adrianc
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Post by adrianc on Mar 19, 2018 8:50:14 GMT
<fx: tumbleweed with an echo>
Recovery payments (50% of contractual, promised to be 100% after a few months) were progressing through 2016, then a "two-month" payment holiday was agreed in Jan 2017. I think my calendar might be broken, because not a penny seems to have been received since.
Oh, and accounts overdue to CoHo from September 2017, with their website containing an "urgent appeal" to hassle the bank their claim was against... dated December 2017.
Ah, happy memories of the FC of old...
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blender
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Post by blender on Mar 19, 2018 9:26:08 GMT
One small consolation with FC is that the borrower/guarantor will never be free of them. If the borrower/guarantor is Dracula, then FC's collections and recoveries team is Van Helsing on tranquilisers.
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adrianc
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Post by adrianc on Apr 3, 2018 18:05:17 GMT
Lordy, lordy. Something has happened. 27 Mar 2018We have today issued a letter before action against the guarantor which is the first step in our legal process as we have not received any firm proposals from the guarantor. We will revert to investors in 3-4 weeks with a further update. <fanfare, fading into chaos again> I wonder if they're a bit unclear on the difference between weeks and months, given that previous update.
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adrian77
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Post by adrian77 on Apr 3, 2018 18:45:31 GMT
If we had a Pound every time this was a waste of time. Of course he may instantly settle when
he gets the letter...time will tell but I am not holding my breath.
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Post by brightspark on Apr 3, 2018 19:28:59 GMT
Is it your view that if the situation was not flagged up again and again that the matter would just drift into abeyance?
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pickles
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Post by pickles on Apr 3, 2018 21:09:35 GMT
16648 was defaulted nearly two years ago, when the guarantor passed away died. He had plenty of assets, though of course probate takes a while. So a year later they finally agree to put the house on the market. Funnily enough, there is a lack of interest at the asking price... the solicitor writes to FC after six months blaming everything from Brexit to leaves on the line. So now, after a year on the market, it's still not sold. What a surprise. How wet behind the ears are the FC highly experienced collection team?
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jayjay
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Post by jayjay on Apr 4, 2018 9:12:36 GMT
The back of the sofa is certainly quite productive. I got a large repayment on 5328 yesterday. They may even have paid it all back including interest but it is impossible to say. This was defaulted way back in Oct 2014. So there is hope. If it were not for the London loans my recovery rate has now gone above the 50%. Unlike others I am quietly optimistic about those given the administrators reports. I am out of FC going forward though still hold a reducing portfolio of old loans.
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Post by grahamreeds on Apr 4, 2018 13:11:52 GMT
The whole reason why the collection has taken so long is in the final sentence of the update "We will revert to investors". They have become investors and are waiting on FC to do something. :-)
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markr
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Post by markr on Apr 6, 2018 22:03:24 GMT
The back of the sofa is certainly quite productive. I got a large repayment on 5328 yesterday. They may even have paid it all back including interest but it is impossible to say. Tricky but not impossible. Recoveries are allocated to principal then interest, so open your transaction statement and find the entry for the recovery payment (you may need to find the loan part ID of your part[1], but hopefully it will be obvious on the statement). If the entry says "Principal recovery payment for loan part ..." then they are still paying principal, if it says "Interest recovery payment for loan part ..." then the principal is all repaid and recoveries are being allocated to interest. In this case, there is an entry for both so the repayment finished paying the principal and began paying the interest. Another way is to download the loan book, find the loan and see if column I (recoveries) is around the same as column H (loan amount). Admittedly, to know whether they have repaid *all* the interest is trickier; you'd need to work out the interest due to you based on your bid rate and loan part size (taking into account repayments made before default) - it's probably easier just to accept that at least you've got your capital back and wait to see if any more recovery payments come in. In my case, I got £2.85 interest recovery on about 17 quid outstanding debt, over 30 months at 11.8% after fees, which an online loan calculator suggests is in the right sort of ballpark. [1] Open your "My Loan Parts", select the "loan parts" tab and sort on the "Loan ID" column. Page through to find the loan in question, then the number in the "Loan Part ID" is the one that appears on the transaction statement. If you have several parts in the loan, there will be a separate entry for each one.
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jayjay
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Post by jayjay on Apr 7, 2018 9:36:01 GMT
The back of the sofa is certainly quite productive. I got a large repayment on 5328 yesterday. They may even have paid it all back including interest but it is impossible to say. Tricky but not impossible. Recoveries are allocated to principal then interest, so open your transaction statement and find the entry for the recovery payment (you may need to find the loan part ID of your part[1], but hopefully it will be obvious on the statement). If the entry says "Principal recovery payment for loan part ..." then they are still paying principal, if it says "Interest recovery payment for loan part ..." then the principal is all repaid and recoveries are being allocated to interest. In this case, there is an entry for both so the repayment finished paying the principal and began paying the interest. Another way is to download the loan book, find the loan and see if column I (recoveries) is around the same as column H (loan amount). Admittedly, to know whether they have repaid *all* the interest is trickier; you'd need to work out the interest due to you based on your bid rate and loan part size (taking into account repayments made before default) - it's probably easier just to accept that at least you've got your capital back and wait to see if any more recovery payments come in. In my case, I got £2.85 interest recovery on about 17 quid outstanding debt, over 30 months at 11.8% after fees, which an online loan calculator suggests is in the right sort of ballpark. [1] Open your "My Loan Parts", select the "loan parts" tab and sort on the "Loan ID" column. Page through to find the loan in question, then the number in the "Loan Part ID" is the one that appears on the transaction statement. If you have several parts in the loan, there will be a separate entry for each one. Yes 5328 was showing that the latest recovery payment covered interest as well as capital. So I am confident I got all the capital back. Do we really know how they even calculate interest on payments that are four years late? I think FC can charge penalty rates not just on property loans. FC never seem to close a defaulted loan even when it is apparently fully repaid. They remain listed in my 'Commented' Loans forever. One thought and that is that the interest repayment seems to have reduced my 'losses'. It follows that if you recovered EVERYTHING (dreaming now) you could have a recovery of over 100%. This may flatter true recovery statistics as the original default is of the outstanding capital only. To be honest these are just niceties and I cannot be bothered with the extreme details. One thing is true and that is defaults incurred in the period 2013 to 2016 have very good recovery rates. As they say, past performance is no guarantee of future performance.
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