bugs4me
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Post by bugs4me on Nov 12, 2019 18:53:31 GMT
I was 'making' 12% plus - that's counting accrued interest without the benefit of the SM. Only a couple of tiny defaults running into a miniscule three figure amount.
Then I was 'hit' with the total FS mismanagement of the turbine loan - you know the one that only required the funds to hook up the system. Those funds were used elsewhere and it opened my eyes fortunately to the absolute incompetence of FS to manage the simplest of loans. Mind started wandering - mine that is - do they really have in their possession all that bling or are we just doing 'mates handshakes'. What other connections are there between the FS Directors and friends using lenders funds, etc, etc.
So with confidence gone I exited the platform apart from the W***h H***l zombie loan.
As I've stated before, I consider myself to be extremely fortunate that I will walk away with a 5-6% return irrespective as to that zombie loan. Many others sadly will not be so fortunate and it will have a severe impact on their financial future.
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song
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Post by song on Nov 12, 2019 20:15:16 GMT
I was 'making' 12% plus - that's counting accrued interest without the benefit of the SM. Only a couple of tiny defaults running into a miniscule three figure amount.
Then I was 'hit' with the total FS mismanagement of the turbine loan - you know the one that only required the funds to hook up the system. Those funds were used elsewhere and it opened my eyes fortunately to the absolute incompetence of FS to manage the simplest of loans. Mind started wandering - mine that is - do they really have in their possession all that bling or are we just doing 'mates handshakes'. What other connections are their between the FS Directors and friends using lenders funds, etc, etc.
So with confidence gone I exited the platform apart from the W***h H***l zombie loan.
As I've stated before, I consider myself to be extremely fortunate that I will walk away with a 5-6% return irrespective as to that zombie loan. Many others sadly will not be so fortunate and it will have a severe impact on their financial future.
They were more or less my thoughts at a similar time, close one.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 12, 2019 20:17:58 GMT
One or more should must be jailed, and we all know who. I am not well versed enough in the laws of libel to say any more but have been taking Mind Reading lessons recently and I must say they're working a treat - I can read all your minds!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
Posts: 3,155
Likes: 4,823
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Post by ozboy on Nov 12, 2019 20:25:02 GMT
I was 'making' 12% plus - that's counting accrued interest without the benefit of the SM. Only a couple of tiny defaults running into a miniscule three figure amount.
Then I was 'hit' with the total FS mismanagement of the turbine loan - you know the one that only required the funds to hook up the system. Those funds were used elsewhere and it opened my eyes fortunately to the absolute incompetence of FS to manage the simplest of loans. Mind started wandering - mine that is - do they really have in their possession all that bling or are we just doing 'mates handshakes'. What other connections are their between the FS Directors and friends using lenders funds, etc, etc.
So with confidence gone I exited the platform apart from the W***h H***l zombie loan.
As I've stated before, I consider myself to be extremely fortunate that I will walk away with a 5-6% return irrespective as to that zombie loan. Many others sadly will not be so fortunate and it will have a severe impact on their financial future.
There's no bugs on you, errrr, Bugs!
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benaj
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Post by benaj on Nov 13, 2019 16:10:24 GMT
Well, Major amount of irrecoverable appears on my FS tax statement (19/20) today.
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Post by mrclondon on Nov 13, 2019 22:05:13 GMT
Well, Major amount of irrecoverable appears on my FS tax statement (19/20) today. Indeed so ... a scarily big increase in my case over the last couple of days ... a mid 5 figure sum ... I knew it was coming but even so its still a bit of a shock seeing it in black and white. The loans defaulted this week total around £43m so lots of people suffering lots of pain, but is something that should have been done 12 months ago alongside the management review that was commissioned at the time. I'm afraid my fears that the "new" management were not making headway in creating order from the chaos have been confirmed. Out of the c. £80m of outstanding loans around £64m are now defaulted.
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Post by mrclondon on Nov 13, 2019 22:20:21 GMT
Over the last two days I've bumped forum threads where they exist for the loans that have been defaulted.
