trium
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Post by trium on Dec 13, 2018 6:10:12 GMT
I was hoping someone might be able to explain how end dates are set. Earlier this week I logged in to see how repayment of Br*nllys, Powys was coming along and I was surprised to find I could still buy it on the SM with 31 days left. My small investment was made on 11/6/18 so by the time it falls due I'll have been parted from my cash 7 months.
Being relatively new to FS I just assumed that the 6 months must start ticking when the loan activates, not when it's listed, but this week's activation of the slow-filling V*ney B***ge Mill comes with an end date of 9 March - less than 4 months away. So with one loan it's 6 months from listing and with the other it's 6 months from activation.
What gives?
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rocky1
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Post by rocky1 on Dec 13, 2018 7:16:52 GMT
6/12/18 months does not mean nothing to FS. some of my loans are over 800 days with no proper updates,no capital, no interest,no nothing.looking at some serious loss of capital also with many of FS loans but as with my LY loans i am stuck with them and can only watch and hope for something back.FS are just as bad as LY when it comes to kicking cans further down the road for months/years.be careful with your money as you cant believe a bloody word that comes out of these p2p platforms.
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arby
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Post by arby on Dec 13, 2018 7:23:19 GMT
I was hoping someone might be able to explain how end dates are set. Earlier this week I logged in to see how repayment of Br*nllys, Powys was coming along and I was surprised to find I could still buy it on the SM with 31 days left. My small investment was made on 11/6/18 so by the time it falls due I'll have been parted from my cash 7 months. Being relatively new to FS I just assumed that the 6 months must start ticking when the loan activates, not when it's listed, but this week's activation of the slow-filling V*ney B***ge Mill comes with an end date of 9 March - less than 4 months away. So with one loan it's 6 months from listing and with the other it's 6 months from activation. What gives? That's a valid question. I thought I'd observed the same with some of my loans, but assumed I was going crazy so didn't check in detail
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SteveT
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Post by SteveT on Dec 13, 2018 7:29:51 GMT
The "predicted completion" date tends to get reset to 6 months when the loan eventually activates.
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09dolphin
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Post by 09dolphin on Dec 13, 2018 9:41:14 GMT
FS can and often do extend the period of the loan. I think the record of extensions relates to the powerboat loan which is still active and, after the 6 month period you are stuck with it as you can't sell.
A lot of property loans are for much more than 6 months and that's not unreasonable as long as investors are made aware that this is the case. I suspect you may have believed that all the loans are for 6 months.
As long as you are made aware of this I think it's fair.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 13, 2018 10:05:48 GMT
6/12/18 months does not mean nothing to FS. some of my loans are over 800 days with no proper updates,no capital, no interest,no nothing.looking at some serious loss of capital also with many of FS loans but as with my LY loans i am stuck with them and can only watch and hope for something back.FS are just as bad as LY when it comes to kicking cans further down the road for months/years.be careful with your money as you cant believe a bloody word that comes out of these p2p platforms.Of course The FCA are doing their job and are all over it. Not. Carry on! (<- That's The FCA speaking.) I feel all warm and fuzzy about how efficiently The FCA is spending taxpayer's money and vigilantly protecting us against blatant dishonesty, lying and deception. 
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benaj
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Post by benaj on Dec 13, 2018 10:44:04 GMT
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Post by dan1 on Dec 13, 2018 10:56:29 GMT
I like to offer my own statistics as a more in depth analysis of the current state of the FS loan book (but then I would say that I hear you cry  )... FS: All active and past loansYou'll see that as of the time of the linked post, for loans issued in 2018 less than 20% by value repaid on or before the expected end date (between 30-35% by number of loans). This is the poorest cohort by this measure. Hopefully the situation will improve and not worsen before the year is out.
