mariner
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Post by mariner on Dec 14, 2018 21:07:06 GMT
Last Update was 23/11/2018
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
Update 14/12/2018
2527 entries in total
1914 completed
37 cancelled
46 defaulted for a total of £5,624,575.05
530 active
Of the 530 active,
242 late (i.e. due on or before 14/12/2018) for a total of £48,246,828.02
Almost £54,000,000 of our money defaulted or overdue
Nearly 2 Million up in less than a month
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mariner
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Post by mariner on Jan 9, 2019 20:13:44 GMT
Update 09/01/2019
2551 entries in total
1967 completed
37 cancelled
51 defaulted for a total of £11,626,640.88
496 active
Of the 496 active,
245 late (i.e. due on or before 09/01/2019) for a total of £44,237,926.74
Almost £56,000,000 of our money defaulted or overdue
Just keeps rising
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arby
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Post by arby on Jan 9, 2019 20:23:27 GMT
Update 09/01/2019 2551 entries in total 1967 completed 37 cancelled 51 defaulted for a total of £11,626,640.88 496 active Of the 496 active, 245 late (i.e. due on or before 09/01/2019) for a total of £44,237,926.74 Almost £56,000,000 of our money defaulted or overdue Just keeps rising Another way of looking at it is 53 loans completed, of which 5 defaulted, while the number of late loans only increased by 3. Considering most of us have been begging FS to start defaulting loans quicker shouldn't we be happy they're beginning to address the issue? My main point is that as always there is no attempt to create a balanced narrative. It would be very unusual to expect the default amount to ever decrease, yet you seem shocked every month that this doesn't happen.
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mariner
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Post by mariner on Jan 9, 2019 20:49:05 GMT
Update 09/01/2019 2551 entries in total 1967 completed 37 cancelled 51 defaulted for a total of £11,626,640.88 496 active Of the 496 active, 245 late (i.e. due on or before 09/01/2019) for a total of £44,237,926.74 Almost £56,000,000 of our money defaulted or overdue Just keeps rising Another way of looking at it is 53 loans completed, of which 5 defaulted, while the number of late loans only increased by 3. Considering most of us have been begging FS to start defaulting loans quicker shouldn't we be happy they're beginning to address the issue? My main point is that as always there is no attempt to create a balanced narrative. It would be very unusual to expect the default amount to ever decrease, yet you seem shocked every month that this doesn't happen. Arby............As I have stated before, I am not interested in your lectures, I am not shocked by ever increasing monthly figures, indeed it is to be expected, it is FS we are dealing with The figures are "as is" or are you disputing them.........Yes or No?...............No politicians narrative please, just a simple Yes or No
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Post by dan1 on Jan 9, 2019 20:58:54 GMT
Update 09/01/2019 2551 entries in total 1967 completed 37 cancelled 51 defaulted for a total of £11,626,640.88 496 active Of the 496 active, 245 late (i.e. due on or before 09/01/2019) for a total of £44,237,926.74 Almost £56,000,000 of our money defaulted or overdue Just keeps rising Another way of looking at it is 53 loans completed, of which 5 defaulted, while the number of late loans only increased by 3. Considering most of us have been begging FS to start defaulting loans quicker shouldn't we be happy they're beginning to address the issue? My main point is that as always there is no attempt to create a balanced narrative. It would be very unusual to expect the default amount to ever decrease, yet you seem shocked every month that this doesn't happen. I agree, the default amount is only ever going to increase. I think it's safe to say that we'd all agree that it's the rate of defaults that's an important measure as the health of the platform. The following chart shows the rate of loans overdue (which includes "active" and "unredeemed" loans) by 3, 6 & 12 months....  The rate of overdue loans doesn't seem to have settled and continues to increase. Figures as at 30 Sep 18 and 31 Dec 18... 3 months overdue: 33% ---> 45% 6 months overdue: 23% ---> 31% 12 months overdue: 11% ---> 14% These figures in themselves are of little concern if recoveries are good but it's all in the unknown category at present and the signs are not encouraging with the can-kicking etc. In a way it doesn't matter because confidence is oozing out of FS and it'll only return by offering investors some sort of closure on these loans, whether that be by defaulting and closing loans or extending the SM to allow exit beyond term is well in truly in the hands of FS.
