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Post by roberti on Jul 8, 2020 14:10:46 GMT
Same here, received nothing either.....
Agreed, A breakdown would be appropriate......
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rogerthat
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Post by rogerthat on Jul 17, 2020 10:29:51 GMT
Wishful thinking. However, I hope other investors contact FC to provide a breakdown of receipts and costs to explain how they managed to lose so much and where the monies have gone, despite the majority of apartments and certainly one of the retail units having been sold / leased prior to the auction. I received approximately £200 capital in Sept 18 and a few pennies in Nov 18 and nothing since. Realistically, I dont expect anything from the auction but my main concern is why there were no more payments prior to it.
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rogerthat
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Post by rogerthat on Aug 7, 2020 18:33:07 GMT
Update earlier today
07 Aug 2020
"The funds are currently being held by the Receivers but they are still reconciling one final aspect of the accounts before they can transfer these funds over to us. The delays have been out of the control of the Receivers and COVID-19 did not help matters. We will provide an update as soon as the funds have been received and are ready to distribute to investors''
'reconciling one aspect of the accounts' ?..weasel speak for squeezing the last pip out of a very over ripe lemon
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rogerthat
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Post by rogerthat on Sept 10, 2020 19:24:07 GMT
Just got £2.70 for my £20 investment in 2016. So..I presume thats all capital..which represents 13.5%..did you get any email notification, and / or was there a breakdown of costs. I was in 4 of the loans but I believe there were 7..do you know what the total lending was ?
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Post by overthehill on Sept 11, 2020 9:51:15 GMT
Yep, 2.70 for £20 investment, principal only, the interest evaporated a long time ago like my interest in Funding Circle. It wasn't that I lost any money, they were setup to stack them high and sell them cheap, no resources or infrastructure to deal with bad loans. Maybe that was the plan, investors still get back their target interest rate. I haven't followed FC for years but they just seemed to abandon a lot of bad loans , I've got some trickling loan recoveries but one with no update for over 2 years and two with no update for over a year. At the very least add an update to say it has been put on shelf Z row Z. The type of lending wasn't for me even before they started dropping the rates.
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rogerthat
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Post by rogerthat on Sept 11, 2020 10:40:01 GMT
I got back £135.09
So delving into my fag packet archives from May 2016 - September 2020, I reckon that for my £1000 "invested" I got back £339.73 capital and £7.48 in interest
Needless to say there's no account reckoning from Funding Circle, no apology, no notification on loan payment schedules, nothing in the comments section. Just another example of the utter lawlessness and unaccountability of the P2P industry. The toothless and inept FCA are not fit for purpose. Reassuring to know that the ex head of the FCA is now guv'nor of the BoE..not !
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aj
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Post by aj on Sept 11, 2020 14:23:08 GMT
This puts me down to a single downgraded but repaying loan worth a vast £28! In 14 months I'll be free! (Hopefully). I'm pretty certain my annualised return is now finalised at 6.9%, not a bad result to be honest. Better than my FundingSecure results are looking!
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Post by capricorn on Sept 11, 2020 23:04:17 GMT
Final recovery for this £2.824m loan was 34% and that will be it now as the PG will not be worth anything as the principal behind this borrowing entity was also behind the defaulted property loans D*l* St***t (£1.04m - 60% recovered) and N*ct*r*m (£1.084m - 73% recovered). A triple whammy for those like me invested in all three. All A+ rated!
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rogerthat
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Post by rogerthat on Sept 12, 2020 10:21:38 GMT
Final recovery for this £2.824m loan was 34% and that will be it now as the PG will not be worth anything as the principal behind this borrowing entity was also behind the defaulted property loans D*l* St***t (£1.04m - 60% recovered) and N*ct*r*m (£1.084m - 73% recovered). A triple whammy for those like me invested in all three. All A+ rated! Thanks. That at least confirms my fag packet archive reckoning was correct. An A+ loan of 52% LTV !.. Was L**b De*elo*ments L*d the same company for the other two ? Incidentally, with this 'return' my recoveries on FC has now reached 46.13%
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Post by capricorn on Sept 12, 2020 21:21:20 GMT
Final recovery for this £2.824m loan was 34% and that will be it now as the PG will not be worth anything as the principal behind this borrowing entity was also behind the defaulted property loans D*l* St***t (£1.04m - 60% recovered) and N*ct*r*m (£1.084m - 73% recovered). A triple whammy for those like me invested in all three. All A+ rated! Thanks. That at least confirms my fag packet archive reckoning was correct. An A+ loan of 52% LTV !.. Was L**b De*elo*ments L*d the same company for the other two ? Incidentally, with this 'return' my recoveries on FC has now reached 46.13% No, the other two were different SPVs but with a common principal(s) which you wouldn't know without a line by line reading of the investor reports. So the three loans were not linked on the platform which was frequently pointed out in the Q&A by investors but FC always maintained there was no common risk because the security for each loan was different. Autobid would have bought all three. The combined value of these three was probably the biggest property loss although the North Devon one was pretty big too I think. Recovery 43.8% on my portfolio which I left to gradually cash out. For unsecured loans I think that is good, it's just the years you have to wait to get there!
