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Post by hostile17 on Jan 21, 2020 14:34:40 GMT
Unfortunately this can't be solved, just a general comment/moan.
I'm surprised how many investors are going for a scorched earth policy. I guess I shouldn't be that surprised, the general public are quick to jump on a review site as their dinner was two minutes later or cashier looked at them the wrong way.
But the amount of people trashing Funding Circle on review sites is astonishing. A lot of people also clearly don't understand how lending money works - you can't just demand it back.
I am disappointed in Funding Circle of course as I'm stuck in the queue. I do have concerns over their viability. But do you know what I wouldn't do? Go and trash their reputation and put off investors investing. Because that's what they need to do if I have hope of selling my loan parts.
Comments like "You'll never get your invested money back" and "once you have invested your money that is the last you will see of it" to quote two recent reviews will become a self fulfilling prophecy. They are going for a scorched earth approach to investing. And I fear they'll take us all down with them if they continue.
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scooter
Member of DD Central
Posts: 403
Likes: 379
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Post by scooter on Jan 21, 2020 15:15:03 GMT
Unfortunately this can't be solved, just a general comment/moan. I'm surprised how many investors are going for a scorched earth policy. I guess I shouldn't be that surprised, the general public are quick to jump on a review site as their dinner was two minutes later or cashier looked at them the wrong way. But the amount of people trashing Funding Circle on review sites is astonishing. A lot of people also clearly don't understand how lending money works - you can't just demand it back. I am disappointed in Funding Circle of course as I'm stuck in the queue. I do have concerns over their viability. But do you know what I wouldn't do? Go and trash their reputation and put off investors investing. Because that's what they need to do if I have hope of selling my loan parts. Comments like "You'll never get your invested money back" and "once you have invested your money that is the last you will see of it" to quote two recent reviews will become a self fulfilling prophecy. They are going for a scorched earth approach to investing. And I fear they'll take us all down with them if they continue. You are entitled to your opinion, but I think if just one future investor doesn't invest with FC because of my comments on here or TP then it will have been worth the time. I invest with many and FC is the worst but one. New investors will eventually find their way here and will be saying all the same things because it is simply the truth and FC won't address it.
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Jan 21, 2020 17:13:21 GMT
It is a fair point about "scorched earth"- but FC have brought this upon themselves. If they engaged, if they came out with a simple statement that they +ucked up, went for growth, lowered quality thresholds, and thus incurred losses of investors money and have locked investors cash up, and that they are REALLY SORRY AND ARE CHANGING THEIR WAYS, then there may be some chance of forgiveness/understanding. But there has been total silence, they continue with idiotic adverts splurging shareholders money against the wall.
Given that I see no sign that FC have changed tune, have dropped their arrogance, have learned from their hubris, then I think we all have a role to warn off future investors not to make the same mistake we did.
FC has cost me a packet- and I hope that this forum has helped a few others not to do likewise.
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Post by hostile17 on Jan 21, 2020 18:35:48 GMT
... I am disappointed in Funding Circle of course as I'm stuck in the queue. I do have concerns over their viability. But do you know what I wouldn't do? Go and trash their reputation and put off investors investing. Because that's what they need to do if I have hope of selling my loan parts. ... I’m not sure existing Lenders making FO complaints is going to help with recruitment of new Lenders either. How you can compare a private communication to an ombudsman to a public mud slinging is entirely lost on me.
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scooter
Member of DD Central
Posts: 403
Likes: 379
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Post by scooter on Jan 21, 2020 18:58:17 GMT
TBF if your Ombudsman complaint is upheld against FO it will have far more impact and reach than anything posted on here. Complaints are all viewable online once they have been ruled on so not private at all. JMO
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Post by hostile17 on Jan 21, 2020 22:43:40 GMT
Fair points worth consideration. I'll ponder. I doubt for one moment it'd go anywhere anyway.
But it's still not like for like.
If an ombudsman did find in the favour of a complainant then it would have gone through a rigorous investigation process, would make the company improve and have a logical path to improvement. It's a move by an official independent body.
That's not the same publicly going "FC us done, you'll never get your money, don't come near this, FC will eat your children".
Indeed if people want FC to improve they should go through the official process, not post hysteria online. It's one way to perhaps make change. Otherwise it's, as I said, just going for scorched earth.
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Post by shanghaiscouse on Jan 22, 2020 9:46:02 GMT
I agree people shouldn't exaggerate their losses. For example, I doubt people have sufferred big capital losses, for the most part people will have simply not received what they were promised in terms of interest, and as in my case we did received interest, which we spent, but then so many bad debts came through that all that interest was wiped out. in my case, £40,000 of interest which is not a small amount.
However, where I think people do have grounds for complaint is that there is a fundamental conflict of interest in this model. FC simply don't care if loans go bad, they have no skin in the game. Also, they have basically given up on individual retail investors and are exiting you. It was all about the IPO and getting millions out for the owners.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,594
Likes: 2,624
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Post by keitha on Jan 22, 2020 12:34:56 GMT
I agree people shouldn't exaggerate their losses. For example, I doubt people have sufferred big capital losses, for the most part people will have simply not received what they were promised in terms of interest, and as in my case we did received interest, which we spent, but then so many bad debts came through that all that interest was wiped out. in my case, £40,000 of interest which is not a small amount. However, where I think people do have grounds for complaint is that there is a fundamental conflict of interest in this model. FC simply don't care if loans go bad, they have no skin in the game. Also, they have basically given up on individual retail investors and are exiting you. It was all about the IPO and getting millions out for the owners. Yes these people who are saying lost everything, rubbish, you can't just draw it out like with a bank. I get grumpy about my loses and the irritating and wrong return rates, and possibly more so with loans where they are 90+ days late and not a single line of comment from FC. yes I'm only up 0.5% since this time in November ( bad run of loses ) but that still works out at 3% a year. But compared to Shares where my portfolio is down 1% this week, and my investment in some is down 70% in a year. If you want safe then S&S & P2P lending is not for you
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ashtondav
Member of DD Central
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Post by ashtondav on Jan 22, 2020 12:45:37 GMT
Always good to see a view other than the 1.2% club's tedious updates...
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Post by Mr Smith on Jan 22, 2020 14:06:40 GMT
Unfortunately this can't be solved, just a general comment/moan. I'm surprised how many investors are going for a scorched earth policy. I guess I shouldn't be that surprised, the general public are quick to jump on a review site as their dinner was two minutes later or cashier looked at them the wrong way. But the amount of people trashing Funding Circle on review sites is astonishing. A lot of people also clearly don't understand how lending money works - you can't just demand it back. I am disappointed in Funding Circle of course as I'm stuck in the queue. I do have concerns over their viability. But do you know what I wouldn't do? Go and trash their reputation and put off investors investing. Because that's what they need to do if I have hope of selling my loan parts. Comments like "You'll never get your invested money back" and "once you have invested your money that is the last you will see of it" to quote two recent reviews will become a self fulfilling prophecy. They are going for a scorched earth approach to investing. And I fear they'll take us all down with them if they continue. You reap what you sow. The investors should get most of their money back. FC tho, they can f**K right off for what they have done.
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