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trium
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Post by trium on Dec 13, 2018 23:04:22 GMT
It seems you can't wave a stick in here without someone trying to adhere sh*t to it. I was asking about newly-listed/newly activated loans which seem to not to have an consistent policy regarding the end date when a loan takes a long time to fill. I do of course realise that the end date is frequently not adhered to. I did not intend to provide yet another opportunity for spleen-venting! I'm not overly-bothered about this but I have an OCD issue when I don't know why something is so. Don't get me on the meaning of life |
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arby
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Post by arby on Dec 14, 2018 0:36:45 GMT
It seems you can't wave a stick in here without someone trying to adhere sh*t to it. I was asking about newly-listed/newly activated loans which seem to not to have an consistent policy regarding the end date when a loan takes a long time to fill. I do of course realise that the end date is frequently not adhered to. I did not intend to provide yet another opportunity for spleen-venting! I'm not overly-bothered about this but I have an OCD issue when I don't know why something is so. Don't get me on the meaning of life But its everyone's favourite pastime!  So, the recent V***y Bridge renewal, it took 3 months to fill, was activated a week ago, and the end date is in 3 months time. Maybe it's different when it's a new loan vs renewal? Anyway, I agree that there does seem to be some inconsistencies...
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 14, 2018 2:05:17 GMT
As I keep saying count Every loan as 24 months and 90% will be resolved and you can have a pleasant time with P2P.
This is not for anyone with a nervous,risk averse or impatient disposition. Relax invest wisely with funds that are not required for at least 2 years.
Stress is one of the biggest risk factors for an early death even greater than the risk of defaulting loans.
There are quite a few on here that may get good returns and the people that will benefit are their beneficiaries if the keep up their obvious anger issues and stress over every penny.
This is always someone else’s fault despite the numerous warnings of capital risks involved.
Your decisions your consequences
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arby
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Post by arby on Dec 14, 2018 7:44:18 GMT
As I keep saying count Every loan as 24 months and 90% will be resolved and you can have a pleasant time with P2P. This is not for anyone with a nervous,risk averse or impatient disposition. Relax invest wisely with funds that are not required for at least 2 years. Stress is one of the biggest risk factors for an early death even greater than the risk of defaulting loans. There are quite a few on here that may get good returns and the people that will benefit are their beneficiaries if the keep up their obvious anger issues and stress over every penny. This is always someone else’s fault despite the numerous warnings of capital risks involved. Your decisions your consequences I don't think the question was asking about this, it was purely an administrative query, some loans are activated and can be sold on the secondary market for 5 months (the norm), while the loan I mentioned can only be sold for 2 months from activation as it took 3 months to fill. Asking for clarity on the process is not necessarily complaining that loans don't redeem after exactly 6 months.
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Greenwood2
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Post by Greenwood2 on Dec 14, 2018 8:12:33 GMT
It may just depend on the borrowers requirements, if they need the loan for a 6 month period of time it starts ticking at draw down or if they will have the money to repay at a fixed point ahead that date remains.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 14, 2018 12:43:37 GMT
As I keep saying count Every loan as 24 months and 90% will be resolved and you can have a pleasant time with P2P. This is not for anyone with a nervous,risk averse or impatient disposition. Relax invest wisely with funds that are not required for at least 2 years. Stress is one of the biggest risk factors for an early death even greater than the risk of defaulting loans. There are quite a few on here that may get good returns and the people that will benefit are their beneficiaries if the keep up their obvious anger issues and stress over every penny. This is always someone else’s fault despite the numerous warnings of capital risks involved. Your decisions your consequences I don't think the question was asking about this, it was purely an administrative query, some loans are activated and can be sold on the secondary market for 5 months (the norm), while the loan I mentioned can only be sold for 2 months from activation as it took 3 months to fill. Asking for clarity on the process is not necessarily complaining that loans don't redeem after exactly 6 months. Sorry perhaps veered of course a bit. For the answer to your question you need to ask The Brothers Grimm as FS operates on a bit of a Fairy Tail/Pantomime standing operating procedures.
Oh no they Don't Oh yes they DO....
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benaj
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Post by benaj on Mar 8, 2019 17:16:35 GMT
As I keep saying count Every loan as 24 months and 90% will be resolved and you can have a pleasant time with P2P. This is not for anyone with a nervous,risk averse or impatient disposition. Relax invest wisely with funds that are not required for at least 2 years. Stress is one of the biggest risk factors for an early death even greater than the risk of defaulting loans. There are quite a few on here that may get good returns and the people that will benefit are their beneficiaries if the keep up their obvious anger issues and stress over every penny. This is always someone else’s fault despite the numerous warnings of capital risks involved. Your decisions your consequences If FS advertises those development tranches could run longer than 6 months, and pay investors interests after the 6 months term, more investors would be relaxed.
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