stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 13, 2017 20:17:32 GMT
Peteuk I agree with your assessment. On querying things with FS Monday I got an email Tuesday saying there was a meeting with borrower tgat day and the outcome would be posted Wednesday. Guess they missed the meeting or need another one. I will be following up my email over the weekend but hold out little hope of a believable account.
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jimc99
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Post by jimc99 on Jan 22, 2017 3:51:05 GMT
Full marks to FS for the recent updates, especially the telford, Weston and caddy loans. Very reasurring.
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09dolphin
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Post by 09dolphin on Jan 22, 2017 8:28:23 GMT
FS have posted "updates" on only 2 loans this weekend that are in arrears in my book. Even advice that funds will have interest that "continue to accrue" is better than nothing. What is happening with my other 14 overdue loans - or do FS believe I don't have a right to know? Out of the 16 loans that I have which are overdue it would be good to know the progress. Specifically the Boatyard and the Lancashire hotel (which FS assured us would be paid 2 weeks ago) etc. Getting a bit fed up with FS taking me for granted.
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jimc99
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Post by jimc99 on Jan 22, 2017 11:13:30 GMT
The boatyard had an update yesterday....going into receivership. The hotel had an update on the 17th which looks positive.
I think FS are pretty proactive with the late loans and communication is good.
Take a look at the late loans on SS to get a perspective.....
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09dolphin
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Post by 09dolphin on Jan 31, 2017 13:19:36 GMT
Taken a serious "hit" this month. Out of all the loans I made that were due to be repaid in January none of them has repaid or renewed. Who knows what is happening as FS don't normally choose to share information about overdue loans. The good news for January is that the wildly overdue loan on the Lancashire Hotel has finally paid out, the bad news is that my overdue loans have increased by in the order of 18%. Of course "interest continues to accrue"!! Just wish I had information about why they are late. Would so helpful if FS shared information with lenders, but they choose not to do so.
I thought my personal banker was rubbish re providing information, but he is a gem and full of information compared to FS
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Post by Deleted on Jan 31, 2017 15:43:54 GMT
09dolphin, judging from the number of posts you make complaining about FS, perhaps you would be better off lending on another platform ?
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09dolphin
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Post by 09dolphin on Jan 31, 2017 17:45:10 GMT
Thank you for the advice "roguetrader". I hope your future posts are more constructive.
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SteveT
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Post by SteveT on Feb 1, 2017 9:07:50 GMT
Overall, January was certainly one of the worst months I can recall on FS for having overdue loans repay (with 1 or 2 notable exceptions, eg. Lancaster). My hope is the hiatus will be short-lived and that it's largely the seasonal hangover of the legal profession shutting down for Xmas and New Year before slowly grinding itself back into action. Otherwise, I fear FS will need to invest in some larger baseball bats...
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09dolphin
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Post by 09dolphin on Feb 1, 2017 14:13:03 GMT
I hope "roguetrader" has got the message. On this site we share thoughts and with significant amounts invested feel able to express concerns etc. I'm sure "roguetrader" didn't understand so we should give him/her some slack.
I will continue to express concerns when I think FS are failing to give information but I remember what it was like for me as a "newbie".
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hendragon
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Post by hendragon on Feb 1, 2017 17:24:21 GMT
FS have never been good communicators. A fact I often find very frustrating. Not long after FS started my partner e-mailed a request for loan updates. The reply was something along the lines of "we are considering it but not quite what information we would give or for that matter why we would need to do so"
Yet when I look at my loan history I only have 1 default (Lubin) that did not have full recovery. Perhaps I have been fortunate but, as annoying as FS's somewhat cavalier attitude to comminication can be, their record on defaults in my case has been excellent. For the record my total loans granted is very close to £45K. I lost £30 on the Lubins. The timing of when loans are repaid has always had something of the arbitrary about it which can be disturbing.
The problem with poor communication and updates is that lenders, including myself, draw their own sometimes speculative conclusions. That being said I would very much like the long-running SW Hotel saga to finish.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 1, 2017 17:47:07 GMT
Two Comments:-
1/ I ran three businesses over 15 years and never had ONE Bad Debt. I personally phoned the Customer around a week or two before payment was due and casually, in a friendly manner reminded them that payment was due and expected, and would be immediately acted upon if not paid exactly by time. The day before payment was due I would phone again and double "Warn". As I say, I never had a single bad debt, an element of luck I'll accept, but you must be proactive, if you let these people know you mean business my experience is that they won't stripe you up. Maybe FS do this, I hope so.
2/ Seems to me that certain "Professionals" such as some Solicitors that FS deals with have no compunction whatsoever in blatantly lying along the lines of "We have the funds and we will be transferring forthwith.", and the monies never arrive. An almighty fuss should be kicked up over such occurrences and the individual/firm reported to their Professional Body and everyone else and their dog for Serious Misconduct so that they are struck off. Maybe FS do this, I hope so.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 1, 2017 18:15:42 GMT
I have to be honest, this is the Politically Correct UK where "White Collars" get away with serious misconduct all the time. You see it daily and very little is done. Professional Bodies here are far more concerned with protecting the image of their "industry" and are highly reluctant to do anything more than slap bottoms. Which many some Solicitors, from what I know about the "Legal Profession", would thoroughly enjoy.
It wouldn't and doesn't happen that much in Australia and the USA where PC tendencies are over-ruled by common sense and strong enforcement of rule of law.
I imagine that some US or Australian Solicitors also enjoy a good bottom slapping.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 1, 2017 18:17:25 GMT
IMO we do get updates when there is something relevant. The problem is planning committees, legal representatives and administrators, are all subjected to red tape and they don't have a vested interest in getting the job done.
For property loans I would like to see more than one administrator appointed when a loan goes into default, the first one to get a result gets paid. Alternatively, send defaulted property directly to auction. These solutions may not get the best price, but allowing high interest rates to accrue and ongoing legal costs maybe worse.
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09dolphin
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Post by 09dolphin on Feb 1, 2017 18:33:51 GMT
Hendragon. Agree totally. I have never lost anything with FS up to present. I do expect to not fully recover my capital with a couple of loans but I will be in profit overall.
The lack of communication by FS to lenders is so frustrating. It doesn't take much to say they are working with the borrower and hope to resolve the issues. Or to say they have talked to the borrower within the last 7 days and are working on the issues - but they don't. The fact that FS appear to treat borrowers with a degree of contempt doesn't help.
I am so frustrated with FS that I am reinvesting my interest and capital but I have stopped investing new money in this site.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 1, 2017 18:40:09 GMT
Whatever FS is doing, it would seem that a serious Review of their Procedures regarding Late Payment & Default Handling may be in order.
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