ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 14, 2018 11:11:57 GMT
" I just feel that FS is stuck between a rock and a hard place." bg Entirely FS' own fault, a clean own goal, a self inflicted injury I believe the Armed Forces call it - comes from knowingly accepting and offering thoroughly c**p Borrowers and Loans.
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empirica
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Post by empirica on Aug 14, 2018 11:16:29 GMT
It is buyer beware and you are being paid for the risk, how you choose to pick loans is up to you. There are clearly teething problems with perfecting security and disposal of assets for bad loans but these are issues all platforms are working through and all are at different stages. The majority of loans have repaid or rolled. Using a few outliers which are still being worked through (and its perfectly reasonable to question this process) to suggest that the platform is going to fail is ridiculous and the people who comment like this need to grow up. Have you any stats to support your sentence? For sure this did not happen in 2018. FS is NOT rolling or repaying the vast majority of the loans I follow (and es I am very very well differentiated among a large number of them). This does not mean it is going to fail tomorrow, but simply that it is keeping and not well dealing with a growing number of NPLs. Of course if you continue growing the NPL, lenders will stop or slow down investing in the platform (and this is a fact which is very clear now). What will follow to that? Of course the FS investors (not the lenders) will reanalyse the situation periodically and will decide if a company heavily brought down by NPL and with lenders running away is Worth more money in... The same will do their underwriters. There is one simple solution: i.e. focus your staff (and take new people onboard if necessary) on recoveries. This means both following very carefully the existing deadlines and forcing legal actions to a greater extent (e.g. in 60% of the defaults) and with far better speed (e.g. within 3 months of the end of the loan). This would be a total revolution to a company that never cared about a deadline and never cared about taking legal actions before 2-3 years after the final deadline passed. Can you post a list of loans you follow / are 'very very well differentiated among' to support your sentence, please?
And as for your final sentence:
1079396222 | Made live | 11/10/2017 |
| | Made active | 11/10/2017 |
| | Expected end | 12/04/2018 |
| Update
| 01/06/2018
| As the refinance of loan ref 8010286828 does not appear to be happening, we are defaulting this loan.
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| 18/07/2018
| The appointment of receivers has been finalised and they are in contact with the borrower.
Borrower is still adamant that refinance is close.
We have advised him to work this through with the receivers.
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There is a little more history to this running from the start of the year _ see 8010286828 _ but, just goes to show: 'Never say never'.
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bg
Member of DD Central
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Post by bg on Aug 14, 2018 11:26:06 GMT
It is buyer beware and you are being paid for the risk, how you choose to pick loans is up to you. There are clearly teething problems with perfecting security and disposal of assets for bad loans but these are issues all platforms are working through and all are at different stages. The majority of loans have repaid or rolled. Using a few outliers which are still being worked through (and its perfectly reasonable to question this process) to suggest that the platform is going to fail is ridiculous and the people who comment like this need to grow up. Have you any stats to support your sentence? For sure this did not happen in 2018. FS is NOT rolling or repaying the vast majority of the loans I follow (and es I am very very well differentiated among a large number of them). This does not mean it is going to fail tomorrow, but simply that it is keeping and not well dealing with a growing number of NPLs. I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid.
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cwah
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Post by cwah on Aug 14, 2018 11:29:49 GMT
I'm also in Llandudno Hotel and although it's taking forever to redeem the loan, it actually seems to be paying back all capital + interest by selling the flats.
So it's delayed but I consider this loan as a GOOD loan as it's looks likely that all capital would be repaid with interest.
To date I received 71% of my capital repaid on this loan.
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blender
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Post by blender on Aug 14, 2018 11:48:22 GMT
Have you any stats to support your sentence? For sure this did not happen in 2018. FS is NOT rolling or repaying the vast majority of the loans I follow (and es I am very very well differentiated among a large number of them). This does not mean it is going to fail tomorrow, but simply that it is keeping and not well dealing with a growing number of NPLs. I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid. Do you have this analysis by value, rather than number of loans, please?
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bg
Member of DD Central
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Post by bg on Aug 14, 2018 11:49:48 GMT
I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid. Do you have this analysis by value, rather than number of loans, please? Not to hand but i will reconfigure my database to give this output when I get a chance.
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rookey123
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Post by rookey123 on Aug 14, 2018 11:51:03 GMT
Have you any stats to support your sentence? For sure this did not happen in 2018. FS is NOT rolling or repaying the vast majority of the loans I follow (and es I am very very well differentiated among a large number of them). This does not mean it is going to fail tomorrow, but simply that it is keeping and not well dealing with a growing number of NPLs. I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid. I didn't have the exact numbers to hand so thank you. I agree that this shows there really does need to be a more balanced commentary.
