Formby Development (Original loan - 9631725522) DEFAULT (FS) Feb 8, 2018 9:10:00 GMT bugs4me likes this
Post by brightspark on Feb 8, 2018 9:10:00 GMT
I too lost out in the turbine loan and am stuck with small stakes in the Power boat and Knaresborough loans. Since then my policy has been to withdraw from FS and to always sell early any existing loans in this platform. My stake in FS should have been around £40K by now instead of which it is less than 2K. It will not increase until the culture in FS is changed to include one of pursuing bad debts early and rigorously. It would be well advised to cease treating borrowers concerns with platitudes/disdain/contempt - you can take your choice. the Whitehaven problems in particular was/is a salutary lesson I would hope for all investors. Stupidly when I became disillusioned with FS I initially decided to be very much more selective about which loans I held to term. I selected to retain Formby as it seemed to be a fairly straightforward development. Subsequently I had a further change of heart by which time Formby had passed its sell by date. So I am stuck with it. I would put it as evens at this stage whether or not this loan drags on for months if not years with FS pushing out the usual kicking the can down the road noises. I have already just raised a query with FS along the lines suggested and am expecting the usual vacuous reply shortly. Notwithstanding any excuses from them I would urge all investors in this loan to e-mail FS on a daily basis seeking progress reports. Unless investors on p to p platforms become much more proactive about non-performing loans nothing will change.
How do you feel FS will positively respond. I expressed my views/concerns over the (in)famous Turbine loan before everything hit the fan and got a template response. Nothing meaningful - still resulted in a c70% loss.
Until the flow of new funds into the platform starts to slow down or ceases temporarily, only then will FS take stock and review their current business model. Until then it's more of 'there's plenty more where they just came from' attitude - lenders that is. Just a personal thought.