ozboy
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Post by ozboy on Apr 10, 2021 13:50:08 GMT
A good summary may I add 2 more 1) borrower never intending to repay the FS loan due to pre-planned bankruptcy allied with siphoning off of non-audited funds out of business 2) FS director(s) not being exactly honest regarding status of loans etc (and it is a big etc!) I had huge hopes for P2P but as I see it the providers have nothing to lose if things go pear-shaped - it is not their money they are risking/helping themselves to. And I believe, that the FCA, in their infinite incompetent wisdom, prevent Platforms from having "skin in the game."? Only Commercial Sector Rejects could dream that one up.
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ozboy
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Post by ozboy on Apr 10, 2021 13:44:58 GMT
Certainly, I underestimated a couple of things. a) lending via firms registered with the FCA do not reduce risk. b) firms can go into administration / vanished anytime they want. FCA "Authorised & Regulated" actually increases Risk, by quite a margin, because it immediately bestows a completely false "Halo" upon the firm in question. The FCA have a LOT to answer for, especially their undoubted 100% culpability for destroying Lender's invested savings in Collateral. After their numerous, documented & proven gross incompetencies being responsible for and laying waste to so many people's investments, you gotta wonder how the FCA Board and Senior Management possibly sleep at night? These are the sort of people we are dealing with, and gives a V good indication IMHO of the general FCA "attitude." As if most of us aren't already aware.
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ozboy
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Post by ozboy on Apr 9, 2021 22:52:05 GMT
It was SO frustrating for me back in 2017, I tried VERY hard because it was all crystal clear to me re the VR ConScam, but only guff & mason got it.
Unfortunately, many are getting it now.
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ozboy
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Post by ozboy on Apr 9, 2021 22:12:54 GMT
And .............................................
ozboy Member of DD Central
Jan 10, 2017 at 12:36pm bababill likes thisQuoteEditlikePost OptionsPost by ozboy on Jan 10, 2017 at 12:36pm
Look folks, I'm done with this now, I too have just done something about it and raised the issue with SS as well Guff. And also RICS.
If Investors aren't bothered about being conned mislead and do nothing about stopping practises such as this continuing in the future then fine.
Do nothing.
Or Complain, to RICS, SS and the FCA, and stop it now.
Arrivederci.
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ozboy
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Post by ozboy on Apr 9, 2021 22:08:40 GMT
Note, I got ZERO likes .........
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ozboy Member of DD Central
Jan 10, 2017 at 12:17pm QuoteEditlikePost OptionsPost by ozboy on Jan 10, 2017 at 12:17pm
Seems to me that shoddy & misleading Valuation Reports are OK and acceptable on here then, no-one seems to be getting too bothered about it?
Until, of course, the Loan defaults and money is lost because of sales problems stemming from dubious Planning Permissions which were not commented on, or worse, completely omitted.
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ozboy
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Post by ozboy on Apr 8, 2021 22:38:48 GMT
Something to do with lower Taxation?
Nope.
Because if it was that, the would have done it from day one when he incorporated way back in 2007.
He moved in June 2018.
Very much within "Brexit writing on the wall" territory I would say, wouldn't you ? It's arguable, we know he's VERY "British"/"English" and perhaps in the past it just wouldn't do to be seen to not pay ones fair taxes Old Chap, whilst now it's possibly not so much of a social "stigma" to bugger off to a low tax regime? Just OzBoy musings, I have no idea of course, I just have a gut feeling it's not all Brexit related.
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ozboy
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Post by ozboy on Apr 8, 2021 14:15:36 GMT
I suppose I should also take this opportunity to remind people here of something else ...
Jacob Rees-Mogg. Yes, he of hardline ERG and Boris Cabinet fame.
He moved his hedge fund from UK to Ireland.
Now, why would he do that if Brexit was so awesome for the future of the UK financial services industry ?
Something to do with lower Taxation?
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ozboy
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Post by ozboy on Apr 6, 2021 15:41:28 GMT
The FCA is for the high jump, it's only a matter of time, their gross incompetence has been on a monumental scale, and gets worse every new week.
Unfortunately, after the "New, Improved! It's different this time!" reassuring fanfare BS from Government, (as with FSA, LAUTRO, etc etc before) the same ole pink gin swilling, trough snouting, couldn't give a fornication, lazy & grossly incompetent, commercial sector reject tossers will be rehired and the merry go round will continue.
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ozboy
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Post by ozboy on Apr 5, 2021 17:23:47 GMT
I was wrong, I can be shocked, now why don't all P2P work the way they are supposed to. The problem is they do until its too late which is why some folk pool their time and do a huge amount of research/DD on the loan, the borrower and of course the platform. Any whiff of a problem and its dumped. Unfortunately, I think that is the only way to be successful long term in p2p. I think "huge", is actually HUGE.It consumes vast amounts of your time if done even half properly.
Which is why I am now in Funds, I've got my life back.
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ozboy
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Post by ozboy on Apr 3, 2021 21:39:36 GMT
£25 on the full £50K so now running at 1% "interest" for the last 12 months. Time to shovel some more towards Vanguard and/or Terry Smith ISAs next week. This is not investment advice, do your own research, blah blah, yadda yadda.  |
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ozboy
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Post by ozboy on Apr 3, 2021 21:29:14 GMT
It aint over until the fat lady sings boundah.  There are some smart people beavering away very hard all this time and matters are coming to a head. Hopefully they can count on your and Other COLL Lenders full support when required. Have you contacted your MP for instance? The FCA simply cannot be allowed to walk away from this one, it is by far the worst of the FCA's numerous failings. |
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ozboy
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Post by ozboy on Mar 31, 2021 19:01:42 GMT
"Mr Richard Roberts, the barrister representing the borrower,"
Good to see it's gonna get expensive for our Borrower?
Even if it's Mates Rates, I imagine that RR's services aren't FOC???
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ozboy
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Post by ozboy on Mar 26, 2021 23:24:01 GMT
Way back in the day, in Oz, I was Chief Operator on one of those monsters. "Cutter/Suckers" they're called, with a floating pipeline that deposits the mix of water & sediment onto land for use in reclamation. They can indeed shift an awful lot of sand/sediment in a very short amount of time, and depends on the diamater of the pipe of course. Mine was 2', no fancy metric in those days, we used proper measurements. |
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ozboy
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Post by ozboy on Mar 26, 2021 18:24:33 GMT
Wriggle away? Or slime away?
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ozboy
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Post by ozboy on Mar 26, 2021 14:02:18 GMT
I like you Mousey, forever coming up with The Goods! On behalf of most on here, "I thank you." |
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