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Post by captainconfident on Jan 14, 2014 16:09:27 GMT
I have noticed that although there are regular 'recovery payments' made on certain defaulted loans, the amount shown as outstanding on my account doesn't change. It remains stated as the amount outstanding when the loan went into default.
As a result, there is no way of detecting how big the trumpeted repayments are (I suspect in some cases it is £20 on 30 months outstanding at £2000 a month). And it doesn't allow one to see what overall progress is being made on paying off the debt outstanding.
Am I right about this, and why is this information not given Is it to obscure the fees taken by FCRL or whatever that is called? I mean, NF *** **** defaulted with 4 payments to go and has been repaying. For months. Surely they must have nearly paid off the outstanding by now??!!
Edit
Of course, it could be that the amount outstanding does reduce, but that the recovery payments are so infinitesimal that my part of it is less than a whole penny.
Edit 2
Of course again, if FC weren't so arrogant as to think that their HEAVILY CENSORED forum was adequate for communicating with their members, and gave us the respect that all the other P2P companies do and answered questions on this forum, this could all be answered in seconds without us speculating.
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jimbo
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Post by jimbo on Jan 14, 2014 18:24:50 GMT
With a little detective work, you can figure out the likely 'new' monthly repayments if you download the loan book CSV and cross-reference your borrower's number on this. I agree that they should make it easier to see this.
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mikeb
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Post by mikeb on Jan 14, 2014 18:31:43 GMT
If you are talking about the exposure figure in the "comments" section, once it hits "Default" status, the amount outstanding is indeed frozen even though payments are (sporadically) coming in.
Your only way to track this, as far as I can see, is to do what I do.
Record and monitor the "Amount Recovered" total in your dashboard. If it is has changed since last time, work out how much by, then flip over to the statement page for this (last, previous!) month and look for lines that say "Recovery" and total up the itty bitty pennies. When these add up to the change in "Amount recovered", you know you've got them all.
Now you have a list of loan part numbers, and amounts.
Oh, you need to cross reference those part-numbers to the loan-id too. So you'll need a recent-ish copy of your loan book .CSV download too. You'll only cross ref once IF you remember to cache the data on a spreadsheet
e.g.
Loan ID | Loan Part No | Date Last Cash Extraction | Amount Extracted | Of total waiting
Yes this is a faff. Yes FC could make it clearer.
A big help would be if the comments said "Exposure at default: £19.37 ... Recovered since: £0.02" but then that would draw attention to the slow recoveries?
[Edit: Cross post with Jimbo]
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ton27
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Post by ton27 on Jan 14, 2014 18:53:17 GMT
I have been complaining of this to FC for the past 12months but without any success.
If you have a lot of Loan Parts/Loans (as I do) then working it out yourself is a real pain in the B***.
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Post by captainconfident on Jan 14, 2014 19:29:11 GMT
Thanks chaps, glad this was a real problem and not me being thick.
Mikeb, what can I say? Thanks very much for taking the time to explain how exactly how the amounts can be calculated. If you get a dog, that would at least get you out of the house once a day!
But you hit the nail on the head. "Exposure at default: £19.37 ... Recovered since: £0.02" That is plainly what a lender holding a defaulted loan should expect to see. Anyone from FC reading this forum?
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markr
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Post by markr on Jan 14, 2014 22:29:06 GMT
Anyone from FC reading this forum? Probably. Anyone from FC give a S**t H**se about our opinion? Probably not.
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Post by bracknellboy on Jan 14, 2014 22:54:30 GMT
.... Anyone from FC reading this forum?.... Quite possibly. They have however in the recent past stated to the Admins of the forum that FC's policy is to not respond or post on this or other forums, other than the official 'inside the wire' FC forum. They have also pointed out that the forum's administrators have potential legal responsibilities/liabilities with regard to content on the forum. While FC employees had registered one (two?) accounts in the past, these have recently been de-registered/deleted by them. They may of course still be viewing as guests, and indeed I would expect them to be doing so. [Apologies for any incorrect use of apostrophes in the preceding sentence: its a bit too late to be getting all Lynne Truss about forum posts]. The conclusion from that therefore is that you would need to post any observation onto the official FC forum if you wish to get a response from them.
