merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
Likes: 302
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Post by merlin on Jun 2, 2015 17:05:35 GMT
Nope, it's definitely the same <removed> .. I copied the link from here before our (somewhat overzealous, IMO) mods nobbled it. I suppose if everyone misses it they can still get it via the <removed> for a few weeks thereafter, by which time maybe we'll be allowed to talk about it under a <removed> thread in 'chat'. 8>. OTOH it may be a storm in a teacup and will only get 30 seconds of <removed> anyway .. you know how 'accurate reporting' and ' <removed> journalism' fit together (although in this case I suspect they have had some help from forum members, who they will probably still manage to misquote). I understand the <removed> is about Savings and is advertised as such. However they <removed>! I believe several members of this forum were contacted for comments about the subject of this thread and I was one of them. Incidentally I don't think anyone who happens to be banned from any involvement in business is likely to be in a position to throw stones or anything else in this Forums direction. The banning has been mentioned on this Forum and on the FC site and of course in the London Gazette so it is now very much public domain in my opinion.
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Post by GSV3MIaC on Jun 2, 2015 18:28:56 GMT
How can mentioning that there is an <removed> of p2p lending be equated to "identifying a borrower"?? The <removed> does not mention the borrower name, not the lending platform, although I imagine <removed> will. Because, as someone else already said, posting the details in *this* thread links it to *this* borrower. If the post had been made elsewhere then there would have been no link. If the link has multiple scrap dealers then I guess you could argue it doesn't say which one is this borrower, but I think the likelihood is there will only be the one, and then the link is made. OK, I suppose that is one point of view, albeit not one I subscribe to .. I guess we can publicise some other way (like over on the FC forum, or via the P2P blogs) and let folks draw their own inferences. As someone said though the chances of this one, in particular, suing anyone (apart from the fact they are supposedly penniless) would seem slim, and if they did the <removed> is likely to be the first target, not a rather obscure forum, or the moderators thereof. Personally I'd be quite amused to get sued by  ap scrap, my lawyer needs the work, although it's a pity there's no way said scrappy could legitimately foot the bill for costs when they lost.
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blender
Member of DD Central
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Post by blender on Jun 8, 2015 18:37:13 GMT
May I refer forum members to a post by FC on their forum.
(No rules broken here, I hope).
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Jun 8, 2015 18:53:13 GMT
My HD recorder is set for eight o'clock. I do love programmes which discuss/explain savings options.
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Post by goldservice on Jun 8, 2015 20:04:37 GMT
May I refer forum members to a post by FC on their forum. (No rules broken here, I hope). Could you give a link to that post - unsurprisingly, I could not find it even after 10 mins of searching within that forum (yuk). On a different point, I found myself reading the sickening justification for closing the earlier independent forum - this was by one, Jon (senior member) on the thread 'Closing of the independent forum' . The hypocrisy is a reminder that Furiously Crunching is in the hands of ruthless people (they may even be in it just for the money!) [Mods: that was satire, not defamation.] The implication of that is that we should diversify at the level of p2p provider.
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Post by mrclondon on Jun 8, 2015 20:12:04 GMT
No links please to the FC forum. However, as a hint its in the "General Chat" section of their forum.
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Post by mrclondon on Jun 8, 2015 20:29:05 GMT
On the bright side, no Golden Peanut Award. Much as I have misgivings about FC's management style, I do have some sympathy for their position this evening given they were presented as the token implied warning about where not to put your savings that the banks are only paying peanuts on. TC, FK, AC, FS, Bondora (OK, probably a bit too exotic) each have lenders with poor recoveries on certain loans. Maybe it would have been fairer to have awarded a Golden Peanut Award to one. Perhaps a bigger concern is given the attention span of most viewers isn't great, FC's response re actual diversified returns probably went over peoples heads. For the record I am in this loan, but have lost more on other loans on other platforms.
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Post by westonkevRS on Jun 8, 2015 21:32:30 GMT
I'm a lender with Funding Circle, and I'm even lazy enough to use their auto-lending. I know they aren't perfect (slow web site, whole loans, etc), but my returns have been very good over the years. I'm well diversified and overall I'm happy lending through Funding Circle, I've achieved good rates and I'm probably even exposed to Crappy Scrappy in a small way. It's typical lazy journalism to find a single loan out of £650m lent that went wrong, and arguably they couldn't have found out either. It's typical to do due diligence on owners and Directors, not management or employees. I'll continue lending with Funding Circle and so should members on this forum. @ westonkevRS |
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blender
Member of DD Central
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Post by blender on Jun 8, 2015 21:51:29 GMT
May I refer forum members to a post by FC on their forum. (No rules broken here, I hope). Could you give a link to that post - unsurprisingly, I could not find it even after 10 mins of searching within that forum (yuk). On a different point, I found myself reading the sickening justification for closing the earlier independent forum - this was by one, Jon (senior member) on the thread 'Closing of the independent forum' . The hypocrisy is a reminder that Furiously Crunching is in the hands of ruthless people (they may even be in it just for the money!) [Mods: that was satire, not defamation.] The implication of that is that we should diversify at the level of p2p provider. It is the most recent post on that forum. I remember Jon, who was the head communications honcho, and I had the pleasure of telling him what I thought of his closure of the indy forum (by making an offer which could not be refused). Crappy scrappy got a good kicking but I did not think it damaging to FC. FC will gain considerable awareness from it, no other p2p operator got a look in, and in terms of the premise of the programme - where to put your cash - the 6.3% was the best number in the show. FC's material was shown extensively and verbatim and I would say it falls into the category of all publicity being good. Even the complainant said he would stick with FC and be more careful. So if I was FC I would not beat myself up about it. There will always be a few get through, you have to live with it.
