r1200gs
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Post by r1200gs on Jan 15, 2017 10:13:14 GMT
And the security is not going to cover the loan, either. Unless there is something I don't know about, which is always possible I suppose. If there was ever a sign that SS are determined to increase their loan book at any cost (to us) with as little time spent on DD as possible, these have to be the ones. Anybody who has spent time researching this lender will be horrified that that SS allowed him to borrow. Very, very few people come out of a businesses encounter with this man with a long term smile on their face. Certainly, as individual lenders, I'm sure most of us would not have had a big enough bargepole. These loans have deeply damaged my faith in SS to the point that I am removing a very large sum of money, only a few loans will be retained.
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Post by dualinvestor on Jan 15, 2017 10:44:08 GMT
And the security is not going to cover the loan, either. Unless there is something I don't know about, which is always possible I suppose. If there was ever a sign that SS are determined to increase their loan book at any cost (to us) with as little time spent on DD as possible, these have to be the ones. Anybody who has spent time researching this lender will be horrified that that SS allowed him to borrow. Very, very few people come out of a businesses encounter with this man with a long term smile on their face. Certainly, as individual lenders, I'm sure most of us would not have had a big enough bargepole. These loans have deeply damaged my faith in SS to the point that I am removing a very large sum of money, only a few loans will be retained. The property in PBL 056 is being offerred for, slightly, less than the loan (incidentally by Receivers appointed by Lendy Ltd who are from the same firm who will be responsible for the "run off" should the platform fail) so in that case, at leaast, it would seem unlikely that the security will cover the loan, especially after costs. However on, what I perceived to be, the main point of your post, at the moment there is an apparently instatiable demand from lenders so SS can expand their loan book without regard to risk, as is demonstrated by the borrowers behind PBL157&158. The nature of P2P is that everyone gets a return higher than available elsewhere, but lenders bear all the risk and the platform takes none. EDIT At least in case of failure RSM will have had some experience of a small part of the SS loan book and an example of the type of borrower they might encounter..
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r1200gs
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Post by r1200gs on Jan 15, 2017 12:15:09 GMT
And the security is not going to cover the loan, either. Unless there is something I don't know about, which is always possible I suppose. If there was ever a sign that SS are determined to increase their loan book at any cost (to us) with as little time spent on DD as possible, these have to be the ones. Anybody who has spent time researching this lender will be horrified that that SS allowed him to borrow. Very, very few people come out of a businesses encounter with this man with a long term smile on their face. Certainly, as individual lenders, I'm sure most of us would not have had a big enough bargepole. These loans have deeply damaged my faith in SS to the point that I am removing a very large sum of money, only a few loans will be retained. The property in PBL 056 is being offerred for, slightly, less than the loan (incidentally by Receivers appointed by Lendy Ltd who are from the same firm who will be responsible for the "run off" should the platform fail) so in that case, at leaast, it would seem unlikely that the security will cover the loan, especially after costs. However on, what I perceived to be, the main point of your post, at the moment there is an apparently instatiable demand from lenders so SS can expand their loan book without regard to risk, as is demonstrated by the borrowers behind PBL157&158. The nature of P2P is that everyone gets a return higher than available elsewhere, but lenders bear all the risk and the platform takes none. Exactly. The loans offered and the rates are geared to demand, not risk. I'm not a newbie here. However, the idea that platforms can list anything and not worry about it because we get a great rate and should do our own DD (even when not supplied with the needed info that the platform has and does not release to us!)it is simply not going to fly for long without damaging the platform. So yes, they have something to risk. For reasons I cannot say, SS should never have even considered lending to this man. The result that we are likely to see here is no unfortunate outcome caused by circumstances that could not be foreseen. You put a fox with a 40 year history of killing chickens in the chicken coupe then the result is not unexpected. Of course, you can put me in a dress and call me Mary if he breaks the habit of a lifetime and turns up with the cash, and not a lawyer, tomorrow.
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guff
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Post by guff on Jan 15, 2017 12:34:41 GMT
At least SS have updated the map… all at sea.  |
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lobster
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Post by lobster on Jan 15, 2017 12:56:54 GMT
What I'm failing to understand here is the lack of availability of PBL056 & PBL064 on the SM. Right now there is ZERO availability of PBL056 and only about £1,000 of PBL064  Just can't get my head around it - surely anyone unfortunate to be invested in either of these two toxic loans would be heading for the exit at light speed ?? Am I missing something ?? |
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oldgrumpy
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Post by oldgrumpy on Jan 15, 2017 13:06:23 GMT
And the valuation date under "particulars" has suddenly become unusual
Valuation Date
30/11/-0001
I used to berate FC office staff for their incompetence in 2014.
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ianj
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Post by ianj on Jan 15, 2017 13:28:08 GMT
What I'm failing to understand here is the lack of availability of PBL056 & PBL064 on the SM. Right now there is ZERO availability of PBL056 and only about £1,000 of PBL064 Just can't get my head around it - surely anyone unfortunate to be invested in either of these two toxic loans would be heading for the exit at light speed ?? Am I missing something ?? Possibly due to only a small percentage of SS investors frequenting these pages. Knowledge is power. Without their unknowing, 'lambs to the slaughter' enthusiasm for easy money many of us may have been left holding the poisoned chalice when the music finally stops!
