merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
Likes: 302
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Post by merlin on Jan 8, 2014 10:57:06 GMT
Although I had largely written this off when it went into admin. I had hoped that the so called guarantor may have stumped up some or all of the loan but according to FC's latest pronouncement this now looks increasingly unlikely. This was a £100k loan so I expect a lot of the FC community will hurt some with the latest news. Good opportunity though for FC to chase the guarantor hard for the money and obtain some plaudits from the investors in the process!
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Post by captainconfident on Jan 8, 2014 12:57:40 GMT
My biggest default by far, and a total miscalculation on my part not to have pruned that tree more quickly.
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Post by GSV3MIaC on Jan 9, 2014 9:04:04 GMT
I think the borrower's replies to questions should have spooked you, plus the liberal name dropping of Nestle, etc. However it's easier to be wise after the event .. I should have dumped 2070 on the same basis. On Q&As it is more how they say it than what they say.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Jan 9, 2014 10:16:46 GMT
I think the borrower's replies to questions should have spooked you, plus the liberal name dropping of Nestle, etc. However it's easier to be wise after the event .. I should have dumped 2070 on the same basis. On Q&As it is more how they say it than what they say. Your could be right about the answers to the questions and I have posted many times on this subject on the old "indi". Incidentally I also attempted to do the same on FC Forum but either got moderated out of existence or bounced into cyber space.
However when it comes down to making a judgement about whether to invest or not IMHO it is always easier to make a case not to invest than to splash your cash. Managing higher rates of return investments always comes down to measuring risk and that can be very problematic on FC as you eventually have to take a lot on Trust including FC own assessments. So I and a lot of others have gradually moved away from FC to some of the other P2P providers. In my case to Assetz, where at least you are lending to businesses who back their loans with hard tangible assets like property not some vague promise by way of guarantee.
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Post by captainconfident on Jan 15, 2014 0:30:44 GMT
Powered by 8 year old blended whisky (keep an eye on me, moderators), my late night train of thought has chuffed on to this loan, and what it says about how much FC has learned in 3 years.
Turning an eye to the comments entered against this loan, we see that there are seven. And I paraphrase.
Company gone bust, in communication with signatory of the PG..... they hope to continue sending money soon ...they wish to adjust payment terms... FC asked for an account of their finances 14th November.
7th Jan, we are informed inter alia, that they have not sent an account of their finances, and (using none of the original words) FC is at the moment thinking about the things they might do next.
What? After 3 years there are no real ideas, no set procedure for forcing an outcome onto an unco-operatve guarantor? It's been a week now. Still thinking? This is a Breath of Foul Air (1935) indeed.
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