Funding Circle

[spygirl]

Or circle fuck.

I mentioned that FC had pulled funding for one of my kids friends Dad.

I did wonder if this was a one off or if they were pulling out cash.

Saw another FC default this week so had a look.

They do seem to be getting twitchy with their capital.

 

https://www.thegazette.co.uk/insolvency/notice?results-page-size=100&numberOfLocationSearches=1&location-distance-1=1&sort-by=latest-date&categorycode=G205010000+G206030000&service=insolvency&text=Funding+circle&results-page=1

[dgul]

The peer funding lenders aren't properly pricing in defaults in a recessionary economy.  FC are reacting now but it is probably too late.  IMO there's going to be carnage in this sector.

[Majorpain]

1 hour ago, dgul said:

The peer funding lenders aren't properly pricing in defaults in a recessionary economy.  FC are reacting now but it is probably too late.  IMO there's going to be carnage in this sector.

Their website has lots of theoretical data on what will happen, but the killer is that the P2P lending sector has never actually been through a recession so actual data is nonexistent.

I agree that carnage is the most likely outcome, best watched from a safe distance!

[reformed nice guy]

 

1 hour ago, spygirl said:

Or circle fuck.

I mentioned that FC had pulled funding for one of my kids friends Dad.

I did wonder if this was a one off or if they were pulling out cash.

Saw another FC default this week so had a look.

They do seem to be getting twitchy with their capital.

 

https://www.thegazette.co.uk/insolvency/notice?results-page-size=100&numberOfLocationSearches=1&location-distance-1=1&sort-by=latest-date&categorycode=G205010000+G206030000&service=insolvency&text=Funding+circle&results-page=1

At least the list of names is very diverse, so you have to give them kudos for that 21st century aim.

I have said in the past on this board that some believe that they deliberately stopped people from selecting exactly what businesses to invest in because it was being noticed that lots of ethnic borrowers with A+ ratings were doing a runner, and some new A+ ethnic borrowers were not reaching their funding goals.

[spygirl]

15 minutes ago, reformed nice guy said:

 

At least the list of names is very diverse, so you have to give them kudos for that 21st century aim.

I have said in the past on this board that some believe that they deliberately stopped people from selecting exactly what businesses to invest in because it was being noticed that lots of ethnic borrowers with A+ ratings were doing a runner, and some new A+ ethnic borrowers were not reaching their funding goals.

Yeah. ~30% with non English names, whatever that means these days.

Quite a lot of Slavik/EE names too.

[leonardratso]

circle jerk

[spygirl]

Whod have guessed ...

 

https://www.ft.com/content/cd13abc0-b9a9-11e9-96bd-8e884d3ea203

Funding Circle losses widen as bad debts in UK worsen

Losses at Funding Circle deepened in the first half, as the business lender struggled with weak demand and an increase in bad debts in the UK, its largest market.

 

[TheCountOfNowhere]

Just got this in...

 

Update on selling loans       As part of our ongoing measures to protect investor returns, we have taken the decision to pause the secondary market while we continue to evaluate the potential impact of Covid-19.       They must be ****ed.   People want their money out but they wont give it !!!!

[eek]

1 hour ago, TheCountOfNowhere said:

Just got this in...

 

Update on selling loans       As part of our ongoing measures to protect investor returns, we have taken the decision to pause the secondary market while we continue to evaluate the potential impact of Covid-19.       They must be ****ed.   People want their money out but they wont give it !!!!

 

Can you think of any plausible business funding circle has lent money to that is still operational?

[spygirl]

1 hour ago, eek said:

Can you think of any plausible business funding circle has lent money to that is still operational?

Xi's PPE and mask importers?

 

[TheCountOfNowhere]

If you want a laugh, read this

 

https://uk.trustpilot.com/review/fundingcircle.com

[Wight Flight]

1 hour ago, TheCountOfNowhere said:

If you want a laugh, read this

 

https://uk.trustpilot.com/review/fundingcircle.com

This one hasn't turned yet. But it will.

https://uk.trustpilot.com/review/buy2letcars.com

[spygirl]

46 minutes ago, Wight Flight said:

This one hasn't turned yet. But it will.

https://uk.trustpilot.com/review/buy2letcars.com

Oh that's that trust worthy African, using his inate African business skills to synth two scams together.

https://www.buy2letcars.com/

We are disrupting the buy-to-let industry with our unique investment opportunity based on car leasing, returning up to 11%pa IRR

No asterix. No cars can go into lampshades etcetc.

[spygirl]

Cant even fool the Gridian.

Must be shit.

https://www.theguardian.com/money/2014/sep/05/buy-let-cars-returns

https://smithandwilliamson.com/en/solutions/entrepreneurs/entrepreneurs-hall-of-fame/reginald-larry-cole/

[spygirl]

Spot the placemen

http://forums.pepipoo.com/index.php?showtopic=89316

I started off with one car in 2012 and have been so impressed, I have invested in more vehicles as I've gone along. My wife Alma and I live comfortably off our monthly ‘car wages’ and at the end of the three years have a lump sum to re-invest. I’ve been an investor for over 10 years and I can honestly say this is my best investment. I would really encourage anyone with any questions to contact Reg and Scott direct – they are really friendly and will happily answer any questions on 0800 014 9228 or visit the website.
 

