spyrogyra
Member of DD Central
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Post by spyrogyra on Jan 10, 2017 15:27:22 GMT
Just walked the plank if you ask me. Wouldn't have thought now is a good time to be holding European investment with the pound being at rock bottom. Pound bottom? Well, if you know bottoms and tops, go to the forex. And NO, we will see lower bottoms. Most likely - end of March.
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dan83
Posts: 243
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I'm out.
Jan 10, 2017 17:22:39 GMT
via mobile
Post by dan83 on Jan 10, 2017 17:22:39 GMT
I've also been thinking of selling up and jumping ship, the 12% loans are starting to look worse and worse, or should I just bite the bullet and go for the lower rate loans?
I don't know what to do!
I'm still kinda new to SS, I think I missed the glory days of loads of good loans at a good rate.
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boundah
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Post by boundah on Jan 10, 2017 17:32:42 GMT
I'm afraid people here are sometimes too polite. I for one will not welcome this type of free scaremongering messages just because of a "gut feeling". What are the facts that support this thread? What is all this about the casino analogies? I am used to rather more intelectual interchange here. P2P is, like it or not, a new approach to known asset classes. Like it or not. If you cannot understand it please take your "gut feeling" opinions and share them at you local. Harsh. People are entitled to, and generally do, use subjective as well as objective criteria when making investment decisions - witness the boom in 'behavioural economics' and the like. I have no problems hearing about other people's gut feelings, whether I agree with them or not. To follow in your vein: if you cannot understand the gut, please go down your local for the intelectual (sic) interchange you so crave.
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andyb
Posts: 69
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Post by andyb on Jan 10, 2017 17:38:45 GMT
I'm afraid people here are sometimes too polite. I for one will not welcome this type of free scaremongering messages just because of a "gut feeling". What are the facts that support this thread? What is all this about the casino analogies? I am used to rather more intelectual interchange here. P2P is, like it or not, a new approach to known asset classes. Like it or not. If you cannot understand it please take your "gut feeling" opinions and share them at you local. Wow so I'm not allowed to have an opinion or say how I feel?! Seems to me that I was mistaken by thinking this was a public Internet forum about P2P services. Also if you don't like threads like these you don't have to click on them and you certainly do not have to expend any energy responding to them, just saying....
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toffeeboy
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Post by toffeeboy on Jan 10, 2017 17:44:33 GMT
I've also been thinking of selling up and jumping ship, the 12% loans are starting to look worse and worse, or should I just bite the bullet and go for the lower rate loans? I don't know what to do! I'm still kinda new to SS, I think I missed the glory days of loads of good loans at a good rate. Depends what you expect from a 12% bridging loan, so far the only loan to actually default on interest payments on pbl020, although we don't know if SS or the borrower are paying the loans on a few. I still have a lot of loans that are well into negative days but I am happy that the asset value exceeds the loan amount so were the borrower to stop paying then the loan is covered upon selling the asset in my opinion.
It is personal choice and risk/reward assessment, a lot can be learned from on this forum and make your own mind up whether the full amount will be recovered or not. I suspect that the reason people are still investing in PBL020 is that they believe that SS will honour the loan and the accrued interest as it was leant under the old T&C's personally that isn't a gamble I am prepared to take but some obviously are.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Jan 10, 2017 21:20:13 GMT
I'm afraid people here are sometimes too polite. I for one will not welcome this type of free scaremongering messages just because of a "gut feeling". What are the facts that support this thread? What is all this about the casino analogies? I am used to rather more intelectual interchange here. P2P is, like it or not, a new approach to known asset classes. Like it or not. If you cannot understand it please take your "gut feeling" opinions and share them at you local. Harsh. People are entitled to, and generally do, use subjective as well as objective criteria when making investment decisions - witness the boom in 'behavioural economics' and the like. I have no problems hearing about other people's gut feelings, whether I agree with them or not. To follow in your vein: if you cannot understand the gut, please go down your local for the intelectual (sic) interchange you so crave. No. Gut feeling is not enough to trash something. Also, it is very low class to pick on someone's minor spelling mistake in a non native third language. Trump seems to be encouraging some attitudes.
