angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Sept 3, 2017 16:26:36 GMT
oldnick ''the thread title sucked me in''
Clickbait!
Hardly. The subject was virtually a direct quote - should I have dumbed it down? Regarding the comment about "as long as the security is good", that is FS's approach but at least they pay 12%. I cant comment on that platform but if they are paying 12% there is a reason for it.
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Post by swfab on Sept 3, 2017 18:43:30 GMT
The Credit Report in section 2. mentions that that person: "....who is the Director and 100% shareholder of the company".
However, a quick look at Companies House for the company in question reveals there are two Directors of the same Surname (the other person with a different First Name was appointed as Director on 25th July 2017).
Or there are two Directors (them being brothers) or just one but not the one AC believes it is...either way the Credit Report seems to be wrong in that respect....?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 3, 2017 19:17:35 GMT
The Credit Report in section 2. mentions that that person: "....who is the Director and 100% shareholder of the company". However, a quick look at Companies House for the company in question reveals there are two Directors of the same Surname (the other person with a different First Name was appointed as Director on 25th July 2017). Or there are two Directors (them being brothers) or just one...either way the Credit Report seems to be wrong in that respect....? Are you looking at the right company? The borrower has multiple companies using his initials and the company which is the borrower (Re) has him as the sole director. Its (Dev) that has the second director (reappointed recently). (Br) the borrower on other AC loan only has one as well.
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rick24
Member of DD Central
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Post by rick24 on Sept 3, 2017 19:24:28 GMT
There is plenty of information about Mr A****** on the internet. Make what you will of it.
He got caught out in the crash of 2008 in the US.
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Post by swfab on Sept 3, 2017 19:32:31 GMT
My bad. Thank you ilmoro for pointing this out. I was looking at (Dev) not (Re). Both being registered at the same address. |
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Sept 3, 2017 19:48:17 GMT
Hardly. The subject was virtually a direct quote - should I have dumbed it down? Regarding the comment about "as long as the security is good", that is FS's approach but at least they pay 12%. I cant comment on that platform but if they are paying 12% there is a reason for it. FS would be paying 7% also if they had a sugar daddy like AC has. In fact how much money does AC get in ratio to individual investers and the likes of Victory Park Capital ? Can AC still be called a P2P provider ? I don't know the answers but it would interesting to find the breakdown.
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tonyr
Member of DD Central
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Post by tonyr on Sept 3, 2017 19:49:42 GMT
Hmmm, not sure about that.........some "completed loans" still owe interest and are hidden away in the repaid tab, other defaulters like the plumber and the optician are still in the live loan book, and look like being there forever more At the moment the system treats capital being deployed and returned as being the start and end of the loan, which was the perhaps naive specification written and coded back in 2013 when the site was first put together. That policy is currently under review so that we have a definitive approach specified, coded, and communicable to lenders but is going to take a few weeks to get right (and with our other commitments). As ever, thanks Chris for sharing. This is the most annoying "feature" of the site to me right now, and the one that involves the most guesswork/fiddling of my daily spreadsheet (I now have two loans that fall under this, both with considerable interest). FWIW accrued interest is always promissory, but nevertheless, what is expected normally happens and it's really useful to have a single rule for accrued interest, i.e. it's always accumulated and displayed on the dashboard (even if it never happens, for what ever reason).
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am
Posts: 1,495
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Post by am on Sept 3, 2017 20:12:56 GMT
As long as the loan is secured on something and it has been valued properly that is my main concern. Worst case scenario is they default and the asset is sold and I get my money back (hopefully plus interest). Look at #330, or Anglesey, or Campbelltown, or #56/#64 at Lendy. Property valuation is an art not a science.
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am
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Post by am on Sept 3, 2017 20:17:37 GMT
The Credit Report in section 2. mentions that that person: "....who is the Director and 100% shareholder of the company". However, a quick look at Companies House for the company in question reveals there are two Directors of the same Surname (the other person with a different First Name was appointed as Director on 25th July 2017). Or there are two Directors (them being brothers) or just one but not the one AC believes it is...either way the Credit Report seems to be wrong in that respect....? From the dates of birth I had tentatively inferred that the other director of a couple of companies was his son. (Supporting evidence, also non-probative, is that the other director's forename was used for the name of the failed US business. But the choice of names for UK companies suggests that perhaps he has the same first name, but uses his second name.)
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Post by swfab on Sept 3, 2017 20:40:19 GMT
The Credit Report in section 2. mentions that that person: "....who is the Director and 100% shareholder of the company". However, a quick look at Companies House for the company in question reveals there are two Directors of the same Surname (the other person with a different First Name was appointed as Director on 25th July 2017). Or there are two Directors (them being brothers) or just one but not the one AC believes it is...either way the Credit Report seems to be wrong in that respect....? From the dates of birth I had tentatively inferred that the other director of a couple of companies was his son. (Supporting evidence, also non-probative, is that the other director's forename was used for the name of the failed US business. But the choice of names for UK companies suggests that perhaps he has the same first name, but uses his second name.) Indeed, father (47) and son (23) rather than brothers. Anyway, a web of 'clear as mud' businesses.
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Post by keyboardworrier on Sept 3, 2017 20:48:03 GMT
The joys of P2P investing. It's like a never ending episode of Minder!
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Sept 3, 2017 20:58:00 GMT
I cant comment on that platform but if they are paying 12% there is a reason for it. FS would be paying 7% also if they had a sugar daddy like AC has. In fact how much money does AC get in ratio to individual investers and the likes of Victory Park Capital ? Can AC still be called a P2P provider ? I don't know the answers but it would interesting to find the breakdown. I am not sure what you mean here. The rate AC charges borrowers is the gross rate they quote afaik.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Sept 3, 2017 21:24:44 GMT
The gross rate to borrower is not quoted on the header for a loan. The figure is the lender portion of the interest, on drawings only, that the borrower pays. The rest appears in company ledgers invisible to lenders.
The above is an extract of my discussion with a director within the past month.
It tallies with the interest charge made on a live loan used as illustration. The 7% quoted was the interest only payment being paid on the first tranche of a multi drawdown loan.
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Post by peerlessperil on Sept 4, 2017 10:35:42 GMT
I had a good look at the borrower's past history when the previous loan came up - as previously mentioned there is plenty of information available.
The lurid accusations trouble me less - people will play dirty in a bankruptcy, just as the accusations fly in a bitter divorce.
What I didn't like were the very low recoveries in the US and some reports that indicated the borrower had acquired a taste for the finer things in life. Tiling a shower with honey onyx slabs is just not to my personal taste.
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pikestaff
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Post by pikestaff on Sept 5, 2017 6:50:38 GMT
Everybody seems to overlook the most important word " disretionary"........a bit like advertising nonsense "save up to"Is there a platform that offers a provision fund that is not discretionary? No. They have to be discretionary because if they were not discretionary they would be insurance which would require a whole lot more regulation. There might be some tax issues as well but that is the main reason.
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