|
Post by mrclondon on Jan 21, 2017 17:17:07 GMT
Noticed FS Statistics ahs got 'Capital lost though defaults*' as £15,612 (0.04%) - just wondering loans these were? I'm aware of three loans that are in that (losses totalling £10,411.96 ) Lubin Paintings (654474218) £3900.00 (not as listed on loan page due to a manual repayment) Lubin Paintings (2002084876) £6000.00 Two Rings (572782847) £511.96 Not sure where the other c. £5k comes from though - sort the 'All active and past loans' page by the defaulted column so that you have non-blanks listed, set the rows per page to 100 and scroll down. Those loans listed as "defaulted" in that column are the ones that haven't recovered all capital and accrued interest. Look at the detailed loan page for each such loan to see the capital recovered, which apart from the three I've listed has been 100% (apparently). Whichever way you look at it, as far as lenders are concerned (bearing in mind FS has topped up some loans out of their working capital as a goodwill gesture) the vast majority of the losses have been caused by over optimistic valuations on a large batch of pretty ugly modern art.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Jan 21, 2017 17:19:51 GMT
Noticed FS Statistics ahs got 'Capital lost though defaults*' as £15,612 (0.04%) - just wondering loans these were? I'm aware of three loans that are in that (losses totalling £10,411.96 ) Lubin Paintings (654474218) £3900.00 (not as listed on loan page due to a manual repayment) Lubin Paintings (2002084876) £6000.00 Two Rings (572782847) £511.96 Not sure where the other c. £5k comes from though - sort the 'All active and past loans' page by the defaulted column so that you have non-blanks listed, set the rows per page to 100 and scroll down. Those loans listed as "defaulted" in that column are the ones that haven't recovered all capital and accrued interest. Look at the detailed loan page for each such loan to see the capital recovered, which apart from the three I've listed has been 100% (apparently). Whichever way you look at it, as far as lenders are concerned (bearing in mind FS has topped up some loans out of their working capital as a goodwill gesture) the vast majority of the losses have been caused by over optimistic valuations on a large batch of pretty ugly modern art. Thanks Are the amounts you listed the size of the loan or the size of the loss? Just wondering how off the valuation's were?
|
|
|
Post by mrclondon on Jan 21, 2017 17:27:22 GMT
stevio - the figures I quoted were the capital losses. The lubin art loans were closed and FS took the assets onto their own books, with a 70% capital payout to lenders, and a promise to payout any additional amounts in the exceedingly unlikely event they were sold for more. FS almost certainly will have taken a loss on these. Look at the original loan pages for more info.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Jan 21, 2017 17:37:55 GMT
On the positive side it looks like good news for T****rd
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jan 22, 2017 7:22:03 GMT
On the positive side it looks like good news for T****rd That one was always going to be a relatively simple and safe recovery. I'll be more impressed with positive news regarding wind turbines and domain names.
|
|
09dolphin
Member of DD Central
Posts: 630
Likes: 856
|
Post by 09dolphin on Jan 22, 2017 8:41:31 GMT
To be honest if you expect "domain Names" to recover the interest + capital I think you will be disappointed. About half of the valuation would be more realistic. I wonder where FS got their valuation etc. If they want someone to value these sort of assets in the future I am happy to give a figure that is about what both FS and the lender require - for a fee.
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jan 22, 2017 9:18:45 GMT
Do not expect much from the wind turbine either that was overvalued and was unlikely it was every going to produce the estimates.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jan 22, 2017 9:51:35 GMT
Unfortunately, I'm in the turbine loan. The stupid thing is, I remember thinking to myself that I really don't trust all this new fangled green energy stuff, then went in for a couple of grand. Idiot.
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jan 22, 2017 12:09:08 GMT
Unfortunately, I'm in the turbine loan. The stupid thing is, I remember thinking to myself that I really don't trust all this new fangled green energy stuff, then went in for a couple of grand. Idiot. It won't be a complete write off, think capital should be about ok just no interest, and by time it because a loss you should be able to offset it agasint tax lost, if it comes into play in April, providing you can can use investments from before theon.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jan 22, 2017 13:36:07 GMT
Unfortunately, I'm in the turbine loan. The stupid thing is, I remember thinking to myself that I really don't trust all this new fangled green energy stuff, then went in for a couple of grand. Idiot. It won't be a complete write off, think capital should be about ok just no interest, and by time it because a loss you should be able to offset it agasint tax lost, if it comes into play in April, providing you can can use investments from before theon. I hope you're right, but until / unless it becomes a productive turbine, it's little more than a field with a big post in it.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Jan 22, 2017 14:14:07 GMT
Discussions of Voldemort loan are verboten! Has there been an email update in January I have missed thats creating pessism? No details just date please.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jan 26, 2017 21:02:21 GMT
Wind Turbine - Loan Update
Loan Reference: 6742133163
An update has just been added to a loan UPDATE:
We now have confirmation of the NIE contract finalised and formal estimates for completion of the wind turbine. Once we receive the remaining details from the administrator a detailed update will be sent to all active investors.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jan 26, 2017 22:51:06 GMT
Wind Turbine - Loan Update Loan Reference: 6742133163 An update has just been added to a loan UPDATE: We now have confirmation of the NIE contract finalised and formal estimates for completion of the wind turbine. Once we receive the remaining details from the administrator a detailed update will be sent to all active investors. Encouraging signs...
|
|
|
Post by sannytwist on Jan 27, 2017 0:17:33 GMT
Unfortunately, I'm in the turbine loan. The stupid thing is, I remember thinking to myself that I really don't trust all this new fangled green energy stuff, then went in for a couple of grand. Idiot. A couple of grand ........ goshhhhhhhhhhhhhhh I was pissed off that the Train loan is most likely going into default and fs isn't doing anything or updating us on the situation. I got £25 in it, then read u got a couple of grand on the turbine loan. Hope u get it back. In general FS valuations are really not that great.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jan 27, 2017 7:35:10 GMT
Unfortunately, I'm in the turbine loan. The stupid thing is, I remember thinking to myself that I really don't trust all this new fangled green energy stuff, then went in for a couple of grand. Idiot. A couple of grand ........ goshhhhhhhhhhhhhhh IIRC, there are 15 lenders in that loan holding £10k and above, the largest being £85k ...
|
|