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arby
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Post by arby on Jan 9, 2019 21:15:51 GMT
Another way of looking at it is 53 loans completed, of which 5 defaulted, while the number of late loans only increased by 3. Considering most of us have been begging FS to start defaulting loans quicker shouldn't we be happy they're beginning to address the issue? My main point is that as always there is no attempt to create a balanced narrative. It would be very unusual to expect the default amount to ever decrease, yet you seem shocked every month that this doesn't happen. Arby............As I have stated before, I am not interested in your lectures, I am not shocked by ever increasing monthly figures, indeed it is to be expected, it is FS we are dealing with The figures are "as is" or are you disputing them.........Yes or No?...............No politicians narrative please, just a simple Yes or No I am not disputing the figures. I was trying to point out that you being shocked that the amount of defaults is increasing and implying it is necessarily a cause of concern is wrong. Even after it is pointed out that default figures only ever go up, you give a sarcastic response saying you're aware of that, because it's FS we're dealing with. There may very well be many causes for concern (in my view there are), but the figures you presented don't show anything that supports that. Dan's post goes into it in much better detail, so thank you.
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mariner
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Post by mariner on Jan 9, 2019 21:32:21 GMT
Arby............As I have stated before, I am not interested in your lectures, I am not shocked by ever increasing monthly figures, indeed it is to be expected, it is FS we are dealing with The figures are "as is" or are you disputing them.........Yes or No?...............No politicians narrative please, just a simple Yes or No I am not disputing the figures. I was trying to point out that you being shocked that the amount of defaults is increasing and implying it is necessarily a cause of concern is wrong. Even after it is pointed out that default figures only ever go up, you give a sarcastic response saying you're aware of that, because it's FS we're dealing with. There may very well be many causes for concern (in my view there are), but the figures you presented don't show anything that supports that. Dan's post goes into it in much better detail, so thank you. No problem Arby, you are welcome Another update in a month of so
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mjc
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Post by mjc on Jan 9, 2019 23:27:48 GMT
I’m shocked that loans are “expected” to go beyond the “expected end date” as FS advise. 😏
What I am shocked, nay surprised at, is why they don’t renew on time, every time. Exceptions should not be expectations.
“Oh well Sir, pay us, Er I mean our clients, back sometime, if you feel like it, and if it suits you....... Sorry to have mentioned it. Now would you like another Tranch, or perhaps a Supplemental? Or even an Additional borrowing?”
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 9, 2019 23:36:02 GMT
I’m shocked that loans are “expected” to go beyond the “expected end date” as FS advise. 😏 What I am shocked, nay surprised at, is why they don’t renew on time, every time. Exceptions should not be expectations. “ Oh well Sir, pay us, Er I mean our clients, back sometime, if you feel like it, and if it suits you....... Sorry to have mentioned it. Now would you like another Tranch, or perhaps a Supplemental? Or even an Additional borrowing?”You're beginning to understand how this all works mjc!  Except for a minor omission:- " Now would you like another Tranch, or perhaps a Supplemental? Or even an Additional borrowing?” .......... of limitless funds supplied from our Lenders, and don't worry if your borrowings exceed the already over-valued asset value, it's not our money!
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rogerthat
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Post by rogerthat on Jan 10, 2019 0:16:17 GMT
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tony
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Post by tony on Jan 10, 2019 9:30:49 GMT
I have been looking at FS's T&C's and have not been able to find out whether the interest paid by the borrowers is ring fenced i.e. if a loan defaults and either all, part or no capital is recovered can we be assured that at least we shall receive 100% of the interest due to us? It seems that FS has a tendency to agree extend the loan period whenever a borrower asks, providing he has paid the interest to date, without, I suspect, updating the DD in order to (A) establish the likelihood of the borrower ever being in a position to repay the capital or (B)whether the current value of the security is still sufficient to recover it. No loans seem to be "renewed" nowadays but are "extended" so we are unable to have our capital and interest repaid at the expiry of the original loan period and just have to sit back and hope for a good outcome. If we can be assured that no matter what happens to the loan or the platform we will at least get our interest it will be some small comfort. OK, I know that many investors will say that I should be more savvy by anticipating loan failures and selling them on the SM whilst that option is still available but I neither have the time or the financial experience to make that judgement.
