rogerthat
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Post by rogerthat on Jul 17, 2018 16:14:46 GMT
I am in this one but it is not showing as defaulted and I have had no email from FS so has it definitively defaulted. Hope not because FS has not got a very reputation concerning boat valuations... Investment update Loan Reference: 1014724862 - 52ft Sports Cruiser - Renewal The status on one of your investments has been changed to "Unredeemed", meaning it has been formally defaulted as we have determined the loan to be "irrecoverable" in accordance with SAIM 12050. This means that it is eligible to be offset against interest earned for income tax purposes. Received 16.37 today..but strangely found it in my spam box
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rogerthat
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Post by rogerthat on Jul 17, 2018 15:51:57 GMT
1014724862 So..another one bites the dust or in this case maybe sinks without trace and in my loan book only 179 Days how is that possible ?..Pity other loans aren't (mis) managed using the same yardstick..seems several investors are going to be far more disappointed than me which isn't much of a consolation nor the fact that its in my IFISA
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rogerthat
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Post by rogerthat on Jul 17, 2018 10:34:38 GMT
Today 16/7/18 - I kid you not, No Comment :- "Valuation did not take place due to road accident by the valuer. An alternative valuer is being sought. Purchaser has reconfirmed his commitment to the transaction."Unnn..believable Geoff
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rogerthat
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Post by rogerthat on Jul 16, 2018 18:59:11 GMT
Is Eve from online chat a bot, or for real? Hard to believe; I get more satisfaction from Alexa..... Who knows..but I can assure you Stacie isn't
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rogerthat
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Post by rogerthat on Jul 16, 2018 15:41:45 GMT
Which begs the question: After one has gone, does interest continue to accrue? Good question and one that I have pondered on occasions recently..my entirely uneducated guess is...that if forms part of your estate and as such is 'inherited' by your beneficiaries. However, that guess is tempered by Premium Bonds which cannot be transferred (I think) so the assets would have to be realised instead. Complete twaddle I expect but id be very interested to know the answer
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rogerthat
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Post by rogerthat on Jul 16, 2018 11:05:47 GMT
So...World Cup & Wombledon over...and the current marketplace seemingly stagnant..if not comatose. As I type the 10th tranche for Darmonds Green appears on the horizon so that will be 18 loans in various stages of being subscribed, ~30% of which already look lame ducks. What's going on ?
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rogerthat
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Post by rogerthat on Jul 14, 2018 10:42:47 GMT
Update 20/05/18 Update 14/07/18 Microsculptures 282 Microsculptures 337 Lowry 299 Lowry 354 Picasso 299 Picasso 354 Auerbach 328 Auerbach 383 Chagall 346 Chagall 401 Barnoldswick 346 Barnoldswick 401 So...55 days later and what progress has been made ?..what updates have been issued ?...has any assurance whatsoever been given to investors that something, ANYTHING AT ALL has been achieved in securing investors capital back and interest accrued ?
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rogerthat
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Post by rogerthat on Jul 13, 2018 19:34:46 GMT
Record broken again - now 18 not filling available. And not one penny of mine in any of them...me alone wont matter a jot but Id venture to suggest that the increasing number of loans struggling to fill means im not the only one whose cheesed off with a loan book being submerged in unredeemed, grossly overdue loans and those others where we haven't a clue what the hell is going on. How much longer can this continue ?
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rogerthat
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Post by rogerthat on Jul 13, 2018 1:08:36 GMT
I think this is the one which had a LTV of 44% but now realised £17,500 of a £40K loan or LTV of 229% or 54% loss..brilliant! Worse I think this was the most derisable boat and the only one sold to date - looks like yet another FA premier league player to me with a potential loss of over 74%... Gordon Bennett! Never fear, all is still well, as "Interest continues to accrue on the reduced loan amount....". But wait, why is my 'Interest to Date' now less than it was a few weeks ago? Man the lifeboats, this loan appears to be leaking! I think you're gonna need a bigger (life) boat
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rogerthat
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Post by rogerthat on Jul 12, 2018 18:01:54 GMT
It doesn't take long for a loan which is lent at an LTV of 60-70% with an interest rate (to lenders) of 12-14% (and therefore 16-18% to borrowers) to get out of hand if its not quickly resolved. I'd much prefer that FS stepped in quicker- even if there is capital loss, as this is obviously going to be lower than waiting 12+months (and longer it seems). 'twill never happen, it's just not their Modus Operandi, which is Profit For FS At All Costs. Unless, of course, it's bling or similar or VERY low LTV property which is slightly more likely to achieve somewhere near the Valuation and can arguably be shot of quickly with little or no Capital Loss. But then, I'd have thought all on here are fully acquainted with FS' MO by now? MO ?....Monthly Obfuscation
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rogerthat
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Post by rogerthat on Jul 12, 2018 15:50:31 GMT
Yes, there's tax to pay on the 5p (or is it the 11p?).
