hendragon
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Post by hendragon on Jun 19, 2017 11:47:42 GMT
The longer you have been investing in p2p the more chance you have of having a "zombie" account. A platform you no longer invest in but still have defaulted loans that have not been written off. For myself this is true of FC, AC and I am sure it will be for FS.
The question I would like to pose to forumites is after a certain length of time as a zombie account should the account holder be able to request the platform to close the account down and write off anything owed? In terms of FS I have a loan that has run for 685 days. In terms of AC I am owed interest from a bullet loan with a court case pending that has been interminable.
Should there been an option for lenders to sell distressed debt to a 3rd party at a discount?
Do we need a clear, industry wide, definition of what would constitute an unrevoverable debt?
It seems to me that these are questions that have not been addressed by the p2p industry, and as it matures it is becoming more important to do so.
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locutus
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Post by locutus on Jun 19, 2017 12:07:05 GMT
In terms of FS I have a loan that has run for 685 days. Which loan?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 19, 2017 12:10:26 GMT
In terms of FS I have a loan that has run for 685 days. Which loan? Even the Jock Boatyard isn't 685 days, is it?!!! 
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Post by akihisafumihiro on Jun 19, 2017 12:41:21 GMT
Even the Jock Boatyard isn't 685 days, is it?!!! Mc Boatyard is 704 days, and South Wales is "Ongoing process" at 682 days
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ozboy
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Post by ozboy on Jun 19, 2017 12:47:56 GMT
Even the Jock Boatyard isn't 685 days, is it?!!! Well, that's alright then, I was worried for a minute!   
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hendragon
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Post by hendragon on Jun 19, 2017 13:50:37 GMT
my south wales loan is 685 days old. I am looking forward to its second birthday. Wonder if I'll get the terrible twos........  |
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littleoldlady
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Post by littleoldlady on Jun 19, 2017 14:17:00 GMT
The longer you have been investing in p2p the more chance you have of having a "zombie" account. A platform you no longer invest in but still have defaulted loans that have not been written off. For myself this is true of FC, AC and I am sure it will be for FS. The question I would like to pose to forumites is after a certain length of time as a zombie account should the account holder be able to request the platform to close the account down and write off anything owed? In terms of FS I have a loan that has run for 685 days. In terms of AC I am owed interest from a bullet loan with a court case pending that has been interminable. Should there been an option for lenders to sell distressed debt to a 3rd party at a discount? Do we need a clear, industry wide, definition of what would constitute an unrevoverable debt? It seems to me that these are questions that have not been addressed by the p2p industry, and as it matures it is becoming more important to do so. It is already true for me of FS, and also Abl. However I do not see any advantage in writing them off. Any recovery however small and however late is surely better than nothing. I think the platform should be allowed to make an offer for the loan. Would this be permitted?
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Post by GSV3MIaC on Jun 19, 2017 14:24:46 GMT
Back to the thread topic - yes, I'd like some way to say 'enough already', close the account with a write-off, and send any future recoveries to some charity of my choice.
I did get a clean exit from RS, but with FC, LC, ReBS (and eventually there may be more) I'll probably be getting ever feebler excuse emails well into the next century ('the borrower has turned into a puff of smoke / zombie / frog' and 'the asset turns out to have melted / turned back into a pumpkin / got divorced' .. Ok, I exaggerate slightly, and after all they are amusing updates, as long as the sum involved isn't too huge).
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hendragon
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Post by hendragon on Jun 19, 2017 14:37:39 GMT
part of my reason behind asking the question is that I am unlikely to pay much attention to these zombie accounts. I have neither the wish nor the time. However they still contain active and important information. If any of these accounts are compromised I am unlikely to notice.I have always closed defunct bank/building society/credit card accounts down. Something that you should also be able to do for p2p accounts.
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baldpate
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Post by baldpate on Jun 19, 2017 15:57:18 GMT
It is also an important factor for those of us getting on in years who would like to plan for an uncomplicated exit when the reaper finally makes his appearance. I have no wish to land my family executor with the complexity of unwinding a bunch of defaults that could run on for years. Like GSV3MIaC I would dearly like to bequeath such loans to a charity, preferably of my choice though I'd be happy enough choosing from a shortlist nominated by the platform. |
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Post by dan1 on Jun 19, 2017 16:29:07 GMT
It is also an important factor for those of us getting on in years who would like to plan for an uncomplicated exit when the reaper finally makes his appearance. I have no wish to land my family executor with the complexity of unwinding a bunch of defaults that could run on for years. Like GSV3MIaC I would dearly like to bequeath such loans to a charity, preferably of my choice though I'd be happy enough choosing from a shortlist nominated by the platform. An excellent point well made. It is not only for those getting on in years but for those whose life makes a sudden and unfortunate pivot. I'm happy to build an increasingly complex portfolio that would inevitably be a complete nightmare for an executor to unwind and bring to a close. This problem was, until recently, confined to the wealthier in society but with the advent of P2P and other highly illiquid assets (in comparison to stocks & shares, or government & corporate bonds) now readily accessible to the general public it may just be an area where legislation is necessary.
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hendragon
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Post by hendragon on Jun 19, 2017 16:33:42 GMT
There seem to be 2 questions here. Closure for reasons of probate or to help the executor of a will. Secondly,my original thought, of closing a zombie account. The p2p industry mght need a specific solution for each.
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pikestaff
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Post by pikestaff on Jun 19, 2017 16:39:38 GMT
It is also an important factor for those of us getting on in years who would like to plan for an uncomplicated exit when the reaper finally makes his appearance. I have no wish to land my family executor with the complexity of unwinding a bunch of defaults that could run on for years. Like GSV3MIaC I would dearly like to bequeath such loans to a charity, preferably of my choice though I'd be happy enough choosing from a shortlist nominated by the platform. I have had a few "dead" shares or awkward scraps of shares, which my broker has let me transfer to sharegift.org at no cost. I'd be happy if the p2p industry as a whole could make a similar arrangement with them. Perhaps the p2pfa could take a lead.
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mary
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Post by mary on Jun 19, 2017 16:52:54 GMT
It is also an important factor for those of us getting on in years who would like to plan for an uncomplicated exit when the reaper finally makes his appearance. I have no wish to land my family executor with the complexity of unwinding a bunch of defaults that could run on for years. Like GSV3MIaC I would dearly like to bequeath such loans to a charity, preferably of my choice though I'd be happy enough choosing from a shortlist nominated by the platform. I have had a few "dead" shares or awkward scraps of shares, which my broker has let me transfer to sharegift.org at no cost. I'd be happy if the p2p industry as a whole could make a similar arrangement with them. Perhaps the p2pfa could take a lead. Good idea. As per original post, I would like to close off at least one platform, but have pennies in a default loan. We need a way!
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hendragon
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Post by hendragon on Jun 19, 2017 17:07:01 GMT
Ok this is a relatively small sample of p2p investors, but we do seem to have a consensus that something should be done, even if we are not quite sure what it should be. P2P platforms..............all of you...........perhaps you might like to take note.
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