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Post by carol167 on Nov 30, 2017 16:17:15 GMT
How can I find out how much of a loan has paid back ?
To clarify - a loan defaults after X number of payments, so the outstanding value is always thereafter shown as amount Y, which never changes.
However various FC comments on the loan suggest small amounts have been paid back in the interveening months/years since default but how do I now know how much is left of the bad debt still to repay ?
If it's obvious feel free to smack me - but I can't see it anywhere.
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blender
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Post by blender on Nov 30, 2017 17:17:47 GMT
Only by counting the recoveries from your transactions. If they said how much of each loan was recovered/lost, then people would ask them all sorts of questions about it.
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Post by longjohn on Dec 1, 2017 0:00:43 GMT
Take a look at your monthly statements. Import into Excel (or the free LibreOffice) and sort on the transaction description. Copy into a tracker of your own design. See one of mine below. Principal recovery repayment for loan part (part number) = this is the capital recovered each month. Interest recovery repayment for loan part (Part Number) = this is the interest recovered. You'll only see this if all the capital is repaid first. Hope you get lucky.  You'll have to cross reference the part number in the statement with your defaulted loan list to find out which loan is making the repayments. FC never provides the loan id in the statements.  Get the loan id, loss amount and loss date from the loan comments for columns A,B,D. Get the part number(s) from you parts list for column C. Add a formula in D and F to track recovered and outstanding amounts. Some guarantors repay regularly, some in dribs and drabs and some make no repayments. Such is life! Note the green highlighted cell. Full capital and interest repaid. J |
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cobi
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Post by cobi on Dec 1, 2017 9:35:24 GMT
In the loanbook you can find the recoveries for each loan. You can work out the fraction your loan is of the whole loan amount and then calculate your share of the recovery.
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Post by carol167 on Dec 1, 2017 15:56:20 GMT
In the loanbook you can find the recoveries for each loan. You can work out the fraction your loan is of the whole loan amount and then calculate your share of the recovery. Aha.. now that might have been quicker. I've spent a good few hours going through all the past monthly statements (5 years worth) and extracting the recovery details and then grouping them - cross referenced to get the main loan ID for which FC provide updates on. Took a while.. but - I'm quite happy with my new spreadheet which will now be easy to keep up to date. Interestingly I have just gone over 40% recovery rate and given my closer analysis of the individual bad debts / current rate or repayment / regularity of recovery payments : I'm quite upbeat that it will go quite a lot highter than 40%. I think I'll hit between 60% and 70% recovery rate in the end - higher than I thought it was going to be. Info: I have 30 outstanding legacy bad debts currently from a high point of investing roughly 20k over 5 years, scaled right back now to just the 4k interest spread over 215 loans going forward (which includes the 30 bad debts).
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johns
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Post by johns on Dec 6, 2017 11:13:39 GMT
dos anyone know if/how/how much interest is levied on defaulted loans? Are recoveries principal repayments or an unspecified combination of principal/interest?
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markr
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Post by markr on Dec 6, 2017 12:57:12 GMT
dos anyone know if/how/how much interest is levied on defaulted loans? Are recoveries principal repayments or an unspecified combination of principal/interest? Recoveries appear on your transaction statement as either: "Principal recovery repayment for loan part XXX" or "Interest recovery repayment for loan part XXX" For me, in November all but 2 of my 46 recovery entries were principal only, one was just interest and one was interest and principal. I will try to dig a little deeper and see why those two loans had recovery interest. <- see below.
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markr
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Post by markr on Dec 6, 2017 13:25:28 GMT
OK, the loan that paid interest and principal was 7168, it was defaulted in March and settled in full in November, so the recovery represented the last of the principal and all of the interest owing.
The interest only loan was 1564, it has been on a recovery payment plan since 2014 and paid off the principal in May 2017, since then payments have been allocated to interest.
So, as we might have expected, recoveries are allocated to principal first, then interest. You won't necessarily know from the comments when the changeover occurs, so if it is important to you, you'll need to scan your statement each month for interest recoveries, then match them up with your loan part IDs to find the loan.
