mjc
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Post by mjc on Jun 23, 2018 13:04:57 GMT
Quite entitled to your opinion of course Only giving it "as is stands" Lenders can make up their own minds OK but you frame it as if there should be no late loans which just isn't how this industry works. How about putting it into some context? Lendy for example, doesn't even classify a loan as non-performing until it is over 6 months late. It currently has £42m in non-performing loans but if you look at their loan book it has around £60m in live loans that are less than 6 months late. So in total over £100m overdue loans. Gross incompetence or what?! As I said it is to be expected with this kind of lending. Even AC with lower risk, better secured loans (and with significantly lower interest rates) has £35m in suspended loans. FC has much more in both defaults and late loans but a few months ago they stopped people from downloading the loan book so you can't even do this sort of analysis. How's that for transparency. There must be a period, perhaps 30 days, where there should ALWAYS be a properly validated reason provided by way of ‘Update’ and an audit trail, of what action the platform has taken or is taking to spur recalcitrant borrowers into complying with the undertakings they gave when accepting the dosh. What are those terms? FCA, time to look at what is happening? Clearly most developments will over run, but we need to know the truth. Honesty please. Why don’t they just renew for 6 months if it is going to be 30 days or more late! Ii I borrow £50k from the bank, I would have a problem if I couldn’t repay, if it was £5bn, they’d have a problem. With FS it seems any amount FS have to timidly go cap in hand, and do all the chasing.
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spyrogyra
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Post by spyrogyra on Jul 4, 2018 20:19:56 GMT
2938283517 C****** House last update was on 29/05/2018
(36 days ago) To be renewed shortly
So far, and with this tranch only, lenders are crediting the due interest for 45 days for free. (renewal date 20/5)
2452378963 Wirral last update - 16/5 (49 days ago) As previously advised if sale process is delayed the borrower will pay the interest to renew.
The process is delayed and the loan allowed to linger on 4 months after repayment day.
2745291647 Landrover Defender - to be repaid 24/5. No update for 41 days after repayment date.
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rogerthat
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Post by rogerthat on Jul 4, 2018 22:29:41 GMT
2938283517 C****** House last update was on 29/05/2018 ( 36 days ago) To be renewed shortlySo far, and with this tranch only, lenders are crediting the due interest for 45 days for free. (renewal date 20/5) 2452378963 Wirral last update - 16/5 ( 49 days ago) As previously advised if sale process is delayed the borrower will pay the interest to renew.The process is delayed and the loan allowed to linger on 4 months after repayment day. 2745291647 Landrover Defender - to be repaid 24/5. No update for 41 days after repayment date. Actually you can add 4202861543 C****** House T8 252days in my LB..last update 29/05/18 & one to watch ? 3247366922 " " T3 196 " in my LB..no update as yet
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TheDriver
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Post by TheDriver on Jul 5, 2018 5:17:42 GMT
2745291647 Landrover Defender - to be repaid 24/5. No update for 41 days after repayment date. I hope FS got the underwritten sale re-verified on renewals, as it seems to me it probably wouldn't achieve the amount outstanding in a forced Sale 2 years onAssuming that's the case, now that the guaranteed repayment is frozen FS need to act quickly to start to show they are willing and able to protect investors interests. The unfortunate borrrower has probably already paid more than a third of the loan back in interest; should have just sold it originally.
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adrian77
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Post by adrian77 on Jul 5, 2018 6:28:44 GMT
I bought this one as it was underwritten so FS where is my money!
Had a quick look on the internet and this one seems vastly overvalued to me - granted a nasty vehicle but there are newer ones for sale at a cheaper retail yet alone trade price. I would say yet again FS has completely got the valuation wrong and I would place this one at about £25K trade to sell for £30-40K ...but I am no petrol head!
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spyrogyra
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Post by spyrogyra on Jul 5, 2018 11:46:45 GMT
Adding:
- C****** House T2 - 226 days
- 2865730267 Durham T5 - last update 15/5 (51 days)
- 8010286828 Barnoldswick - last update 1/6 (35 days)
- 1483710008 Taunton -last update 1/6 (35 days). failed promise for mid-June update
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Steerpike
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Post by Steerpike on Jul 7, 2018 10:43:36 GMT
It seems that FS are prepared to defer action on a number of loans apparently indefinitely and frankly what motive do they have for doing anything else?
Bad news tomorrow is better than bad news today.
As long as they continue to write new business and fill the loans they are making money and investors in distressed 2-3 year old loans might moan a bit but who cares.