If I'm lucky, the 5p extra will not actually affect the income declared on my tax return, because incomes are rounded down to the pound below. But if that 5p happens to push my income figure up by a pound, then I'll have to pay 40p tax on it.
Its the 11p...and if you slip into the 40% tax bracket (if you are not already there) because of one single loan on Funding Circle, then I suggest you get an accountant or else it could turn out to be the most expensive 11p (less tax ) ever
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rogerthat
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Post by rogerthat on Jul 12, 2018 14:40:49 GMT
Haha, I received a part of it too. My £20 piece will repay as follows: Date
| Principal | Interest | Fee | 11 Aug 18
| £3.32 | £0.03 | £0.02 | 11 Sep 18
| £3.32 | £0.02 | £0.02 | 11 Oct 18
| £3.33
| £0.02 | £0.01 | 11 Nov 18
| £3.34 | £0.02 | £0.01 | 11 Dec 18
| £3.34 | £0.01 | £0.00 | 11 Jan 19
| £3.35 | £0.01 | £0.00 |
That's a total of 11p interest and 6p fees -- for a profit of 5p. Less tax ?
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rogerthat
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Post by rogerthat on Jul 12, 2018 13:29:54 GMT
Lying toad (or in this case) Chameleon..as it happens I sunk £3K into this at the outset..and theres £312.70 remaining (strangely one of the outstanding loans that appears to have reduced with each payment ) Not sure about lying toad. But to blow your cover, I say you are Piggles, unless you are his 'mate' The Honourable Algernon Montgomery Lacey. I know you from the original The White Fokker, even before loan 1812. 1812 was fully sold, and has been removed from my loan parts by FC. Because I sold most of 5702, it is hard to find what I bought in total, just the defaulted £100 part which I forgot about for six months, until it went late in my loan comments. I take that back..cos now I read it its out of context..1812 (the loan and not the overture) was one of FC's better decisions in allowing it to remain late rather than defaulting it..as with 5 actual payments left (10) under the borrowers agreement, it looks like the end result should see it cleared. FS on the other hand..well im not sure where they are heading...
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rogerthat
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Post by rogerthat on Jul 12, 2018 12:19:41 GMT
I've just been allocated a 6 month A+ loan paying only 1.9% (!!!!!!) For the risk of my £20 allocation, my best case scenario is I earn about 19p interest. Actually, it's amortising so not even that little! Is this staggeringly low rate normal now? I've never had anything under about 5% on FC before. A very quick Google search with my limited knowledge of interpreting Companies House records (and their non existent web presence anywhere else) doesn't fill me with joy about this one, so I don't understand what criteria is used to justify this. Has anyone worked out how to sell specific loans? Or can I demand FC remove a new purchase that I have severe worries about? Or do I just have to suck it up and wait for it to hopefully not default? Any advice would be super appreciated! Don't spend it all at once ?
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rogerthat
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Post by rogerthat on Jul 12, 2018 12:16:25 GMT
I show a whisker under 45% recovery, investor since 2012. I really don't know if it's wishful thinking on my part but the real recovery rate might slightly better. Having recently gone through all defaults making up the total on my homepage, some show an outstanding balance - which is contradicted by the loan comments claiming fully repaid. Anyone else noticed similar? If that is the 'exposure' figure, then it is that amount when defaulted and does not change. To find out the recoveries on each loan is very difficult and not encouraged by FC, unless it is fully recovered.
Loan 5702 was subject to comment about dodgy car dealers on the old indy forum, which was bought up and closed by FC years ogo, under threat of various actions. I forgot to sell £92 of 5702, my own fault, and have been reminded of that exposure now for 51 comments over more than four years. They still bang on, but I have no idea how much of my £92 has been recovered. The guarantor will never escape.
I also remember 1812, above, but fondly because after a while of good interest, I sold some quantity of it. I just hope I did not sell it to rogerthat .
Lying toad (or in this case) Chameleon..as it happens I sunk £3K into this at the outset..and theres £312.70 remaining (strangely one of the outstanding loans that appears to have reduced with each payment )
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