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Post by df on Oct 13, 2018 21:43:48 GMT
Is your Main much older than IFISA? No..opened same time..if I recall I did start out with the idea of filling that 1st (tax free) but as my bids got larger I realised the additional risk I was taking so scaled back..the 34.3 % represents to a greater extent a certain large development in Wales which has reached the 14th tranche. I have in the main. the 1st tranche so when the current tranche completes, Im next in line  ..ive already had a lucky 4 figure escape with the Cinema..but this is much larger..get by this and im going to rethink my stategy How is large development in Wales 200+ days? It's not overdue yet. I've been in various tranches in the past 14 months, but not anymore. I'm trying to stay away from large loans.
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rogerthat
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Post by rogerthat on Oct 13, 2018 22:35:16 GMT
No..opened same time..if I recall I did start out with the idea of filling that 1st (tax free) but as my bids got larger I realised the additional risk I was taking so scaled back..the 34.3 % represents to a greater extent a certain large development in Wales which has reached the 14th tranche. I have in the main. the 1st tranche so when the current tranche completes, Im next in line ..ive already had a lucky 4 figure escape with the Cinema..but this is much larger..get by this and im going to rethink my stategy How is large development in Wales 200+ days? It's not overdue yet. I've been in various tranches in the past 14 months, but not anymore. I'm trying to stay away from large loans. Pardon me ?..184 days is overdue ...2802737737 ...241days..242 very shortly..and remember this is the 1st tranche of 14 !
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number5
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Post by number5 on Oct 14, 2018 8:51:00 GMT
If you don't mind me asking, what is your revised strategy? It is very far from ideal, but works for me because I don't have time to study and monitor developments of each loan. 1. I limit the amount I invest per loan with some exceptions (e.g. Italian library). 2. Avoid 2nd charges, most 'supplementals' and increased borrowings, VIP, the boat secured on future sponsorship etc. 3. All property loans go to SM half way through their duration at discount. This reduces my returns, but the risk is somewhat lower. And you always manage to sell your loans at discount before the cut off date? What discounts do you offer?
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mjc
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Post by mjc on Oct 14, 2018 9:37:14 GMT
As FS don’t say you have to be an expert at doing DD, or indeed that clients - being amateurs - shouldn’t reasonably rely on FS being professional, or be very, very selective to get anywhere near 13% headline rate shown for most loans, I wonder what the real return for those that:-
A) buy and pass on half way through, and
B) those that buy these, or all loans primary market loans
end up with?
Let’s put it another way, start with £100k, invest no more that £1k in any apparent diversified loan for 6 months. How much ‘available cash’ would you have after 12 months? From the marketing material one could believe one would be positive. I doubt few following strategy (B) would be.
Whilst waiting 2 or 5 years might turn positive for almost everyone, pity the poor executors having to pay tax on an estate where the money is simply not available!
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mjc
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Post by mjc on Oct 14, 2018 14:00:35 GMT
Well here it is folks..an analysis done on the current state of my LB at the moment, in percentage terms which also includes the Frenchay loan which (according to an email) has just closed. Adding up the monetary totals confirms Ive not missed anything. Main Account Within term......10.00% 183 days +...…. 5.90% 200 days +...… 25.10% 300 days +......15.50% 400 days +......43.50% Which means 90 % of my MA LB is overdue 59% being grossly so..I might add that almost 90% of the 400+ %age is tied up in the Art Loans as well as Microsculptures IFISA Account
Within term......57.60% 183 days +...…. 7.50% 200 days +...… 34.30% 300 days +...… 0.10% 400 days +...…. 0.50% Thought I’d do similar. I stopped almost all new investments (some months ago) with FS at the alarming number going unexpectedly over time, weasel worded fairy-esk updates and lethargic chasing of delinquents. From March 2018, as an approximate percentage of original sum invested (Feb 2018):- Month % 3. 2% 4. 2% 5. 2.5% 6. 2.5% 7. 2% 8. 9% 9. 8% Total more than 2 weeks overdue. 28% < 2 weeks O/D. 28% Total NOT redeemed or renewed by expected date 56% Active or completed 44%
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rogerthat
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Post by rogerthat on Oct 14, 2018 14:11:57 GMT
Well here it is folks..an analysis done on the current state of my LB at the moment, in percentage terms which also includes the Frenchay loan which (according to an email) has just closed. Adding up the monetary totals confirms Ive not missed anything. Main Account Within term......10.00% 183 days +...…. 5.90% 200 days +...… 25.10% 300 days +......15.50% 400 days +......43.50% Which means 90 % of my MA LB is overdue 59% being grossly so..I might add that almost 90% of the 400+ %age is tied up in the Art Loans as well as Microsculptures IFISA Account
Within term......57.60% 183 days +...…. 7.50% 200 days +...… 34.30% 300 days +...… 0.10% 400 days +...…. 0.50% One obvious consequence of the above but which I didn't state originally is that 90% of my Main Account is in effect frozen from the SM which is why my liquidity is non existent as im not prepared to invest any more funds. The statutory statement of "a 6month loan" is patently a nonsense despite that being the supposed benchmark of each and every loan, agreed to and signed by each borrower. What is the point of T & C's if they are not enforced ?
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mjc
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Post by mjc on Oct 14, 2018 14:19:53 GMT
“What is the point of T & C's if they are not enforced ?”
Oh, I think they would be. About 50%. Do as We say, not as We do! Similar % to what’s stuck, no SM, no option to do anything - now.