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Jun 8, 2015 23:00:59 GMT
I have lost a very small amount on scrap . The programme was ridiculous in only featuring one dodgy deal (yes, Fractious Complaints should have found out from a simple google act that the crapscrap company had criminal involvement in receiving stolen property, and they were too particularly "fair to the borrower" in accepting all his lying excuses for not paying up for so long before taking action) and only one P2P/P2B platform. Yet FC seems to have ridden this exposure easily; I basically agree with Natasha's post on the other forum. So 6.3% was the only number mentioned for diversified investment (cautious FC statement) ..... according to FC I am running at about 1.3% above that over 32 months (much higher recently) (600+ companies) so I still have some interest in the platform. My FK figure has dropped to 7.1% since the recent printer debacle. Assetz will plummet to c8% when Plumber gets settled, RS is running at 6.5%+ in recent times. SS, with MT ABLR and FS recently are holding up for me at 12%ish with no losses so far. No mention of any of these in this highly selective programme. Poor journalism. Plenty about the banks. Not enough about the range of alternatives. (All above numbers do not take into account a limited amount of dead money time waiting to invest. I watch that carefully, so they will only be a point or two lower.) |
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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
Posts: 11,329
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Post by ilmoro on Jun 8, 2015 23:44:32 GMT
I have lost a very small amount on scrap . The programme was ridiculous in only featuring one dodgy deal (yes, Fractious Complaints should have found out from a simple google act that the crapscrap company had criminal involvement in receiving stolen property, and they were too particularly "fair to the borrower" in accepting all his lying excuses for not paying up for so long before taking action) and only one P2P/P2B platform. Yet FC seems to have ridden this exposure easily; I basically agree with Natasha's post on the other forum. So 6.3% was the only number mentioned for diversified investment (cautious FC statement) ..... according to FC I am running at about 1.3% above that over 32 months (600|+ companies)(much higher recently) so I still have some interest in the platform. My FK figure has dropped to 7.1% since the recent printer debacle. Assetz will plummet to c8% when Plumber gets settled, RS is running at 6.5%+ in recent times. SS, MT ABLR and FS recently) are holding up for me at 12%ish with no losses so far. No mention of any of these in this highly selective programme. Poor journalism. Plenty about the banks. Not enough about the range of alternatives. (All above numbers do not take into account a limited amount of dead money time waiting to invest. I watch that carefully, so they will only be a point or two lower.) Its always the same. Any print article on P2P will recycle Zopa, FC & RS. Even Martin Lewis is still chugging out the same line though a few other sites including AC & FK are mentioned as an afterthought. I was amazed at a recent piece on local news on FK but then theyre just down the road from the studio.
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Post by davee39 on Jun 9, 2015 11:48:11 GMT
Its always the same. Any print article on P2P will recycle Zopa, FC & RS. Even Martin Lewis is still chugging out the same line though a few other sites including AC & FK are mentioned as an afterthought. I was amazed at a recent piece on local news on FK but then theyre just down the road from the studio. Not Unreasonable. As loans mature/are sold on other platforms these are the only 3 I intend to stay with. Some of the smaller challengers are unproven and carry greater risk. Other platforms have shown how 'security' can vaporize, and how long it can take to sell property assets. My FC returns are plodding on at 12.8% (Over about 2 yrs) but this is dropping due to the lack of publicly available loans. My diversity is at around 0.6%.
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agent69
Member of DD Central
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Post by agent69 on Nov 7, 2015 15:02:04 GMT
Update from 2nd November
We have sought an update from the Trustee in bankruptcy who has confirmed that a recent sale of the guarantors interest in a caravan park has fallen through. As a result, the caravan park has been placed back on the open market and is currently being actively marketed for sale. Accordingly, the Trustee has been unable to quantify the quantum and timing of any potential dividend in the bankruptcy. Accordingly, on a R.A.G. Rating, we maintain this loan has a Red Rating as we do not anticipate a recovery in the next 5 years
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fasty
Member of DD Central
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Post by fasty on Aug 24, 2016 18:02:27 GMT
"Please note that the Trustee has confirmed that there have been no asset realisations and the bankruptcy of the guarantor has been closed. Accordingly, this case is closed and there will be no further comments added."
And so it ends, more with a whimper than a bang. On occasion, it's been more exciting than an episode of The Archers.
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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 Aug 24, 2016 19:07:58 GMT
Just as I expected but we may not be the end of the road for these people. A knowledgeable friend said that there may be a further incarnation, this time something to do with recycling tyres into fuel. I guess we will have to watch this space and that particular family.
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ap scrap, my lawyer needs the work, although it's a pity there's no way said scrappy could legitimately foot the bill for costs when they lost.
