ozboy
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Post by ozboy on Jul 29, 2019 11:27:03 GMT
Being reading some economics and game theory articles and came across the principal-agent problem regarding information asymmetry.
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?
Thoughts?
My bold. I most certainly believe that their is an unfair (some might say purposefully misleading) relationship between the platforms and their valuers, without doubt there is increasing evidence across all platforms that the valuations placed on most (?) assets are massively inflated, thus leaving the LTV , supposedly 70% almost 100%+ of the real value of the asset.  Ha Ha, it wasn't considered a problem at all two and a half years ago, virtually everyone on here (bar one or two) pooh pooh-ed my consternation and didn't think The Great Valuations ConScam was a big deal. Oh how many regret that stance now. If you haven't already martin44 read through PBL157/PBL158 - R*****a & C****t, H****** Court Rd DEFAULT Meanwhile, The FCA sips their pink gins, when they're not asleep, and tells themselves what a wonderful job they're doing and how "Light Touch" is working just SO well with P2P.
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ozboy
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Post by ozboy on Jul 28, 2019 20:19:45 GMT
Peeps, if you want to make a modicum of effort and help yourself in getting your money back from this FCA created mess, then please private message duck ASAP. I have. You will find him very informed and helpful on positive courses of action, but we have to pull together - strength in numbers.I thank you.  |
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ozboy
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Post by ozboy on Jul 28, 2019 19:21:36 GMT
Being reading some economics and game theory articles and came across the principal-agent problem regarding information asymmetry.
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?
Thoughts?
Yes, undoubtedly. Without going into the many and various incriminatory specific cases, nearly all platforms which offer/have offered self-select are in a position of moral hazard. Why would agents be motivated to shine a light on unflattering aspects of a borrower's profile when to do would only dampen demand from lenders? In a recovery situation, why would agents not be tempted to kick the can down the road to avoid piling on huge losses to lenders and again dampening demand? In cases where the Agent has fouled something up spectacularly, why would they want to share all the information they have about this to their own detriment? It's basically the crux of nearly all of the woes on this entire board. FCA "Light Touch" = No Touch.
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ozboy
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Post by ozboy on Jul 28, 2019 13:38:18 GMT
Articles in the telegraph today by Harriet Russell, small one on Copious Capital (related to Col Directors). And a large one on Lendy, Col and P2P in general with a strange comment about MoneyThing saying they have blocked customers from withdrawing their cash, news to me... I am in The Collateral Cockup Greenwood2 and I though Copious was setup and headed by Liam Brooke & Robert Kelly from Lendy, nothing to do with COLL? I'm not able to read the article so apologies if I have misunderstood.
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ozboy
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Post by ozboy on Jul 26, 2019 12:50:53 GMT
I raised a formal complaint on a different loan a while ago, I received an acknowledgement but no formal response. Before the eight weeks were up there was the first update for many months reporting that confidential activities were ongoing and that no further information would be released for some weeks. Clearly this gave FS an easy out and I could not raise the enthusiasm to progress my complaint. Needless to say the promised date for the next update came and went. There are just far too many "Whitehavens" now, FS will inevitably swing. Couldn't happen to a nicer Platform.
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ozboy
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Post by ozboy on Jul 25, 2019 20:14:34 GMT
<RANT BEGINS>
Does not matter! If there is a debt there is also a credit somewhere else.
The central banks can now make their own money out of thin air (which they do anyway).
What I have a problem with is why should the taxpayer be enslaved to a debt in the first place?
Why should the taxpayer pay bankers interest in the first place.
It is obvious to me that the system has been designed that way, to keep you enslaved!
When you look at your paycheck it should read "payment to bankers for nothing".
<RANT NOW OVER>  Not having a go jj, but I genuinely don't understand that statement, can you expand on it? AFAIK the last Big One was caused by exactly the same circumstances, Out Of Control Will Never Be Repaid Debt?
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ozboy
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Post by ozboy on Jul 25, 2019 12:24:16 GMT
....
Context would be of interest too though Roger Godsiff has been very active wrt LCF due to his constituents complaints. Whilst the 'behinds the scenes' group have made contact and RG is fully aware of the issues none of the group are constituents. Individual MP's only act on behalf of their constituents ..... which is why I would like to hear from one. Note this doesn't apply to Members of the House of Lords and several questions were asked by Lord Myners on Col (and Lendy) yesterday. is correct, so Private Message duck asap if you're a Roger Godsiff / Birmingham Hall Green constituent, it's all very straightforward. If you want to vastly increase your chances of getting any of your COLL money back!?  ptr120
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ozboy
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Post by ozboy on Jul 24, 2019 20:08:18 GMT
Concerns about Copious should be confined to boards such as Trustpilot. Disagree again. But, that's wot this board is all about!
