ilmoro
Member of DD Central
'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 Oct 21, 2014 18:32:46 GMT
Looks like any chance of any recovery from this one has literally gone up in smoke. Undiscusable circumstances. My first irrecoverable on FK. First of one I hope.
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min
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Post by min on Oct 21, 2014 21:33:35 GMT
Looks like any chance of any recovery from this one has literally gone up in smoke. Undiscusable circumstances. My first irrecoverable on FK. First of one I hope. Think I've got the same one but not had any additional info today. What have you heard and where?
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Post by jackpease on Oct 22, 2014 6:45:21 GMT
There's been a lender email explaining that the buildings have gone up in flames, with that security gone, there'll be no money left over for FK investors. The fire was covered on the bbc news website so pop the name of the firm into the search box.
***Mods. The fire is a matter of public record***
***Posters: any comments about *why* it happened should NOT be discussed, mentioned, hinted at, joked about in this thread otherwise the mods will be obliged to block the whole thread which is tiresome***
There is an awful lot to discuss about this loan but we'd need an FF-style pink section....
Jack P
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min
Member of DD Central
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Post by min on Oct 22, 2014 9:19:40 GMT
Found the email this morning - sent at 02.29. Someone working through the night at FK!
While it does not make for pleasant reading I appreciate the effort that FK have gone to to keep lenders fully in the picture.
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Post by captainconfident on Oct 22, 2014 15:13:10 GMT
Its the undisclosed mismatch between the accounts presented for the loan application and those disclosed to the liquidator which bother me most.
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min
Member of DD Central
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Post by min on Oct 22, 2014 18:46:53 GMT
Its the undisclosed mismatch between the accounts presented for the loan application and those disclosed to the liquidator which bother me most. Indeed. FK seem to be quite firm about this. Even if we don't get anything back would nice if those responsible got their come uppance.
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jimbo
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Post by jimbo on Oct 23, 2014 12:12:42 GMT
I reckon they're going to end up being too bankrupt to make any further comeuppance worthwhile... Just my opinion. I appreciate the candor of the email that FK sent out earlier.
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oldgrumpy
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Post by oldgrumpy on Oct 23, 2014 12:24:30 GMT
Well, I have about 70 loans in FK (not huge amounts anywhere), and two of them are useless making FK the poorest performer of my portfolio... <4% return after 20% tax.
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Post by captainconfident on Oct 23, 2014 12:52:48 GMT
I've also got those two dead loans and investment in 67. I'm at 7.6% net of 20% tax. That's a very different picture.
It all works if you don't buy too much of any single loan.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Oct 23, 2014 13:06:02 GMT
I don't know how this compares Interest received - 20% tax = £280 Losses (assuming this is one) = £176 Leaving £104. If my overall rate was around to start 10.4% to start (I have some at <10%) then 104/280 x 10.4 = 3.86% All very approximate. If bikedocks pays nothing then I'll be in loss!! Heath Robinson calculations I know. My stake in Clearcrap was around 2% of my total - took eye off ball?!!! (I look at approx returns over all platforms, so my small bit in FK hasn't changed overall performance by a great deal, though it looks bad on FK.
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Post by jackpease on Oct 23, 2014 13:23:21 GMT
I took my eye off the ball too and fell for linked loans which make up disproportionately more on FK than other platforms which means i'm breakeven at best and well into losses if the non-performing loans don't perform.
You sure as heck get a load of depressing emails from FK but i can't work out whether that is because they are more honest than most or have had bad luck with their loans.
Jack P
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min
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Post by min on Oct 23, 2014 16:06:03 GMT
I reckon they're going to end up being too bankrupt to make any further comeuppance worthwhile... Was thinking more of the collar feeling type of comeuppance.
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oldgrumpy
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Post by oldgrumpy on Oct 23, 2014 16:21:05 GMT
It's amazing how much money can be "found" in order to ensure comeuppance (or avoid it), but how little can be found to ensure recompense for creditors
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Post by captainconfident on Oct 23, 2014 16:22:14 GMT
On reflection I'm no genius at risk spreading either. If the arrow of misfortune was to strike any of FKs healthcare loans then I'd be sunk.
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Post by yorkshireman on Oct 23, 2014 17:35:25 GMT
It all works if you don't buy too much of any single loan. In that case I should be OK with my £20 toe dip in 1 loan on FK.
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