SteveT
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Post by SteveT on Jul 4, 2017 10:50:32 GMT
My oldest "Active" loan (ie. still not yet defaulted) is up to 494 days   Plenty of others are well over a year old. 9 days is nothing in FS terms! |
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oldgrumpy
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Post by oldgrumpy on Jul 4, 2017 10:51:49 GMT
So the G********* E***** loan (1841601622) is now 9 days overdue, with not a dicky-bird from FS. I was aware before I joined FS that they regularly let loans overrun, but this is my first. How long is too long..? The dicky bird I saw says "Borrower has confirmed intention to renew - funds awaited". (mind you, those last two words send shivers down the spine of most FS lenders  )
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littonowl
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Post by littonowl on Jul 4, 2017 11:12:10 GMT
So the G********* E***** loan (1841601622) is now 9 days overdue, with not a dicky-bird from FS. I was aware before I joined FS that they regularly let loans overrun, but this is my first. How long is too long..? The dicky bird I saw says "Borrower has confirmed intention to renew - funds awaited". (mind you, those last two words send shivers dow the spine of most FS lenders ) Doh!  So it does! Still, take on board your comment in brackets..., guess I'm a little too accustomed to the timeliness of MT. 
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jimc99
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Post by jimc99 on Jul 4, 2017 11:21:45 GMT
If FS loan repayment delays stress you a little then better stay clear of Lendy. Theirs will give you a heart attack....😕.
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r00lish67
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Post by r00lish67 on Jul 5, 2017 7:39:54 GMT
I never formally reported back on the results on the 1st, my sincere apologies, and to take a string from FS' bow I shall invoke the reason of having to travel across international borders as my excuse  I also wanted to give FS a chance to add comments to the loans. So the results were as follows: C****e (2009494909): Borrower expects to be able to fully refinance by the end of June. No updateLo****y (1018041290+various others) Borrower is confident that refinancing will be put in place by the end of the month Borrower 'frustrated' with delays. Not as much as us!
P****at Loan (5818112533) Once the banks have completed their due diligence the funds will be transferred - expected by the end of June. No progress, no real reason.G***s ***n (1541925790) Borrower is in final stages of refinancing - due to complete process by the end of the month. Nope, and again no particular reasonN**** D*** (2119926755) Borrower has confirmed refinancing should be released on Monday - paying loan back. Ongoing delayS***m P****y Renewal (2394714925) We have confirmation from the solicitor that completion date is 28th June. Renewed!Land in R***n (1960999217) ....we expect receipt of these funds in the coming week - at which point the loan will be closed down. Waiting (for Godot)
So, in summary, 7 specific assertions by FS and 6 failures to meet them. The sad thing is that this will come as no surprise to most lenders. What's disappointing from this sample is the total lack of any real reasons as to why they haven't delivered what they promised. The delays are "frustrating", "ongoing", "unfortunate" and often just "continued", but not actually explained. Being realistic, I'm not quite sure why FS set themselves up for a fall so often. So many of their loans are clearly troubled and yet they bizarrely continue to just pass on borrowers highly dubious updates of repayment in the near term. I don't expect these loans to be resolved within the week, and clearly neither do they, so why must they keep telling us they will be? What I'd really like to see is "borrower says X - we think Y". Even Fudging Commentary were occasionally happy to admit that they didn't believe the borrower update and that legal action would be enforced in the event of a lack of repayment. Edit: I should say that I don't believe all of the loans in this sample are troubled, some genuinely appear to be just slightly delayed. These just happened to all have a commitment of the end of June on them. Plenty of others could unfortunately be drafted in as examples of neverending tales. |
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ashtondav
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Post by ashtondav on Jul 5, 2017 8:37:07 GMT
What do you realistically expect? FS is lending to the very lowest in the food chain of borrowers. These are people who can't get financing from anywhere else, are not credit checked and who would fail if they were. Defaults, dodgy projects and even fraud are only to be expected at these interest rates. "The cheque is in the post" will be the most frequent comment.
Lenders' expectations on this platform are way too high. If you're making over 8% you are doing very well. As for earning 11% to 12% - forget it!
Think about it - who goes to a pawn shop?
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r1200gs
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Post by r1200gs on Jul 5, 2017 8:49:40 GMT
What do you realistically expect? FS is lending to the very lowest in the food chain of borrowers. These are people who can't get financing from anywhere else, are not credit checked and who would fail if they were. Defaults, dodgy projects and even fraud are only to be expected at these interest rates. "The cheque is in the post" will be the most frequent comment. Lenders' expectations on this platform are way too high. If you're making over 8% you are doing very well. As for earning 11% to 12% - forget it! Think about it - who goes to a pawn shop? Expecting realistic updates is expecting too much? Are you serious? Please spare me the condescending lecture on returns, we all know we are not going to get the headline rate. That does not mean we should be fed the sort of utter tripe that FS have been giving out on the likes of the hole in the wall, certainly not after they must have been inundated with lenders pointing out that the borrower was lying. They are STILL issuing total nonsense on that loan! Well, until somebody tells me that those timber frames really could be up next week.
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Post by markp2p on Jul 5, 2017 12:18:02 GMT
What do you realistically expect? FS is lending to the very lowest in the food chain of borrowers. Think about it - who goes to a pawn shop? If the loan is in default then I expect FS to take steps to enforce the security against which I am lending. I differ from most lenders in that I literally could not care less about updates, all I care about is timely repayment by the borrower and if not then enforcement of the security by the platform as soon as they are legally entitled to do so. If that is insufficient to repay the loan then I expect FS to proceed to a judgment debt against the borrower and a bankruptcy / insolvency petition. FS have shown themselves completely unwilling to do so, so they have lost my business. People go to a pawn shop when they have assets which they will lose if they fail to repay the loan in a timely manner. That doesn't seem to be happening on FS.
