blender
Member of DD Central
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Post by blender on Sept 28, 2018 14:24:44 GMT
This one really takes the biscuit. Borrower takes £100k, is late on the 4th of 60 and then nothing from 6th payment on.
"Working Capital Loan (48910) — 82 days late, exposure £37.86
D
26 Sep 2018
The borrower has been unresponsive despite us trying to contact them using various methods. We will continue to chase them and should we fail in our attempts then we may look to default the loan in order to protect the investors position. We will update investors with any further developments and we thank investors for their patience. "
It took me a few seconds to find out that the company had gone into voluntary liquidation on 11th September. The FC scribe had clearly done nothing, since failing to contact the company (which has a factory) in August. Just trotted this out. I wonder if they will find out about the insolvency in time to register as a creditor.
Disgraceful.
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benaj
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Post by benaj on Sept 28, 2018 17:26:23 GMT
The only thing we can hope is the recovery team.
At the moment, one of my 2 year old accounts (with 41 comments and 17 loans downgraded) recovered 6.5% from defaults. The account had 800 loans at one time, but now it has only 138 loan parts, with 5.9% annualised return.
No capital losses yet, but I am running down this account since I am struggling to reinvest money with PM loans while my others accounts do not have such issue.
The other issue I have is minor cash drag issue. One of mine is having 5% available cash from repayment not being invested at all.
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Post by aperson on Oct 23, 2018 19:21:32 GMT
I've had 5 Defaults in the last 2 days, totalling about £120
Total defaults since I first started last September is £405
Total recoveries: £1.88.
When does their "experienced recovery team" recover anything?
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jeremy12
Member of DD Central
Everything's frozen
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Post by jeremy12 on Oct 23, 2018 19:40:16 GMT
I think the experienced recovery team are coming in after the fact with some loans, and it's not possible to retro fit their expertise into what has been done already unfortunately.
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Post by grahamreeds on Oct 24, 2018 12:38:51 GMT
One of my loans it appears that FC was out voted and we are getting 1.86p / £. When I finally get the recovery I won't even be able to afford a mars bar.
This is on a seemingly successful business that had profit in the hundreds of thousands. :-(
My profits are holding station as the larger defaults come in, so while it says I am getting 7.5% I can say that for previous 6 months I have got ~0%.
I wish there were graphs for monitoring your profit overtime...
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benaj
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Post by benaj on Nov 8, 2018 8:26:24 GMT
Well, I wasn't on the ball with this 36931 and forgot to sell this before it was too late.
However, it seems FC was sort of on the ball with this one, at the time, renew the existing 20573 @ 8.3% with a FC new loan 17.9%. Now looking back at it, it seems the secured debt was not declared on the loan renewal bidding on purpose, but it was declared for the original loan. So FC achieved 2 things, increases loan statistics from 1 to 2, and decreases default rate by half. Well done.
Recovery team keeps posting, but none can be recovered from the administrators for this unsecured FC loan renewal. All the money recovered by the administrator goes to secured debt.
My mistake, lesson learned.
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