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ozboy
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Post by ozboy on Jul 24, 2019 19:51:00 GMT
It is not common sense nor good business practice to treat long-established customers as not worthy of the bother. Saga haemorrhaged many customers before it acknowledged that mistake and came up with a different strategy. In business it is far easier to retain existing customers than to replace with new. Should anyone bother to invest via this platform when their current Zombie loans sit doing nothing. At the very best such customers will be very cautious and at worse will seek pastures new. So with limited space and resources to meet with investors then you would send out invitations with equal priority to investors from 4 years ago with 2 x £25 loans in default? Fair play to you if so. I wouldn't. What an idiotic comment arby. You're losing the plot, more than normal! It's patently obvious why you got an invite. You know it, and we know it. Why the charade? It's tiresome.
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ozboy
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Post by ozboy on Jul 24, 2019 19:40:52 GMT
PLEASE write or email him ASAP and complain about The FCA's incompetent conduct and request his assistance in gaining you Compensation for the FCA created Collateral fiasco. This is VERY IMPORTANT, he will support Collateral investors (just as he is actively supporting LCF investors) but you need to contact him ASAP.Just DO IT. Strength and Results by Numbers. DO IT.I thank you. |
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ozboy
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Post by ozboy on Jul 24, 2019 12:55:45 GMT
Surely you aren't insinuating that FS may be selectively inviting investors who don't have a quarrel with them or who are potentially are on their "good" side?  Might be a question for the Live Chat T-800 - "where's my bloody invite?"  Won't be a very big drinks bill at all then will it, I mean, how many drinks can two or three people consume?!! (Not counting FS Directors and Staff.) 
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ozboy
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Post by ozboy on Jul 24, 2019 12:43:45 GMT
Copious Capital is not a p to p business. This thread should be closed. Next thing someone will be opening a thread on a certain Boris. God knows how long that would become. I completely disagree, everything Liam gets up to, particularly any new ventures like CC, should be reported on here
<comment removed by Mod>
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ozboy
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Post by ozboy on Jul 24, 2019 12:28:34 GMT
Borrower has devious, dubious and mischievous form, hopefully Judgey will clearly see all that and Case Dismissed.
Unbolted's update is excellent.
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ozboy
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Post by ozboy on Jul 23, 2019 16:09:48 GMT
When there's a Default and a property is sold we have all been comforted by how "professionally" accurate the RICS Valuations have been. Not. Wonder then what these properties will sell for when it all goes mammaries up? :- Budget Deal. President Trump and congressional leaders from both parties struck a sweeping budget deal yesterday, removing the threat of a shutdown standoff ahead of September 30th deadline. The deal funds the federal government for two years and suspends the debt ceiling - the limit on the amount of money the government can borrow - until July 21st, 2021. The federal budget is traditionally broken into broad categories known as mandatory and discretionary spending (see primer). The former includes programs required by law, like Social Security and Medicare, while the latter requires Congress to pass annual appropriations bills for funding. The deal would raise discretionary spending to $1.375T by 2021, nearly $350B over the spending caps provided in the 2011 sequester bill (paywall, WashPo), bringing the projected total federal budget to around $4.75T. With estimated revenues at $3.8T each year, the deal is expected to add over $2T to the federal debt, which *currently stands at $22T.* www.thebalance.com/the-u-s-debt-and-how-it-got-so-big-3305778SOURCE: Daily Digest www.1440.com |
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ozboy
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Post by ozboy on Jul 22, 2019 19:20:17 GMT
fundingsecure - can we have an update on this loan please, particularly a link to any marketing collateral. The last update was five months ago in February: No doubt lenders on the sister loan (W********* Cottage) would also appreciate an update on progress since April.
As a more general comment I simply do not understand the major reluctance to point your lenders to the marketing of assets (be they property or pawn items). I personally know people who are on the lookout for development sites but as with so much of your approach to business you make things much harder for yourselves than you need to.
It's because they have no idea how to approach business. That has been abundantly and increasingly clear for nearly three years now. PS / EDIT - How foolish of me, I am wrong. It's abundantly clear that FS ARE, in fact, VERY good at business. Business which profits them, and has no risk to them.
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