[spygirl]

7 minutes ago, spygirl said:

Cant even fool the Gridian.

Must be shit.

https://www.theguardian.com/money/2014/sep/05/buy-let-cars-returns

https://smithandwilliamson.com/en/solutions/entrepreneurs/entrepreneurs-hall-of-fame/reginald-larry-cole/

He gave up and went to work in a car showroom in Battersea, but soon realised there were plenty of people buying brand new Range Rovers for cash, even in the depths of austerity. Audaciously, he put an advert in the Sunday Times, saying he wanted to talk to someone with wealth who might be interested in a new venture. “It worked,” he says. “Twelve people showed an interest. I took the first one, and he said let’s keep it exclusive. We met the following week. Three hours later, I had funding and a new business.”

Cough black drug dealers cough.

 

[gibbon]

On 09/04/2020 at 16:34, TheCountOfNowhere said:

If you want a laugh, read this

 

https://uk.trustpilot.com/review/fundingcircle.com

Filter by 1 stars...absolute gold

Quote

Funding Circle move the goalposts..... again

Check you inboxes folks
All private investors will be receiving this lovely e mail,

What this means, in everyday language is that there are no more loan sales, we are all stuck with waiting for some Bracknell based kebab shop owner to pay 6 pence a month for the next 58 years.
 

 

[spygirl]

50 minutes ago, gibbon said:

Filter by 1 stars...absolute gold

 

P2P lending is finished, there are simply too many borrowers who never have any intention of repaying the loans, it really is that simple.

[spygirl]

Investors in Funding Circle using Trustpilot need to be very aware that the vast majority of good ratings come from people comment how easy it was to borrow money; a big red flag for an investor. My returns over 2 years have dropped from the c7.5% advertised to 3% or maybe even less. A huge number of defaults. The only way that FC can change this is to 1. put in place far more stringent criteria for lending money and 2. a much more credible and robust way to recover bad debts - BOTH current and historical debt. Only these measures, if they are able to do effectively implement them, will raise returns and give confidence to investors

Me n me boyz Ahmed, borrowed 50k for kebab shop...

[gibbon]

4 hours ago, spygirl said:

Investors in Funding Circle using Trustpilot need to be very aware that the vast majority of good ratings come from people comment how easy it was to borrow money; a big red flag for an investor. My returns over 2 years have dropped from the c7.5% advertised to 3% or maybe even less. A huge number of defaults. The only way that FC can change this is to 1. put in place far more stringent criteria for lending money and 2. a much more credible and robust way to recover bad debts - BOTH current and historical debt. Only these measures, if they are able to do effectively implement them, will raise returns and give confidence to investors

Me n me boyz Ahmed, borrowed 50k for kebab shop...

Recover debts...gonna be hard when Mohammed changes his name by letter to million versions of Mohammed out there.

Never used one of these P2P sites, I'm guessing you have no idea who you're lending too? As giving Mo in Bracknell my life savings for his kebab shop wouldn't exactly have me sleeping well at night.

[Funn3r]

15 hours ago, gibbon said:

As giving Mo in Bracknell my life savings for his kebab shop wouldn't exactly have me sleeping well at night.

Neither would I but kebab shop must be a hell of an earner. "Muzzy's kebabs" seems very popular (a mobile caravan thing just outside Bracknell on the road to Sandhurst) and cash business. I wouldn't complain.

[gibbon]

3 minutes ago, Funn3r said:

Neither would I but kebab shop must be a hell of an earner. "Muzzy's kebabs" seems very popular (a mobile caravan thing just outside Bracknell on the road to Sandhurst) and cash business. I wouldn't complain.

All the kebab shops round here have been dead for years. Can't remember the last time I saw a busy one anywhere come to think of it.

[Option5]

4 minutes ago, gibbon said:

All the kebab shops round here have been dead for years. Can't remember the last time I saw a busy one anywhere come to think of it.

Fronts for money laundering

[eek]

Today's Times has an article that says Funding Circle have started selling their bad debts (including Personal Guarantees) to  Azzurro Associates a take no nonsense American debt collection firm owned by Elliott Management. 

[spygirl]

On 09/04/2020 at 17:55, Wight Flight said:

This one hasn't turned yet. But it will.

https://uk.trustpilot.com/review/buy2letcars.com

 

On 09/04/2020 at 18:44, spygirl said:

Oh that's that trust worthy African, using his inate African business skills to synth two scams together.

https://www.buy2letcars.com/

We are disrupting the buy-to-let industry with our unique investment opportunity based on car leasing, returning up to 11%pa IRR

No asterix. No cars can go into lampshades etcetc.

https://bondreview.co.uk/2021/02/21/breaking-buy2letcars-closed-to-new-investment-by-fca-assets-frozen/

https://bondreview.co.uk/2021/02/26/smith-williamson-dumps-buy2letcars-founder-from-entrepreneurs-hall-of-fame/

 

https://www.amazon.co.uk/Compassionate-Capitalism-How-Turned-into/dp/1772048089/ref=sr_1_4?dchild=1&keywords=compassionate+capitalism&qid=1609876419&sr=8-4

This the sort of bent afro bible I've heard coming out of a leisure centre room, hired out to an African je$$$$us is love church.

They wernt pissing around with a few tins of fray bentos pies for poor people.