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Post by df on Oct 26, 2020 15:24:53 GMT
Ever seen Gods of Egypt the movie ? Somtimes you loose. Most will have had to make allowances for money invested by now and hopefully not too badly impacted on day to day life.
You win some you lose lots Just as waiting for Nov 3rd SM might come even better.
Back to topic. No recovery likely ? Sell them on to a recovery firm or asset managment firm that are looking for a bargain. NEVER SELL TO ORIGINAL BORROWER.
Currently on repaid loans I'm breaking even overall. Of those left I expect the picture will be a Tad more negative. I expect in a 5 year time frame P2P will have brought down returns on total investment by at least 25%
STOP PRESS: BREAKING NEWS!!!!! New entry straight in at no.1 on the list of "Understatements of the Century": "Of those left I expect the picture will be a TAD MORE NEGATIVE" !!!Jeez It depends on an individual loan book. I’m very close to breaking even. In my case the Italian books outcome will be decisive, but even if this loan turns to be 100% loss my overall FS loss is going to be small.
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iRobot
Member of DD Central
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Post by iRobot on Oct 27, 2020 12:04:16 GMT
I have short short on gold as I suspect a Trump win - it is hedged so won't be a disaster unlike the situation with these total clowns that we are dealing with here. Hmmmn - good luck with that. Out of curiosity, I'm presuming you've shorted the spot price via a CFD or spread-bet, but what instrument(s) are you using to hedge? FWIW, I have today closed all my open trades and the markets can do as they jolly-well please for the next two or three weeks. You might need to sweeten that deal a bit more. You've already pledged to show your figures back in April. I remember that prediction and thought you were a bit off with it back then. Well before CV-19, so I claim no prescience on the most recent bump in prices, but back then I saw no reason for the the average 3% rise per annum to change course in the short to medium term. Conversely, I'm now thinking we could be in for a price revision in the new year; time will tell ...
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adrian77
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Post by adrian77 on Oct 27, 2020 13:21:48 GMT
hold physical long term - go short CFD short-term ...better business model than investing in FS! Mind you I suspect very poor compared to the true business model of the directors
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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 Oct 27, 2020 14:55:04 GMT
I have short short on gold as I suspect a Trump win - it is hedged so won't be a disaster unlike the situation with these total clowns that we are dealing with here. I would tend to agree with this - although "giving" to original borrower may be a better verb to use here that said I just don't see why FS can't simply repossess the assets over which they held a charge - or maybe I can.... Godanubis - make you a deal - I will post my results if you post yours - sadly I am going to make a small loss given that the art loans have gone for a BurtonI won't be embarassed to see just how much you have made compared to how much I have lost. At the least the UK housing market is ticking up which is nice for me although not as I predicted... I expect probably lots of losses as I have invested in lots of loans it will be the overall % recovery should match my over loss in FS. Lendy and Collateral should shurely progress soon.
Biden for me as most think he won't last the term and we get a nice young woman for president
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kermie
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Post by kermie on Oct 27, 2020 19:30:35 GMT
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mah
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Post by mah on Oct 27, 2020 20:28:05 GMT
6147432141 - Another 100% Loss.
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mah
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Post by mah on Oct 27, 2020 20:29:02 GMT
The following don't look healthy either : 821266538, 821266538, 2620469502, 7805271776, 1737840360
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adrian77
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Post by adrian77 on Oct 27, 2020 20:45:30 GMT
thanks for this - updated in my list (no 19)
I am having trouble in keeping up with these - so can people keep please keep posting here and I will update my list when I am free
Just how many more are to come - I wonder if we will hit 50 ? We are already at over 28 !
FS is not a venture capital company where you expect loans to go bad - more like a misadventure capital company - as I said before - they told us that they took secured loans with a LTV of 70% or below - yeah right!
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mah
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Post by mah on Oct 27, 2020 20:50:17 GMT
Currently on repaid loans I'm breaking even overall. Of those left I expect the picture will be a Tad more negative. I expect in a 5 year time frame P2P will have brought down returns on total investment by at least 25% Probably a silly question - how are you calculating 'Break Even' ?
"Capital Invested - Capital Returned - Interest Received so far" OR are you not including the Interest at all ?
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adrian77
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Post by adrian77 on Oct 27, 2020 21:33:04 GMT
simply if I get out what I have put in - so yes I include interest -- I am very lucky compared to a lot of investors on this forum I got most of my money out before my DD rang alarm bells - yes I was an idiot for not doing it sooner but I had just closed my account with * unding not square and thought these were loans secured against liquid assets - told you I was an idiot!
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foolsgold
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Post by foolsgold on Oct 27, 2020 22:53:49 GMT
Could one of the Mods please contact me regarding the removal of my earlier post about the St*nley Gr*ve loan.
I made a post regarding a 100 percent loss on a secured asset where FS failed to complete the paper work for the first charge.
The borrower was a friend of the the Ex director Luxmore
Why was my post removed?
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rocky1
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Post by rocky1 on Oct 28, 2020 2:46:18 GMT
fools gold when you log in just click on messages up on the right hand side.you can have a chat with the mod who removed your post.anyway I hope that the administrators are keeping records of all their findings on these scams of loans to at least have these directors past and present struck off and made to explain how they managed to lose millions of lenders funds all under the watchful eye of the FCA.there was a lot more going on than just incompetence.
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mah
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Post by mah on Oct 28, 2020 16:36:57 GMT
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Post by brightspark on Oct 29, 2020 9:05:10 GMT
Can't see that it is relevant to getting what is left of our money back. Any such complaint would be regarded as frivolous/brushed aside and could delay any repayment until long after I am post-pension i.e dead.
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mah
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Post by mah on Oct 29, 2020 22:39:11 GMT
That shouldn't delay any repayments, mind that the Complaint is against Funding Secure (their Directors) and not CG.
That would only be investigated in parallel for any fraud conducted by the owners / directors and could well carry on after the Administration is wound up. This is to actually do something about the wrondoings and discourage others from doing the same, although there are no guarantees that something fruitful would actually materialise, but worth a try.
It states :
Our company investigations team may investigate:
# following formal insolvency proceedings where we receive information about a director’s conduct (in one or more companies) that would make them unfit to manage a company if it was proven, and
# taking into account all circumstances of the case, a court would be likely to make a disqualification order
We also have the power to conduct confidential investigations into limited companies and limited liability partnerships where we have received information that suggests serious corporate abuse. We can investigate when the company is actively trading or has ceased trading without entering into insolvency proceedings, but not when a company has been dissolved. If we feel it is appropriate, we may apply to the court for a company to be wound up and/ or for one or more directors to be disqualified.
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