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 Feb 24, 2020 12:44:33 GMT
Failure can only be assessed at the end of the process which is miles away and depends on Administration. The factual position is that FS has already failed. The Directors decided that it could not continue as a going concern and called in Administrators.
The first Administrators report appeared to show few grounds for optimism for creditors or lenders. Updates since then have not shown any improvement in the position. Known recoveries are generally poor, with the Administrators taking a cut for fees and costs. Lenders can not even withdraw any cash in their accounts.
The cash in their accounts is increasing and access will be granted soon. The directors may have failed the platform has yet to wind up and give final figures which are still running with minimal loss on completed loans.
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bugs4me
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Post by bugs4me on Feb 24, 2020 19:47:59 GMT
Failure can only be assessed at the end of the process which is miles away and depends on Administration.
For the thousandth time show an overall loss on completed loans in the loan book ?
Look at it factually not emotionally . !!!
Oh for goodness sake please just put a sock in it and stop sounding ridiculous.
We both know there are going to be many folks that this shambles will result in a life changing event for many lenders/investors.
And no, your addiction, reaction, response, need to reply to this post is not required.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 25, 2020 0:14:58 GMT
Failure can only be assessed at the end of the process which is miles away and depends on Administration. For the thousandth time show an overall loss on completed loans in the loan book ?
Look at it factually not emotionally . !!!
Oh for goodness sake please just put a sock in it and stop sounding ridiculous. We both know there are going to be many folks that this shambles will result in a life changing event for many lenders/investors. And no, your addiction, reaction, response, need to reply to this post is not required.
That is how misrepresentation proliferates by not challenging scaremongering points of view. Ridiculous is to expect intelligent people to follow a point of view that cannot be substantiated with actual facts. Anyone making a an overall loss here eventually without restricted investment will be a tiny proportion of those that lost tens or hundreds thousands today on stock market FOR REAL in their pension pots with no fault on their part. This is an immediate effect and will cause real hardship .Not fantasy predictions from those that show schadenfreude and a wish to cause unnecessary worry. Simply get someone to post their account summary snapshot taken within 5 mins of posting ( with metadata) showing capital loss and interest to date to prove your point. I Suspect this request will go unanswered as usual.
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pfffill
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Post by pfffill on Feb 25, 2020 1:40:46 GMT
Forget profit or loss for a minute, I'd just like updates on the 90% of my loans that haven't received any since FS went into administration - and most had none for many months prior to that too.
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alanh
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Post by alanh on Feb 25, 2020 9:43:41 GMT
Oh for goodness sake please just put a sock in it and stop sounding ridiculous. We both know there are going to be many folks that this shambles will result in a life changing event for many lenders/investors. And no, your addiction, reaction, response, need to reply to this post is not required.
That is how misrepresentation proliferates by not challenging scaremongering points of view. Ridiculous is to expect intelligent people to follow a point of view that cannot be substantiated with actual facts. Anyone making a an overall loss here eventually without restricted investment will be a tiny proportion of those that lost tens or hundreds thousands today on stock market FOR REAL in their pension pots with no fault on their part. This is an immediate effect and will cause real hardship .Not fantasy predictions from those that show schadenfreude and a wish to cause unnecessary worry. Simply get someone to post their account summary snapshot taken within 5 mins of posting ( with metadata) showing capital loss and interest to date to prove your point. I Suspect this request will go unanswered as usual. It would appear that the concept of "marking prices to market" has totally passed you by
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Godanubis
Member of DD Central
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 Feb 25, 2020 10:34:44 GMT
That is how misrepresentation proliferates by not challenging scaremongering points of view. Ridiculous is to expect intelligent people to follow a point of view that cannot be substantiated with actual facts. Anyone making a an overall loss here eventually without restricted investment will be a tiny proportion of those that lost tens or hundreds thousands today on stock market FOR REAL in their pension pots with no fault on their part. This is an immediate effect and will cause real hardship .Not fantasy predictions from those that show schadenfreude and a wish to cause unnecessary worry. Simply get someone to post their account summary snapshot taken within 5 mins of posting ( with metadata) showing capital loss and interest to date to prove your point. I Suspect this request will go unanswered as usual. It would appear that the concept of "marking prices to market" has totally passed you by That will be good then as the housing market is booming so the chances of a loss are even less link
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kielbasa
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Post by kielbasa on Feb 25, 2020 11:27:18 GMT
Godanubis,
Are you Nigel Hackett?
To the nearest £5m, how much of the £80m loan book do you believe investors will have received back two years from now?
My estimate is £30m.
What is your estimate?
FundingSecure will prove to have been a financial disaster for many, many people.
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pfffill
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Post by pfffill on Feb 25, 2020 12:06:56 GMT
Godanubis, Are you Nigel Hackett? To the nearest £5m, how much of the £80m loan book do you believe investors will have received back two years from now? My estimate is £30m. What is your estimate? FundingSecure will prove to have been a financial disaster for many, many people. Why continually argue the toss back and forth about this? Administration is four months under way now, and for myself, I wrote off this investment mentally 100% the day CG were appointed - a small part bad luck, a greater portion poor DD and judgement on my part. The activists over on FSAG Facebook may swing things back in our favour somewhat, I wish them well - if they get active, and if the prolonged financial and emotional stress of pursuing this over months and years can be withstood - but anything above zero percent return I count as a victory now.
