ozboy
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Post by ozboy on Sept 21, 2020 19:24:46 GMT
Ah, yes, THE loan, which, for me, introduced me to and highlighted the existence of The Great Valuations LTV ConScam. Of course, RICS Valuations are beyond reproach - they're calculated by Professionals! Professional at what, you be the judge.  |
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ozboy
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Post by ozboy on Sept 8, 2020 20:40:03 GMT
eeyore. There is definitely a cultural difference, and a huge one, you only have to read my rantings postings to get a glimpse of that.  "Fair play" is very, very strong in Australia, it's in the fabric of the country. We won't talk about unpicking seams or rolling cricket balls along the ground though.
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ozboy
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Post by ozboy on Sept 7, 2020 9:55:48 GMT
Thanks for this treetop, it is an interesting fund. I wonder how they encourage the artists to part with their catalogue and royalties. Many are young and unless they buy at a huge premium (seems likely considering the debt they are accumulating) it does not seem a wise move by the artist (some may be distress sales of course, although unlikely for most). If Mr Bowie was still around we could ask him. He sold all his catalogue years before he died for a princely sum. Canny move in hindsight. PS - Oh Gawd, I should read the threads fully, @trehugged has already alluded to this. 
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ozboy
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Post by ozboy on Sept 7, 2020 9:49:44 GMT
Blame the FCA (again). They regard us investors as a bunch of rich chancers who should have known better than put money into such risky investments. Therefore, they don't put any force behind policing the P2P industry to make it fit for purpose. Better rules & regulations from day 1 could have made it a well run, well regulated and profitable industry for all. Instead we have a sad. declining sector that few now have any faith in! I say again, BLAME THE FCA! I'll admit that my knowledge of the investors in P2P is limited to reading the posts on this forum but I do rather get the impression that many are indeed "a bunch of rich chancers who should have known better than put money into such risky investments" - I know that I fit into that description! The problem with FCA regulation is that it costs resources for both the FCA and the P2P loan providers: the FCA doesn't have much and the P2P platforms would just reduce interest rates paid to lenders. What is apparent to me (albeit based on only a few years of experience) is that lenders are drawn by higher interest rates which encourages platforms to offer higher & higher-risk loans and to cut their margins by reducing their research into borrowers and monitoring after a loan is filled. This Liverpool loan was the last substantial investment I made on Moneything and I'd already turned down some of the obvious turkeys offered previously. The bulk of my P2P investment is now on platforms which deliver security valuations which I can believe and have a track record of minimal defaults, but the rates on offer are much lower. Whilst I'm sure that the FCA could make improvements (a requirement for quarterly reports on each loan for example), I don't blame anyone but myself and my fellow investors.Don't beat yourself, or us, up eeyore! There is a LOT more the FCA could do and it wouldn't cost Football Association, but they choose not to. They are culpable. Much stronger basic and common sense Regulations are urgently needed for a start. They are singularly the most useless, ineffective and grossly incompetent organisation I have ever come across, and it has cost many of us, who are reasonably financially informed, dearly. .
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ozboy
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Post by ozboy on Aug 31, 2020 15:45:59 GMT
I'll state straight away, I'm not in this one, but I'll agree with the sentiments here and add one further observation; not only were FS clueless in so many of their loans like this one - THEY DIDN'T CARE either. And it's us who have to pick up the pieces. Yep - no denying it. FS' management have on numerous occasions been found lacking in almost every respect. Seems about the only thing they knew how to do well was enjoy a boozy lunch and, boy, are lenders paying the bill now .... Let's hope CG&Co have made / will make an accurate report to the DBEIS so that body can make the appropriate determinations as to the directors future ability to hold similar positions. No-one is that stupid, everything the original FS Directors did was deliberate. It was all planned & intended, including the sloppiness, and I strongly suspect that is why Noman got out when he did years ago. This is also why, in the fullness of time, they must swing. Simply just barring Luxmore and Our Nige from future Directorships would be a wrist slapping farce and an insult to Lenders when you look at the nuclear financial damage these two vile tossers created.
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ozboy
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Post by ozboy on Aug 28, 2020 17:36:15 GMT
definitely looks like a 100% loss if the 1st charge holder is owed 2M and it is being marketed for 1.2M. Another virtuous circle of crooks, you can't do it without help from so called professionals.
According to FS, we had a 2nd charge on the other property as well (value 500k) so I don't know why C&G are continuing recovery of that security unless the FS notes were wrong and we have a 1st charge security, that would certainly make more sense but C&G still haven't confirmed that.
Yes. Precisely.
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ozboy
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Likes: 4,857
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Post by ozboy on Aug 27, 2020 21:30:44 GMT
Luxmore and Our Nige must be wondering why no-one has popped round and had a cup of tea and a friendly chat with them yet?
