cwah
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Post by cwah on Dec 18, 2020 12:33:31 GMT
Hello, I have a massive 6 figure losses from my investments in FS, Lendy and Moneythings, and while I know many of us are just crying and complaining here, I've just seen the advertisement on BBC about the FCA failure: www.bbc.co.uk/news/business-55335378?fbclid=IwAR1hYFBYDApbkIuUFhQe9CMl07PyxwvrPxFa0FfneBrVwlFI3BkPkON05JsWhich not only raise more awarness for future investors about not trusting the FCA, but also bring stronger light of their failure to the public. Should we create a compilation of the FCA failure with evidence we could share all around, online and on social media? It would certainly put some pressure on them, and help on future cases as well, and maybe increase our chance for FCA compensation? |
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cwah
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Post by cwah on Dec 18, 2020 12:55:09 GMT
Sorry cwah , but if you seriously had enough "money you could afford to loose" to make a 6-figure loss in an un-leveraged holding such as P2P then frankly I would expect you to be a big boy who knows they are doing.
I've got many years of investing experience. There's no way in hell I'd ever have six figures in P2P ... it smelt fishy from day one and the fish only proceeded to rot as time went on.
Yes the FCA did wrong by having the stupid "light touch" approach to P2P.
But at the same time, the greed and gluttony of those piling money into P2P should not be forgotten.
As I have said on here, time and time again. There is a reason those headline rates are sky high. Its not the P2P companies giving you high rates out of the goodness of their hearts. Its an indication of risk, and the rates are TOO LOW for the risk you are taking on.
Sheesh kebab !  It was definitely not money I could afford to lose. It is many many years of saving lost....The ones I invested in were supposed to be safe and I invested large amount on some London loan, on first charge, and below 50% LTV. How could I have guessed that during recovery administrator would take a big chunck, then Lendy's or FundingSecure Fee would take another chunck, then all the other adminstrative cost would end up to almost nothing when the FCA has approved the loan to have everything in place with funds set aside for the recovery in case of administration to protect the investor.. which wasn't the case. We're just the money pot everybody feed in and even creditors are feeding on us! And in another loan, which is the golders green loan, they issued the wrong type of loan even though there is first charge and low LTV preventing recovery!! I can't predict or anticipate fraud approved by the FCA!!!
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Dec 18, 2020 13:11:52 GMT
Sorry cwah , but if you seriously had enough "money you could afford to loose" to make a 6-figure loss in an un-leveraged holding such as P2P then frankly I would expect you to be a big boy who knows they are doing.
I've got many years of investing experience. There's no way in hell I'd ever have six figures in P2P ... it smelt fishy from day one and the fish only proceeded to rot as time went on.
At its peak, I only had a low-five-figure sum in P2P, and that was pure toy money I could afford to loose 100% of. Of course I soon started selling as soon as the ship rammed itself increasingly onto the iceberg.
Yes the FCA did wrong by having the stupid "light touch" approach to P2P.
But at the same time, the greed and gluttony of those piling money into P2P should not be forgotten.
As I have said on here, time and time again. There is a reason those headline rates are sky high. Its not the P2P companies giving you high rates out of the goodness of their hearts. Its an indication of risk, and the rates are TOO LOW for the risk you are taking on.
Sheesh kebab ! Your humility and compassion never fails to move me and restore my faith in human nature  By the way, LOSE does not contain double "O". But then again you're such a superstar that you never have to consider or indeed write the word "LOSE" do you.
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Post by Deleted on Dec 18, 2020 17:38:54 GMT
If you were able to earn 12% lending on some pretty crappy resi-developments then the risks were high. You would have been asked stuff about being a "sophisticated investor"... I could go on...
Of course sympathy is there but my view is that life is a learning experience and you just got a 5 or 6 figure education. Don't waste it!
On the other side those loses are deductable against profits from P2P so it could be worse.
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Greenwood2
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Post by Greenwood2 on Dec 18, 2020 17:39:10 GMT
It was definitely not money I could afford to lose. It is many many years of saving lost....
What can I say.
There is a reason for RULE NUMBER ONE : Do not invest money you cannot afford to loose.
And, even if you insist on breaking that rule, for god's sake don't invest your life savings.
The reason for the rule is simple. It is not possible to predict negative events. It doesn't matter if its P2P, the stockmarket or anything else.
I hope others on this forum will take note of this and review how much money they've ploughed into "investments" and seriously consider selling up a suitably large chunk and putting it back in a bank account where it belongs.
I wish you all the best cwah . I probably have too much in P2P, I have other assets so could afford to lose it all, but I hope a good amount of it is fairly safe. I have been shocked reading that some people have had to re-mortgage their house, or go back to work after retiring because they cannot live without the money they have lost on P2P. It was a truly terrible mistake for some people who were lured in by high interest rates, flashy web sites, provision funds and never a penny lost slogans, etc. It's easy for those who are used to evaluating investment risk to not empathise with those who's first step into the murky waters turned out to be a disastrous one.
