rogerthat
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Post by rogerthat on Jul 12, 2018 12:08:15 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? Its all been lost in the mists of time (or in my head) but I think once a loan defaulted the capital amount at the time of default was left as is...and didn't reduce as recovery payments were received. Using my previous example re 1202 above..the Loan Comment states " Working Capital (1202) — defaulted, exposure £201.06 " so one can assume one of two things...FC are telling porkies or they have in fact recovered the money and the only way you can check that is to trawl through all the payments identified in your transaction statements, that's assuming you can tell what loans all the loan part numbers actually refer to. That USED to be very easy without the need for spreadsheets but in all honesty after 4 years or so I cant be ar*ed. Each recovery payment is accompanied by an entry in the Loan comment section so ive just multiplied the number of comments by an average amount received each month since default..
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rogerthat
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Post by rogerthat on Jul 12, 2018 10:40:28 GMT
yes..back again to give some credit to Funding Circle Working Capital ID 1202 has finally fully repaid..I had £1K in this out the outset in 2012..defaulted in January 2105 but the last outstanding payment has been received. Well done FC
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rogerthat
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Post by rogerthat on Jul 11, 2018 10:31:10 GMT
damn had a nibble in this one - I would say to FS " get on the phone to UK and USA dealers TODAY and get a price equal to the loan value and get shot of the damn thing in 14 days time". A phone call is a lot cheaper than 20% or whatever auction fees! I think these cars are very popular in America and with the Pound being weak against the dollar it should easily sell to the US market? Wouldn't mind it myself...£5K should convince FS..I doubt they'll get close to the valuation though..classic car or not...wonder whats coming out of FS's woodwork next
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rogerthat
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Post by rogerthat on Jul 11, 2018 10:04:29 GMT
As has: 2127087124 Diamond Earrings Has FS Woken up, I notice this update on: 4757132991 Austin Healey Classic Car "As borrower has not repaid the loan we are investigating options for sale after the statutory 14 day period." Are they actually trying to look after lenders? Might be hard to believe I know. This is on the Austin Healey loan "The client is a classic car dealer who is a regular client of ours and who has redeemed all previously loans."....until now...naturally !
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rogerthat
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Post by rogerthat on Jul 11, 2018 9:43:50 GMT
Another one bites the dust Investment update Loan Reference: 3046618699 - Collection of Rings - Renewal The status on one of your investments has been changed to "Unredeemed"
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rogerthat
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Post by rogerthat on Jul 11, 2018 8:38:52 GMT
Across the 16 loans there is about £2.15 million waiting to be filled. Some of the loans were launched quite a while ago. Is this a temporary blip or is the tide turning? Think hole...black, sink or plug ...don't tempt me on a 4th option
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rogerthat
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Post by rogerthat on Jul 10, 2018 20:22:19 GMT
Had a quick look at this one : assuming my maths are correct this applicant owes £786K before the end of the year and £600.5k before end October. The block of 4 is nowhere near finished - Crook seems a lovely part and very cheap part of the world so must visit! The houses have no garage and are on a main road and seem expensive to me. Given the various states of completion the LTV seems well over 100% to me. The title contains restrictive covenents! But the valuer has no idea what they are - brilliant The land had former shallow mine workings - so that is something for any purchasing solicitor to check...all takes time. However how on earth is the applicant going to repay the £275K before the end of the month - the current renewal is not going to last long is it? Given this applicant is paying interest at 20% or whatever pa I just can't see any completed sales before October at the earlies so looks an inevitable cash-flow horlicks to me. Looks like yet another disaster to me but what do I know. Time for my daily thrashing with Mr Smutty! Roddy Hell! an update I read somewhere dated 20/03/18 "Sales have now been agreed at full price on all properties in the block of five units."..Of course that doesn't mean completed but...
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rogerthat
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Post by rogerthat on Jul 10, 2018 20:15:17 GMT
Agony aunt here again...go into your Main Account (if you also have an ISA account)..top of page..click My Account > click My email preferences..ensure all 3 boxes are checked..logout and log in again and hang on a month till the next newsletter (if there is one) All 3 are ticked- which is where I looked before. Oh well. Have you got the correct email address entered in your contact details ?...have you tried live chat and see if they have the correct details for you ?
