ozboy
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Post by ozboy on Jun 22, 2022 23:14:23 GMT
A trove of normally secret documents have revealed a comprehensive catalogue of missed warnings about the so-called peer-to-peer lending sector after disclosure in a recent case at the Employment Tribunal. This substantial investigation, exclusively carried out by the mouseinthecourt, shows that for a number of years significant concerns were raised – and seemingly not acted upon – at all levels within the organisation. Thousands of members of the public trusted the FCA to protect consumers like themselves. Did they achieve that objective…? Read through these explosive documents and decide for yourself. ~~~ Please support crowd-funded journalism of the P2P Sector by donating to the Cheese Fund.Sir, you are a rodent of the Highest Order - I salute you! 
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ozboy
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Post by ozboy on May 31, 2022 20:54:15 GMT
A missive received from one of my P2P Platforms where an asset was "Professionally Valued". But turned out to be criminally overvalued. As usual. Wottasurprise .....
"As regards the original valuation in relation to this loan and any claim against the valuer, while the bankruptcy proceedings were ongoing, we entered into a standstill agreement with the valuer in 2020 and obtained a retrospective valuation which opinion valued the property at £XX Million. We understand that the valuer is now in liquidation and it is not known whether there is a notified insurer. After seeking legal input and having considered the difficulties of pursuing such a claim and significant costs risk without certainty of success we will not be taking the matter any further."
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ozboy
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Post by ozboy on May 28, 2022 19:58:08 GMT
Bernie Ecclestone arrested in Brazil for taking gun on plane
The motor racing mogul Bernie Ecclestone has been arrested in Brazil for illegally taking a gun on board a private plane....So [91 year old] Bernie, is that a gun in your luggage or are you just pleased to be sitting next to your 45 year old Brazilian wife Fabiana ? Still, reports also add that his 'weapon' was small enough to fit into the palm of a hand, so maybe appropriate under the circumstances. The report also reminded me that the former dominant player in F1 also has a 2 year old kid. Yes you read that correctly. This is not something I like to be reminded of and certainly not think about. So Fabiana, you 45 year old leggy Brazilian bombshell, what first attracted you to the 91 year old wizened multi billionaire with the small weapon that can fit in the palm of a hand ? Bruce Forsyth was married to a Puerto Rican Miss World winner, who was 30 years his junior.
It's amazing what a few million will do for you in the romance stakes, as Paul Daniels would have told you.
In Mr Forsyth's case, his appendage was legendary ..................... allegedly. 
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ozboy
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Post by ozboy on May 17, 2022 13:13:57 GMT
As far as I can see, he was "Expelled from RICS", and had to "pay Costs."
And that's IT.
Says all you need to know about RICS, their integrity, and their "professionalism."
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ozboy
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Post by ozboy on May 16, 2022 21:33:23 GMT
If the development runs out of funds for some reason then all bets are off. P2P platforms not being able to provide future tranches of funds has been a problem. High valuations for loans have also been a big problem in P2P funded developments, possibly due to some P2P platforms being a bit inexperienced in some cases, or worse in others. I think it's the valuers who were either inexperienced or gave the values that platforms requested. Valuers knew EXACTLY what they were doing, it was all very cosy and deliberate. I have zero experience in "Valuing" and time & again (when I had sufficient asset information), with five or so minutes work and a calculator, I came up with FAR more accurate valuations. Which, strangely enough, ALWAYS came well under what the "Professional Valuer" stated. (Development Loans of course are a special & more difficult case.) Prosecutions and jailings are required IMHO.
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ozboy
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Post by ozboy on Apr 10, 2022 19:14:31 GMT
it could also apply to people who believe that everything appearing in one newspaper is a lie Regarding everything in the Mail as a lie is actually a fairly technically sound starting point, since that hate-filled rag regularly tops the list of upheld complaints to IPSO. Of course The Grauniad is a far more trustworthy rag ........... 
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ozboy
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Post by ozboy on Mar 2, 2022 18:58:53 GMT
Just watched it, yes, an interesting point of view. Very hard, if not impossible, to tell where the truth lies these days ........... I certainly have no answers.
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ozboy
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Post by ozboy on Mar 1, 2022 22:08:33 GMT
...this solely FCA created financial catastrophe... It isn't. The FCA weren't the ones who tried to delete all the data when the administrators stepped in. It is. There was stuff before the data "Loss" We all know you'll never admit it of course, but, brace yourself, you are wrong. The FCA created the problem .............
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ozboy
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Post by ozboy on Feb 23, 2022 19:50:05 GMT
Even if you're experienced & fully versed in the myriad risks of P2P, and you l ike P2P, putting yer twenty grand into a *P2P ISA has got to be arguably the worst possible financial decision most people could make. All IMHO of course!  * Can't claim Capital Losses against P2P Interest. Often inflexible and/or punitive Terms & Conditions. Other reasons I can't be bothered to list but the previous two alone would do it for me ................ |
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ozboy
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Post by ozboy on Feb 23, 2022 19:38:27 GMT
I wonder how many Lenders have died, and will be dead, before this solely FCA created financial catastrophe attains anywhere near the semblance of a conclusion?
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ozboy
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Post by ozboy on Feb 18, 2022 22:27:45 GMT
"The problem is politicians of all sides are happy to sacrifice long term economic benefits for short term gains because voters are unwilling to educate themselves in basic political and economic ideas.
Democracy means we get the governments we deserve." pikestaff Spot ON!
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ozboy
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Post by ozboy on Feb 16, 2022 23:16:27 GMT
Whilst I completely agree with your advice on most platforms, I think unbolted is in a slightly different situation. First, you can't select your loans the vast majority of the time. The autoloan allocates parts and you have to take what you are given. However, a key difference between UB and the other platforms is that the collateral is held by the platform and not by the borrower. It makes it far easier for it to be sold if the worst happens and UB have an excellent track record in reclaiming debt. Additionally, they charge quite high fees that, in the event of a default, go back into the pot to pay lenders back. They used to have a provision fund, but it was scrapped a few years ago. It's true, due to the type of asset and their expertise in pawn lending UB is good at reclaiming debt. However, the saga of "cashing out because of court case" borrower is still ongoing. Not UB's fault, but a good example of unexpected course of events. At an early stage (July 2019) UB wanted to repay investors and take on the debt themselves, but FCA didn't allow them to do it (in my understanding, I'm happy to be corrected).
"........ UB wanted to repay investors and take on the debt themselves, but FCA didn't allow them to do it......"Yep, good ole reliable FCA eh, ALWAYS batting for The Consumer and putting consumer interests first. Just like they've admirably done at Lendy, Funding Secure, Collateral, and MoneyThing. 
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ozboy
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Post by ozboy on Feb 3, 2022 18:47:54 GMT
I think we all tried to ky/kibosh Bailey's BoE appointment, but "The Vested Interests" prevailed.
A blustering, ineffective & arrogant non-entity, continually proving his incompetence whilst still managing to fail upwards on a very greasy pole..........
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ozboy
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Post by ozboy on Feb 2, 2022 22:39:20 GMT
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ozboy
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Post by ozboy on Feb 2, 2022 17:31:30 GMT
£25 x 2 on the full £50K I'm pretty sure that Mr Premium Bonds got wind of the fact that I was going to bin him unless I keep winning, so he's keeping me sweet ........ |
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