markr
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Post by markr on Feb 11, 2014 9:39:02 GMT
A website quibble for Nick....
At the moment there are some loans that have been ended early, but it isn't obvious without looking closely. On the "Marketplace" page, they still have a countdown timer (in one case showing over 7 days remaining), and when you click on a loan page you are still offered the very prominent "Bid Now" option. It is only in a font many times smaller than the Bid Now one that the status is revealed as "Funded, pending confirmation", or if you click the big inviting "Bid Now" button a sod off we're closed message appears.
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markr
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Post by markr on Feb 10, 2014 20:31:32 GMT
Oh dear, oldgrumpy may need a new name?! Wait though, B**tl*oc* has gone wobbly today .. do you have any of that?? I have some of that, boo hoo, "Cons****tion C****ny Pl*nt H*re" 1756 has gone all liquidator on us today as well. Maybe I'll get my pound of crane after all, or maybe I'll just get the aspidistra out of reception.
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markr
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Post by markr on Feb 10, 2014 14:05:41 GMT
I put a cluster of loan parts up for sale at par this morning, all the MBR C- loans were snapped up by the same person within seconds (autobid or bid-bot, you decide), but nothing else has gone yet. Admittedly most of the other stuff is sub-MBR A loans, but there's some above MBR ones that haven't gone.
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markr
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Post by markr on Feb 6, 2014 22:38:26 GMT
I had all three in the past but sold all except 1360.
From our point of view, I don't see that defaulting these long-term zombies that were making trickling recovery payments changes all that much. Presumably, FC aren't going to rock the boat that much if the guarantor is making some effort to repay the loan.
One advantage seems to be that for defaulted loans, FC can credit our "Recoveries" account with any amount as and when it is repaid, rather than having to receive "partial payments" that are turned into full payments "in due course". One disadvantage is that our "exposure" seems to be frozen at whatever amount it was at the time of default, so these loans will forever be in our rogues gallery and we have to deep mine the data to find what has been recovered against each loan. Swings and roundabouts!
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markr
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Post by markr on Feb 6, 2014 11:47:01 GMT
Phew, sigh of relief breathed. It would be interesting to know where the cock up occurred given that tellyco have had 5(?) previous attempts to get this right and seem to be quite bad at it.
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markr
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Post by markr on Feb 5, 2014 9:52:59 GMT
Surely this one's an easy one for FCs collection partners? They just need to ring up the day before a major sporting event and say "pay up or we'll be round in the morning to collect our kit".
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markr
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Rebuilding Society
Cashback
Feb 5, 2014 9:01:36 GMT
Post by markr on Feb 5, 2014 9:01:36 GMT
Sorry if it's elsewhere, but what is this iffy clause please? I actually think it's been changed now. I think it was 21.2 which now says: 21.2 We may refer the missed repayment to a collections agency (‘the Collections Agency’) who will attempt to collect the money on behalf of the lenders, the cost of their services (‘Collection Agency Fee’) shall be added to the amount owed by the Borrower and will not reduce the amount available for distribution to lenders. I think it used to say (or imply) that the Collection Agency Fee would be passed on to the lender regardless of whether any recovery was made. My view was to assume that there would be no recoveries from bad debts and bid amounts and rates that reflected that. I stand to be corrected if the poster on the old forum who first pointed it out is still around to confirm, or maybe Nick can confirm that the wording of that clause has changed.
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markr
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Post by markr on Feb 4, 2014 15:57:44 GMT
When they comment "WACTCTB with hired goons wielding baseball bats" I'll have more confidence that I might get my money back.
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markr
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Post by markr on Feb 4, 2014 13:15:59 GMT
Option 4 would get my vote too as long as it is free, or if there's a fee it is nominal (and a free but slower option like BACS remains).
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markr
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Post by markr on Feb 3, 2014 14:42:09 GMT
Payment was due on 12/01, proof of payment was requested on the 24th. I'm still in the "cock up" camp, but slowly edging my way to "conspiracy". All we need is a "the person in charge of payments is away..." and I'll know its on the slippery slope!
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markr
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Post by markr on Feb 3, 2014 13:29:00 GMT
Still no word from TellyCo, the promised proof of payment is a long time coming. Wondering if a few FC lenders (me included) will be uttering another word frequently used by Roger Mellie soon...
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markr
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Post by markr on Feb 3, 2014 13:17:53 GMT
I've been lending with them for about a year, only a very modest toe-dipping amount, but so far I've been happy. I've had no defaults, but have had one "near miss" where a company was wound up but the loan was transferred into another company (that seemed an excessive faff compared to FC though, involving printing, signing, getting witnessed, scanning and emailing documents - all for a £40 loan part!). Still, it worked and although that loan is now a "D" and not sellable on the secondary market, it is on time with repayments.
The website has a few minor niggles but is responsive and looks good. The few times I've had to contact them they have replied quickly and resolved any issues.
They are currently offering cashback on certain conditions but I've yet to see any even though I qualify (possibly because no loans with cashback have actually drawn down yet, I'll keep an eye on it).
I log on as often as I can to collect my 10 daily "trust points" but so far they haven't been any use (I think they are supposed to entitle you to a profit-share bonus type thing but I assume there's been no profit!)
Have the Ts&Cs been changed? The questionable wording seems less questionable now, maybe impending regulation forced a change?
Hi Nick, BTW, nice to see another representative of a company here, hope you'll stay and respond to posts here, it does present your company in a good light if there's "official" representation here.
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markr
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Rebuilding Society
Cashback
Jan 30, 2014 13:27:29 GMT
Post by markr on Jan 30, 2014 13:27:29 GMT
Just a heads-up that ReSoc are now offering 0.5% cashback (with certain qualifiers) and have a reasonable quantity of live loan offers.
I know some here aren't keen of ReSoc because of an iffy clause in the Ts&Cs, but if you are thinking of dipping a toe in, now might be a good time.
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markr
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Post by markr on Jan 30, 2014 8:54:21 GMT
OK, not really an investment and definitely in the "every little helps" category, but those of you with a 1-2-3 account and a suitable energy supplier can play the system a bit.
Every July, my energy supplier reviews the balance of my account and if it is significantly in credit, it refunds the surplus to my bank account. It also allows me to tinker with my direct debit amount online. I'm not sure if this is universal, but if your supplier is the same, it is worth cranking up your payments about now. A tax-free 2% earned on the overpayments, and in July it'll be safely back in your bank account.
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markr
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Post by markr on Jan 30, 2014 8:33:44 GMT
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