ozboy
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Post by ozboy on Aug 2, 2019 16:57:08 GMT
Yes, in its current form seems a totally misleading statement. I suspect they mean loans are suspended & can't be traded. MoneyThing should probably get it corrected. This has been corrected. We have not prevented lenders from withdrawing cash.Kind regards Sophie And that is entirely correct, because I withdrew some! 
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ozboy
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Post by ozboy on Aug 2, 2019 16:39:44 GMT
So they authorised to delay the inevitable, thus allowing more people to lose money. That’s just what you want from someone protecting you. Utter joke of a body... I really hope this lot are disbanded as clearly not fit for purpose. We should be allowed to take legal action against them. The problem is, The Government don't know what they're doing. Never have, and never will. FCA failed predecessors include SIB, LAUTRO, FIMBRA, PIA and the FSA, so The FCA will only be replaced by yet another Totally Useless and Incompetent Authority, headed up by another Totally Useless and Incompetent Chief Executive & Board. And This New and Improved Wonderful Financial Authority will again also completely & utterly fail to protect Financial Consumers. And so on in perpetuity.
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ozboy
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Post by ozboy on Aug 2, 2019 16:30:10 GMT
Methinks summit's up here?
I phoned for an update at 16:30 today and was told I'd be phoned straight back, and at 17:30 no callback.
Loan Updates against this Loan are now completely blank, there is NO information shown at all now, and the last info we had was on 10/7/19 "We therefore served a pre-action protocol letter on the borrowers which is due to expire on mid July 2019 following which we will commence possession proceedings."
I emailed and asked wassup on 30/7/19 and got this interesting Reply: -
"From: xxxxxxx@thebridgecrowd.com>
Sent: Tue, 30 Jul 2019 09:57:34 +0100
Subject: Re: J** Limited - 1 & 2 xxxxxxxx - Have you commenced possession proceedings please?
Thank you for getting in touch. I am currently on annual leave returning to the office Tuesday 30th July. For urgent enquiries, please call the office on 0161 425 6363.
Many thanks
xxxxxxx
I have had NO contact whatsoever from Bridgecrowd regarding this Loan.
Does anyone know what is happening?
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ozboy
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Post by ozboy on Jul 31, 2019 23:20:26 GMT
"It's like the FCA just didn't want to fail any P2P platform period" - EXACTLY! They're clueless idiots who never understood P2P from the Get Go, and still don't, but learning (V slowly) at the VAST expense to Lenders. And, of course, to the vast Profit of their introduced friends, The Administrators. It is proof positive of what we know, they have no idea about business or how to proactively protect Financial Consumers, their ONLY concern is covering their backsides from their countless incompetencies. [ if that's a real word? :-) ] Unfortunately for The FCA various MPs, Lord Myners, The Press, the Treasury Committee, and Other Authorities are now increasingly wise to their sheer ineffectiveness and uselessness. Can't see how on earth Bailey can possibly get the BoE jobby now, imagine what he could and would do to the country?!!!! 
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ozboy
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Post by ozboy on Jul 31, 2019 22:55:56 GMT
"small scale retail investors".......... can you quantify/offer a range of figures for that star dust? I got out of Lendy completely unscathed (not so COLL!) but am following this saga with interest and would be very interested in what you would designate as small scale retail investors/what invested amounts constitute this group? tbh I'd have thought people with, say, £100 or less should perhaps just kiss it goodbye and think themselves V lucky it wasn't considerably more?
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ozboy
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Post by ozboy on Jul 31, 2019 21:17:32 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS? LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes. Perhaps Im late to the party and others have already progressed with this(?). The Irish wind turbine loan is such a case. It was described in the prospectus as recently constructed and just needing connection to the grid. When eventually sold it went for a knockdown price ostensibly because it needed a lot of remediation to bring it to working order. Investors received around a third of their capital back. The platform of course was reliant on the borrower to make the original pitch. It is the nature of p to p. Caveat Emptor and all that. Or perhaps " Cave mendacium et dolosum abominabitur"!!!!!!
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ozboy
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Post by ozboy on Jul 31, 2019 21:07:45 GMT
I agree. I would opine that the process set out with good intent will fail and the boats will end up being sold. They may be hard to sell and lenders will then eventually receive only very little return but that is the nature of investment. In my view FS has handled this loan badly i.e. in a dilatory manner and it has cost them many customers. I hope they learn from the experience.NO comment!!!! 
