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Post by jackpease on May 28, 2014 13:30:47 GMT
Another loan has gone bad on FK - this is scary. Is it bad coincidence or the start of a trend - for a small platform having three loans making up £c£200k of £6m lent is a big hit.
The latest is/was a four star loan
Serves me right for smugly losing only the odd penny on FC
Jack
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j
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Post by j on May 28, 2014 16:51:32 GMT
Another loan has gone bad on FK - this is scary. Is it bad coincidence or the start of a trend - for a small platform having three loans making up £c£200k of £6m lent is a big hit. The latest is/was a four star loan Serves me right for smugly losing only the odd penny on FC Jack I think we all get a false sense of security sometimes.
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wysiati
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Post by wysiati on May 28, 2014 19:06:58 GMT
Another loan has gone bad on FK - this is scary. Is it bad coincidence or the start of a trend - for a small platform having three loans making up £c£200k of £6m lent is a big hit. The latest is/was a four star loan Serves me right for smugly losing only the odd penny on FC Jack Without revealing the identity of the borrower are you able to indicate which loan this is? I have in mind a candidate which does not appear to be visible on the loan exchange and for which I saw a CCJ database entry of c.£36k in April 2014. It is probably far too early to draw conclusions about bad debt rates. Other now more mature platforms have experienced lumpiness and spikes in non-performing loans only for the figures to moderate with further development/growth of the loan book over time.
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oldgrumpy
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Post by oldgrumpy on May 28, 2014 19:31:00 GMT
Yes that's the one (although you have deleted your clue). How fortunate to find out about a problem in advance and do the dumping.
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Post by westonkevRS on May 29, 2014 5:24:38 GMT
Hey Old Grumpy,
I went to the Investors Chronicle sponsored P2P lending event last week on a personal basis. It was good and I was impressed with FK.
They only mentioned 1 bad debt in their sales pitch for around £28k, and talked positively about the after market. However if more active lenders are able to get out of the bad-uns when they smell some smoke, doesn't that put us lazier passive lenders at risk or disadvantaged? Not sure I'd want to buy on the after market, I'd be questioning motives....Shouldn't FK have closed down FK after market trading when serious data emerged?
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Post by batchoy on May 29, 2014 5:50:57 GMT
Hey Old Grumpy, I went to the Investors Chronicle sponsored P2P lending event last week on a personal basis. It was good and I was impressed with FK. They only mentioned 1 bad debt in their sales pitch for around £28k, and talked positively about the after market. However if more active lenders are able to get out of the bad-uns when they smell some smoke, doesn't that put us lazier passive lenders at risk or disadvantaged? Not sure I'd want to buy on the after market, I'd be questioning motives....Shouldn't FK have closed down FK after market trading when serious data emerged? I'm not sure how big the one was that has been totally written off as FK to have pulled all details of the loan from their site all I can see are records of the repayments they did make and a lump sum shown on the tax report as capital written-off. I find the removal of all the information on the defaulted loan annoying as it means I can only refer back to the records that I kept myself rather than having a complete record of my FK account on my FK account. I then have small amounts in two that are in debt recovery this one where the loan was for £100,000 and another where the loan was for £25,000.
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oldgrumpy
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Post by oldgrumpy on May 29, 2014 8:15:42 GMT
Hey Old Grumpy, I went to the Investors Chronicle sponsored P2P lending event last week on a personal basis. It was good and I was impressed with FK. They only mentioned 1 bad debt in their sales pitch for around £28k, and talked positively about the after market. However if more active lenders are able to get out of the bad-uns when they smell some smoke, doesn't that put us lazier passive lenders at risk or disadvantaged? Not sure I'd want to buy on the after market, I'd be questioning motives....Shouldn't FK have closed down FK after market trading when serious data emerged?
Maybe my post was ambiguous regarding my position. I did not get out of this one. It represents 3.5% of my (small) stake in FK.
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oldgrumpy
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Post by oldgrumpy on May 29, 2014 8:27:06 GMT
Which brings us on to the Huddersfield Dry Cleaner; is he starting to take us to the cleaners? FK are taking up FC's sport: chasing.
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oldgrumpy
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Post by oldgrumpy on May 29, 2014 8:32:16 GMT
I'm not sure how big the one was that has been totally written off as FK to have pulled all details of the loan from their site all I can see are records of the repayments they did make and a lump sum shown on the tax report as capital written-off. I find the removal of all the information on the defaulted loan annoying as it means I can only refer back to the records that I kept myself rather than having a complete record of my FK account on my FK account. I then have small amounts in two that are in debt recovery this one where the loan was for £100,000 and another where the loan was for £25,000. I emailed FK the minute they sent that message saying the loss would be shown only on the tax return saying, "the loss needs to show clearly somewhere on my dashboard, not just hidden away in a tax statement." They phoned me and a cheerful chappie said it was planned to put it on our dashboard records after the new website was settled. It now shows on the MY LOANS charts in red, and details show if you hover the mouse over the red bit.
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Post by jackpease on May 29, 2014 8:47:05 GMT
So we have C.... the Huddersfield dry cleaner £50k loan, late payment and chasing with warnings on selling loan parts
We have £25k S....s advertising with it 'highly unlikely' all the loan will be repaid
We have Cl..... the waste firm £100k and a further £50k looking very poorly
I really am struggling with the new website design and can't get used to it and have a feeling there's one i'm missing but the site now makes me dizzy
I'm still suppporting FK but my 'platform per borrower trust level' will drop from £100 to £50 (the same as FC)
Jack
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alison
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Post by alison on May 29, 2014 9:18:11 GMT
I emailed FK the minute they sent that message saying the loss would be shown only on the tax return saying, "the loss needs to show clearly somewhere on my dashboard, not just hidden away in a tax statement." They phoned me and a cheerful chappie said it was planned to put it on our dashboard records after the new website was settled. It now shows on the MY LOANS charts in red, and details show if you hover the mouse over the red bit. I can see the item and amount for debts in recovery but I can't find anywhere the item for the totally kaput item (motorbikes?).
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oldgrumpy
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Post by oldgrumpy on May 29, 2014 9:23:18 GMT
Ah! Yes. That's a different one. We want <moderated> doo-dah <moderated> etc to show don't we. I await nicky's response here before mailing them again. A loan which has defaulted MUST appear clearly on our pages somewhere. |
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jimbo
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Post by jimbo on May 29, 2014 9:58:22 GMT
OldGrumpy. I have just moderated your post as what was written was a little too close to the actual borrower name. Appreciate you didn't intend to reveal the borrower, but as somebody else who lent to this company on FK, it was a little bit too much of a clue.
I agree with everybody's sentiments here though. I too would like to be able to see written-off loans somewhere on my dashboard.
Cheers.
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oldgrumpy
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Post by oldgrumpy on May 29, 2014 10:10:07 GMT
Forgot how I phrased it now!
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Post by batchoy on May 29, 2014 10:28:14 GMT
I emailed FK the minute they sent that message saying the loss would be shown only on the tax return saying, "the loss needs to show clearly somewhere on my dashboard, not just hidden away in a tax statement." They phoned me and a cheerful chappie said it was planned to put it on our dashboard records after the new website was settled. It now shows on the MY LOANS charts in red, and details show if you hover the mouse over the red bit. I can see the item and amount for debts in recovery but I can't find anywhere the item for the totally kaput item (motorbikes?). When it finally went kaput with no chance of any recovery FK pulled all mention of it from their website. Thus barring the records of the payments that were made and the total for the capital written off on the tax report we have no record of the loan and the borrower.
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