copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Oct 29, 2019 20:48:21 GMT
The most likely outcome in my opinion is
1. When the borrower's bankruptcy has progressed and all assets sold we will get a repayment of a portion of the debt shared between other unsecured creditors. If the house sold for £60k but the borrower is £300k in the red we'd get 20p in the pound.
2. FS's promise to repay us for this loan will at best be considered a FS company debt and we'll be lumped in with the rest of FS's unsecured creditors. Many years from now when FS has been almost wound down the administrators will declare a dividend of x pence in the pound for unsecured creditors. FS did have £770k of assets on their balance sheet in 2018 but I suspect most of this will disappear on administrator costs if it's actually still there.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Oct 23, 2019 12:05:18 GMT
P2P really is a disaster of a place to invest money.
I guess this also means the Barnoldswick 1079396222 @20% LTV which FS didn't bother their backsides to register the charge on and which they said they'd repay from their own funds is now most likely a total loss too.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Sept 6, 2019 19:41:41 GMT
Source have progressed from spam emails which don't stop after having unsubscribed to spam text messages to my mobile. If Sourced are happy to ignore the law on GDPR who's to say they aren't happy to ignore FCA rules too? This is not a good way to go about building a trustworthy reputation.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jul 17, 2019 11:12:55 GMT
Possibly because mainstream lenders aren't interested in giving a £550,000 unsecured loan to a company whose last submitted accounts show their balance sheet sitting at £78,000 and where the loan amount is 9 times their profit. What we're really lending against here is the promise of an HS2 payment coming through and the hope that the owners don't do a runner once they have both the loan and the payment. It appears cynicism and realism are the same thing when applied to p2p borrowers.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jul 11, 2019 19:55:43 GMT
Some excellent posts there petrichory . One additional cherry on top of the incompetence cake for dealing with this borrower, which I don't think has been mentioned in this thread, is FS didn't even bother securing the loan 1079396222 with a legal charge. This means that loan is only supported by whatever crumb of money is left in borrower's bankruptcy assets and FS' own promise of repayment, should they still be in existence by the time this gets sorted.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jul 4, 2019 11:18:15 GMT
I sent an email requesting a breakdown of costs and to advise if the borrower had any connection to the purchaser back on 6th June. The reply was that they couldn't divulge any information regarding the purchaser and that they were still waiting on the breakdown and this would be posted when they have it. I followed up 3 weeks later and got the same reply.
I find it very hard to believe that the receiver would send >£1m to FS without some sort of remittance or even telling FS what they sold it for. Perhaps FS should stop "waiting for a breakdown of the costs" as they say in they update and send a sharply worded letter to the receiver about their lack of professionalism and to get it sent this afternoon. As almost a month has gone by though, I suspect FS already have the information and are taking legal advice before telling us because something dubious was done.
Perhaps we should get the FCA involved to see if they'll investigate this loan but that unfortunately might end up with yet another platform in administration...
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jun 11, 2019 11:46:21 GMT
that's for sure, this late in the economic cycle, staying in P2P seems unwise to me A crash is inevitable despite all desperate attempts by central banks around the globe... time for precious metal holdingTo all physical gold holders who feel they are "protected" , I ask them this : If the Armegeddon they are predicting (ie. a total financial meltdown) actually happens, how exactly are they going to profit from their gold holding ? Best of luck when you try paying for your Tescos shopping with a Gold sovereign .... ok that's flippant, but if there is a total loss of confidence in fiat currency there will literally be blood on the streets, and there won't be any way of actually using Gold coins as a medium of exchange. How could the recipient trust them , value them, weigh them etc etc.
In the case of a armageddon and a total financial meltdown the things that have tradeable value would be food, weapons, medicine, solar panels, some tech etc.
