GeorgeT
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Post by GeorgeT on Jan 14, 2017 22:07:41 GMT
The practices of saving stream are such that I feel they have given up on achieving full FCA authorisation and are just going for massive growth and profit as quickly as possible in order that they can sell out and make a big profit. at a time when the FCA is scrutinising peer to peer lending platforms and considering whether to give them full authorisation you would expect platforms to be whiter than white but saving stream continue to operate in their own sweet way. I can only conclude that their priority is to bring as many loans on board as possible as quickly as possible with a view to a sell out this year and they are not so interested in changing how they operate to satisfy the many requirements of the FCA. The problem that could arise is that in the spring the FCA decide to give full authorisation to several platforms and saving stream is not one of them. that could cause a panic exit by saving stream investors which would render the platform a dead duck and many investors would find their funds trapped as all new money went to FCA approved platforms. they could be playing a risky strategy with a view to a very lucrative early sell out but it could yet have a sting in the Tail for them if they don't achieve that within the next few months.
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nick
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Post by nick on Jan 15, 2017 0:11:53 GMT
Obtaining full FSA authorisation is not optional. All platforms currently operating under interim permission are on a timetable dictated by the FCA to obtain full authorisation. A firm's interim permission will lapse when its application for full authorisation is determined, at which point it will either have full permission, have its application turned down or withdrawn, the latter two resulting in the requirement to cease its current regulated activities (in this case operating an electronic system in relation to lending).
The failure of a platform currently operating under interim permission that fail to obtain full permission is a real risk and should be kept in mind when diversifying investment across platforms.
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mason
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Post by mason on Jan 15, 2017 8:21:51 GMT
The problem that could arise is that in the spring the FCA decide to give full authorisation to several platforms and saving stream is not one of them. that could cause a panic exit by saving stream investors which would render the platform a dead duck and many investors would find their funds trapped as all new money went to FCA approved platforms. The failure of a platform currently operating under interim permission that fail to obtain full permission is a real risk and should be kept in mind when diversifying investment across platforms. Completely agree. Another regulatory risk for the platform is one of compensation it may be obliged to pay to customers who lose money in bad loans that have been misrepresented on the platform and the impact that might have on the business. There might be the temptation to believe that, as long as you do your own DD and avoid the dodgy-looking loans, you will be ok, but the presence of these loans on the platform carries with it a risk to all users of the platform.
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mikes1531
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Post by mikes1531 on Jan 15, 2017 22:35:04 GMT
Two loans in particular (not these) where SS said the borrows history did not matter, because of the security, really stand out for me. r1200gs: Can you please identify those loans?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 15, 2017 22:44:44 GMT
So, is the consensus that you need a quiver of extra long, industrial strength barge poles, and to use all of them at all costs against T** C***** Loan and The Other Associated Loan?!
I have been reading this thread with mounting incredulity, noting with great unease that there's still not a single dicky from SS answering the serious questions posed - unprofessional isn't even a fraction of it.
Loads can be read into that, (non)actions speak louder than words.
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am
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Post by am on Jan 15, 2017 22:44:45 GMT
Two loans in particular (not these) where SS said the borrows history did not matter, because of the security, really stand out for me. r1200gs : Can you please identify those loans? Since the moderators worry about litigious borrowers, they might not be too keen on those loans being identified; I'm moderately surprised that some statements have been allowed to stand.
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ablender
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Post by ablender on Jan 15, 2017 22:50:26 GMT
r1200gs : Can you please identify those loans? Since the moderators worry about litigious borrowers, they might not be too keen on those loans being identified; I'm moderately surprised that some statements have been allowed to stand. Moderators do not have problems with mentioning pbl or dfl numbers. It is not against the rules.
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james
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Post by james on Jan 16, 2017 0:34:30 GMT
I'm moderately surprised that some statements have been allowed to stand. The moderators don't read everything, often relying on people reporting problems. Without a report something might not be noticed for a while.
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Post by eascogo on Jan 16, 2017 0:36:58 GMT
Two loans in particular (not these) where SS said the borrows history did not matter, because of the security, really stand out for me. r1200gs : Can you please identify those loans? r1200gs . I'm pretty sure this is about PBL056/PBL064 and SS relevant post can be found at p2pindependentforum.com/post/131348/3521?page=9
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r1200gs
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Post by r1200gs on Jan 16, 2017 9:12:09 GMT
My comments were general in nature and while I did mention they could be applied to two loans on SS in particular, it's not the loans that are the subject of this thread. I took great care to not mention which loans they were and did not respond to the request to identify those loans. Anything you can come up with should be considered a guess, nothing more. :-)
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SteveT
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Post by SteveT on Jan 16, 2017 11:23:17 GMT
(Mod hat on)
The Mod team is very much aware of this and similar posts, including the 3 that were subsequently deleted by the poster. Action will doubtless be taken if the line is crossed or it is felt that a "personal campaign" is being waged.
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twoheads
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Programming
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Post by twoheads on Jan 17, 2017 9:35:26 GMT
Both just drawn down 09:34 17-Jan.
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oldgrumpy
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Post by oldgrumpy on Jan 17, 2017 11:28:55 GMT
"the borrower is an Architect and Landscape Architect who has also done some property development. He has been in the industry for decades and has worked on complex projects that include town planning, architecture and interior design on both domestic and commercial projects."
Oh, that's great, then. Fine.
savingstream Paul, can you tell us please, who or what was the actual source of this reassuring information?
(... No sign of our borrower before 2010, but there is a different individual with all the same attributes (Occupation, DOB, nationality, addresses, connected to this security, both identified as doctors... and many more coincidences) who has suspiciously disappeared about 2008 after some shenanigans surrounding a dodgy company (possible 2 dodgy companies).
Oh, that's a "no" then. Might just as well invest in a church in El Salvador! Keep the clergy going!
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Post by Deleted on Jan 17, 2017 11:37:38 GMT
"the borrower is an Architect and Landscape Architect who has also done some property development. He has been in the industry for decades and has worked on complex projects that include town planning, architecture and interior design on both domestic and commercial projects."
Oh, that's great, then. Fine.
savingstream Paul, can you tell us please, who or what was the actual source of this reassuring information?
(... No sign of our borrower before 2010, but there is a different individual with all the same attributes (Occupation, DOB, nationality, addresses, connected to this security, both identified as doctors... and many more coincidences) who has suspiciously disappeared about 2008 after some shenanigans surrounding a dodgy company (possible 2 dodgy companies).
Oh, that's a "no" then. Might just as well invest in a church in El Salvador! Keep the clergy going!
What's the percentage return? El Salvador can be a brutal/risky place! Or is that not the point of propping up the clergy. 😂
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james
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Post by james on Jan 17, 2017 19:39:53 GMT
Both just drawn down 09:34 17-Jan. So who are the loan contracts with, an individual, possibly as described, or a company not as described? Was the planning consent information adjusted or did it still say residential use for the one where the planning inspector seems to have said that use must not be allowed to lapse into residential?
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