stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 15, 2017 16:15:42 GMT
Hi.
I think I already know the answer but would like forumites advice.
I have seen an offer for a bond that can be turned into debentures at a future point, unspecified.
Issuing company not fca authorised.
Interest of 20% per year.
Company only in business a few months so no accounts.
Reason for needing the money quoted as recruitment consultant needs cashflow cover for the period between employment and invoice payment. Current charge for specialist credit 48%.
Charge hirer massive fee to cover with good margin. 2 month delay.
Put marketspeak "hurry up as there is little left" in blurb.
Want my name, address and how much I want to invest. Dont have contract documents. They want to send me an invoice.
Hm! do I pay without a contract?...
BARGEPOLE TIME?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 15, 2017 16:24:07 GMT
Come on now Stub - simply read your post back and decide for yourself  Consider reporting them to the FCA - it could lead to saving somebody else a lot of money and stress, and if there is a slim chance they are legit, it can be determined by the FCA Here... borrow my bargepole...
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adrianc
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Post by adrianc on Feb 15, 2017 16:32:17 GMT
You need to ask? Really? Can I interest you in a bridge?
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Liz
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Post by Liz on Feb 15, 2017 16:59:00 GMT
Hi. I think I already know the answer but would like forumites advice. I have seen an offer for a bond that can be turned into debentures at a future point, unspecified. Issuing company not fca authorised. Interest of 20% per year. Company only in business a few months so no accounts. Reason for needing the money quoted as recruitment consultant needs cashflow cover for the period between employment and invoice payment. Current charge for specialist credit 48%. Charge hirer massive fee to cover with good margin. 2 month delay. Put marketspeak "hurry up as there is little left" in blurb. Want my name, address and how much I want to invest. Dont have contract documents. They want to send me an invoice. Hm! do I pay without a contract?... BARGEPOLE TIME? pfff...I read in an e-mail, you can make that return in a day in some dodgy binary options. Both sound like scams!!!!
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sqh
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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 15, 2017 17:17:10 GMT
stub8535Only if you have the right to sell the borrowers body parts, when they default.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Feb 15, 2017 17:24:07 GMT
You need to ask? Really? Can I interest you in a bridge? One in Tadcaster? Come on now Stub - simply read your post back and decide for yourself Consider reporting them to the FCA - it could lead to saving somebody else a lot of money and stress, and if there is a slim chance they are legit, it can be determined by the FCA Here... borrow my bargepole...
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Feb 15, 2017 17:51:59 GMT
Come on now Stub - simply read your post back and decide for yourself Consider reporting them to the FCA - it could lead to saving somebody else a lot of money and stress, and if there is a slim chance they are legit, it can be determined by the FCA Here... borrow my bargepole...
Thanks for the link dnallov. I have reported the company. Hope it prevents anyone getting ripped off. Last straw for me was being asked to sign a contract unseen and pay an invoice.
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hazellend
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Post by hazellend on Feb 15, 2017 19:03:44 GMT
14% loan on ABLrate available now.
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gibmike
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What is a cynic? A man who knows the price of everything and the value of nothing.
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Post by gibmike on Feb 15, 2017 19:11:58 GMT
I had a similar predicament a few months ago. A company offering a whopping 16% return for a 12 month bond. You have questions you need to ask stub8535: 1) Is it secured 2) Is it insured 3) Do you have possession of the invoices if he folds I doubt any of the answers are yes so walk away. Mike |
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 15, 2017 20:15:45 GMT
Already have and I have given fca details. The owner indicated guaranteed and insured but I cant trust his word.
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ablender
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Post by ablender on Feb 15, 2017 20:25:18 GMT
You need to ask? Really? Can I interest you in a bridge? Watch out using bargepoles when dealing with bridging loans. You do not want to hit the bridge and be thrown off in the water.
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Post by ablrateandy on Feb 18, 2017 21:33:35 GMT
There's no such thing as "too good to be true". There's plenty of double digit returns out there. Nor does a bond issuer have to be FCA registered although a "proper" bond will be listed on a stock exchange.
However on this one look under the hood. I've come across something very similar and the invoices arent yet raised and so aren't valid. With recruitment consultants they don't have that guaranteed cash flows for months and at that point it's just receivables finance, which personally I would look at between 12 and 24c depending on the contract and obligor.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 19, 2017 1:21:14 GMT
In answer to my question he was replacing invoice discounting at 4% a month with a preference share that is guaranteed and insured for 5 years for 20% a year.
Company established late 2016. Swanky address in Birmingham.
Charitable foundation mentioned on website is untraceable.
When I got the "contract" it was riddled with errors.
On checking further today the claims of 14 years senior sales and recruitment stated would mean he started working at a very unripe age.
Needless to say the "opportunity" was given the heave ho. All correspondence held ready for fca call.
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Post by moonraker on Feb 19, 2017 17:41:26 GMT
There's no such thing as "too good to be true"... A statement that made me laugh out loud. Of course there is.
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Post by ablrateandy on Feb 19, 2017 22:10:13 GMT
Not if you base your assessment purely upon the interest rate.
"20% per year. Too good to be true?" was the question.
If the question was "8% per year. Too good to be true?" what would you think?
The point of my answer is that you need to look at what backs the claim.
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