spyrogyra
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Post by spyrogyra on Aug 22, 2016 15:17:58 GMT
Is it me or the SM is gone? I can't see any loan parts under "marketplace", the sale button in "my loans" is not showing anymore. Is this my explorer or something has happened to the SM?
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Post by mrclondon on Aug 22, 2016 19:43:52 GMT
FK sent this email out on the 12th August with the subject "Essential Maintenance"
Interest only loans have been blocked from secondary market trading for most of this year, I believe due to concerns over how the software was handling the reporting of lender rates to prospective purchasers.
But now the whole SM has been dropped. Utterly bizarre as of course most of the loan parts in each loan, and hence on the SM are held by the now owners of FK, GLI Finance who earlier this year were looking at a way of extracting their lent capital from the platform. You'd have thought GLI Finance would have wanted the SM fixing asap.
I have to say with the (reportedly forced) departure of the founder of FK whom I met when the platform launched, I have (at least for now) lost a lot of confidence in the platform.
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shimself
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Post by shimself on Aug 23, 2016 8:46:47 GMT
I don't believe the Essential Maintenance story, esp given there is no Primary market at the moment.
Possibly there is some (minor) inaccuracy in the accrued interest figures or something, the whole of which across all markets and all time feels unlikely to add up to more than a few K tops. Just maybe new management has got all prissy about it, in which case they need new new management (of the variety which can distinguish babies from bathwater) and quick.
Alternatively and more probable in my view they are looking to offload the entire loan book and to close the platform, although that again begs the question of the new management's judgement because (I think) they actually spent some money on acquiring the remainder of FK just a few weeks ago.
Or erm ...?
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Post by kayfundingknight on Aug 23, 2016 8:48:39 GMT
Investors;
I share your frustration, we are doing our best to restore full functionality to the platform. We are drawing on additional resources, deployed from GLI to assist.
I am confident normal service will be restored very soon.
Please bear with us a little longer.
Thank you,
Kay
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oldgrumpy
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Post by oldgrumpy on Aug 23, 2016 8:56:40 GMT
Stuff a brown envelope with readies and give The Shuang a call!  PS, Hi, Kay  |
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binkle
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SM gone?
Aug 24, 2016 19:33:58 GMT
via mobile
Post by binkle on Aug 24, 2016 19:33:58 GMT
Hi there Kay. Absence of SM does feel troubling, rather odd not even having a website notice informing us re absence of any offerings and eta website returns... Light at end of tunnel please...
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oldgrumpy
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Post by oldgrumpy on Aug 24, 2016 19:38:43 GMT
You will realise that a widely available publication out very recently has specifically advised people to avoid lending via Funding Knight. I think your new owners need to announce formally on your website exactly why parts of it have been withdrawn. I do not believe the reasons given for the Market Place being out of use for such a long time.
Proper answers please Kay, not necessarily from you - let's have it "from the top".
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Post by mrclondon on Aug 24, 2016 20:58:15 GMT
To reinforce the point made by oldgrumpy www.moneywise.co.uk/saving-banking/savings-cash-isas/peer-to-peer-lending-the-risks-and-rewards suggests avoiding Funding Knight, Rebuilding Society and Quidcycle. From a brand management point of view, the handling of the whole GLI / FK saga has been awful. To compound brand management issues with operational issues that affect the previously loyal retail investors on Funding Knight is playing with fire. Whilst the media centered on the departure of the founder and CEO of Funding Knight, I have today discovered that at least one other senior member of the team resigned at the same time which may have had a greater impact on operations. |
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treeman
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Post by treeman on Aug 24, 2016 21:20:21 GMT
Fortunately (for me) I thought the writing was on the wall .... went with the gut feeling; managed to sellout and withdraw all bar one interest only loan .......
That's just a pony that will not exactly break the bank.
Looks like I might have made the right choice.
Shame.
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bababill
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Post by bababill on Aug 25, 2016 1:51:54 GMT
Another one of Funding Knight's borrowers has just gone into administration... Payment was due on Aug 12....
Zero update on the update page.
<Borrower name redacted>
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oldgrumpy
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Post by oldgrumpy on Aug 25, 2016 8:00:30 GMT
Oh dear. They still owe me £7.36 but never fear, there are personal guarantees from three directors which they will now have to evade should cover the shortfall. ( bababill you'll have to hide disguise the borrower's name and zap that link or you will be ex-communicated  ) |
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shimself
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Post by shimself on Aug 25, 2016 8:45:19 GMT
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kaya
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Post by kaya on Sept 2, 2016 12:29:13 GMT
FK remains my best SME P2P at over 11% net returns, so can't personally agree with the Moneywise review re risk/returns. Just hope that there is'nt going to be a real platform risk emerging.
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shimself
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Post by shimself on Sept 2, 2016 16:22:25 GMT
A new loan went up today. Such was the hysteria created in me I bid on it when any sensible evaluation says maybe stay away
They have still crippled the SM though
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kaya
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Post by kaya on Sept 3, 2016 9:18:39 GMT
An evaluation of the current state of the website alone clearly says stay away to me.
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