Actually, come to think of it a "large fortified house" might also have some value. I think Lendy may have sold that one off too soon.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jun 6, 2019 9:16:20 GMT
10 mins ago 18/01/19 The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details. Well, not a lot of detail just yet (update just posted) but at least we know the wheels are turning. LTV is stated in loan particulars to be 42.59% but further down the description it says 51.1% or 61.6% - take your pick, but we have an unfinished development to try and sell and expensive receivers to pay.
Turns out it was none of the above! 136% LTV
Actually a bit less since the receivers have no doubt got their cut. I've sent an email to ask FS for a breakdown of the recovery sale price and costs.
My commiserations especially to those in the second charge loans.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jun 4, 2019 11:22:24 GMT
Another +1 for the low cost index tracker vs expert coin flippers. Thats a rather foolish mentality. First, there are fund managers and fund managers. Its up to you to pick the right one. Most sensible people could easily see that Mr Woodford was very quickly reaching that stage of believing his own puff. The whole point of picking fund managers is that you don't follow the herd, but you find the number two who's quietly doing a reasonable job of things. Time and again, the herd following mentality is proven to be foolish (for example there was that chap from Fidelity a few years back who was promoted as the China guru ... he too ultimatley fell victim of over-hyping when his magical Chinese fund failed to deliver).
Secondly, speaking for myself I only invest in individual equities and have done quite well, thank you very much. Passive investing is all well and good. But, well, its passive ... and so very much requires an extra-long term mentality that many retail traders simply don't have the patience for (just to clarify, I'm not saying people should be short-term traders, absolutley not ... I'm just saying your average Joe doesn't have the mentality to think on a 10 year timeframe altough that might be (or might not) be the most suitable for them)
Hence expert coin flippers. Just because you select the guy that's got 10 heads in a row doesn't mean he's going to have a better chance to come up heads the next time he flips the coin. I'm not alone in my foolish mentality. Sure a few people will be better off but it's generally bad advice for most people to invest with active fund managers over low cost index funds.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jun 4, 2019 9:28:37 GMT
Another +1 for the low cost index tracker vs expert coin flippers.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jun 2, 2019 19:16:10 GMT
So non one is using the AC QAA as an alternative to a savings account?
It's not a savings account. It's currently instant access but if (when?) there's a run on it (more people looking money out than in after the cash buffer is depleted) your cash will be locked in for the term of the underlying loans. There's also platform risk as we've seen recently and no FSCS guarantee. Assume that if you invest here there's a small chance (hopefully) you could lose access to the cash for several years. If you plan on really needing that money put it in a bank account.
Edit: I'd suggest a good use of it is for money you've already earmarked for investment but are perhaps waiting on some manual invest p2p loan opportunities to surface
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on May 27, 2019 9:39:31 GMT
For anyone with a google account that wants to make sure his legacy follows him I'm sure he'll appreciate you leaving a review:
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on May 15, 2019 17:04:37 GMT
March's interest paid email - "£47.5m paid to date"
April's interest paid email - "£47.5m paid to date"
Maybe time to stop advertising the interest paid to date emails!
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Apr 27, 2019 10:44:33 GMT
I wonder if these restrictions are related to PBL068? Does anyone in the loan know if they ever post a satisfactory update on the breakdown of the recovery since it's nearly 3 months on?
When half a millon of the recovery disappeared and they refuse to put out a prompt update on where it went it made me worried neferious dealings were going down in the background. I'm wondering if this specific loan is what was behind the FCA preventing Lendy dispose of any more assets.
If the ship really is sinking, offloading assets at "mates' rates," inflating recovery fees or "diverting" client money would be the last grab. I don't for a moment think that the FCA getting involved will lead to swift or full recovery for lenders but probably better them overseeing things if Lendy have switched from running things badly in good faith to badly in bad faith.
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Apr 22, 2019 16:33:06 GMT
What am I doing here? I normally switch off when this comes up . Oh yeah ,I am totally fed up with children, with tears in their eyes, telling me they have a future in ruins. We MUST eat more children to save the planet.
I agree, anyone over 50 will likely be long dead before the s*** hits the fan so no need to do anything about it. /s
|
|