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james21
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Post by james21 on Aug 14, 2018 11:56:19 GMT
Have you any stats to support your sentence? For sure this did not happen in 2018. FS is NOT rolling or repaying the vast majority of the loans I follow (and es I am very very well differentiated among a large number of them). This does not mean it is going to fail tomorrow, but simply that it is keeping and not well dealing with a growing number of NPLs. I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid. You may be missing the point which is that the platform grew hugely this last year and a half and it is the loans that are predicted to default that are of concern and therefore are not yet in the stats. The situation I believe is much worse than the stats portray. Anyway you can get stats to portray any story you wish, its not the number of defaults that is a key measure (but that is an important measure) but the value of losses to investors when ultimately that calculation is made including recoveries
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bg
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Post by bg on Aug 14, 2018 12:14:18 GMT
I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid. You may be missing the point which is that the platform grew hugely this last year and a half and it is the loans that are predicted to default that are of concern and therefore are not yet in the stats. The situation I believe is much worse than the stats portray. Anyway you can get stats to portray any story you wish, its not the number of defaults that is a key measure (but that is an important measure) but the value of losses to investors when ultimately that calculation is made including recoveries I'm just relaying actual platform statistics. I'm not sure how you can claim I am using them to portray some story. My only claim is the majority of loans issued have been repaid, even if all loans still live are defaulted that will remain the case. That is a fact. I agree there may or may not be future defaults/losses. But that is the same for any loan/platform. What I do not take any account of is predictions of future losses (on some loans that are not even due for repayment yet) by some forum member who despite openly admitting he is not invested in the platform spends an awful lot of time predicting big losses for other people. I really have to question the agenda...why FS?, why not MT, L, C or AC? Time will tell.
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Post by brightspark on Aug 14, 2018 12:31:08 GMT
Llandudno -Loan has been active for 370 days with updates of excuses stretching back to September 2017. Maximising the sale price can take forever or nearly so. Knaresborough -Loan has now been active for 825 days - reasonable time frame in the circumstances for the whole shooting match? I don't think so. Formby Loan has now been active for 524 days - reasonable time frame? Well past time this borrower had more than a gentle nudge. Powerboat Loan has now been active for 851 days - reasonable? I think it has all been said before on this forum. Rishton Loan has now been active for 900 days - reasonable? The borrower has by actions demonstrated that they are unable to repay the loan. There has for a long time been no realistic alternative to repossession. The cost of further procrastination falls on investors. You made two main points:- First that the 5 listed loans are all overdue by over 18 months. That is factually incorrect as I have demonstrated. Loans are not overdue the day they drawdown as you well know, they are overdue when they run past the due date. Llandudno is overdue 6 months and Formby is overdue by 1 year. I know you don't want to admit it but they are facts. The second point you made was that FS are doing nothing to effect recovery. Llandudno has sold 7 of the 9 properties, with another exchanged. Money has been repaid and they are 6 months overdue on the last 2 properties. I'm happy with that. Knaresborough - 2 of the 3 properties have been sold, the main property was in the hands of the first chargeholder so there was nothing FS could do to speed the process. What else would you have FS do? FS have made over 2,000 loans and you complain about the same 5. Again, show me a platform without any problem loans. We can quibble over dates but not with the overall thrust of the argument. I listed the five because those are the ones in which I remain invested and can therefore cite as examples. I do not have a longer list of long over-dues because I realised several months ago that overdue handling was problem full. I sold out reasonably readily into the secondary market leaving five which effectively selected themselves by reason of non-sale. Once these 5 loans are dealt with one way or another my business relationship with FS will cease unless or until they alter their overdue strategies. As for platform failure - well Collateral's demise caught most, me included, by surprise and although I am not drawing comparisons it is a scenario which all p to p lenders now factor with greater emphasis into their risk analysis.
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madpierre
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Post by madpierre on Aug 14, 2018 12:48:27 GMT
I have sold everything possible and am now only in six loans varying from 900 days active down to mere 636 (only one of these has actually been defaulted). As a result I HATE FUNDING SECURE, which I consider to be a perfectly reasonable statement  |
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blender
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Post by blender on Aug 14, 2018 13:32:13 GMT
I have sold everything possible and am now only in six loans varying from 900 days active down to mere 636 (only one of these has actually been defaulted). As a result I HATE FUNDING SECURE, which I consider to be a perfectly reasonable statement Hate is never reasonable, Pierre, unless you are mad.
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Post by brightspark on Aug 14, 2018 14:10:37 GMT
sorry to hear this - hope it wasn't too disastrous for you... Nothing too onerous. I think it was about 300 quid.
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madpierre
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Post by madpierre on Aug 14, 2018 14:34:48 GMT
I have sold everything possible and am now only in six loans varying from 900 days active down to mere 636 (only one of these has actually been defaulted). As a result I HATE FUNDING SECURE, which I consider to be a perfectly reasonable statement Hate is never reasonable, Pierre, unless you are mad. Seething.
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bg
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Post by bg on Aug 14, 2018 14:56:22 GMT
I have some stats. 2,300 total loans. 1,753 completed and repaid, 53 defaulted (some with partial recovery or recovery ongoing), 494 loans still active of which 150 are late, 47 of which over 6 months late and 12 over 1 year late. I don't think those stats are bad for this type of lending. Either way the majority of loans have most definitely been repaid. Your stats (which I have no time to check in detail) indicate that over 30% of the current loans is NPL. (my feeling is that by value FS are even higher than that) A bank would get a run-down by customers with anything even a third of that. It is a totally unsustainable model. Anything above 10% NPL indicate a total DISASTER and complete mismanagement of affairs. It's a very unfair way of looking at things...just ignore everything that has been repaid.
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