looks bleak. They definitely use refinances in these figures. Also consider that the default rate is much higher than it actually is; considering a £1m development loan renewed twice will be counted as £3m loaned out - if the loan then loses 30% capital the default rate they would calculate would be 10% not 30%...
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 13, 2019 14:31:26 GMT
Madam how very dare you think such an outrageous thing - surely not - oh hang on isn't this exactly what FC are accused of doing? I have read the terms for the 30 day account - I am no lawyer but I think from a legal viewpoint it is very poor and the actual commitment to paying 5% looks illusory to me. I also think the FS business model is now very muddled - on my forum screen I have FS advertising "earn up to 13" whilst at the same time they are offering a 30 day account offering 5% target return. So which one is it. If FS guaranteed 5% return I would be interested but they don't. But what really worries me is the "black box" model as I wonder just how recoverable some of the current loan book loans actually are e.g. Ly*** St A**** and whether they may or may not end-up in the black box. If FS concentrated on bling and similar items such as pawn shop do then I think they would have a good chance but I really worry the UK property market will undergo a correction and that will be very nasty for a lot of FS loan holders. Just my opinion - I thank you. Its 'up to 13%' - last time I checked 5% fell into that category
Its not black box, as you can see what loans you are invested in, its autoinvest
There is no commitment to pay 5% it is the target rate
My £1 is currently 90% invested in 21 loans, 7 are in funding, 14 live, 30% of funds are in one loan, several investments are in more than 1 tranche of the same loan, 12 loans are sub 1p.
Seems to be no diversification criteria or cap on max funds allocatable to one loan, no restriction on holding multiple tranches of one loan. This will mean increased risk to lenders and strong danger of running into similar problems to AC GBBA1/GEIA - a massive negative Does the account rediversify investments so increase diversification, reduce over sized holdings? Loan end dates/time invested fields missing from the list of loans invested in.
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benaj
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Post by benaj on Sept 13, 2019 15:48:56 GMT
Madam how very dare you think such an outrageous thing - surely not - oh hang on isn't this exactly what FC are accused of doing? I have read the terms for the 30 day account - I am no lawyer but I think from a legal viewpoint it is very poor and the actual commitment to paying 5% looks illusory to me. I also think the FS business model is now very muddled - on my forum screen I have FS advertising "earn up to 13" whilst at the same time they are offering a 30 day account offering 5% target return. So which one is it. If FS guaranteed 5% return I would be interested but they don't. But what really worries me is the "black box" model as I wonder just how recoverable some of the current loan book loans actually are e.g. Ly*** St A**** and whether they may or may not end-up in the black box. If FS concentrated on bling and similar items such as pawn shop do then I think they would have a good chance but I really worry the UK property market will undergo a correction and that will be very nasty for a lot of FS loan holders. Just my opinion - I thank you. Its 'up to 13%' - last time I checked 5% fell into that category Its not black box, as you can see what loans you are invested in, its autoinvest There is no commitment to pay 5% it is the target rate My £1 is currently 90% invested in 21 loans, 7 are in funding, 14 live, 30% of funds are in one loan, several investments are in more than 1 tranche of the same loan, 12 loans are sub 1p. Seems to be no diversification criteria or cap on max funds allocatable to one loan, no restriction on holding multiple tranches of one loan. This will mean increased risk to lenders and strong danger of running into similar problems to AC GBBA1/GEIA - a massive negative Does the account rediversify investments so increase diversification, reduce over sized holdings? Loan end dates/time invested fields missing from the list of loans invested in.
My £1 in the FS30 account has 0.90 invested. 7 loan parts are filling the new loans and 14 loan parts are active Here are some of my loan parts Ch**** St**** 1st Renewal < £0.01 Loan Active Re*** Ser*** St**** < £0.01 Loan Active Ch*** Co*** Qu*** - Tranche 6 < £0.01 Loan Active Fe*** St*** Tranche 5 < £0.01 Loan Active Al*** Gr*** London < £0.01 Loan Active Mid***Se*** St***, < £0.01 Loan Active Ch***C ** Qu*** - Tranche 8. < £0.01 Loan Active Co*** Ro** - Tranche 5 < £0.01 Loan Active Cr*** R*** - 1st Renewal £0.05 Loan Active Ch*** F*** Dev - Tranche 1 1st Renewal < £0.01 Loan Active Pe*** Av*** £0.02 Loan Open for Funding Largest allocation is 33p filling a development tranche CURRENT Queuing time is less than 5mins, matching time TBC
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Post by Badly Drawn Stickman on Sept 13, 2019 16:58:28 GMT
Madam how very dare you think such an outrageous thing - surely not - oh hang on isn't this exactly what FC are accused of doing? I have read the terms for the 30 day account - I am no lawyer but I think from a legal viewpoint it is very poor and the actual commitment to paying 5% looks illusory to me. I also think the FS business model is now very muddled - on my forum screen I have FS advertising "earn up to 13" whilst at the same time they are offering a 30 day account offering 5% target return. So which one is it. If FS guaranteed 5% return I would be interested but they don't. But what really worries me is the "black box" model as I wonder just how recoverable some of the current loan book loans actually are e.g. Ly*** St A**** and whether they may or may not end-up in the black box. If FS concentrated on bling and similar items such as pawn shop do then I think they would have a good chance but I really worry the UK property market will undergo a correction and that will be very nasty for a lot of FS loan holders. Just my opinion - I thank you. Its 'up to 13%' - last time I checked 5% fell into that category
Its not black box, as you can see what loans you are invested in, its autoinvest
There is no commitment to pay 5% it is the target rate
My £1 is currently 90% invested in 21 loans, 7 are in funding, 14 live, 30% of funds are in one loan, several investments are in more than 1 tranche of the same loan, 12 loans are sub 1p.
Seems to be no diversification criteria or cap on max funds allocatable to one loan, no restriction on holding multiple tranches of one loan. This will mean increased risk to lenders and strong danger of running into similar problems to AC GBBA1/GEIA - a massive negative Does the account rediversify investments so increase diversification, reduce over sized holdings? Loan end dates/time invested fields missing from the list of loans invested in.
The 21 loans is the same number as my spread (I have been slightly more adventurous in funding my experiment, might as well actually get some interest) My uninvested portion would roughly equate. Loan end date as you suggest would be useful. Setting up withdrawal is fairly simple, but cancelling seems to confuse the system. Might need more investigation? I wonder if the 'live' loans are the same in all accounts, it would seem partially logical. Not sure holding re balancing would work without a higher minimum investment than £1.
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petrichory
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Post by petrichory on Sept 13, 2019 17:50:43 GMT
The below information is all you need to read to determine if this FS30 pipedream will be a success:
22/05/2019
We have been informed that this loan will be paid off at the end of June. We have diarised to follow up in two weeks time.
05/11/2018
We have received a letter from someone claiming to be a solicitor representing the client. They state that redemption will take place on or before 30 November. We are currently validating this information.
That's right. No update for six and a half months, only to be fobbed off with another empty promise - I say empty because it is now September and the loan is STILL not repaid, 546 days and counting.
Loans get abandoned more often than management/the wind changes, old loans are treated with utter contempt.
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adrian77
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Post by adrian77 on Sept 13, 2019 17:59:30 GMT
I take it you are about to put £10K into the FS30 then?
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