investibod
Member of DD Central
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Post by investibod on Mar 7, 2016 14:03:44 GMT
Just received this email
Going in a new direction.
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SteveT
Member of DD Central
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Post by SteveT on Mar 7, 2016 14:20:29 GMT
Just received this email Going in a new direction. Surely there's a typo here and it should actually read April 1st ? What happens if the "high profile individual" is photographed snorting cocaine and the "major brand" dumps them like a hot potato?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Mar 7, 2016 14:29:57 GMT
I understand it's Nigel Farage's new role as Ambassador to the EU. He wants the money to set up a new embassy in Bucharest.  |
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Post by eascogo on Mar 7, 2016 14:31:13 GMT
Just received this email Going in a new direction. Surely there's a typo here and it should actually read April 1st ? What happens if the "high profile individual" is photographed snorting cocaine and the "major brand" dumps them like a hot potato? 13% shown on FS website, 15% in the email
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Post by xyon100 on Mar 7, 2016 14:40:24 GMT
I once had shares in a small company that allowed a very high profile client to run up a million pound debt. He was good for it, we were told. After nearly a year with the messages from the company directors sounding less and less confident, it was finally admitted that our glowing high profile character who was good for any debt, was not paying. Nope, no security at all and should the company take him to court, he was going to counter claim that he was mislead about the risk and should not have been allowed to run up the debt. Without a lot more confidence inspiring information, I would not touch this loan with your bargepole.
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hendragon
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Post by hendragon on Mar 7, 2016 14:53:36 GMT
To be fair to FS they are being innovative. I haven't seen a loan like this (possibly for good reasons) on any platform. It looks like a minimum bid for me though.
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hendragon
Member of DD Central
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Post by hendragon on Mar 7, 2016 14:54:24 GMT
I understand it's Nigel Farage's new role as Ambassador to the EU. He wants the money to set up a new embassy in Bucharest. that amount would be unlikely to cover the security costs.
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webwiz
Posts: 1,133
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Post by webwiz on Mar 7, 2016 15:00:16 GMT
If FS want us to lend money to an unnamed person with no security (not even a PG?) they need to give us as much information as they can, eg purpose of loan, means of repayment, precise status of his/her contract (agreeing Heads of Terms does not mean the contract is signed does it) etc. I should not think that they would get any BHs unless they were given the borrower's details under a non-disclosure agreement.
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mikes1531
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Post by mikes1531 on Mar 7, 2016 15:57:02 GMT
This loan is so against the principles the platform was set up for -- not to mention its name -- that I find this new venture rather worrying.
I'm certainly not going to touch it, but I do worry about how many people familiar with the platform will invest without fully appreciating how different this is from the loans FS have offered in the past.
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investibod
Member of DD Central
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Post by investibod on Mar 7, 2016 16:30:49 GMT
I am going to take a good luck look when the details appear. Depending on what I see i will either take a very small bite, or more likely, avoid touching it with anybody's barge pole.
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Post by mrclondon on Mar 7, 2016 16:54:19 GMT
Being dumped by the brand has been mentioned. In a similar vain, being run over by a bus, having a heart attack etc etc
15% unsecured with NO provision fund is a joke. Might as well lend your £25 to the bloke down the pub.
The only way this could be made to work is some kind of contract directly between the brand and FS (deduction of earnings), plus assigned 12 month life cover.
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SteveT
Member of DD Central
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Post by SteveT on Mar 7, 2016 17:30:09 GMT
I wonder if FS will arrange a £150,000 unsecured loan for me. I've been recruited as the Head of Operations for 2 very highly regarded Nigerian companies, "wewantyourbankdetails.com" and "youhaveinherited$650milliondollars.com". My salary will easily cover the loan as I've been promised $250,000 per month as soon as they verify my Bank account details. All joking apart, this is a major divergence for FS. They have been moving very quickly from pawnbroker type loans into property loans and now join the ranks of the other p2p lenders who give unsecured loans. One of the main reasons (if not the main reason) I joined FS was that their loans were secured, albeit that the valuations were sometimes questionable. I have been slowly running down my FS account and this latest change just ensures that by the end of May I will be out completely If your new employer wants to raise further FS loans for working capital, I dare say those two snappy domain names will gladly be accepted as security ...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 7, 2016 17:31:51 GMT
Being dumped by the brand has been mentioned. In a similar vain, being run over by a bus, having a heart attack etc etc
15% unsecured with NO provision fund is a joke. Might as well lend your £25 to the bloke down the pub.
The only way this could be made to work is some kind of contract directly between the brand and FS (deduction of earnings), plus assigned 12 month life cover. I quite regularly lend to a bloke down the pub. The difference is I know who is, roughly where he lives, what he does and most importantly where he drinks. Which is slightly more than i know here
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Post by yorkshireman on Mar 7, 2016 17:39:29 GMT
I am going to take a good luck when the details appear. Depending on what I see i will either take a very small bite, or more likely, avoid touching it with anybody's barge pole. You'll need good luck if you invest in this loan!
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locutus
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Post by locutus on Mar 7, 2016 17:57:51 GMT
Just when I think FS couldn't get "it" any less than they already have, they go and do something like this. Worrying direction for the company.
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