In a few cases there are no forum threads (or at least that are obvious), these are the more notable ones:
1687832305 - Property Loan - Cor****** Road, Richill
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trium
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Post by trium on Nov 14, 2019 10:49:47 GMT
All bar 6 of mine are now showing as "Unredeemed" though I don't get the logic - for example Alb**n Gr*ve and Craig***n Road are only a couple of weeks overdue (and were "in date" when the administration was announced) yet are Unredeemed. Meanwhile, my West Bromwich tranches are 9 months late but are still Active.
Of course, the situation is still changing so I suppose a few more might yet change status.
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Post by mrclondon on Nov 14, 2019 11:49:25 GMT
All bar 6 of mine are now showing as "Unredeemed" though I don't get the logic - for example Alb**n Gr*ve and Craig***n Road are only a couple of weeks overdue (and were "in date" when the administration was announced) yet are Unredeemed. Meanwhile, my West Bromwich tranches are 9 months late but are still Active. Of course, the situation is still changing so I suppose a few more might yet change status. The status of the borrower's loan account is dependent on the maturity date of the last tranche/renewal, so all West Brom tranches should remain active till mid February, assuming the sale of the building hasn't completed by then. What's more interesting is this borrower's Weston Rhyn and Yardley loans haven't been defaulted. Perhaps its too much to hope for, but there might be good news on all these before much longer.
Craig***n Road and Rutherglen have been defaulted, but not the borrower's Five***** loans which are part way through repayment through property sales. I assume that the former two have no realistic prospects of refinance in the short term.
I suspect all loans which have been defaulted only a short while past their maturity dates (e.g. Alb**n Gr*ve, Hamm***** etc) have not provided FS with evidence of an exit plan.
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Post by brightspark on Nov 14, 2019 20:47:49 GMT
I was 'making' 12% plus - that's counting accrued interest without the benefit of the SM. Only a couple of tiny defaults running into a miniscule three figure amount.
Then I was 'hit' with the total FS mismanagement of the turbine loan - you know the one that only required the funds to hook up the system. Those funds were used elsewhere and it opened my eyes fortunately to the absolute incompetence of FS to manage the simplest of loans. Mind started wandering - mine that is - do they really have in their possession all that bling or are we just doing 'mates handshakes'. What other connections are their between the FS Directors and friends using lenders funds, etc, etc.
So with confidence gone I exited the platform apart from the W***h H***l zombie loan.
As I've stated before, I consider myself to be extremely fortunate that I will walk away with a 5-6% return irrespective as to that zombie loan. Many others sadly will not be so fortunate and it will have a severe impact on their financial future.
They were more or less my thoughts at a similar time, close one. Mine too. It is an ill windmill that blows nobody any good!
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kermie
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Post by kermie on Nov 15, 2019 0:03:31 GMT
Can an overall loss for P2P be carried forward to the next tax year?
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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 Nov 15, 2019 1:07:52 GMT
Can an overall loss for P2P be carried forward to the next tax year? If you have surplus once applied against all P2P income it can be carried forward for up to 4 years. Has to be used at first opportunity, ie not discretionary, so of you have net P2P income it can be offset against the following year it has to be used, no skipping a year, and relief carried forward can only be claimed via self assessment. Usual disclaimer on advice etc
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adrian77
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Post by adrian77 on Nov 15, 2019 10:23:42 GMT
What's wrong with that - it is only 80%! Good job experienced property professional experts were handling this one! Looks to me as if 40 million smackers could easily be lost here - how on earth can anybody invest in property with a LTV of 70% max (in theory) and manage to do this!
It if were not too early I would pour myself a very stiff drink...
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paulb
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Post by paulb on Nov 15, 2019 10:49:33 GMT
It if were not too early I would pour myself a very stiff drink... In these modern times, it's never too early for a stiff drink.
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Post by brightspark on Nov 15, 2019 11:44:46 GMT
What's wrong with that - it is only 80%! Good job experienced property professional experts were handling this one! Looks to me as if 40 million smackers could easily be lost here - how on earth can anybody invest in property with a LTV of 70% max (in theory) and manage to do this! It if were not too early I would pour myself a very stiff drink... These are accumulated defaults. If FS had been defaulting them as they went along and had then taken appropriate recovery action things might have been different. It was their whole attitude to rotten loans from origination to foreclosure that ensured their downfall. A real pity as underneath the mess was a business that could have worked.
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