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Post by df on Sept 13, 2019 18:24:07 GMT
The below information is all you need to read to determine if this FS30 pipedream will be a success: 22/05/2019We 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.05/11/2018We 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. I think investing £1 is a better way to find out than by predictions based on historical failures 
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Post by munchydave on Sept 13, 2019 18:28:28 GMT
I would not touch this with your barge pole.
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Post by defaultinator5000 on Sept 13, 2019 19:02:07 GMT
Until FS start returning more money than they dish out, there can be no talk of guaranteed returns, only guaranteed losses. Whoever thinks that FS can somehow return 5% with a loss-generating loanbook is utterly deluded.
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Post by df on Sept 13, 2019 19:25:26 GMT
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 TBCSounds like FS30 might be helping underwriters to offload. Can't imagine active loans parts are purchased from SM.
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benaj
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Post by benaj on Sept 13, 2019 20:11:57 GMT
Sounds like FS30 might be helping underwriters to offload. Can't imagine active loans parts are purchased from SM. It's early stage for FS30. Time will tell how allocation changes over time. AC QAA individual account limit is 300k per customer, if all 35k investors invest 300k on AC, the total money deposit amount would have exceeded £10 billion, 10 times of AC cumulative lending. Could AC pay 4% interest on £10 billion deposit on time if it happens? I am not so sure. FS30 may not be everyone cup of tea, it seems to be an alternative for diversification and whose prefer monthly income stream.
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Post by df on Sept 13, 2019 21:15:54 GMT
Sounds like FS30 might be helping underwriters to offload. Can't imagine active loans parts are purchased from SM. It's early stage for FS30. Time will tell how allocation changes over time. AC QAA individual account limit is 300k per customer, if all 35k investors invest 300k on AC, the total money deposit amount would have exceeded £10 billion, 10 times of AC cumulative lending. Could AC pay 4% interest on £10 billion deposit on time if it happens? I am not so sure. FS30 may not be everyone cup of tea, it seems to be an alternative for diversification and whose prefer monthly income stream.I'm sure AC has a good idea of the capability of their investors That's very unlikely to happen and as we speak AC is busy marketing in order to attract more lenders (recent referral bonus increase for example), so it doesn't sound like QAA is in danger to be drowned is a cash ocean. I agree, FS30 could be ok as part of diversified portfolio for some investors. I won't participate, but am interested in watching how it develops.
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bugs4me
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Post by bugs4me on Sept 13, 2019 21:29:52 GMT
As was mentioned earlier, I'm sure this product is aimed at the 'mass market' rather than forumites who are by now well aware of FS spin. Target rate, normal market conditions, etc - all meaningless statements which rather reminds me of LY Wealth.
Also need to remind myself that we're no longer dealing with new management here. Being extra generous they are now just 'newish' but have certainly had more than sufficient time to make an impact which appears to be very little. It's of little interest if they've supposedly taken on an extra 1,000 staff to deal with recoveries and loan monitoring, Think most lenders are only interested in action with the best possible outcome which doesn't appear to be very forthcoming - so again all meaningless in my book.
FS you need to remember one of the core basics regarding business - a great deal of it is about confidence and I would suggest that until or if you manage to turn things round it will remain at a very low level. Plus the cynical side of me believes, although I accept without foundation, that you have plans for the business which do not put your existing diminishing lender base first.
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Post by Badly Drawn Stickman on Sept 13, 2019 23:05:37 GMT
It's early stage for FS30. Time will tell how allocation changes over time. AC QAA individual account limit is 300k per customer, if all 35k investors invest 300k on AC, the total money deposit amount would have exceeded £10 billion, 10 times of AC cumulative lending. Could AC pay 4% interest on £10 billion deposit on time if it happens? I am not so sure. FS30 may not be everyone cup of tea, it seems to be an alternative for diversification and whose prefer monthly income stream.I'm sure AC has a good idea of the capability of their investors That's very unlikely to happen and as we speak AC is busy marketing in order to attract more lenders (recent referral bonus increase for example), so it doesn't sound like QAA is in danger to be drowned is a cash ocean. I agree, FS30 could be ok as part of diversified portfolio for some investors. I won't participate, but am interested in watching how it develops. I can fully understand why anybody finding themselves 'locked in negative territory' on a platform would just be looking to get out with whatever they can and never look back. Probably the temptation to criticize is strong as well. I know the feeling personally on Lendy and Collateral. My own ventures on FS have been more successful, although I was very selective and only invested modest amounts. All the money I currently have on the platform is locked in profit, so for me to experiment a small amount of that (that is currently sitting idle) in this is not really much of a deal. It would seem to have an exit (admittedly untested for a month) and logic would suggest they have a strong motivation to make it work, at least for a good few months. The best way to learn about a product is to test drive it. Is it viable at 5%? That does seem to be around the new normal and probably a figure they can maintain, 13% clearly isn't. Over exposure and greed is what seems to have been my undoing in the past, that wont be a problem here for me. The bulk of the funds is in loans that have not even drawn down yet (and look like they might be a while doing that) the rest is pretty thinly spread relatively on loans most of which seem to be trading at 1% discount and look to be being picked up on the SM. The very brave amongst us might think thats a clue to what loans they feel will prosper.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 14, 2019 5:47:19 GMT