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Post by jackpease on Jan 11, 2017 7:51:16 GMT
I think some of the legendary loans that have gone bad (Crappy Scrappy, accountants, printers etc) have been set up in a way to confound conventional due diligence - if we can't trust what is presented to us (and I don't always think we can) then I think 'gut feeling' does have a place in all this and the chalet loan I suspect is prompting a lot of people to have a gut feeling whatever the official LTV - me included.
Jack P
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r1200gs
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Post by r1200gs on Jan 11, 2017 8:14:30 GMT
I think some of the legendary loans that have gone bad (Crappy Scrappy, accountants, printers etc) have been set up in a way to confound conventional due diligence - if we can't trust what is presented to us (and I don't always think we can) then I think 'gut feeling' does have a place in all this and the chalet loan I suspect is prompting a lot of people to have a gut feeling whatever the official LTV - me included. Jack P There are at least two loans, and probably more, that fit that description perfectly. Two have been taken out by a convicted thief, bankrupt, and a man who's business activities have been questioned in parliament. How he's stayed out of jail is a mystery, but his connections with bent law firms and solicitors and people in high places is certainly part of the answer. It takes very little unconventional research to realise this borrower has no morals at all and does not pay his debts, even if it means ruining people and leaving them homeless or in at least one case, dead. It also does not take much unconventional research to find out just how he has fooled the valuation company for his two loans with SS. Going on previous form, he will default and when he does he will tie SS up for years in the courts and any recovery, if any at all, will be nothing even close to the value of the loans made. He and his "legal" team have run rings around major banks and HMRC, so SS should be a doddle for him. This is in addition to other obvious defaults on their way and the one we already have. It's quite clear we should not trust SS as it seems their due diligence found none of this or ignored it, and I absolutely guarantee that the value of the security as presented to us by SS will be nothing like the reality. So yes, gut feeling must play a part. The Chalet looks wrong, it's that simple. Doubts about planning are just the icing on the cake.
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Post by portlandbill on Jan 11, 2017 8:38:43 GMT
I think some of the legendary loans that have gone bad (Crappy Scrappy, accountants, printers etc) have been set up in a way to confound conventional due diligence - if we can't trust what is presented to us (and I don't always think we can) then I think 'gut feeling' does have a place in all this and the chalet loan I suspect is prompting a lot of people to have a gut feeling whatever the official LTV - me included. Jack P There are at least two loans, and probably more, that fit that description perfectly..... Which ones are these?
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adrianc
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Post by adrianc on Jan 11, 2017 8:59:02 GMT
If you're looking for 12% returns risk-free, then SS is definitely not for you... and nor is any other 10-12% platform! I really do think SS investors have been spoilt, and that is largely due to the "No Capital lost", and only 2 defaults. This is not to be considered the norm. Defaults will happen, and you should expect to be involved; DD is vital to minimise (not elimnate) these risks. Loans running past their term is also to be expected, and it seems SS are getting a tad more aggressive with borrowers which is a good sign. SS is financially sound, has a consistent intake of loans that you can pick and choose and the SM liquidity is good. Yes there are issues, but no reason to bail yet (JMHO) European services... Wow... Good Luck  ^ This sums my feelings up rather well, although I am regarding some of the recent loans in a way that I've not done for a while. Some of them - yes, including the topical pairing - are "run-a-mile" in a way that makes me wonder about the internal DD being done. Perhaps there's information we aren't privy to, which makes more sense and explains SS's willingness to do business. Well, yes, and...? Hello? SHARE IT WITH US. And that wondering turns quite rapidly into "platform risk". Am I out? No. Long way from it. Am I less comfortable than I was with SS? Yes. The last set of loans I felt this inherently wary about from the start were the Gloucestershire six. They've not really gone fully south... yet. As for the "European services"... Somebody else's bargepole.
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Post by jackpease on Jan 11, 2017 9:12:44 GMT
Please don't answer directly or indirectly ***in this thread** or else the earlier very useful posting will have to get removed and that would be a shame! Jack P
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