blender
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Post by blender on May 6, 2014 13:50:37 GMT
And FC sticks two fingers up to the lenders. I doubt they see beyond the fat fee which comes out of our payments. Forumites will be comforted that the £20 which has bravely gone to this borrower's account was a volunteer. I outlined the mission and he stepped forward for this dangerous sortie. He asked what his chances were and I was honest. About 4% of him would be lost in the journey over, but if all went very well parts of him would come back each month slightly bigger than they were, and if all of his bits came back he would be bigger than when he started, and much more experienced. I would send monthly red cross parcels to the value of 1% of the bits of him which had not returned. However, there were unusual risks in this mission - propaganda, diversionary tactics, smokescreens, liquidity traps etc. There was no security of a rescue mission, and indeed this task was really appropriate for a venture capital £20, with all its training and back-up, or at least a loan capital £20. But somehow this borrower had managed to attract insecure little £20s with little more offered that modest interest. He asked if he might receive the VC if the worst came to the worst. No, but I might receive the FC equivalent of a telegram, an email, and we would all remember his sacrifice.
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blender
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Post by blender on May 6, 2014 13:58:39 GMT
can someone PM me the relevant websits(s). I only vaguely recall the first loan and never looked at any of the 'background'. I'm intrigued..... Which hat are you wearing BB?
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Post by bracknellboy on May 6, 2014 14:00:18 GMT
can someone PM me the relevant websits(s). I only vaguely recall the first loan and never looked at any of the 'background'. I'm intrigued..... Which hat are you wearing BB? Clearly the baseball cap. And the hat which says its legit for me to use all facilities available to research something just in case I was thinking of picking a loan up on the SM at some stage....
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baz657
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Post by baz657 on May 6, 2014 14:02:47 GMT
103 loan parts for sale as I type this - rates vary between 8.6% and 10.8%!
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blender
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Post by blender on May 6, 2014 15:16:04 GMT
Which hat are you wearing BB? Clearly the baseball cap. And the hat which says its legit for me to use all facilities available to research something just in case I was thinking of picking a loan up on the SM at some stage.... So no representations from another party to the moderators, then? It is tricky because the early discussions were based on the loan which was put up and withdrawn, in which the borrower and director were identified. You need the number of the first loan, which you will find in this thread. There are parts for sale of the first loan and the Q&A has what you need. The names of the two borrowers and the common director is not in this thread. Now I have told you that, you know what I will have to do.
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Post by bracknellboy on May 6, 2014 15:30:08 GMT
Clearly the baseball cap. And the hat which says its legit for me to use all facilities available to research something just in case I was thinking of picking a loan up on the SM at some stage.... So no representations from another party to the moderators, then? God no. Have found the loan and now remember it from its original original incarnation.
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wysiati
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Post by wysiati on May 12, 2014 12:36:55 GMT
The latest accounts for the borrower with loan 6043 have now been published. Of note, there are some 'Related party relationships and transactions' disclosures involving the borrowing entity for loan 5030 confirming that there were indeed financial transactions between these FC borrowers (in the £ six-figures category) in the financial year ending 31/01/14 with one borrower acting as an agent on behalf of the other. Given the above, any assertion that these are two entirely separate business entities with only a Director in common appears highly questionable/potentially misleading.
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blender
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Post by blender on May 19, 2014 21:49:57 GMT
Thanks wysiati for that confirmation of what was suggested in the last question before the loan was quickly taken. I had quite a large chunk in the first loan at a very good rate but have now sold it at just under 3%. Our entrepreneur knows how to play the FC system, and there is no way now that FC could regularise the two loans even if they agreed that the shuffling between the two companies required this to be treated as in effect a second unsecured loan (which it may or may not be). The first loan pays tomorrow and I expect it will (hope it will for those holding). To lend at interest to someone who could be a modern Icarus is not for me. It is more suited to venture capital.
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wysiati
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Post by wysiati on Jun 26, 2014 12:49:45 GMT
It seems the recent experience may have made a lasting impression on the Director who has changed the company name by substituting the less 'Googleable' "T**" for his own name.
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