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SteveT
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Post by SteveT on Jan 10, 2019 9:34:01 GMT
I have been looking at FS's T&C's and have not been able to find out whether the interest paid by the borrowers is ring fenced i.e. if a loan defaults and either all, part or no capital is recovered can we be assured that at least we shall receive 100% of the interest due to us? No, quite the opposite. FS borrowers pay no interest until the end of their loans so, if a loan is defaulted, you won't receive any of your accrued interest until & unless all of the capital has been recovered.
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mjc
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Post by mjc on Jan 10, 2019 21:56:53 GMT
This has had an update more than a month after repayment date. Great😋
Er no, I’m none the wiser, nor better informed.
Man****ter Road.
7 hours ago
The last contact with the broker, before Christmas, stated that the client's exit of refiannce is on track* but would run in to January. We have contacted the broker to ask for an update on progress and will ensure investors are informed as soon as we have a response.
21/11/2018
We have been in contact with the borrower who is using a broker to refinance the loan. At this moment in time they do not have an offer of refinance and we anticipate this loan to run over.
14/09/2018
We have not been able to get in contact with the borrower at this time, however we will continue to attempt contact.
So you mean you lost contact with them 4 months ago, eventually got the Office tea boy/girl, said “F off, speak to the broker if you want”. But here’s some 2019 waffle, until we can get some new excuses.
Not overly impressive, but fear not, someone will pop up and say, give it more time, it ain’t defaulted (yet).
ps *how can it be on track if it’s long past the EXPECTED date?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 11, 2019 2:42:22 GMT
This has had an update more than a month after repayment date. Great😋 Er no, I’m none the wiser, nor better informed. Man****ter Road. 7 hours ago The last contact with the broker, before Christmas, stated that the client's exit of refiannce is on track* but would run in to January. We have contacted the broker to ask for an update on progress and will ensure investors are informed as soon as we have a response. 21/11/2018 We have been in contact with the borrower who is using a broker to refinance the loan. At this moment in time they do not have an offer of refinance and we anticipate this loan to run over. 14/09/2018 We have not been able to get in contact with the borrower at this time, however we will continue to attempt contact. So you mean you lost contact with them 4 months ago, eventually got the Office tea boy/girl, said “F off, speak to the broker if you want”. But here’s some 2019 waffle, until we can get some new excuses. Not overly impressive, but fear not, someone will pop up and say, give it more time, it ain’t defaulted ( yet).
ps *how can it be on track if it’s long past the EXPECTED date?It is on track. Unfortunately the track ends in a bridge out over a precipice...
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Post by brightspark on Jan 11, 2019 21:43:44 GMT
I have been looking at FS's T&C's and have not been able to find out whether the interest paid by the borrowers is ring fenced i.e. if a loan defaults and either all, part or no capital is recovered can we be assured that at least we shall receive 100% of the interest due to us? It seems that FS has a tendency to agree extend the loan period whenever a borrower asks, providing he has paid the interest to date, without, I suspect, updating the DD in order to (A) establish the likelihood of the borrower ever being in a position to repay the capital or (B)whether the current value of the security is still sufficient to recover it. No loans seem to be "renewed" nowadays but are "extended" so we are unable to have our capital and interest repaid at the expiry of the original loan period and just have to sit back and hope for a good outcome. If we can be assured that no matter what happens to the loan or the platform we will at least get our interest it will be some small comfort. OK, I know that many investors will say that I should be more savvy by anticipating loan failures and selling them on the SM whilst that option is still available but I neither have the time or the financial experience to make that judgement. In the absence of financial experience and time you would be well advised to sell out of FS investments asap or you may yet lose your shirt.
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Except for a minor omission:-