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mikes1531
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Post by mikes1531 on Jan 15, 2017 22:30:16 GMT
The nature of P2P is that everyone gets a return higher than available elsewhere, but lenders bear all the risk and the platform takes none. The plan may be that investors get a return higher than available elsewhere -- but it only works in practice if the borrower repays or the security can be sold for enough to cover what is owed. ISTM that in the case of SS the jury still is out. Especially as there are so many loans in the portfolio that have negative remaining terms. How many of those will turn out to be cases of 'extend and pretend'? Just can't get my head around it - surely anyone unfortunate to be invested in either of these two toxic loans would be heading for the exit at light speed ?? Am I missing something ?? Possibly due to only a small percentage of SS investors frequenting these pages. Knowledge is power. Without their unknowing, 'lambs to the slaughter' enthusiasm for easy money many of us may have been left holding the poisoned chalice when the music finally stops! ISTM that our collective knowledge may be keeping us away from the most toxic loans, but I'm not convinced that we're out of the woods yet. We still may be left holding a bag. The quality of the goodies in our bag may be better than what's in others' bags, but there's no guarantee that we'll receive all we're expecting to if someone has to come in and pick up the pieces after a significant platform problem. Unless, of course, if we manage to get out before disaster hits.
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dovap
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Post by dovap on Jan 20, 2017 9:32:28 GMT
Ooooooh
change of tack to the change of tack
going to be back up for sale soooon for anyone interested in luxury offices (or some footings at a former pig farm)
good stuff - soon be sorted
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r1200gs
Member of DD Central
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Post by r1200gs on Jan 20, 2017 10:04:38 GMT
It's certainly going to be interesting to see how this pans out in the end, but it usually turns out ok. For Mr P that is.
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Post by petebutt43 on Jan 25, 2017 17:25:35 GMT
And the security is not going to cover the loan, either. Unless there is something I don't know about, which is always possible I suppose. If there was ever a sign that SS are determined to increase their loan book at any cost (to us) with as little time spent on DD as possible, these have to be the ones. Anybody who has spent time researching this lender will be horrified that that SS allowed him to borrow. Very, very few people come out of a businesses encounter with this man with a long term smile on their face. Certainly, as individual lenders, I'm sure most of us would not have had a big enough bargepole. These loans have deeply damaged my faith in SS to the point that I am removing a very large sum of money, only a few loans will be retained. The property in PBL 056 is being offerred for, slightly, less than the loan (incidentally by Receivers appointed by Lendy Ltd who are from the same firm who will be responsible for the "run off" should the platform fail) so in that case, at leaast, it would seem unlikely that the security will cover the loan, especially after costs. However on, what I perceived to be, the main point of your post, at the moment there is an apparently instatiable demand from lenders so SS can expand their loan book without regard to risk, as is demonstrated by the borrowers behind PBL157&158. The nature of P2P is that everyone gets a return higher than available elsewhere, but lenders bear all the risk and the platform takes none. EDIT At least in case of failure RSM will have had some experience of a small part of the SS loan book and an example of the type of borrower they might encounter.. Somebody's buying! i just shifted the last of 7,100 in this loan!!
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Post by petebutt43 on Jan 25, 2017 17:32:37 GMT
Going slightly off topic, I just shifted ALL my overdue loans including this one. I didn't do it before because I thought nobody would buy them. So all's well that ends well, for me at least / last.
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r1200gs
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Post by r1200gs on Jan 25, 2017 17:49:12 GMT
The property in PBL 056 is being offerred for, slightly, less than the loan (incidentally by Receivers appointed by Lendy Ltd who are from the same firm who will be responsible for the "run off" should the platform fail) so in that case, at leaast, it would seem unlikely that the security will cover the loan, especially after costs. However on, what I perceived to be, the main point of your post, at the moment there is an apparently instatiable demand from lenders so SS can expand their loan book without regard to risk, as is demonstrated by the borrowers behind PBL157&158. The nature of P2P is that everyone gets a return higher than available elsewhere, but lenders bear all the risk and the platform takes none. EDIT At least in case of failure RSM will have had some experience of a small part of the SS loan book and an example of the type of borrower they might encounter.. Somebody's buying! i just shifted the last of 7,100 in this loan!! I can't believe you were still holding it at all, let alone 7k. As wiser men have pointed out, we won't always be able to rely on the secondary market and gullible punters to buy these loans. You dodged a bullet, or perhaps somebody took it for you?
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Post by petebutt43 on Jan 25, 2017 18:47:26 GMT
Somebody's buying! i just shifted the last of 7,100 in this loan!! I can't believe you were still holding it at all, let alone 7k. As wiser men have pointed out, we won't always be able to rely on the secondary market and gullible punters to buy these loans. You dodged a bullet, or perhaps somebody took it for you? Fortunately i had shifted the 7k along time ago and only had 100 left in it. What i don't understand is why did ALL my overdue loans get sold within minutes; ~1000 quids worth.
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r1200gs
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Post by r1200gs on Jan 25, 2017 19:00:16 GMT
I can't believe you were still holding it at all, let alone 7k. As wiser men have pointed out, we won't always be able to rely on the secondary market and gullible punters to buy these loans. You dodged a bullet, or perhaps somebody took it for you? Fortunately i had shifted the 7k along time ago and only had 100 left in it. What i don't understand is why did ALL my overdue loans get sold within minutes; ~1000 quids worth. I know, it's extraordinary. It's quite clear that the gullible public are here in droves and have no idea of the risks they are taking and are not doing any DD at all, trusting SS to have done it for them and perhaps believing the that the contingency fund will always cover them. It won't.
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