oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jan 17, 2016 9:08:33 GMT
Whenever I need reminding why I stopped investing in FC SME loans (bar short-term Russian Roulette with Ds and Es) l simply look back at 10851, a £200k A+ loan that made 6 repayments before going phut, now projected to repay 14p in the £ over 5 years ... if we're lucky. What a wonderful thing "Personal Guarantees" are!! I'm surprised "regulators" haven't abolished the use of the expression. (Yes. I'm in 10851 as well - haven't got round to dumping my A+ loans yet!!!  ) Maybe it's about time Fluttering Chrysalis upped their game and introduced a new risk band A++ (minimum two personal guarantees!)
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Post by GSV3MIaC on Jan 17, 2016 9:13:02 GMT
Looking back at this post, and all I feel is disappointment. With perhaps a smidgeon of embarrassed naivety  .D Does it affect your dumb count though?
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blender
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Post by blender on Jan 17, 2016 9:43:40 GMT
Yep. It's called caveat emptor. I don't think anybody round here will have a problem with cynicism. That having been said, I think most of those round here are broadly supportive of, and optimistic about, the "innovative finance" sector. Sound management, beyond that, exceptional management, is something we should all hope for, and yet sometimes what counts as that for a business does not count the same for investors (or lenders). FC are walking that line right now. If I were an FC shareholder I'd be applauding. I'm not. Respect, for me, is a word bound up by what is said, and why it is said; what is thought, and why it is thought; and most importantly what is done, and why it is done. As a lender, unfortunately, they've lost my respect. Agreed. A forum such as this has a role, imo, to shed some light on the workings with the intention of helping to keep integrity in the management process (compare the banks' failure), at a time when the venture capital is pushing the growth of the loan book by any means. That's what lay behind the OP. The p2p sector is by definition ours, not the property of the operators, who are facilitators and our agents, are they not?
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registerme
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Post by registerme on Jan 17, 2016 13:43:01 GMT
Looking back at this post, and all I feel is disappointment. With perhaps a smidgeon of embarrassed naivety .D Does it affect your dumb count though? That's fair  .
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Post by GSV3MIaC on Jan 17, 2016 14:12:25 GMT
The p2p sector is by definition ours, not the property of the operators, who are facilitators and our agents, are they not? That's our opinion. They seem to regard us as raw material required to make their grand business plans work (at least initially, until we can be replaced by something easier to manage and cheaper).
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blender
Member of DD Central
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Post by blender on Jan 17, 2016 15:04:29 GMT
The p2p sector is by definition ours, not the property of the operators, who are facilitators and our agents, are they not? That's our opinion. They seem to regard us as raw material required to make their grand business plans work (at least initially, until we can be replaced by something easier to manage and cheaper). There should be a P2P Lenders Association which should have an input into creating the regulatory regime. Without it there is moral hazard for the poor operators. But I am not volunteering.
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