sydb
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Post by sydb on Feb 11, 2019 21:31:39 GMT
Bit of a long shot but has anyone still got loan parts for this loan ID 12894?
I'm clearing out my FC account and just have bad debt left (along with a few 'Late' and a 'Live' or two). One of the 'Principal remaining' (but marked bad debt) is for this loan but upon looking at the details under Repayments, the last update is a note from Jan 2017 saying:
'We have today received the final instalment to repay the loan inclusive of contractual interest accrued to date. This will be distributed to investors immediately. This loan has now been settled and no further comments will be made to investors.'
Why is this still listed as a Principal remaining in my loan part portfolio when the note indicates all is repaid? Can anybody help me with my confusion?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 11, 2019 23:18:46 GMT
Bit of a long shot but has anyone still got loan parts for this loan ID 12894?
I'm clearing out my FC account and just have bad debt left (along with a few 'Late' and a 'Live' or two). One of the 'Principal remaining' (but marked bad debt) is for this loan but upon looking at the details under Repayments, the last update is a note from Jan 2017 saying:
'We have today received the final instalment to repay the loan inclusive of contractual interest accrued to date. This will be distributed to investors immediately. This loan has now been settled and no further comments will be made to investors.'
Why is this still listed as a Principal remaining in my loan part portfolio when the note indicates all is repaid? Can anybody help me with my confusion? FC for some reason freeze the displayed balance at the point of default & don't adjust it to reflect further payments. All my defaulted loans are showing sums far in excess of the actual capital outstanding.
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sydb
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Post by sydb on Feb 12, 2019 9:41:02 GMT
FC for some reason freeze the displayed balance at the point of default & don't adjust it to reflect further payments. All my defaulted loans are showing sums far in excess of the actual capital outstanding. Thank you, ilmoro.
1) So you are saying that if a loan goes into default, even if the loan is then fully repaid, it remains listed in your portfolio with some 'Principal remaining' but is not actually included in your portfolio total value? 2) Does the total then only include all those listed as Live, Processing or Late? So, in theory, if future recoveries come in on any of the bad debt, the cash account will simply increase but nothing happens to the portfolio total. 3) It's so alien (and much more honest) compared to Lendy's calculation of 'portfolio total'! It makes one understand how accountants have flexibility. 4) What happens if one closes one's account (is that possible with bad debt?) and recoveries come in afterwards? Does one never close a P2P account, there inevitably being some outstanding bad debt? What happens at time of death? The account must be closed then and I guess the P2P company just 'absorb' any future recoveries? I guess, so long as the portfolio value is zero, one can close one's account, should one wish to.
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rogerthat
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Post by rogerthat on Feb 12, 2019 11:01:24 GMT
As i have said b4 on the relevant thread, for some unknown reason FC seem to have made an exception with Loan 1812 P Y C Bank On ..(at least on my account) which appears to have had its original outstanding balance reduced though that didnt start till well into the loan term. If the balance is accurate, there are 2 monthly payments left though by 'arrangement' that could mean possibly 4 more. Trawling through years of financial statements via my limited means doesnt appeal so when this loan does finally clear i will be asking FC to provide evidence that i can cross check at leisure
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SteveT
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Post by SteveT on Feb 12, 2019 11:05:36 GMT
Re. 4), I managed to persuade both ReBS and LC to close dormant accounts containing 1 or 2 zombie parts (long defaulted, minimal prospects of recovery) by assigning ownership of those parts to a “Charitable Giving” account controlled by the platform. I’ve no idea whether FC would agree to do the same (probably not, knowing FC)
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 12, 2019 11:19:50 GMT
FC for some reason freeze the displayed balance at the point of default & don't adjust it to reflect further payments. All my defaulted loans are showing sums far in excess of the actual capital outstanding. Thank you, ilmoro.
1) So you are saying that if a loan goes into default, even if the loan is then fully repaid, it remains listed in your portfolio with some 'Principal remaining' but is not actually included in your portfolio total value? Yes. No defaults are included in your portflio value AUIU, just cash & live loans. I have 21 loans listed as bad debt, no live loans and a bit of cash so my portfolio value is just the cash sum. The total of the bad debt is shown in the summary, with the amount subsequently repaid as recoveries.