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rogerthat
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Post by rogerthat on Jul 10, 2018 18:46:53 GMT
Just thought id dredge up ye olde thread again as yet another renewal has erm..surfaced ..on hock since 2015
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rogerthat
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Post by rogerthat on Jul 10, 2018 18:22:20 GMT
How/where can I sign up to the newsletter? I don't seem to be getting it... Agony aunt here again...go into your Main Account (if you also have an ISA account)..top of page..click My Account > click My email preferences..ensure all 3 boxes are checked..logout and log in again and hang on a month till the next newsletter (if there is one)
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rogerthat
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Post by rogerthat on Jul 9, 2018 15:59:52 GMT
Great..another one bites the dust.. "just now The client's solicitor has confirmed that the previous sale has fallen through and has not had any further instruction from the client in relation to a new sale. We have now taken the action to default the loan and are in discussions with receivers to establish the best course of action."
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rogerthat
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Post by rogerthat on Jul 9, 2018 8:20:11 GMT
They haven't posted anything here, other than loan announcements, for some months... New loans posted: Like about 19 in April, 8 in May and ONE in June, with none in July. Have they dissed this forum, or are they miffed by our concerns at lack of chasing recalcitrant borrowers? Is FS singled out for more critical concern than any other platform?Who knows, who cares and if so, perhaps they ought to ask themselves why. Like all platforms, without investors, they are nothing..they don't exist..they cease to be...In fact they become an ex platform.
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rogerthat
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Post by rogerthat on Jul 7, 2018 9:39:57 GMT
I know a bit about the art market, being an artist, and no I don't think the valuations are wrong. Similar works have sold for similar values. I did research at the time. The issue is - the loans are from the same borrower, had this been disclosed I would not have gone in, and more importantly, why aren't we seeing an auction of the works!!?? I wouldn't have done it if I knew. I would risk investing my usual amount in one or maximum two of them, not five. I think the reason for not auctioning them is the hope that borrower will repay. I don't know how much auctions charge (20% ), but as far as I remember reading breakdown of recovery priorities - FS is the first in line to suffer from extra costs. Suffer! Oh please spare me..the only reason this situation has arisen has been their inability to conduct a risk based business with effective managerial oversight. Occasional defaults are unfortunately a fact in all walks of life but defaults exacerbated by multiple lending are inexcusable. In those instances, lenders have been invited to lend without the full facts. Strange isn't it, that they are now listing 'other' loans where applicable
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rogerthat
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Post by rogerthat on Jul 6, 2018 17:34:13 GMT
what sort of system have the got in 2018 - Sinclair ZX or nothing so advanced! I find it very hard to believe they can't write a simple programme to do this or they they are even more amateurish than I thought...I worked for a major auction house and such data had to be readily retrieved to check for money laundering if nothing else. I think the above quotation is a load of horlicks... Totally agree A simple Excel spreadsheet would be enough to generate the information No doubt you've noted that the current military collection struggling to fill (as with everything else it seems) has the following on the GI tab "The borrower currently has other loans with similar assets. These are loan agreement numbers 1013434811, 1410173723, 9114684713 and 2240243169" So it seems that what couldn't be done a few months ago..can !..all a bit late for me as any trust in a transparent platform has long since gone. Unless FS sort out the log jam of unredeemed and overdues and stop the can kicking, I can only see one outcome and its not going to be far down the road at its present rate.
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rogerthat
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Post by rogerthat on Jul 6, 2018 11:34:33 GMT
Nowt ! Me too; and FS stupidity allowed greedy bast*rd g.....A to take £20,000. Indeed though another bid of £25K went down too...so 62.5% disappeared in 2 bids...ive given up trying to understand the 'logic' of FS who have 12 loans on the platform in various stages of funding some of which are clearly struggling to fill. But as Josey Whales once said.."to hell with them fellas..buzzards gotta eat, same as worms"
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