If they had other account in FS name with another £250K buying new parts to offset payouts that accumulated profit to make payments if required then Depending on how £250k is managed this could easily make 5% if they manipulated the secondary market selling their investments at the top of each loan for sale after a few months. 4 months at 12% gives 8% ish annual returns. Selling even at 1% capital loss would meet target plus and no chance of defaults. Say 12% loan £100 for 4 months = £4 in interest. Sell at £103 = 3% profit 9% APR. Pay investors 5% APR. Nice little extra for FS Not sure if this would be allowed but by making sure.their smallish amount was always at top for sale and being creative with the interest attached to any particular part for sale then a sale would be nearly assured at >5%. Like the bookies risk would be covered. Each investor part bought offset in them buying into new loans . Complicated manual task easy as pie for AI For a Change I thought I would act as devil’s advocate for the conspiracy theorists. |
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arby
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Post by arby on Sept 14, 2019 8:24:41 GMT
I am starting to wonder if all the posters here are as independent as they claim? How there can be so much good will for a new product on a platform which has lost me and I suspect others so much is beyond me and quite frankly suspicious. I am actually even questioning everything now. How can a platform lend to so many dud borrowers? Even with no due diligence at all I wouldn’t expect my loan book to be such a mess. The idea that some investors have avoided the carnage with ‘well selected loans’ or by flipping them I just don’t buy. Very suspicious the forum isn’t now just full of plants. Are you thinking some users are being paid by FS to give favourable comments? Or that they are direct employees of FS? Or maybe they just enjoy winding people up?
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locutus
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Post by locutus on Sept 14, 2019 8:30:53 GMT
Very suspicious the forum isn’t now just full of plants. Your personal experience isn't reflective of the aggregate. Regarding plants, if anything the opposite is true. Just look at the overwhelmingly hostile and negative perception of FS that has been created by a very vocal handful of posters. Are they really who they claim to be with no ulterior motives. There is no way to find out for sure which of us is correct so ultimately the conversation topic is pointless.
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Post by Badly Drawn Stickman on Sept 14, 2019 9:12:13 GMT
Very suspicious the forum isn’t now just full of plants. Your personal experience isn't reflective of the aggregate. Regarding plants, if anything the opposite is true. Just look at the overwhelmingly hostile and negative perception of FS that has been created by a very vocal handful of posters. Are they really who they claim to be with no ulterior motives. There is no way to find out for sure which of us is correct so ultimately the conversation topic is pointless. When two opposing views are firmly entrenched discussion is pointless, which is why I rarely bother getting involved. The problem I have here is I have not seen any ringing endorsements of the new product. Indeed worse still my own earlier post - viewed from a certain angle in dim light - is the only one that could be seen as positive. Maybe pip would care to share if this is one of those that has offended them. If it is, maybe I should pick a side.
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blender
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Post by blender on Sept 14, 2019 10:40:07 GMT
I am starting to wonder if all the posters here are as independent as they claim? How there can be so much good will for a new product on a platform which has lost me and I suspect others so much is beyond me and quite frankly suspicious. I am actually even questioning everything now. How can a platform lend to so many dud borrowers? Even with no due diligence at all I wouldn’t expect my loan book to be such a mess. The idea that some investors have avoided the carnage with ‘well selected loans’ or by flipping them I just don’t buy. Very suspicious the forum isn’t now just full of plants. Pip, plants would have very low numbers of posts. I have avoiding the carnage by not joining - thanks to this forum and by living very close to Whitehaven and observing what I considered as gross negligence under the charge of the previous regime - though without all the info. My posts before this thread have been very negative, and I agree that you have been badly done by. The point I would make is that your best chance of limited recoveries lies with FS having a future business, as well as taking responsibility for clearing up the carnage. The last thing you need is for FS to become a carcass for the vultures, as has happened to Collateral. Which had the better loan book? This initiative seems positive and possible, if 'new FS' have decided to try to attract new lenders who are willing to take less than the loans generate, in exchange for fixed returns and liquidity. I am not getting into the detail, nor jumping in with cash, but in principle I think there can be an upside for those who have been so badly let down in the past, even if just by having continued resources to work on recoveries.
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adrian77
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Post by adrian77 on Sept 14, 2019 11:27:07 GMT
Totally agree - I think what concerns us is that we are struggling to see how FS can actually recover a large part of the loan book. A business can be recovered - just look how the UK motor industry bounced back but it wasn't done by investing in Austin Allegros! Similarly just how are the art loans and speedboats loans going to be recovered - if not then that is an instant loss of over £3m and that is before is the very large sums lent to certain superstars.
I like plants/sleepers - I like their critics - which is better - fight!
Only joking I just want my zombie loans recovered...
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benaj
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Post by benaj on Sept 14, 2019 21:54:41 GMT
Update on latest allocation of my FS30 £1 investment. It is now fully invested. 21 loan parts in total, 14 active loan parts and 7 loan parts open for funding. 90p filling loans open for funding. Largest allocation is 36p in a development loan tranche. Largest allocation of active loan ( 3493616975) is 7p, loan expected end date is 26/10/2019 |
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