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foolsgold
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Post by foolsgold on Feb 25, 2020 13:49:32 GMT
Godanubis, Are you Nigel Hackett? To the nearest £5m, how much of the £80m loan book do you believe investors will have received back two years from now? My estimate is £30m. What is your estimate? FundingSecure will prove to have been a financial disaster for many, many people. Why continually argue the toss back and forth about this? Administration is four months under way now, and for myself, I wrote off this investment mentally 100% the day CG were appointed - a small part bad luck, a greater portion poor DD and judgement on my part. The activists over on FSAG Facebook may swing things back in our favour somewhat, I wish them well - if they get active, and if the prolonged financial and emotional stress of pursuing this over months and years can be withstood - but anything above zero percent return I count as a victory now. Thing is...If I had only £25 invested then I would have mentally written it off as well but many have £250...£2500...£25000 and many have £250,000 invested and more...its not so easy for those at the top end just to write the money off regardless of the stress caused....Ive got a substantial amount invested but in relation to my overall investment elsewhere I can take the hit but many cannot.
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pfffill
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Post by pfffill on Feb 25, 2020 14:14:29 GMT
Why continually argue the toss back and forth about this? Administration is four months under way now, and for myself, I wrote off this investment mentally 100% the day CG were appointed - a small part bad luck, a greater portion poor DD and judgement on my part. The activists over on FSAG Facebook may swing things back in our favour somewhat, I wish them well - if they get active, and if the prolonged financial and emotional stress of pursuing this over months and years can be withstood - but anything above zero percent return I count as a victory now. Thing is...If I had only £25 invested then I would have mentally written it off as well but many have £250...£2500...£25000 and many have £250,000 invested and more...its not so easy for those at the top end just to write the money off regardless of the stress caused....Ive got a substantial amount invested but in relation to my overall investment elsewhere I can take the hit but many cannot. I take your point, we all have differing perspectives on the matter, and I don't lightly dismiss others' concerns, but my point remains that it does nobody any good to argue whether we will ultimately recover 5%, 10%, 30%, 50% or whatever %.
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michaelc
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Post by michaelc on Feb 25, 2020 15:36:57 GMT
Godanubis, Are you Nigel Hackett? To the nearest £5m, how much of the £80m loan book do you believe investors will have received back two years from now? My estimate is £30m. What is your estimate? FundingSecure will prove to have been a financial disaster for many, many people. He might be but I seem to recall him saying he lives in Scotland whereas Nigel lives not far from a certain terraced house in Reading that he won't sell to give me my money back.
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song
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Post by song on Feb 25, 2020 16:07:28 GMT
Thing is...If I had only £25 invested then I would have mentally written it off as well but many have £250...£2500...£25000 and many have £250,000 invested and more...its not so easy for those at the top end just to write the money off regardless of the stress caused....Ive got a substantial amount invested but in relation to my overall investment elsewhere I can take the hit but many cannot. I take your point, we all have differing perspectives on the matter, and I don't lightly dismiss others' concerns, but my point remains that it does nobody any good to argue whether we will ultimately recover 5%, 10%, 30%, 50% or whatever %. If you cannot afford to lose it do not punt it and for what i can see this was a punt in the dark you only had look at two of the early boat loans to see the valuations were a joke.
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adrian77
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Post by adrian77 on Feb 25, 2020 16:51:59 GMT
kielbasa nailed his colours to the mast and said £30m will be recovered within 2 years - I said £40m. I am sure both of us would love to be wrong and see greater amounts returned so Godanubis what is your heavenly prediction - we are all ears...I thank you
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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 Feb 25, 2020 19:29:01 GMT
kielbasa nailed his colours to the mast and said £30m will be recovered within 2 years - I said £40m. I am sure both of us would love to be wrong and see greater amounts returned so Godanubis what is your heavenly prediction - we are all ears...I thank you Since all those predicting massive losses are so good at their predictions the will be making a fortune over this week and months on SM as they short shares. I have no wish to lose several hundreds of thousands in P2P by agreeing to have the loss only encourages bad borrowers to not pay making the prophecies self fulfilling. I am down a few tens of thousands over the last few days but am not rushing to make it worse. As with FS I will wait and see what the outcome brings and deal with it then. When intervening is not possible then worrying or predicting is fruitless and damaging.. How you spread your investments will dictate individual returns. The longer it goes on will make little difference to bad loans and capital may be lost. The better loans that return a profit will reduce the overall loss. As most of those not newly invested will have previously made profit that needs to be factored into the equation giving an overall picture of investment in FS. I have not lost overall in the last 20 loans that I have had pay back. These could have made up 100% of people’s investments so no loss and a profit made. As with everything previous performance is no indication of future performance but rarely is it 180 degrees different. My predictions are some wii lose a lot some will make a profit and everything else between. Tens of investors and borrowers will pass away before the end and any worrying along the way will only have made their last days and months less fulfilling. Focus on enjoying what is possible with the time and resources you have. Time is our mot precious commodity and should be exploited to maximum benefit to yourself and the people you care for. Not wasted worrying about things you cannot change.
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adrian77
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Post by adrian77 on Feb 25, 2020 20:28:54 GMT
and your figure is?
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