2) Does the total then only include all those listed as Live, Processing or Late? So, in theory, if future recoveries come in on any of the bad debt, the cash account will simply increase but nothing happens to the portfolio total. Dont know as I have nothing but bad debt, but once a loan becomes bad debt it isnt included in the portolio total.3) It's so alien (and much more honest) compared to Lendy's calculation of 'portfolio total'! It makes one understand how accountants have flexibility. Difference between secured & unsecured (largely), FC consider bad debt as effectively written off immediately as there is no tangible security. Different appraoch, different advice apparently.4) What happens if one closes one's account (is that possible with bad debt?) and recoveries come in afterwards? Does one never close a P2P account, there inevitably being some outstanding bad debt? What happens at time of death? The account must be closed then and I guess the P2P company just 'absorb' any future recoveries? I guess, so long as the portfolio value is zero, one can close one's account, should one wish to. No idea
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sydb
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Post by sydb on Feb 12, 2019 23:10:27 GMT
Difference between secured & unsecured (largely), FC consider bad debt as effectively written off immediately as there is no tangible security. Different appraoch, different advice apparently. Mmm, except it would seem that even when the securities from Lendy's loans have been cashed in i.e. there is no security left, the bad debt still appears as part of one's portfolio e.g. DBL179, PBL155. Anyway, thanks very much for your help.
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Post by hammertime on Feb 13, 2019 15:54:53 GMT
A few more bad defaults today which is strange i thought F/C did that on Thursday. Never mind F/C is going down the pan big time.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jul 4, 2019 14:24:11 GMT
Thank you, ilmoro.
1) So you are saying that if a loan goes into default, even if the loan is then fully repaid, it remains listed in your portfolio with some 'Principal remaining' but is not actually included in your portfolio total value? Yes. No defaults are included in your portflio value AUIU, just cash & live loans. I have 21 loans listed as bad debt, no live loans and a bit of cash so my portfolio value is just the cash sum. The total of the bad debt is shown in the summary, with the amount subsequently repaid as recoveries.
2) Does the total then only include all those listed as Live, Processing or Late? So, in theory, if future recoveries come in on any of the bad debt, the cash account will simply increase but nothing happens to the portfolio total. Dont know as I have nothing but bad debt, but once a loan becomes bad debt it isnt included in the portolio total.
recoveries show as cash therefore will increase portfolio total, and can get lent out so if you are closing down set lending off
3) It's so alien (and much more honest) compared to Lendy's calculation of 'portfolio total'! It makes one understand how accountants have flexibility. Difference between secured & unsecured (largely), FC consider bad debt as effectively written off immediately as there is no tangible security. Different appraoch, different advice apparently.4) What happens if one closes one's account (is that possible with bad debt?) and recoveries come in afterwards? Does one never close a P2P account, there inevitably being some outstanding bad debt? What happens at time of death? The account must be closed then and I guess the P2P company just 'absorb' any future recoveries? I guess, so long as the portfolio value is zero, one can close one's account, should one wish to. No idea
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blender
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Post by blender on Jul 4, 2019 16:21:49 GMT
Thank you, ilmoro.
1) So you are saying that if a loan goes into default, even if the loan is then fully repaid, it remains listed in your portfolio with some 'Principal remaining' but is not actually included in your portfolio total value? Yes. No defaults are included in your portflio value AUIU, just cash & live loans. I have 21 loans listed as bad debt, no live loans and a bit of cash so my portfolio value is just the cash sum. The total of the bad debt is shown in the summary, with the amount subsequently repaid as recoveries.
2) Does the total then only include all those listed as Live, Processing or Late? So, in theory, if future recoveries come in on any of the bad debt, the cash account will simply increase but nothing happens to the portfolio total. Dont know as I have nothing but bad debt, but once a loan becomes bad debt it isnt included in the portolio total.3) It's so alien (and much more honest) compared to Lendy's calculation of 'portfolio total'! It makes one understand how accountants have flexibility. Difference between secured & unsecured (largely), FC consider bad debt as effectively written off immediately as there is no tangible security. Different appraoch, different advice apparently.4) What happens if one closes one's account (is that possible with bad debt?) and recoveries come in afterwards? Does one never close a P2P account, there inevitably being some outstanding bad debt? What happens at time of death? The account must be closed then and I guess the P2P company just 'absorb' any future recoveries? I guess, so long as the portfolio value is zero, one can close one's account, should one wish to. No ideaAs has been said many times, you can check out but you can never leave. Even if you are dead, the account is part of your estate, to make things complicated for your executor. It would be nice if we could donate unwanted accounts to a charity, but no - there is no leaving FC, ever. Right to be forgotten? No chance.
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