blender
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Post by blender on Feb 21, 2018 19:48:35 GMT
Of my 100ish new style 0.5% allocations, the first one has gone a bit wobbly. Expansion And Growth Loan (45945) — 8 days late, exposure £264.09 B The borrower has advised that they are experiencing some cash flow difficulties. We will continue to chase using different methods and keep investors updated. We thank investors for their patience. Just the 2 repayments of 60 made. I look forward to the success of one of FC's different methods! Yes. I sold my property parts and started afresh in early Jan, to see how things were before deciding on an IFISA for 18/19. I built it up over a month and now have 432 loans. At present 3 of those have gone Risk Band Removed, with another one over three weeks late. These were all SM purchases. I have about 100. And all early failures. When I have taken 400 loans over at least two payments I will have a better idea, but at present this is looking scary. Let us hope that there is not a big push for growth (drum roll) before the IPO at any cost (for the lenders). At the back end of March we will either sell up and buy two IFISAs, or will sell up and be outta here.
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Post by df on Feb 21, 2018 21:41:52 GMT
Of my 100ish new style 0.5% allocations, the first one has gone a bit wobbly. Expansion And Growth Loan (45945) — 8 days late, exposure £264.09 B The borrower has advised that they are experiencing some cash flow difficulties. We will continue to chase using different methods and keep investors updated. We thank investors for their patience. Just the 2 repayments of 60 made. I look forward to the success of one of FC's different methods! I had many "some cash flow difficulties" updates - some of these loans gone to default, some keep repaying. So success is possible  I'm in 312 loans, 12 are in default. Only two of them defaulted late (one at 18 months and one at 11), the others were between 6 and 2 months old. 1.4% of losses were recovered so far. Overall I'm @7.4% 'annualised return' which is what I expected to be getting (7-7.5%) since 18th Sept change. I'm not getting "outta" FC yet - it works fine for me @0.5 exposure.
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m2btj
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Post by m2btj on Feb 22, 2018 9:17:40 GMT
Great DD from FC.....lending money to insolvent companies!
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dorset
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Post by dorset on Feb 22, 2018 10:49:46 GMT
I've got eight 60 month loans that are all in default after only between 2 to 4 payments made. Banding A through to E. We all know that FC have very weak DD and are getting a reputation as the "soft touch to go to" when a business is about to go under. Expected when FC have no skin in the game. One of the reasons I am not participating in the new lending model and am gradually running out existing loans.
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blender
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Post by blender on Feb 22, 2018 11:18:25 GMT
The DD is basically the computer program operating on the required data, with a human employed to keep nodding to agree with the computer. The program is only concerned with relating the acceptance procedure and the banding with the loss rates - and now all the lenders have to accept those loss rates. I don't think they care much about giving loans to individual insolvent companies - as long as the numbers work. It is the numbers that I am watching, it used to be the loans. The way they might discourage the 'chancers', shall we say, is to deal with examples severely - the slow relentless grind - when they default.
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adrian77
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Post by adrian77 on Feb 22, 2018 12:17:21 GMT
The above is ridicilous and I just don't see how it was allowed to happen
as I see it - either this was a complete stitch-up from start to finish and the funds have been siphoned off or either this company was basically bust...
If I were thinking of buying FC I would see all such posts and when allied to the high number of us who are quitting FC I would be very, very worried.
What annoys me the most about FC - their attitude of treating the lenders as if they are idiots...
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m2btj
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Post by m2btj on Feb 22, 2018 12:48:18 GMT
FC appear oblivious to the concerns of investors & have a philosophy of not engaging with investors on this platform. This is known as the Nero philosophy & involves fiddling while Rome burns! I along with many others have made the decision to run down my investments in FC until I can exit....for good!
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Feb 24, 2018 19:01:11 GMT
I'm not quite 'outta here' yet but as it's coming up to six months since the changes made by FC last September I thought it might be prudent to review my situation and share a brief summary of the results here.
I did not (and still have not) sign up to the new conditions and so have not lent any more money since they came into effect. At the time, rather than cash in all my chips as it were I decided instead to leave an amount equal to my earnings to date invested and just let the loans run down, making withdrawals along the way as required. I was lending to about 80 businesses at that point, all unsecured (I got out of the property loans - with one notable exception, see the 'other' thread - in a timely fashion).
Since then I have suffered 3 or 4 more defaults plus a couple of 'lates', wiping out almost 40% of my post-September gains. Actually that's not quite as bad as I had feared it was looking (even though each notification of a default comes as a hard knock) but on the other hand I feel that my strategy has proved slightly more riskier than I anticipated.
I'll continue to monitor the situation and see how it goes but all in all I reckon I'm a little bit closer to cashing in what I can, taking the money and run.
