locutus
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Post by locutus on Jul 16, 2019 9:10:11 GMT
Will they be paying the interest owed on the loans they stopped paying on even though there was still interest on account such as PBL199 Doubtful.
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locutus
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Post by locutus on Jul 10, 2019 9:09:40 GMT
it doesn't make for pretty reading. I've got plenty of defaulted loans with a worse return rate!
Have I read the report correctly. £140k in administrators costs for selling the building (didn't need to go to court to reposses or anything). That would make BDO look cheap(ish)
I have no issue with the administration costs. Rather the return to Lendy investors is the problem. How have unsecured creditors fared so much better than a secured first charge holder - it makes no sense. I have asked for an explanation but don't hold your breath.
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locutus
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Post by locutus on Jul 10, 2019 8:09:13 GMT
Our ovine friend at the purple place has posted the final figures from the administration and it doesn't make for pretty reading.
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locutus
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Post by locutus on Jul 5, 2019 20:39:18 GMT
Yes, he's just very public-spirited. Someone has to warn the unwary about getting involved with FS. Works for me.
You don't think it is at all unusual that someone has made 191 posts about a loan that they are not even invested in?
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locutus
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Post by locutus on Jul 5, 2019 18:22:56 GMT
The only achievement this company has made is to smash the first thread to hit 100 pages most of which is from very unhappy people. 13 full pages of those posts belong to you.
Not bad for someone who has admitted they are not even invested in this loan.
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locutus
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Post by locutus on Jun 27, 2019 21:21:08 GMT
What he said.
I'm struggling to post my spreadsheet screen shot because I can do market maths but am internet hopeless. I can replicate the 21.5% for the £25 piece with 122 days accrued but for the £25 piece with 134 days accrued I calulate the Effective Rate (using FS's own formaula quoted on its website) to be 21.41%. So in line with my and Petricory's thoughts.
Having said that, FS are inept so this might well be the cock-up rather than conspiracy school of history, they might just have got the formula wrong......
If you're sure of your maths, I suggest emailing FS as it may be a small bug you have discovered. As for the reason it has happened, I really can't see large investors bothering to shift £25 at a time for such a tiny advantage. For any significant investments, it would just take far too long and require too much effort. Don't forget, they lose any bonuses when selling on the SM too.
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locutus
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Post by locutus on Jun 27, 2019 20:37:04 GMT
You gave half of a complete point there. Now just tell us when and how that monthly fee is actually received in cash by FS to complete the picture. As these are bullet loans, it is paid when interest is paid at renewal or at loan redemption. i.e. the exact same time as lenders receive their money. Do I win a prize?
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locutus
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Post by locutus on Jun 27, 2019 20:34:12 GMT
Auto-selling small loan parts and replacing the £25 whenever one is sold. I thought it was weird and recorded it, long before these loans went t*ts up. I would have brushed it off as an anomaly if it wasn't for the fact that, when purchasing this loan part, it would suddenly drop to 50th from the top when re-listed. Clearly, the person selling it had SM priority listing privileges on their account that are not transferable with the loan part. It is a working theory, you are welcome to run the numbers and prove me wrong. There are no listing privileges on the FS SM. What you are seeing is if person A invested the day before person B and they both list at a 1% discount, the effective rate for person A will be slightly higher and so appear higher in the 1% queue.
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locutus
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Post by locutus on Jun 21, 2019 18:48:58 GMT
I wish I weren't a customer. I have about £0.05 that won't repay for a year and no way to close the account before it repays.
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locutus
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Post by locutus on Jun 21, 2019 18:12:04 GMT
Unsubscribed from all emails but still receive "Summer 2019 investor news" spam. What a poor customer experience.
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locutus
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Post by locutus on Jun 5, 2019 18:23:03 GMT
Thinking outside the box, can you change your email address registered with them to one you don't read on a regular basis (Account Settings→Contact Details→Change Email)?
I'll just set up a rule to auto delete it. I thought I'd post here in case anyone else had the same issue and as yet another example of RS's hostility to their lenders.
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locutus
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Post by locutus on Jun 5, 2019 17:13:12 GMT
Reply from customer services.
Ludicrous but I expect nothing less from RS. I now remember why I stopped investing there.
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locutus
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Post by locutus on Jun 5, 2019 7:12:30 GMT
By email? Quite like this. Yes, email. Would you still like it if you had no money in RS and they kept sending you monthly statements with no way to disable it.
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locutus
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Post by locutus on Jun 4, 2019 20:04:37 GMT
Despite having all notifications turned off, I'm unable to disable monthly statements on two accounts. Anyone else having this issue?
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locutus
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Post by locutus on May 24, 2019 18:02:51 GMT
It's just the P2P entities on FCA site, not the wider group entities.
Any idea why this is? I would hope the entire group come under FCA scutiny so all assets can be used to pay for administrators and repay lenders.
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