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cwah
Member of DD Central
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Post by cwah on Dec 18, 2020 18:20:04 GMT
If you were able to earn 12% lending on some pretty crappy resi-developments then the risks were high. You would have been asked stuff about being a "sophisticated investor"... I could go on...
Of course sympathy is there but my view is that life is a learning experience and you just got a 5 or 6 figure education. Don't waste it!
On the other side those loses are deductable against profits from P2P so it could be worse.
The lost is so enormous I can't imagine ever recovering it against P2P profit. Or any profit. and the recovery is taking so crazy long that the 4 years limit to deduct against losses may not be enough so by the time I recover some peanut I may have to pay tax on it
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Post by Deleted on Dec 18, 2020 18:50:53 GMT
Yes.
Over the years I have considered suing, RBS, Leica/Reis and a variety of other famous doubtful deals. You have a decision to make. Carry the baggage of frustration for many years or start each day afresh. I know which path I choose.
I choose learn and sleep well.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 18, 2020 19:07:01 GMT
If you were able to earn 12% lending on some pretty crappy resi-developments then the risks were high. You would have been asked stuff about being a "sophisticated investor"... I could go on...
Of course sympathy is there but my view is that life is a learning experience and you just got a 5 or 6 figure education. Don't waste it!
On the other side those loses are deductable against profits from P2P so it could be worse.
It's the VERY inaccurate and criminal "Valuations" that are at the core. Developments based on future valuations were obviously risky, but there should never have been many problems with getting 12% on residential loans if the Valuations were reasonably accurate. We have just seen the FCA get shot to pieces for its incompetence and neglect, SURELY it's RICS, its Members, and the criminally dodgy inaccurate "Valuations" next?
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cwah
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Post by cwah on Dec 18, 2020 20:15:58 GMT
It's easy for those who are used to evaluating investment risk to not empathise with those who's first step into the murky waters turned out to be a disastrous one.
Normally I would agree, however in cwah 's case, I have previously expressed serious concern about their manner of investing. I gave cwah many warnings of the alarm bells I was hearing !
See for example, the infamous discussions about Thomas Cook or obscure Central Asian banks.  When I started buying stock 18 months ago, I was already trying to exit ALL my P2P investment. Unfortunately I was stuck and there nothing I could do to sell. So it's easy to tell people to sell their P2P now, but it's already too late. And I reckon Thomas Cook was a disaster, I was too emotional as I worked there and I thought it would be good. I lost about £800 in, which is not too bad I compared to what happened after... But for the other stock, such as BGEO, it did very well. And I made quite a bit of money from it, including good dividend. It's still performing well, and I unfortunately sold way too early but I'd definitely buy back if it drop again. I was actually considering posting here, to tell you guys I was right all along!
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Greenwood2
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Post by Greenwood2 on Dec 18, 2020 20:24:59 GMT
Normally I would agree, however in cwah 's case, I have previously expressed serious concern about their manner of investing. I gave cwah many warnings of the alarm bells I was hearing !
See for example, the infamous discussions about Thomas Cook or obscure Central Asian banks. When I started buying stock 18 months ago, I was already trying to exit ALL my P2P investment. Unfortunately I was stuck and there nothing I could do to sell. So it's easy to tell people to sell their P2P now, but it's already too late. And I reckon Thomas Cook was a disaster, I was too emotional as I worked there and I thought it would be good. I lost about £800 in, which is not too bad I compared to what happened after... But for the other stock, such as BGEO, it did very well. And I made quite a bit of money from it, including good dividend. It's still performing well, and I unfortunately sold way too early but I'd definitely buy back if it drop again. I was actually considering posting here, to tell you guys I was right all along! So you didn't lose a lot in P2P?
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cwah
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Post by cwah on Dec 18, 2020 20:28:32 GMT
When I started buying stock 18 months ago, I was already trying to exit ALL my P2P investment. Unfortunately I was stuck and there nothing I could do to sell. So it's easy to tell people to sell their P2P now, but it's already too late. And I reckon Thomas Cook was a disaster, I was too emotional as I worked there and I thought it would be good. I lost about £800 in, which is not too bad I compared to what happened after... But for the other stock, such as BGEO, it did very well. And I made quite a bit of money from it, including good dividend. It's still performing well, and I unfortunately sold way too early but I'd definitely buy back if it drop again. I was actually considering posting here, to tell you guys I was right all along! Do you didn't lose a lot in P2P? Yes it was my lifetime saving. I gotta recover some of my loss somehow. I can't just stay beaten up!!
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By the way, LOSE does not contain double "O". But then again you're such a superstar that you never have to consider or indeed write the word "LOSE" do you.
