09dolphin
Member of DD Central
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Post by 09dolphin on Feb 7, 2017 8:09:42 GMT
I think FS have several problems. Firstly they seem to be hoping and believe that borrowers statements re repayments will happen. They don't seem to have an understanding that people both lie and are unreasonably optimistic in relation to their ability to pay interest and capital. Secondly FS appear to be increasingly reluctant to provide updates to investors. I really don't know why FS are so reluctant to update investors as honesty is normally rewarded by increased confidence. However it seems to be the way FS manage their loans Thirdly they continue suggest valuations for property loans that are not supported by similar property sales in the area. This is a real issue for me and deters me from investing "new money".
The one thing I don't understand is why FS seem to favour borrowers over lenders rather than treating them equally.
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jcm9000
Member of DD Central
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Post by jcm9000 on Feb 7, 2017 8:15:16 GMT
I'm going to guess 1322375580 is heading the same way. 7 days late with no info i can see to date.
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sb
Posts: 166
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Post by sb on Feb 7, 2017 9:58:51 GMT
Is there anything we can do to force FS to be more serious about overdue loans apart of taking our money out of the platform?
I like the liquidity and SM but it seems to me it is a kind of "winner curse".
For now I've stopped any investments in the loans until I get some clarity what is going to happen with loans which are overdue.
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peteuk
Member of DD Central
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Post by peteuk on Feb 7, 2017 12:48:41 GMT
Contact the fca as I have done this morning
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r00lish67
Member of DD Central
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Post by r00lish67 on Feb 7, 2017 14:37:07 GMT
So after all of these complaints about comms on a range of loans from a varied group of investors over the last few days, as well as (presumably) multiple chases directly from FS members who may or may not use this forum, the total number of comments added to loans across the whole loanbook since Friday is.........zero! Perhaps they're on a company day out in the Powerboat? Or playing with the model trains?
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micky
Member of DD Central
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Post by micky on Feb 7, 2017 15:53:34 GMT
I have just been in contact with FS and been informed that the person responsible for updates has been on holiday and has returned today.
He is aiming to get all updates done in due course. When pushed I was told for Friday.
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Steerpike
Member of DD Central
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Post by Steerpike on Feb 7, 2017 16:08:31 GMT
Interesting, seriously overdue loans appear to receive no attention for 6 weeks because an individual is on holiday?
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sb
Posts: 166
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Post by sb on Feb 7, 2017 16:34:18 GMT
They grew their loon book 10 times from £5 million to £50 million since mid 2015. They should have at least doubled or tripled their team.
Based on the last available accounts from 2015, they made probably some small profit. With the 10 times bigger book their income could be around £2 million per annum with the costs in range of a few hundred thousands. Are the directors just greedy trying extract as much cash as they can instead of growing the business?
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Post by sunburyjane on Feb 7, 2017 16:42:21 GMT
I have just been in contact with FS and been informed that the person responsible for updates has been on holiday and has returned today. He is aiming to get all updates done in due course. When pushed I was told for Friday. I take it that we can expect an update "any day now" I think that the excuses given by borrowers are beginning to rub off on FS now.
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r00lish67
Member of DD Central
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Post by r00lish67 on Feb 7, 2017 16:48:35 GMT
Well, at least they're on the case now that they're back - we're up to, let me see <peeps over the top of a pile of priceless Italian books>...zero loans updated today. Let's just hope it isn't the one person who processes withdrawals on the holiday rota next.
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elliotn
Member of DD Central
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Post by elliotn on Feb 7, 2017 17:23:41 GMT
I used to love a good winter holiday, really warms the cockles.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Feb 7, 2017 17:44:09 GMT
"the person responsible for updates" - is there now just one individual who is solely responsible for all Updates, or is it still the individual "Loan Owners"?
Seems to me an excellent investment by FS would be to immediately hire an "Update Manager"?
I do hope FS are not garnering a reputation among prospective Borrowers for being easy.
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micky
Member of DD Central
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Post by micky on Feb 7, 2017 17:56:54 GMT
Wow, I just hope that you all contact FS tomorrow and let them know the depth of your concern. I did refer them to the comments on this forum, so I expect that they would have taken a peek by now.
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mikes1531
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Post by mikes1531 on Feb 7, 2017 20:15:47 GMT
I'm going to guess 1322375580 is heading the same way. 7 days late with no info i can see to date. That one is a bit of a worry. The General Info for this loan -- which is a renewal -- includes... "no info" above is a bit of an understatement. The loan was activated over six months ago, and its Updates tab says... ...ever! Does this mean fundingsecure have received no info from the borrower in over six months?
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sb
Posts: 166
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Post by sb on Feb 8, 2017 9:59:00 GMT
I'm going to guess 1322375580 is heading the same way. 7 days late with no info i can see to date. That one is a bit of a worry. The General Info for this loan -- which is a renewal -- includes... "no info" above is a bit of an understatement. The loan was activated over six months ago, and its Updates tab says... ...ever! Does this mean fundingsecure have received no info from the borrower in over six months? The property is still on the market at 3.25 mln. Prime Central London prices are going down, very little trade at the moment. 
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