sapphire
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Post by sapphire on Dec 13, 2017 11:29:32 GMT
This has an 'expected end' date of 8 Dec 17, but so far has not been redeemed and no updates as yet on the web from FS. (I have also checked my emails and hope I haven't missed any).
Usually how long after the 'expected end' date does FS provide an update?
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r00lish67
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Post by r00lish67 on Dec 13, 2017 11:38:54 GMT
This has an 'expected end' date of 8 Dec 17, but so far has not been redeemed and no updates as yet on the web from FS. (I have also checked my emails and hope I haven't missed any). Usually how long after the 'expected end' date does FS provide an update? They sometimes leave smaller lower value items lingering for a few weeks, presumably trying to get hold of the borrower. For these items, it's generally a good thing for us IMV, squeezes a bit more interest. For property, a little more concerning.
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Post by dan1 on Dec 13, 2017 11:47:15 GMT
This has an 'expected end' date of 8 Dec 17, but so far has not been redeemed and no updates as yet on the web from FS. (I have also checked my emails and hope I haven't missed any). Usually how long after the 'expected end' date does FS provide an update? I had experience of the this (need to be logged into FS to view) Diamond Rings loan that defaulted. The expected end date was 15 Apr (give or take a day or two) and the first update was published on 5 May, it was sold at auction on 10 Jun and recovered in full. Overall I was pleasantly surprised at the speed of the disposal aided no doubt by no contact from the borrower (i.e. no grace period in addition to the 14 days from receipt of the default notice). Take a look at this thread
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sapphire
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Post by sapphire on Dec 13, 2017 18:37:23 GMT
Many thanks for the responses.
Where the payment is delayed beyond the 'expected end' date, does the borrower / FS pay the lenders interest at a higher rate (than normal) for the period of the delay?
If so, what is the additional rate?
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Post by mrclondon on Dec 13, 2017 19:02:38 GMT
Many thanks for the responses. Where the payment is delayed beyond the 'expected end' date, does the borrower / FS pay the lenders interest at a higher rate (than normal) for the period of the delay? If so, what is the additional rate? Our understanding is that FS does not charge the borrower a higher default rate after the expected end date, and hence there is no extra accrual to lenders above the normal daily accrual which continues until repayment or recovery.
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Post by dan1 on Dec 13, 2017 19:41:38 GMT
Many thanks for the responses. Where the payment is delayed beyond the 'expected end' date, does the borrower / FS pay the lenders interest at a higher rate (than normal) for the period of the delay? If so, what is the additional rate? Our understanding is that FS does not charge the borrower a higher default rate after the expected end date, and hence there is no extra accrual to lenders above the normal daily accrual which continues until repayment or recovery. The example loan agreement supports this, see Section 3.2
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sapphire
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Post by sapphire on Dec 14, 2017 8:29:58 GMT
I think FS should consider charging a higher rate for the period of delay like some other P2P providers do. (Proplend charges an additional 20% of the normal interest rate and the lender receives 90% of this increase).
This is likely to incentivise the borrower to act promptly - repay the maturity amount on the due date or seek a timely renewal.
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mikes1531
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Post by mikes1531 on Dec 16, 2017 16:11:56 GMT
I think FS should consider charging a higher rate for the period of delay like some other P2P providers do. (Proplend charges an additional 20% of the normal interest rate and the lender receives 90% of this increase). This is likely to incentivise the borrower to act promptly - repay the maturity amount on the due date or seek a timely renewal. I agree. The current situation gives the borrower no incentive to keep to their agreement. In fact, ISTM that it actually discourages renewals because there are bound to be fees payable on renewals that can be avoided by not renewing and just letting a loan become overdue.
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adrian77
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Post by adrian77 on Jan 15, 2019 11:44:04 GMT
Glad this one ended with a full recovery - I note Eternity Ring - Renewal (3239996454) is sent for auction in Feb - will be interesting to see what it goes for - hopefully better than the recent garnet...
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Post by beepbeepimajeep on Jan 15, 2019 11:56:33 GMT
Glad this one ended with a full recovery - I note Eternity Ring - Renewal (3239996454) is sent for auction in Feb - will be interesting to see what it goes for - hopefully better than the recent garnet... It already failed to sell once before at auction unfortunately, might be a capital loss on that one but fingers crossed
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adrian77
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Post by adrian77 on Feb 13, 2019 12:21:45 GMT
Just spoken to FS - ring (Eternity Ring - Renewal (3239996454)) has been sold but awaiting final sale details - will be interesting but fingers crossed it is not a capital loss..
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