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mariner
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Post by mariner on Nov 23, 2018 11:47:33 GMT
Latest Update 2175 entries in total 1619 completed 28 cancelled 47 defaulted for a total of £6,245,753.88 481 active Of the 481 active 116 late (i.e. due on or before 09/06/2018) for a total of £32,696,079.96 Almost £39,000,000 of our money defaulted or overdue!! Keeps on rising & rising Gross incompetence or what? Latest Update 2194 entries in total 1642 completed 28 cancelled 48 defaulted for a total of £6,360,253.88 476 active Of the 476 active 141 late (i.e. due on or before 23/06/2018) for a total of £36,546,399.96 Almost £43,000,000 of our money defaulted or overdue The figures say it all Haven't did this for a while And before the lecturers step in...........yes I know, loans are "expected" to run beyond the 6 months, shouldn't be advertised as such then So a quick snap shot of where we are today 2495 entries in total 1890 completed 35 cancelled 47 defaulted for a total of £5,931,075.05 523 active Of the 523 active, 222 late (i.e. due on or before 23/11/2018) for a total of £45,846,828.02 Almost £52,000,000 of our money defaulted or overdue
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rogerthat
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Post by rogerthat on Nov 23, 2018 11:57:47 GMT
Tin hat time ?  |
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Post by mrclondon on Nov 23, 2018 13:39:40 GMT
523 active Of the 523 active, 222 late (i.e. due on or before 23/11/2018) for a total of £45,846,828.02 One aspect of this that does slightly concern me, is the number of multiple tranche loans (that still have 'good' in-time tranches) where there are now more than one tranche overdue, e.g. Stretford, Cam**** St Liverpool, Dr******* G***** Liverpool, Rodd****** Durham, Military/Clocks, Lytham St Annes Land, G***** St Scarborough, High***** Formby, Ber****** Wirral, G.Hse Abergele, West** Shropshire, Fr***** Bristol, Yo** Bath, Ang.L. Gosport, and Stevenage - thats 15 projects just from those I've got detailed notes on.
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adrian77
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Post by adrian77 on Nov 23, 2018 13:47:31 GMT
how blooming much!
This includes some loans that really worry me e.g. mobile homes, Barnoldswick etc etc
If 20% goes pectorals up that is a capital loss of £10m and I think that is conservative!
And if 50% goes the same way then the phrase "Goodnight Vienna" springs to mind - not to mentions fans and hot sticky fudge...
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rogerthat
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Post by rogerthat on Nov 23, 2018 14:59:14 GMT
523 active Of the 523 active, 222 late (i.e. due on or before 23/11/2018) for a total of £45,846,828.02 One aspect of this that does slightly concern me, is the number of multiple tranche loans (that still have 'good' in-time tranches) where there are now more than one tranche overdue, e.g. Stretford, Cam**** St Liverpool, Dr******* G***** Liverpool, Rodd****** Durham, Military/Clocks, Lytham St Annes Land , G***** St Scarborough, High***** Formby, Ber****** Wirral, G.Hse Abergele, West** Shropshire, Fr***** Bristol, Yo** Bath, Ang.L. Gosport, and Stevenage - thats 15 projects just from those I've got detailed notes on. Exactly...aside from the art loans which now has to run its course, to me this is the elephant in the room and you list many of my major concerns and while FS twiddle their thumbs the log jam gets ever more difficult to disperse
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r00lish67
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Post by r00lish67 on Nov 23, 2018 15:37:35 GMT
523 active Of the 523 active, 222 late (i.e. due on or before 23/11/2018) for a total of £45,846,828.02 One aspect of this that does slightly concern me, is the number of multiple tranche loans (that still have 'good' in-time tranches) where there are now more than one tranche overdue, e.g. Stretford, Cam**** St Liverpool, Dr******* G***** Liverpool, Rodd****** Durham, Military/Clocks, Lytham St Annes Land, G***** St Scarborough, High***** Formby, Ber****** Wirral, G.Hse Abergele, West** Shropshire, Fr***** Bristol, Yo** Bath, Ang.L. Gosport, and Stevenage - thats 15 projects just from those I've got detailed notes on. I've noticed this from the 'other end' too - I'm sure there were circa 250 eligible loans on the SM at some point, now down to just 188. FS really do seem to run in fits and starts though, as if they suddenly wake up when things start to slow too much. Hope they do this time, we'll see.
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benaj
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Post by benaj on Nov 23, 2018 15:56:59 GMT
Just checked my 18 different loans completed in the last 3 months, only these are "repaid" on time-ish (around 180 days)
Pro***** in M***, St*** ** T****
Sa***** Ya***
Bir******* Com******* Bu******
Dev******** L**** ** Su*******
S* M*** R***, Ha******
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Doc
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Post by Doc on Nov 23, 2018 16:50:02 GMT
Just noticed a post on the lendy thread, mrclondon sums up the current situation well -
Unfortunately p2p platforms have not spelt out adequately to retail lenders what the implications are for investing in bridging / development debt, leading to totally unreasonable expectations. Some loans will repay more or less on schedule, some will repay within a year of being overdue, but the rest will take years to resolve.
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