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rogerthat
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Post by rogerthat on Feb 24, 2018 23:15:02 GMT
I'm not quite 'outta here' yet but as it's coming up to six months since the changes made by FC last September I thought it might be prudent to review my situation and share a brief summary of the results here. I did not (and still have not) sign up to the new conditions and so have not lent any more money since they came into effect. At the time, rather than cash in all my chips as it were I decided instead to leave an amount equal to my earnings to date invested and just let the loans run down, making withdrawals along the way as required. I was lending to about 80 businesses at that point, all unsecured (I got out of the property loans - with one notable exception, see the 'other' thread - in a timely fashion). Since then I have suffered 3 or 4 more defaults plus a couple of 'lates', wiping out almost 40% of my post-September gains. Actually that's not quite as bad as I had feared it was looking (even though each notification of a default comes as a hard knock) but on the other hand I feel that my strategy has proved slightly more riskier than I anticipated. I'll continue to monitor the situation and see how it goes but all in all I reckon I'm a little bit closer to cashing in what I can, taking the money and run. A certain admiration for your perseverance though it seems you may yet have to throw the towel in. I was in FC from 2011 and abandoned ship after the loan (I presume you refer to). Yet I had 3/4 good years until slowly but surely, FC's sporadic but persistent tampering with the original concept, ultimately taking away completely any self control of investments became untenable. I wasn't a big hitter in any sense of the word but was quite happy to pay my tax on around £6K profit three years on the trot at one stage and in effect, it paid my mortgage. I also got some enjoyment in the process which kept my interest going. I scarpered with what I could but did get caught on two hotels...1 of which I'm hopeful will complete end of March..ish and the other one which many of us on here are feeling understandably very bitter about. Maybe some news on that one fairly soon. I have around a 100 loans still on life support and even now odd ones here and there finally give up the ghost and expire.Happy days... once.
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coogaruk
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Post by coogaruk on Feb 25, 2018 12:02:51 GMT
A certain admiration for your perseverance though it seems you may yet have to throw the towel in. I was in FC from 2011 and abandoned ship after the loan (I presume you refer to). Yet I had 3/4 good years until slowly but surely, FC's sporadic but persistent tampering with the original concept, ultimately taking away completely any self control of investments became untenable. I wasn't a big hitter in any sense of the word but was quite happy to pay my tax on around £6K profit three years on the trot at one stage and in effect, it paid my mortgage. I also got some enjoyment in the process which kept my interest going. I scarpered with what I could but did get caught on two hotels...1 of which I'm hopeful will complete end of March..ish and the other one which many of us on here are feeling understandably very bitter about. Maybe some news on that one fairly soon. I have around a 100 loans still on life support and even now odd ones here and there finally give up the ghost and expire.Happy days... once. We seem to have had similar experiences as far as FC goes. I have also made good returns since joining (2012 for me) but last September became the final in a long line of straws during which I was constantly having to review and alter my strategy to maximise returns whilst trying to protect myself against losses. At the point I stopped lending, 25% of my returns had come from trading on the SM and cashback incentives. The changes took all that away of course, making it even more of a no-brainer in deciding enough was enough. I think you're right about maybe having to finally throw the towel in too. I haven't quite reached that point yet but am certainly closer to it than I was six months ago. At least I can take some comfort in the knowledge that I am not committing new capital. I can see how 'new FC' might have some appeal to the less sophisticated investor though. I was wondering, did you also get 'caught' by the loan that was defaulted even before the first repayment was due? I did! That one (along with a few others now I come to think of it) for me is where I feel FC should be equally culpable too. In the early days of course they would have put their hands up and compensated investors straight away because at that point they still needed us. From a pure investor point of view I had begun to think that the best way to profit from FC going forward would be to buy the shares. I'm not even sure if that would be a good idea now after reading some of the stuff on here!
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peteuk
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Post by peteuk on Feb 26, 2018 0:35:15 GMT
Where are people who got out of FC putting there money now ?
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coogaruk
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Post by coogaruk on Feb 26, 2018 16:13:36 GMT
Where are people who got out of FC putting there money now ? For me, a few high-yielding shares plus increasing my cash position. Have even bought some premium bonds. See what you have done to me, FC?!
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Post by munchydave on Feb 26, 2018 16:24:19 GMT
Where are people who got out of FC putting there money now ? For me, a few high-yielding shares plus increasing my cash position. Have even bought some premium bonds. See what you have done to me, FC?! The 1% I am now getting with cash deposits is starting to look good given the -x% or whatever it is from P2P lending last year. 12% on a defaulted lone that also looses 50% capital on default and involves lots of DD based on dodgy info is not for me. Don't tell me capital is at risk I know that, but if the risk is 100% certain loss it no longer is a risk.
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blender
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Post by blender on Feb 26, 2018 17:54:37 GMT
For me, a few high-yielding shares plus increasing my cash position. Have even bought some premium bonds. See what you have done to me, FC?! The 1% I am now getting with cash deposits is starting to look good given the -x% or whatever it is from P2P lending last year. 12% on a defaulted lone that also looses 50% capital on default and involves lots of DD based on dodgy info is not for me. Don't tell me capital is at risk I know that, but if the risk is 100% certain loss it no longer is a risk. Cash sounds a good idea munchydave. And watch out for financial 'experts' selling invisible coins.
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Feb 27, 2018 8:34:43 GMT
I agree. If you can not see an investment or touch it, how do you know it exists?
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