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Post by funkymonkey on May 1, 2018 19:22:58 GMT
I wanted to cheer myself up, so I've been looking through my defaulted loans with Funky Chicken. The first loan on the list is loan 3130. The last comment from Feb 2017 says that the final payment was made in January 2017 and the full debt is now repaid. However this is still showing as an exposure of £4.30.
Any one else got this loan still showing as owing them something?
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bloodycat
Member of DD Central
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Post by bloodycat on May 2, 2018 11:38:27 GMT
Once a loan is defaulted they don't update your exposure to reflect any recoveries.
The only way you can check what has been repaid is to go through all your transaction statements.
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markr
Member of DD Central
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Post by markr on May 2, 2018 14:07:56 GMT
It's a quirk of FC's system that can be seen by downloading the loan book. Normally, when a loan payment comes in, the outstanding capital (column O) is reduced accordingly, and when it reaches zero, the loan is removed from your loan parts display and comments. When a loan is defaulted, though, the outstanding capital column is frozen and any payments instead increment the recoveries entry (column I). As a result, the loan is never removed from your loans and your outstanding capital (which is simply calculated as your share of column O) doesn't change.
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Post by funkymonkey on May 3, 2018 10:41:52 GMT
Excellent, thanks for answering. Makes sense now
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blender
Member of DD Central
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Post by blender on May 3, 2018 12:13:12 GMT
It's a quirk of FC's system that can be seen by downloading the loan book. Normally, when a loan payment comes in, the outstanding capital (column O) is reduced accordingly, and when it reaches zero, the loan is removed from your loan parts display and comments. When a loan is defaulted, though, the outstanding capital column is frozen and any payments instead increment the recoveries entry (column I). As a result, the loan is never removed from your loans and your outstanding capital (which is simply calculated as your share of column O) doesn't change. Ah, yes! The loan book. That great symbol of FC's transparency, where you can see all the loans made in 2012, for example, but you are no longer allowed to see the loans made last month.
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markr
Member of DD Central
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Post by markr on May 3, 2018 21:10:47 GMT
As an aside, just to be clear, I'm not suggesting FC's website code rummages in a spreadsheet to build the loan comments page, but rather that the spreadsheet is a reflection of the contents of the loan database!
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