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Post by captainconfident on Jan 15, 2014 0:12:55 GMT
Unfortunate. (All opinions expressed further in this post are my own and not those of the p2p Independent Forum staff, their immediate families or pets). They have granted their own forum what they consider to be independence, but in fact it is so zealously over-moderated that it has driven would be members to this forum. Hence some of their bigger investors are here and here only. I do hope they are indeed reading along. As I am expansive mood (not pissed), I would like to say to the FC trolls who might be lurking, that I cut my teeth in P2P on their site, but the ready participation of representatives of all their competitors on this forum has in large part caused me to refocus away from FC. On the sold out and trashed former forum, we debated endlessly issues such as the vetting procedures used by FC, the value of PGs and the extent to which FC might be committed to pursuing defaulters, etc etc. Of all the service providers, they impress me as the least forthcoming, the least engaged. Perhaps they grew too fast to feel the need to address such concerns, but it would certainly improve their public image to appoint one of their staff, as everyone else has done, to chip in on this forum and occasionally correct and explain and perhaps take on board suggestions, as Wellesley have for instance recently done. I am uncomfortable that what I perceive as a closed and defensive company with what seems to me an erratic approach to defaulters, should dominate this 5k to 150k sector of the p2p unsecured loan market. I Feel Kindly towards another site in the same sector, and to directors looking for a loan I would point out that there is more than just the one option.
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mikeb
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Post by mikeb on Jan 15, 2014 18:33:36 GMT
Mikeb, what can I say? Thanks very much for taking the time to explain how exactly how the amounts can be calculated. If you get a dog, that would at least get you out of the house once a day! If you're saying that the above process sounds like it would take a lot of time, then it would. If FC were doing lots and lots of recoveries. You will sadly discover that a change from day to day in "amount recovered" is quite unlikely! You don't need to check once per day -- it's just convenient to do so as part of the round-robin of P2P site poking that I do! You can walk the dog after, then spend the day more usefully on Facebook, Twitter and Jeremy Kyle Show if you want!  Also, if you have decent spreadsheeting skilllz and file-groping-mangulation software, extracting this info on the off-chance of a recovery to find out WHO did WHAT and WHEN isn't so hard. But it shouldn't be necessary.
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markr
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Post by markr on Jan 16, 2014 10:48:54 GMT
This thread has cleared up a puzzle I had with the Mini Monsters loan (1001) where in November there was a comment that the guarantor has coughed up and we'd get out money back "in due course" but nothing since. I checked back and sure enough my £3.48 was credited back to me the day after the comment. I'd have a celebratory drink in my local but its £3.49 a pint!
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Post by captainconfident on Jan 17, 2014 1:03:06 GMT
Does that mean that Mini Monsters 1001 will sit there forever in 'my loan parts', shown as having 2 payments to go? Even though a repayment for the outstanding was received? It's very untidy in the long term.
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Post by GSV3MIaC on Jan 17, 2014 23:12:50 GMT
Probably. But then onres which are fully repaid sit there too. FC's whole reporting system is an accountants worst nightmare.
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oldgrumpy
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Post by oldgrumpy on Feb 10, 2014 12:46:44 GMT
Looks like something is transpiring with Breath of FA 1935! With asset security this time (already agreed) and ALL interest due (the guarantor has until Friday to agree to that) a deal which appears be lasting around nine years to settle may be on the cards. Is this a bit of sunshine on another rainy day?  |
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agent69
Member of DD Central
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Post by agent69 on Feb 10, 2014 18:37:57 GMT
Looks like something is transpiring with Breath of FA 1935! With asset security this time (already agreed) and ALL interest due (the guarantor has until Friday to agree to that) a deal which appears be lasting around nine years to settle may be on the cards. Is this a bit of sunshine on another rainy day? Talking of rays of sunshine: The fancy west end restaurant has had a rummage through the tips jar and managed to make another payment. Now only 4 months in arrears. Be thankful for small mercies, as they say
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Post by GSV3MIaC on Feb 10, 2014 19:52:43 GMT
Oh dear, oldgrumpy may need a new name?! Wait though, B**tl*oc* has gone wobbly today .. do you have any of that??
Mod: edited to redact name.
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