I certainly am.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 27, 2020 15:44:08 GMT
Yes. Sterling V Oz Dollar. You might find forexfactory.com and the (linked) site/forum metalsmine.com interesting. Ignore the primitive look of the place. To cut out forum noise you can choose to stalk high impact traders or trade explorers who link their brokerage accounts (demo or live). Any chance of a tip for GBPAUD on 1 January? Sometimes my balls are crystal ("Professional Valuations", Funding Secure, Lendy, Smithson, The Racing Boats on FS, etc), and sometimes they are not (Horse Racing, Tesco, Collateral - which I don't beat myself up about as it was caused by the FCA.)
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,857
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Post by ozboy on Aug 27, 2020 13:57:33 GMT
OK, thanks fellas, @wallstreet @treehugget
What I meant when I said ".........am about to revisit" is that I intend to investigate again, and IF I proceed I will initially use a dummy account and thereafter IF I proceed further will use Pin Money.
Thank you both for your comments, which are of course V informative.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,165
Likes: 4,857
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Post by ozboy on Aug 27, 2020 13:47:53 GMT
"it can't be riskier than "asset backed" P2P Lending" Yes it can be, you're using leverage, so you can lose more than the initial capital you've deployed. As far as asktraders, I'd start with IG. Then unless you've spent time in the market I wouldn't start at all. Most just lose their money, and much faster than in most other forms of gambling. Many thanks @treehugged. Perhaps I misunderstand, and will investigate further, but I deliberately italicised "Guaranteed", as opposed to the potentially dangerous "standard" Stop Loss instructions.
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ozboy
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Post by ozboy on Aug 27, 2020 12:49:18 GMT
Do you have an "edge"? If not, what makes you think you know better than the market? In the early days of spread betting (circa 1999), I had an edge. My account was eventually closed down. Doubt much has changed. Yes. Sterling V Oz Dollar.
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ozboy
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Post by ozboy on Aug 27, 2020 12:46:57 GMT
"......... fairly poor business." shirehorse Gotta love the polite, British understatement you guys & gals consistently use on here!
I am firmly at the "acceptance" point of the five stages of grief (over lost money). The anger (at the borrower, at MT, at my own persistence in staying in P2P too long) keeps surfacing, but ultimately my acknowledgement that I have no control over this process wins out. In the background there is a small hope that MT pull their finger out and ****ing call this one in.
Sorry, that was the anger again. I feel better now.
What annoys me, beggars belief, and I don't understand at all, is the sheer general UK "acceptance" of all P2P's shenanigans by so many, as something almost expected. And this attitude for years now. Just a shrug of the shoulders, when you have been blatantly lied to and vigorously, criminally shafted. "Oh well, that's life."Doesn't happen in Oz, nor in the US I imagine, the Investors there fight and would never put up with it. They'd have been up in arms en masse & nipped it in the bud long ago, and had Introducers, Borrowers, Valuers & Platforms' collective guts for garters. (A great phrase I have learned here, so succinct. ) Of course there is always the possibility that P2P in Oz has its share of criminal Platforms, but so far so good, P2P is just so much "cleaner" downunder. Hope I don't have future cause to eat my words having said that! Maybe the Oz Regulators are competent and actually DO their job?
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ozboy
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Likes: 4,857
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Post by ozboy on Aug 27, 2020 11:55:48 GMT
Spreadbetting. For those interested, I have started a Thread on this under the "Chat" category. If it proves more efficient/effective I will move the discussion to here. |
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ozboy
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Post by ozboy on Aug 27, 2020 11:47:09 GMT
I haven't found this as a thread subject anywhere on here so please avail me if it already exists fellow Investors and I will duly delete/merge. I have looked at spreadbetting in the past and am about to revisit, I mean, it can't be riskier than "asset backed" P2P Lending. Can it?!!  Given that Gains are Tax Free, coupled with the astute use of Guaranteed Stop Losses, it's worth a punt IMHO, after due research of course. Choosing the "Right" firm is the first exercise, and I have found this for starters - www.asktraders.com/broker/spread-betting/Meanwhile, given the awesome contributors on here who have brains the size of planets, I await learned discourse on the arcane world of spreadbetting. As always, OzBoy thanks you. [Thumbs up emoticon here ] |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
Posts: 3,165
Likes: 4,857
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Post by ozboy on Aug 27, 2020 10:27:57 GMT
As I said last month, agreeing to an arrangement where the borrower is guaranteed to fall further behind is fairly poor business.
The borrower must be having a good old laugh. What's next, 33% interest paid each month, rolled up quarterly to lenders?
Gotta love the polite, British understatement you guys & gals consistently use on here!
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