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Post by jackpease on Dec 6, 2017 15:03:14 GMT
Interestingly I have just gone over 40% recovery rate and given my closer analysis of the individual bad debts / current rate or repayment / regularity of recovery payments : I'm quite upbeat that it will go quite a lot highter than 40%. I think I'll hit between 60% and 70% recovery rate in the end - higher than I thought it was going to be. Info: I have 30 outstanding legacy bad debts currently from a high point of investing roughly 20k over 5 years, scaled right back now to just the 4k interest spread over 215 loans going forward (which includes the 30 bad debts). I'm in a similar position and keep finding my defaults total decreasing but haven't done the detailed maths. It's not fashionable to be upbeat about FC on this forum but as a mature platform well used to bad debt I am increasingly confident it is better placed to handle shocks than other newer platforms that have yet to trade through the debt 'wall'. Jack P
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johns
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Post by johns on Dec 6, 2017 15:48:53 GMT
Thanks markr. Your 2 posts answer everything. |
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johns
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Post by johns on Dec 18, 2017 20:40:11 GMT
This loan has been repaid in full. The final payment was received from the CVA of the company in September 2017 and was distributed to investors. This case is now closed. We thank investors for your patience.
18 Dec 2017 17:25:45
The above note has been posted today by FC in respect of the defaulted Working Capital Loan 25496. I can't find the repayment in my September (or October) or December statements. So where is it? If it was repaid in September, why has this note only been posted today? Nothing to do with my enquiry of FC a week ago of 'What the hell's going on?'. And why are investors we mugs only being told in December something which supposedly happened 3 months ago? Should I enquire of the Fat Cats whether we might expect interest up to 18 December? Probably a waste of time as surely the Friday afternoon salsa parties have been overtaken by a fortnight of Christmas debauchery?
Thank god I'm out but for the last £400 late (200-250 days) and £400 defaults - and I don't expect much more than a few pence at most from the infamous Short Term Loan London
I so enjoy investing on another platform where the extent of pre-drawdown and ongoing credit reports and monitoring reports, together with reviews with the borrower in the last months of a loan as to how repayment will be arranged, is absolutely outstanding compared with the minimal amount of (questionably useful) info contained in FC investor reports.
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Post by paulh on Dec 19, 2017 15:15:26 GMT
This loan has been repaid in full. The final payment was received from the CVA of the company in September 2017 and was distributed to investors. This case is now closed. We thank investors for your patience.
18 Dec 2017 17:25:45The above note has been posted today by FC in respect of the defaulted Working Capital Loan 25496. I can't find the repayment in my September (or October) or December statements. So where is it? If it was repaid in September, why has this note only been posted today? ... I see two recovery payments on 5 September (one capital, one interest). Those two, together with the capital recovery payment on 8 August, add up to my expected remaining repayments for this loan. Sounds like this was all done back in September but not noted in the comments until your recent query. Paul
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Post by grahamreeds on Dec 19, 2017 18:35:28 GMT
I too had a small part in 25496.
I am more concerned about this singular statement for 36931
What? We get nothing? They make 2 payments, default and that's it? No next steps?
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markr
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Post by markr on Dec 19, 2017 21:09:01 GMT
I am more concerned about this singular statement for 36931 I'm a bit suspicious about this one. An A+ loan has a perfect repayment record for a year, then is refinanced as a D and fails within 2 months. Did FC spot something going wrong and force them to refinance to get them out of the A+ stats? If the company came back asking for another loan and FC re-assessed them as a D, why was this concern not flagged up to investors in the A+ loan? What happened in a year to cause the downgrade? The supposed purpose for the second loan was to open two new depots, but after paying off the first loan (which was to finance new vehicles) there wouldn't be much more than petty cash left. How was this supposed to pay for two depots? What happened to the vehicles that the first loan was supposed to pay for?
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Post by grahamreeds on Dec 20, 2017 7:56:12 GMT
Googling the company name it seems that all their eggs were in one basket/port.
Surely the company directors who took the loan out knew what and how long it would cost to move so why the additional burden of a £250k loan that was to only keep them afloat for a month or two at best?
I guess I will have to fire off an email to get FC to tell us what is happening here.
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