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Post by sunburyjane on Feb 9, 2017 19:54:25 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 am so excited tomorrow we will know exactly where we are with all our overdue loans. I invested £20000 to test the platform. I am not impressed and will be reducing my investment to £5000 which will probably take at least 18 months to achieve. There is a place for FS in a P2P portfolio, but only a small percentage, as there are some good investments to be had. What let's FS down is their poor updates, they appear to accept excuses for non payment on a par with ' I couldn't come to work today because my budgie got out of the cage' I also feel that as most loans appear to be at or approaching 70% LTV there isn't much room to manoeuvre in a forced sale with the accumulated monthly interest charges unless FS toughen up in dealing with borrowers. If I wanted to borrow money and conventional bank loans were unavailable my first port of call would be FS as they are a soft touch. I wonder how many borrower's think the same.
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Post by shadoh on Feb 10, 2017 9:26:11 GMT
If I wanted to borrow money and conventional bank loans were unavailable my first port of call would be FS as they are a soft touch. I wonder how many borrower's think the same. at these rates. hell no. even if the loan defaulted, it can take 18months + to get money back.
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sb
Posts: 166 
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Post by sb on Feb 10, 2017 13:59:21 GMT
Two updates so far.
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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 10, 2017 15:27:51 GMT
Loan 1188247597 has been repaid, 5 hours after an update threatening to appoint receivers.
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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 10, 2017 15:56:19 GMT
Strap on your big b**ls and go in hard, works every time funnily enough, in my experience.
Give 'em an inch and they'll take a mile.
And various other maxims, which all boil down to "Don't f**k with me!"
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SteveT
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Post by SteveT on Feb 10, 2017 15:59:10 GMT
Don't you just love this sort of FS update (just added to the "pair of Bristols" loan)?: "Following discussions with the borrower we have agreed a thirty-day extension - at which time the borrower intends to repay the loan in full."
Precisely zero explanation given of why the borrower is unable to repay the loan on the scheduled date nor why FS thinks he may be able to do so in another 30 days. I wouldn't mind if penalty interest began to accrue from the due date, but there seems to be zero incentive for FS borrowers to pay up as promised.
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r00lish67
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Post by r00lish67 on Feb 10, 2017 16:07:25 GMT
Don't you just love this sort of FS update (just added to the "pair of Bristols" loan)?: " Following discussions with the borrower we have agreed a thirty-day extension - at which time the borrower intends to repay the loan in full." Precisely zero explanation given of why the borrower is unable to repay the loan on the scheduled date nor why FS thinks he may be able to do so in another 30 days. I wouldn't mind if penalty interest began to accrue from the due date, but there seems to be zero incentive for FS borrowers to pay up as promised. I felt the same reading that one - If there's no mention of some form of financial asset's value being realised (either the properties involved or something else), then what exactly is 30 days going to add? And if there is, why not tell us to provide a more informative and assuring update? I hope I'm wrong, but this has the ring of the start of a long saga of " funds continue to be awaited" type comments.
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Post by shadoh on Feb 10, 2017 16:14:11 GMT
I echo your comments. No incentive for borrower to pay on time(i.e. no late penalty higher interest rate)
why not call him the borrower before it's meant to redeem instead of a couple days after?
don't like their lethargic approach/lack of communication.
Goodbye FS.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 10, 2017 16:21:42 GMT
Yessir sqh! A nice tidy sum which I have just duly withdrawn immediately, ta V much FS  10/2/17 - 7 hours ago
- Sale is proceeding. We have, however, given a deadline of February 17 to complete before we appoint receivers.
30/01/2017
- Borrower is finalising the sale of this property. We hope to have the loan settled in the next few days.MORE of this please FS, you know you want it ....................................... |
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Doc
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Post by Doc on Feb 10, 2017 16:36:28 GMT
Loan 1188247597 has been repaid, 5 hours after an update threatening to appoint receivers. With the low LTV (31%) here, the loan was always well covered by the assets, I imagine holders wouldn't have minded if this had taken a while longer to resolve.
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r00lish67
Member of DD Central
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Post by r00lish67 on Feb 10, 2017 16:56:22 GMT
Loan 1188247597 has been repaid, 5 hours after an update threatening to appoint receivers. With the low LTV (31%) here, the loan was always well covered by the assets, I imagine holders wouldn't have minded if this had taken a while longer to resolve. Which really sums up the trick with FundingSecure. Often said, but you need to be really selective with their loans. If you can foresee yourself not being concerned come renewal time, you know it's a good one to hold. I knew that, so why did I buy those blimmin' pair of Bristols?  Edit: Ah yes, it was the ever-tempting 1% cashback, that was the reason!
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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.
Posts: 1,428
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Post by sqh on Feb 10, 2017 17:05:26 GMT
With the low LTV (31%) here, the loan was always well covered by the assets, I imagine holders wouldn't have minded if this had taken a while longer to resolve. Which really sums up the trick with FundingSecure. Often said, but you need to be really selective with their loans. If you can foresee yourself not being concerned come renewal time, you know it's a good one to hold. I knew that, so why did I buy those blimmin' pair of Bristols? Edit: Ah yes, it was the ever-tempting 1% cashback, that was the reason! Very True. I'd be happy for all of my overdue loans to run another 3 months. That includes 2157766811 which is well past it's bedtime. However, 2198963072 (597 days active) is burning the candle at both ends.
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Doc
Member of DD Central
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Post by Doc on Feb 10, 2017 20:29:57 GMT
I'd be happy for all of my overdue loans to run another 3 months. That includes 2157766811 which is well past it's bedtime. However, 2198963072 (597 days active) is burning the candle at both ends. Agreed, also only holding loans that I would be happy to hold beyond the 6 months stated, though I think it's important to get a progress update after the 6 months has expired.
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mikes1531
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Post by mikes1531 on Feb 12, 2017 0:58:38 GMT
Prime Central London prices are going down, very little trade at the moment. : Thanks for the info. This makes me think I should reconsider the SS loans I'm holding that were made at 70% LTV. Those LTVs are based on valuations made a year ago, so the LTV now might be more like 80%. I would suggest that Frank Knight data needs treating with extreme caution. The slow down in "prime" London is primarily in properties over £2m, where falls of 10-20% over the last 12 months are frequently being reported. Two of the three SS loans I referred to fall into the £2+M classification. (The values are £1.5M, £2.1M, and £3.25M.)
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elliotn
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Post by elliotn on Feb 12, 2017 1:31:24 GMT
sb : Thanks for the info. This makes me think I should reconsider the SS loans I'm holding that were made at 70% LTV. Those LTVs are based on valuations made a year ago, so the LTV now might be more like 80%. I would suggest that Frank Knight data needs treating with extreme caution. The slow down in "prime" London is primarily in properties over £2m, where falls of 10-20% over the last 12 months are frequently being reported. Two of the three SS loans I referred to fall into the £2+M classification. (The values are £1.5M, £2.1M, and £3.25M.) The remaining days are getting a bit shorter but you should still find willing buyers. A weaker pound should help underpin overseas buyers and one of the properties has recently been repaid in full.
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