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Post by savingstream on Dec 13, 2013 14:11:02 GMT
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Post by savingstream on Dec 13, 2013 14:15:35 GMT
Whilst we are picking holes Saving Stream/Lendy Marine, their banner ad claims that your investments are 'Fully regulated', I would be interested to know which regulations those would be. Looking at the Lendy Marrine site (by they way did you notice they are charging 4% per month for their loans 53.5% APR) they are claiming not to be credit checking borrowers. And this is why the world needs less geeks like me looking at the HTML source code, and more people like you who pay attention to such important legal matters! This is a very good point. I understand regulation is a big thing at the moment, with the big names in P2P trying to get some regulation behind themselves? Please admins, please look at this, before someone loses a lot of money. I'll be right back; I think I smell burning toast... We do not credit check borrowers because we have possession of their asset worth at least twice the loan. Pawnbrokers do not credit check borrowers who are pawning a rolex. The loans are made under the FIXED-SUM LOAN AGREEMENT AND PAWN RECEIPT REGULATED BY THE CONSUMER CREDIT ACT 1974 (apologies for the caps, copied from our documentation)
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Post by batchoy on Dec 13, 2013 14:34:40 GMT
So what you are saying is that you are being economical with the truth and leading people to believe that your P2P lending business is regulated (even though there are no regulations as yet) by dint of the fact that your lending business is registered and regulated. We shall have to see what the ASA make of your claims.
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Post by savingstream on Dec 13, 2013 15:57:17 GMT
We require a Consumer Credit License to lend money officially which was issued to us by The Office of Fair Trading in December 2012.
Whilst I admit there will always be sceptics to any investment offering, we would like to raise the point that not one of the 166 savers/investors/funders that we have, has stated on any of the forums that they haven't received what they signed up for. So it would appear that borrowers and lenders alike are receiving what they expect from the business arrangement.
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Post by batchoy on Dec 13, 2013 16:06:53 GMT
We require a Consumer Credit License to lend money officially which was issued to us by The Office of Fair Trading in December 2012. But your ad is not for lending its for P2P investment in loans, whilst you may be licensed to lend money to people you are not licensed when it comes to the your P2P platform as there is no licencing/regulation as yet, so you are only fully regulated by dint of the fact that there are no regulations to be regulated against.
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Post by bracknellboy on Dec 13, 2013 17:02:25 GMT
Whilst we are picking holes Saving Stream/Lendy Marine, their banner ad claims that your investments are 'Fully regulated', I would be interested to know which regulations those would be. Looking at the Lendy Marrine site (by they way did you notice they are charging 4% per month for their loans 53.5% APR) they are claiming not to be credit checking borrowers. . To be clear, this board has no control over the adverts which are placed on it. The board is hosted by ProBoard, who make their money through either ads going onto the boards, or by boards paying to make themselves ad free. There was a thread and poll opened up on the subject of whether to go to the cost of making the board ad free. See under Forum Feedback. the conclusion was to not do so. Individual members will have their own views as to whether it is really appropriate for a p2x site to advertise in this way on an independent forum board. Wearing a personal hat rather than a moderators hat I am not comfortable with it as it could be construed as undermining the independent nature of the board. On the other hand, one could say that it has created an interesting discussion ref. this particular platform which has perhaps brought out/created more information for members than would otherwise have happened.