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ozboy
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Post by ozboy on Jul 31, 2019 20:50:40 GMT
To hell with semantics - from Wikipedia Some people may possibly lose a great deal of money due to how FS handled or rather mishandled this one - please correct me but FS never even ensured these paintings were under their control and simply accepted a glorified IOU over lunch. Nobody said security guarantees payment - but it sure helps and not having the asset under control isn't exactly helpful ! Dear Chap, calm down, this Topic is about The Park Homes, and you're posting here about The Art Loans? Or maybe I need to calm down?!! adrian77
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ozboy
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Post by ozboy on Jul 29, 2019 22:03:46 GMT
Methinks they " aren't" rogerthat, given their track record. And so do you, you Cheeky Boy! |
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ozboy
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Post by ozboy on Jul 29, 2019 16:53:17 GMT
"Mar 30, 2017 Post by ozboy
Apologies if there's already a thread on this but I couldn't find it so obvs starting this one.
I know that Defaulting this Loan means a rather difficult (impossible) Asset to sell, however, I mean, NO contact in 20 days from the Borrower AND over five months late.
Time to Default, wot think you peeps?
Expected end 15/10/2016
25/03/2017
We have not received an update from the borrower. We will push for an update and post as soon as received.
18/03/2017
We have received no updates this week. We will be in touch early next week and will post an update then.
10/03/2017
In a call today with the borrower, they were optimistic about securing a long-term investment with any of 2 interested parties. They are trying to secure a non-refundable deposit which would enable them to repay all outstanding interest."
We'd maybe have got 50% or so returned two and a third years ago, but, of course, FS knows better, and it's not their money, so this will be strung out until we have to PAY someone to take 'em away!
Brilliant business acumen FS, outstanding, I want you to take over running my company please.
.
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ozboy
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Post by ozboy on Jul 29, 2019 16:42:23 GMT
Which is EXACTLY why I never agreed the New Ts & Cs and have never invested a penny with MT since.
And along with FS stuck in a string of MT Problem Loans.
There is NO liquidity in P2P.
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ozboy
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Post by ozboy on Jul 29, 2019 15:06:34 GMT
It has been mentioned to me that there will be stuff on here soon waryinvestor to make such things easier. |
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ozboy
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Post by ozboy on Jul 29, 2019 14:03:27 GMT
".............those looking to warn on one hand, and on the other those seeking to protect their locked in investments. It comes as no surprise the way the forum has evolved. "Yep, spot on dan1 [ PS/EDIT - I have five figures each, locked into various Platforms, the usual suspects, but that's no excuse not to warn others. It is particularly heinous if your whole investment "strategy" is to just regularly sell all your carp early to someone else. It's not smart, it's despicable. ]
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ozboy
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Post by ozboy on Jul 29, 2019 11:44:51 GMT
Do people believe or is there evidence that P2P Platforms have an unfair advantage over their lenders due to being the principal conduit for information.
Have P2P platforms misused, withheld or exploited the gap between the knowledge they have of a borrowers circumstances and the level of detail passed onto lenders and potential lenders?
Believe? We're long past the stage of politely allegedly believing my friend. 
The evidence is there. More on some platforms than others.
But on one platform I can think of, asymmetry of information is par for the course on 100% of loans. Not only for active lenders, but (perhaps even more seriously) completely blatant asymmetry of information in the secondary market (how are buyers meant to come to reasoned independent decisions regarding a secondary market if the platform is deliberatley and actively witholding any and all important prior information and facts which the platform and seller is aware of).
But in this wild west world of P2P the platforms can get away with it.
The trouble is that in P2P each platform is a law unto itself.
I would urge people to do what I've been doing. Quietly collating it and submitting it to the FCA in the hope that one day they accumulate sufficient hard evidence from sufficient unrelated people to put a boot firmly up the backside of the platforms.
No boots up backsides @wallstreet, The FCA and SFO needs to prosecute and jail people, and we all know on here who needs jailing.
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ozboy
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Post by ozboy on Jul 29, 2019 11:38:42 GMT
Please do let us know how it goes if you're attending. I did attend the meeting, I didn't really get to hold their feet to the fire really! Perhaps I'm a little too soft. The main thrust of what they had to say is that they want to engage with us and communicate better via the platform with better more meaningful updates and they are looking to make progress on the bad loanbook.I spoke to the team in small groups and was very informal I did say that the DD on the loans historically was poor along with valuations and it shouldn't be the forum to find out more about the loanbook as they are the "professionals" I didn't press them enough that they should take responsibility and compensate us for their failings and to take action against valuers, but I'll try to attend another invester meeting to put this better. I think they are backed by Raj Kumar? so they hopefully won't go under which was something I was worried about initially, but I said it is real progress on the zombie loans will prove what the new teams salt. It looks like the new members of the team have lots to do but hopefully they will make progress, we will have to see! Yawn. Now where have I heard all that BEFORE? FS really do take their Lenders for mugs. ( Not having a go at you btw denzilh )
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