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r1200gs
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Post by r1200gs on Jul 5, 2017 12:34:00 GMT
Think about it - who goes to a pawn shop? Me, I had to use a Pawn brokers back in late February 2013, I pawned my Wedding band (17 grams 14 Ct Gold) to pay for a critical antibody blood test for my wife who had been refused assistance by the NHS; we had no savings left after fighting Haemophilus influenzae 'B' alone for 133 days. Such an arrogant pontification as the one you have expressed stupefies. When I read his comment, I immediately thought of a certain infamous Dutch landlord who called tenants "  ".
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Post by charliebrown on Jul 5, 2017 15:48:41 GMT
The practices and especially the updates on the p2p platforms I've used are all appalling. There's not much love shown to us investors. FS isn't necessarily worse than others, but it's no better either. Those following the Whitehaven updates will see they've fed us a pack of lies, I'm assuming they've passed on lies given to them by the borrower. On the p2p platforms I've used, investors are treated to such gems as: No change. Borrower is working to refinance. Redemption imminent. funds awaited. The list goes on. All basically fobbing us off and treating us like gullible idiots. Welcome to p2p lending  |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 5, 2017 15:58:19 GMT
The practices and especially the updates on the p2p platforms I've used are all appalling. There's not much love shown to us investors. FS isn't necessarily worse than others, but it's no better either. Those following the Whitehaven updates will see they've fed us a pack of lies, I'm assuming they've passed on lies given to them by the borrower. On the p2p platforms I've used, investors are treated to such gems as: No change. Borrower is working to refinance. Redemption imminent. funds awaited. The list goes on. All basically fobbing us off and treating us like gullible idiots. Welcome to p2p lending And you vote accordingly with yer feet .............
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mikes1531
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Post by mikes1531 on Jul 5, 2017 15:58:27 GMT
... all I care about is timely repayment by the borrower and if not then enforcement of the security by the platform as soon as they are legally entitled to do so. If that is insufficient to repay the loan then I expect FS to proceed to a judgment debt against the borrower and a bankruptcy / insolvency petition. FS have shown themselves completely unwilling to do so, so they have lost my business. Do pawnbrokers have the right to pursue borrowers if the liquidation of the security doesn't produce enough proceeds to completely repay the debt? I was under the impression that, in general, they did not. So insufficient security would become the pawnbrokers' -- and, in FS's case, their investors' -- problem. I thought that was one of the risks of pawnbroking, and partially justified the high interest rates charged to borrowers.
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ozboy
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Post by ozboy on Jul 5, 2017 16:13:22 GMT
... all I care about is timely repayment by the borrower and if not then enforcement of the security by the platform as soon as they are legally entitled to do so. If that is insufficient to repay the loan then I expect FS to proceed to a judgment debt against the borrower and a bankruptcy / insolvency petition. FS have shown themselves completely unwilling to do so, so they have lost my business.
I was under the impression that, in general, they did not. So insufficient security would become the pawnbrokers' -- and, in FS's case, their investors' -- problem. I thought that was one of the risks of pawnbroking, and partially justified the high interest rates charged to borrowers. I VERY much doubt it. Maybe, if there's Personal Guarantees involved as well, but they're nigh impossible to enforce. All AFAIK, happy to be corrected
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Post by markp2p on Jul 5, 2017 17:01:52 GMT
Do pawnbrokers have the right to pursue borrowers if the liquidation of the security doesn't produce enough proceeds to completely repay the debt?
I was under the impression that, in general, they did not. So insufficient security would become the pawnbrokers' -- and, in FS's case, their investors' -- problem. I thought that was one of the risks of pawnbroking, and partially justified the high interest rates charged to borrowers. I VERY much doubt it. Maybe, if there's Personal Guarantees involved as well, but they're nigh impossible to enforce. All AFAIK, happy to be corrected I don't know if there is some special rule about small pawnbroking style loans to consumers but in general the fact that there is security for a loan doesn't mean that the lender can't have recourse to the borrower's other assets. If I fail to pay my mortgage and there is negative equity in my house the mortgagee can (and will) pursue me for the balance. I would be shocked to find that FS are lending on terms that they don't have recourse to other assets (there's nothing stopping a lender and a borrower from agreeing that if they like, of course). Edit: my researches yield the tentative conclusion that there is no reason that even a high-street pawnbroker can't pursue the borrower for the balance if the security proves insufficient but in general, of course, they do not, because their borrowers often have no other assets and the sums involved are too small to justify the costs. Edit: colour me shocked. Clause 6.3 of the Terms and Conditions: "6.3 If the Asset fails to sell at auction, the Borrower’s debt will be cancelled as if the Asset had been sold at the reserve price and legal title to the Asset will pass to FundingSecure, as agent for the Investors, in accordance with the terms of the Loan Agreement and the CCA". Well that is just even more crass unbelievable insane ludicrous stupid incompetence. I am completely shocked that any remotely sensible lender would ever lend on those terms. That is honestly the most stupid thing I have seen in a long time.
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Post by Deleted on Jul 5, 2017 17:14:02 GMT
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Plenty of others are well over a year old. 9 days is nothing in FS terms!
)
So it does! 
I also wanted to give FS a chance to add comments to the loans.
". 