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ribs
Probably not James Marshall
Posts: 148 
Likes: 151
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Post by ribs on Dec 13, 2013 21:52:31 GMT
Please admins, please look at this, before someone loses a lot of money.. To be clear, this board has no control over the adverts which are placed on it. The board is hosted by ProBoard, who make their money through either ads going onto the boards, or by boards paying to make themselves ad free. There was a thread and poll opened up on the subject of whether to go to the cost of making the board ad free. See under Forum Feedback. the conclusion was to not do so. Individual members will have their own views as to whether it is really appropriate for a p2x site to advertise in this way on an independent forum board. Wearing a personal hat rather than a moderators hat I am not comfortable with it as it could be construed as undermining the independent nature of the board. On the other hand, one could say that it has created an interesting discussion ref. this particular platform which has perhaps brought out/created more information for members than would otherwise have happened. Indeed. This is very unfortunate. Is there literally zero control? Can some adverts be blacklisted etc? How attached at the forums admins to ProBoard? Would they be willing to move elsewhere (assuming the data can be exported, of course)? And indeed, the discussion has somewhat blown up, well beyond what I originally expected. I must commend the admins of this forum for treading the fine line between letting the discussion take place, and not allowing the whole discussion to descend into chaos. And I do feel rather guilty for obviously bringing you guys a fair amount of extra, obviously unpaid, work. What has concerned me somewhat is how this thread is now in the depths of the SavingStream sub-forum, so now hardly anyone will see it. Whilst I understand the reason for it being moved, I must confess, I don't agree with it. Obviously the SavingStream business has a lot to learn, and to be honest, doesn't appear to exactly be the whitest of the white right now, with almost universal negative feedback from everyone contributing to this discussion, and I do feel the message of this needs to be spread as much as possible, even amongst this small forum. So that if, for nothing else, people can make a fully informed decision.
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oldgrumpy
Member of DD Central
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Likes: 3,233
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Post by oldgrumpy on Dec 13, 2013 22:02:51 GMT
"What has concerned me somewhat is how this thread is now in the depths of the SavingStream sub-forum, so now hardly anyone will see it."
Well I found it quickly enough to read this within 9 minutes of posting. Our home page shows recent posts on each section, so I realised straightaway.
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ribs
Probably not James Marshall
Posts: 148
Likes: 151
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Post by ribs on Dec 13, 2013 22:51:11 GMT
"What has concerned me somewhat is how this thread is now in the depths of the SavingStream sub-forum, so now hardly anyone will see it."
Well I found it quickly enough to read this within 9 minutes of posting. Our home page shows recent posts on each section, so I realised straightaway.
Indeed. Which works nicely today, but won't next week. I guess that would be a "problem" either way after a time, but moving the thread to here will certainly make things worse for visibility in the short term.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Dec 14, 2013 2:14:30 GMT
... but moving the thread to here will certainly make things worse for visibility in the short term. Pardon my ignorance, but could someone please explain where this thread was moved from?
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Post by batchoy on Dec 14, 2013 8:03:48 GMT
... but moving the thread to here will certainly make things worse for visibility in the short term. Pardon my ignorance, but could someone please explain where this thread was moved from? It was originally on the Forum Feedback board as it related to a questionable banner ad, it is now in the Other P2X sites savingstream sub-board as the questioning has got wider.
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Post by elljay on Dec 14, 2013 11:04:13 GMT
I must commend the admins of this forum for treading the fine line between letting the discussion take place, and not allowing the whole discussion to descend into chaos. And I do feel rather guilty for obviously bringing you guys a fair amount of extra, obviously unpaid, work. Yup, we do it all for "fun"!  The aim being to use as light a touch as possible to provide a fair, consistent place for polite discussion. Flame wars R not Us. What has concerned me somewhat is how this thread is now in the depths of the SavingStream sub-forum, so now hardly anyone will see it. Whilst I understand the reason for it being moved, I must confess, I don't agree with it. It was my decision to move it - sometimes it's better to move individual posts, sometimes whole threads, often best not to do anything at all. In this case yes, the thread started off as generalised, but quickly got into the specifics of Saving Stream so I thought it was better in the Saving Stream board. I left a "Moved: " post in the Forum Feedback board that redirects people here, so it's now more visible than when it was in the Forum Feedback board.
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Post by uncletone on Dec 14, 2013 22:50:19 GMT
Yup, we do it all for "fun"! Now he tells me....
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Post by elljay on Dec 15, 2013 10:57:49 GMT
Yup, we do it all for "fun"! Now he tells me.... *Note to self: Make this bit bold on the job application form*
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Post by oldnick on Dec 19, 2013 6:40:42 GMT
*Note to self: Make this bit bold on the job application form* I wish I hadn't given the butcher's bike back now. :-(
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The aim being to use as light a touch as possible to provide a fair, consistent place for polite discussion. Flame wars R not Us.
