Discussion
I think this is the FT article without the paywall. One could suspect that Merryn has been reading PH again.
As for Bailey’s comments, well how many times has he been asked to explain himself now and over so many failures. And why does he always sound as if he has made all this stuff up.
http://www.p2pfinancenews.co.uk/2019/07/31/fca-rea...
As for Bailey’s comments, well how many times has he been asked to explain himself now and over so many failures. And why does he always sound as if he has made all this stuff up.
http://www.p2pfinancenews.co.uk/2019/07/31/fca-rea...
trowelhead said:
Well said.
What pulled alot of us in (as investors) was the "security" of the asset backed sites. No one thought that perhaps the appraisals / LTV were going to be fudged.
Yup. I thankfully didn't have much in as I was still just testing the water to see how it worked. It's only really through laziness that I didn't put a decent chunk in to follow it.What pulled alot of us in (as investors) was the "security" of the asset backed sites. No one thought that perhaps the appraisals / LTV were going to be fudged.
crofty1984 said:
trowelhead said:
Well said.
What pulled alot of us in (as investors) was the "security" of the asset backed sites. No one thought that perhaps the appraisals / LTV were going to be fudged.
Yup. I thankfully didn't have much in as I was still just testing the water to see how it worked. It's only really through laziness that I didn't put a decent chunk in to follow it.What pulled alot of us in (as investors) was the "security" of the asset backed sites. No one thought that perhaps the appraisals / LTV were going to be fudged.
DonkeyApple said:
0 losses to date.
That tells you that they are not collecting debts or enforcing loans.
It is impossible to run a loan book, let alone a higher risk loan book and not have a steady and predictable level of defaults that are simply part of the business model.
If they are saying that they have have zero defaults then what they are actually telling you is that they are not enforcing their loans. Which in turn tells borrowers that there is absolutely no purpose in or need to repay their loans.
Sorry, just spotted this reply - was that regarding Kuflink?That tells you that they are not collecting debts or enforcing loans.
It is impossible to run a loan book, let alone a higher risk loan book and not have a steady and predictable level of defaults that are simply part of the business model.
If they are saying that they have have zero defaults then what they are actually telling you is that they are not enforcing their loans. Which in turn tells borrowers that there is absolutely no purpose in or need to repay their loans.
If so, I think they are saying NO investors have lost any money: "Our investors have never lost a penny to date!"
Their FAQ - http://help.kuflink.co.uk/en/articles/3133727-what... - suggests there are some loan defaults, but they essentially manage them....
Appear to be a reasonably sound P2P company......in as much as they can be......
DonkeyApple said:
My wild and random guess is that Baker Tilly will call in all loans, get the book all into default, sell on the debts and deliver an invoice that matches what is received.
Bang on the money with that prediction DA, this is exactly how it's played out. Apart from a few investors have thrown good money after bad with the lendy action group in a futile attempt to take Baker Tilly to court.Edited by DonkeyApple on Monday 27th August 19:27
Edited by DonkeyApple on Monday 27th August 19:30
In fairness RSM are making the 2 aholes who ran it lives difficult.
I have limited sympathy since way too many smug people thought it was easy money but on the other hand the Directors have displayed complete disregard for their "investors"
I put a £1 in to be included on their offers and frankly it was plain to see the multitude of problems not least the complex loan arrangements and Lendy charges.
I have limited sympathy since way too many smug people thought it was easy money but on the other hand the Directors have displayed complete disregard for their "investors"
I put a £1 in to be included on their offers and frankly it was plain to see the multitude of problems not least the complex loan arrangements and Lendy charges.
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