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rogerthat
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Post by rogerthat on Sept 13, 2020 20:36:53 GMT
Thanks. That at least confirms my fag packet archive reckoning was correct. An A+ loan of 52% LTV !.. Was L**b De*elo*ments L*d the same company for the other two ? Incidentally, with this 'return' my recoveries on FC has now reached 46.13% No, the other two were different SPVs but with a common principal(s) which you wouldn't know without a line by line reading of the investor reports. So the three loans were not linked on the platform which was frequently pointed out in the Q&A by investors but FC always maintained there was no common risk because the security for each loan was different. Autobid would have bought all three. The combined value of these three was probably the biggest property loss although the North Devon one was pretty big too I think. Recovery 43.8% on my portfolio which I left to gradually cash out. For unsecured loans I think that is good, it's just the years you have to wait to get there! Thanks for that..what really pisses me off is that FC managed to lose around £2million of investors capital on the Liverpool Hotel..but not one iota of explanation of where that money has disappeared to.
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c88dnf
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Post by c88dnf on Oct 6, 2020 10:22:53 GMT
A further small capital repayment (0.38% if my maths is correct) appears to have snuck into my account on September 28th. No notice from FC of course, so only just noticed. Anyone any insight into this extra dosh?
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rogerthat
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Post by rogerthat on Oct 6, 2020 11:23:56 GMT
A further small capital repayment (0.38% if my maths is correct) appears to have snuck into my account on September 28th. No notice from FC of course, so only just noticed. Anyone any insight into this extra dosh? Yes..it is indeed a miniscule Principal recovery..(£3.73 for me)..so of my total £1K "invested" over 4 1/2 yrs Ive received back £343.46 in capital and £7.48 in interest. And not a peep of an apology or explanation as to what costs were deducted or where the money has gone. Legalised fraud. Is there any financial (regulated) business where that would be allowed unaccounted for ?..only P2P perhaps.. Edit:..What I still cant get my head round is the fact that the vast majority of the flats/properties were sold well before the auction..so where have those funds gone ? Edit: The Sequel..Im not expecting any answers but ive sent FC a mail requesting a breakdown of where the monies have gone
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rogerthat
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Post by rogerthat on Oct 8, 2020 12:34:55 GMT
I enclose the reply I received this morning ..complete waste of time and effort Thank you for your e-mail. I completely appreciate your frustration in the lack of transparency and how this loan property has performed. Our priority during this period is to protect your returns by supporting businesses as best we can. As part of this we have significantly increased resources to our Collections and Recoveries team who are working closely with affected businesses. Helping businesses get through short-term difficulties makes them more likely to maintain their monthly repayments in the long-term. This is the best approach to minimise credit losses and protect your returns. While we understand some investors appreciate regular updates on the individual businesses they lend to, during this period it’s more important to ensure we are doing everything we can to work with affected businesses and protect investor returns. This means that we will not always be able to provide regular updates through your loan comments, even though in many cases we will be working closely with the business to support them. Although we are unable to provide further context at this current moment, I have asked the Case Manager on the Collections and Recoveries to provide an update as soon as possible. Kind regards, Not Bert..pfft
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Post by Badly Drawn Stickman on Oct 8, 2020 12:41:22 GMT
I enclose the reply I received this morning ..complete waste of time and effort Thank you for your e-mail. I completely appreciate your frustration in the lack of transparency and how this loan property has performed. Our priority during this period is to protect your returns by supporting businesses as best we can. As part of this we have significantly increased resources to our Collections and Recoveries team who are working closely with affected businesses. Helping businesses get through short-term difficulties makes them more likely to maintain their monthly repayments in the long-term. This is the best approach to minimise credit losses and protect your returns. While we understand some investors appreciate regular updates on the individual businesses they lend to, during this period it’s more important to ensure we are doing everything we can to work with affected businesses and protect investor returns. This means that we will not always be able to provide regular updates through your loan comments, even though in many cases we will be working closely with the business to support them. Although we are unable to provide further context at this current moment, I have asked the Case Manager on the Collections and Recoveries to provide an update as soon as possible. Kind regards, Not Bert You should remove Bert's name. You should now have the option to reply directly to the response and press for a proper answer.
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