ozboy
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Post by ozboy on Sept 17, 2019 18:08:47 GMT
"............. collateral you have only yourself to blame." Obviously, you know nothing about the Collateral debacle sd2. You can DD until the cows come home, most of us are very aware of and accept the Risks with higher returns, but you should never have to factor in "FCA Risk" as well. |
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ozboy
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Post by ozboy on Sept 11, 2019 20:47:07 GMT
No. If you lost only a couple of percentage points off your Capital I'd say it was a very wise move and you can now sleep at night.
Just don't bung it back into any P2P.
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ozboy
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Post by ozboy on Sept 10, 2019 15:19:46 GMT
captainconfident I have no problem whatsoever if a "war" is raised on Political Correctness, bloody good thing IMHO, about time, bring it on! I'd wager most on here are fed up to the back teeth with the over zealous, inappropriate and ludicrous applications of PC which superseded common sense decades ago. Everyone's offended by everything these days because of PC, we are in an absurd situation.
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ozboy
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Post by ozboy on Sept 10, 2019 15:04:03 GMT
Low level of pay yes, for the calibre of work it seems is required.
Expect more spelling mistakes, lack of attention to detail and general slapdashery?
Carry on!
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ozboy
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Likes: 4,857
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Post by ozboy on Sept 6, 2019 22:42:53 GMT
You have nailed it Bugs.  |
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ozboy
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Post by ozboy on Sept 6, 2019 17:33:01 GMT
Don't tempt fate! The fat lady ain't even started practicing her singing yet methinks.  |
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ozboy
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Post by ozboy on Sept 5, 2019 11:53:00 GMT
"1) Poor/lazy valuations" is being too ridiculously kind and too generous. I think many are criminal. And so do most on here. We just like being shafted. Regularly and thoroughly. 
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ozboy
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Post by ozboy on Sept 5, 2019 11:49:12 GMT
Yes, "Light Touch" has worked out very well hasn't it? For Borrowers and Platforms.
The Useless FCA at their most incompetent.
Can't be long now before the Government realises the FCA is utterly not fit for purpose and it is disbanded, to be replaced by yet again another new, "this time it will be different", "Financial Regulator" foisted upon us.
Which will, surprise, surprise, turn out to be just as utterly incompetent, inefficient and inept.
I think we all despair.
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ozboy
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Post by ozboy on Sept 4, 2019 16:31:28 GMT
Old FS played along with borrower being economical with the truth. Hopefully new FS team have genuinely taken a different tack and have adopted a salvage strategy as opposed to wishful thinking. Time will tell. It must be concluded that a full recovery is not on the cards. Basically agree with you brightspark, but you have mis-typed, I think you meant "savage"?! 
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ozboy
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Post by ozboy on Aug 30, 2019 11:51:05 GMT
So, they admit they are massively out of their depth drowning in a sea of defaults and fraud that they simply cannot cope with. The plan seems to be to hire lots of expensive specialist staff which should help crystalize massive losses for investors while they issue very few loans meaning nothing to invest in and probably FS running at a loss. I do wonder how this will end? Answers on a postcard please..... And we all wonder who is ultimately paying for that? Let me guess - Lenders?
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ozboy
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Post by ozboy on Aug 30, 2019 11:48:48 GMT
I thought the update was helpful, all of the issues have been acknowledged and it was good to read the comments on the viability of the business, which is my biggest concern as FS going bust is the worst outcome for my loans. He is committing to the business, I would like to know more about the new staff members and who if any has been turfed out, which is what needs doing. For now its a cautious thumbs up, time will tell if the plan can be delivered and I think results in stronger loan management and better communication will be obvious one way or the other over the next 3 monthsI forget, just how long ago now did the New Management take over?
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ozboy
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Post by ozboy on Aug 29, 2019 18:32:45 GMT
Hmmmm, I emailed FS earlier upon receipt of today's missive:-
"Funding Secure knows full well that most of the Loans have been "Sale by Pawn".
That is, the Assets have been criminally Over-Valued and Funding Secure has lent our money out in excess of what the Asset is actually worth.
Please therefore explain how your new, experienced and expert team will be able to recover Capital and Interest from a Borrower who profits from refusing to repay?
Particularly regarding Property Loans and where the Borrower is a ring-fenced SPV (Special Purpose Vehicle.)
I'd like to know the answer to that one please.
And I think you would as well.
OzBoy."
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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 29, 2019 11:21:46 GMT
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ozboy
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Post by ozboy on Aug 29, 2019 10:40:59 GMT
Company Accounts have been filed on time.
OPEN ACCESS FINANCE LTD
You have been sent this email because you are following OPEN ACCESS FINANCE LTD (08778211)
The following information is available from the Companies In The UK website.
Next due date for the company accounts 28 August 2020
Latest company accounts are dated 30 November 2018
New company document available: AA - 30/11/18 TOTAL EXEMPTION FULL (29 August 2019)
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,857
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Post by ozboy on Aug 29, 2019 2:40:16 GMT
This is all VERY wrong. I have just Messaged MT via their website:-
MoneyThing, will you be lodging a Formal Complaint with the SRA, and if not, why not?
Thank you.
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