taffy
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Post by taffy on Nov 12, 2019 13:20:54 GMT
Numerous loans being changed to "Unredeemed" today, supposedly to allow tax losses. Have many "Unredeemed" loans been eventually paid in full with interest?
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pip
Posts: 542
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Post by pip on Nov 12, 2019 13:43:05 GMT
I honestly think my entire loan book will be made unredeemed. All over a year overdue and no clear sign of how any of them will be recovered.
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aligibbs
Member of DD Central
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Post by aligibbs on Nov 12, 2019 13:46:55 GMT
I'm up to 37 emails so far :grim:
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 12, 2019 13:49:44 GMT
I'm up to 37 emails so far :grim: I'm not so sure this "grim"per se. What were you honestly expecting?; this action should have been taken long, long ago.
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adrian77
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Post by adrian77 on Nov 12, 2019 13:53:36 GMT
I am not saying they are doing the wrong thing but it looks to me as if the administrators have gone through the loan book and rather than accept the rubbish they were given my some borrowers they have faced reality and defaulted what looked like no-hopers. I just hate to think what the new defaulted total will be - maybe a tad higher than the fanciful figure FS gave us!
Not sure just how many people can still claim to make way over 15% return given these new defaults?
In fact I wonder if my vote on the loan book recovery was too optimistic - given the high number of votes either a lot of us have got it wrong or we are talking about an incredible loss.
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bg
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Post by bg on Nov 12, 2019 14:05:40 GMT
Not sure just how many people can still claim to make way over 15% return given these new defaults? Who is 'still' claiming that? Bear in mind that there can be no new loans originated by FS so it's a ludicrous claim to make. Also, who are the many people who have ever made that claim. As far as I can tell it was only ever one (very vocal) person.
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pip
Posts: 542
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Post by pip on Nov 12, 2019 14:06:23 GMT
I am not saying they are doing the wrong thing but it looks to me as if the administrators have gone through the loan book and rather than accept the rubbish they were given my some borrowers they have faced reality and defaulted what looked like no-hopers. I just hate to think what the new defaulted total will be - maybe a tad higher than the fanciful figure FS gave us! Not sure just how many people can still claim to make way over 15% return given these new defaults? In fact I wonder if my vote on the loan book recovery was too optimistic - given the high number of votes either a lot of us have got it wrong or we are talking about an incredible loss. Beware of false prophets. I don't think anybody has made 15% on this platform ever. What I think did happen was that some people wrongly thought that all overdue loans which were accruing interest would eventually be returned in full. They recognised all interest up front but did not recognise losses. Not sure how people went from around 10% average interest rates, to 15%, suspect some buying and selling of loans. Don't know enough to assess if these were genuine gains or, like the recognition of accrued interest, incorrect.
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aligibbs
Member of DD Central
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Post by aligibbs on Nov 12, 2019 14:10:59 GMT
I'm up to 37 emails so far :grim: I'm not so sure this "grim"per se. What were you honestly expecting?; this action should have been taken long, long ago. Wasn't really expecting it all in an hour. But yes, administration has speed that up- probably for the best. Still quite something though.
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morris
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Post by morris on Nov 12, 2019 14:14:40 GMT
The emails say that they are 'treating the loans as irrecoverable as a result of legal action being taken'. Is this true or is it just a cut and paste job.
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rocky1
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Post by rocky1 on Nov 12, 2019 14:34:33 GMT
just to clarify though. this does not mean you have lost money as we still have the security.so thats that sorted and of course you are still accruing loads of interest. so i will just sit back and wait for my 50+ unredeemed loans to magically start repaying.
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michaelc
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Post by michaelc on Nov 12, 2019 14:52:59 GMT
I'm up to 37 emails so far :grim: I got 3 (out of 56). Not sure if that's good or bad.
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Post by blackdog on Nov 12, 2019 14:59:46 GMT
Am also up to 3 at moment...(circa 3.5k) that's not including panoz/porsche fiasco....
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Post by blackdog on Nov 12, 2019 15:00:37 GMT
Forgot to put in 3 out of 70
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pfffill
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Post by pfffill on Nov 12, 2019 18:08:31 GMT
Waiting for the hammer to fall here - thus far, I have one "Unredeemed" loan of £25, the rest of my PF are showing active by some miracle. But will there be a round two of default emails tomorrow?
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adrian77
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Post by adrian77 on Nov 12, 2019 18:23:09 GMT
Pip I totally agree - I also think there were some errors regarding loans on the SM where the projected interest was taken as given with a predicted sale which clearly was a very dodgy position to take!
More than 15% return has been claimed - it is in the forum in black and white. Wonder if that is the case now - I am glad I am not managing other people's money...
I just don't see how people with £100K+ portfolios are going to do anything other than take a massive hit given that these defaults are now coming in quicker than a desire to see the back of Brexit! Happy to be proven wrong - I envisaged 50% loss of my remaining portfolio - well that is now 10%.
"Organic growth - it's a process" - maybe but this one is the mother of all c*ck-ups! (not my first choice of words)! FS should be taught in business classes as a prime example of how not to do business - and yet it helps if you have a clue what you are doing! How the hell did these people get a licence!
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