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bg
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Post by bg on Oct 14, 2018 14:43:34 GMT
Seems fairly clear to me that if someone has stopped investing in new loans then over a period of time all they would be left with is a loan book of late, unsellable loans (as all other loans would have repaid). I decided to withdraw from FC a few months back and surprise surprise my loan book is now 100% late, unsellable loans. I really can't infer from that, that 100% of the loan book is late.
I really don't think this sort of analysis proves anything. You have to look at the entire loan book or not at all.
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mjc
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Post by mjc on Oct 14, 2018 14:52:24 GMT
For clarity, the % figures I have were from the original sum I invested, not what was left. So it would for me never* be more than a 56% loss, and hopefully at least break even eventually. (Virtually all my Lending is less than 1% in any one loan.)
* correction, yes it could be more, as some of my existing - not yet due loans - will doubtless default. But I do hope to make a profit, I could do that far more easily on some other platforms with minimal risks.
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adrian77
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Post by adrian77 on Oct 14, 2018 15:25:51 GMT
Just had a quick look at the latest fake newsletter
I note it states Capital lost through defaults £948,754
This strikes me as a lot less than I expected
Would I be correct in thinking this is pretty meaningless as it refers to the small amount of defaulted loans that have actually been resolved to date and ignores the vast overhang (horrible but trendy word) of unresolved defaults i.e. loans flagged as "unredeemed"? For example 1 of the 6 yachts one has been sold and the original loan reclassified into 2 loans so we have one "recovered" with 100% recovery of £17,450 and the other 5 marked with £127 K "unredeemed" after (850 days!) and hence the £127K is ignored in the above figure of capital loss?
Not sure what the current default figure is i.e. "defaulted" plus "unredeemed" is but I supect a tad more than £950K!
Personally I think the above nomenclature is a tad confusing and would prefer a loan to be classed as either "active" or "defaulted" with "defaulted" being sub-divided into something similar to "defaulted open/awaiting final settelement" and "defaulted closed" .
Wonder why FS have not done this?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 14, 2018 15:58:30 GMT
Just had a quick look at the latest fake newsletter I note it states Capital lost through defaults £948,754 This strikes me as a lot less than I expected Would I be correct in thinking this is pretty meaningless as it refers to the small amount of defaulted loans that have actually been resolved to date and ignores the vast overhang (horrible but trendy word) of unresolved defaults i.e. loans flagged as "unredeemed"? For example 1 of the 6 yachts one has been sold and the original loan reclassified into 2 loans so we have one "recovered" with 100% recovery of £17,450 and the other 5 marked with £127 K "unredeemed" after (850 days!) and hence the £127K is ignored in the above figure of capital loss? Not sure what the current default figure is i.e. "defaulted" plus "unredeemed" is but I supect a tad more than £950K! Personally I think the above nomenclature is a tad confusing and would prefer a loan to be classed as either "active" or "defaulted" with "defaulted" being sub-divided into something similar to "defaulted open/awaiting final settelement" and "defaulted closed" . Wonder why FS have not done this? Seems pretty precise to me. Capital lost as in money you have no chance of getting back ie crystallised losses. Given that hardly any platform has provided a similar figure FS are ahead of the curve. A loan that is defaulted isn't capital lost while recovery is on going so it would be misleading to treat it as such in that context. This is of course different to SAIM 12OO definitions of loss but then FS have also applied those in full when it comes to tax returns. (NB I haven't crunched any numbers so only assume that the figure is crystallised losses. PS Hopefully this won't get me on the sleeper list. 
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SteveT
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Post by SteveT on Oct 14, 2018 16:10:54 GMT
IIRC, the majority of the “declared” FS losses to date stems from the disastrous NI Wind-turbine loan
(£695k of it, in fact)
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Steerpike
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Post by Steerpike on Oct 14, 2018 16:11:55 GMT
Just had a quick look at the latest fake newsletter I note it states Capital lost through defaults £948,754 This strikes me as a lot less than I expected Would I be correct in thinking this is pretty meaningless as it refers to the small amount of defaulted loans that have actually been resolved to date and ignores the vast overhang (horrible but trendy word) of unresolved defaults i.e. loans flagged as "unredeemed"? For example 1 of the 6 yachts one has been sold and the original loan reclassified into 2 loans so we have one "recovered" with 100% recovery of £17,450 and the other 5 marked with £127 K "unredeemed" after (850 days!) and hence the £127K is ignored in the above figure of capital loss? Not sure what the current default figure is i.e. "defaulted" plus "unredeemed" is but I supect a tad more than £950K! Personally I think the above nomenclature is a tad confusing and would prefer a loan to be classed as either "active" or "defaulted" with "defaulted" being sub-divided into something similar to "defaulted open/awaiting final settelement" and "defaulted closed" . Wonder why FS have not done this? Seems pretty precise to me. Capital lost as in money you have no chance of getting back ie crystallised losses. Given that hardly any platform has provided a similar figure FS are ahead of the curve. A loan that is defaulted isn't capital lost while recovery is on going so it would be misleading to treat it as such in that context. This is of course different to SAIM 12OO definitions of loss but then FS have also applied those in full when it comes to tax returns. (NB I haven't crunched any numbers so only assume that the figure is crystallised losses. PS Hopefully this won't get me on the sleeper list. Unredeemed currently totals about £6.3m, and of course there other loans that are more than a year overdue that are not yet marked as unredeemed. I can't remember the oldest but Rishton has reached the grand old age of 961 days and is not yet unredeemed.
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Post by charlata on Oct 14, 2018 16:41:01 GMT
Raj is the co founder & director of Crowdlords P2P/equity platform (not listed at CH but on site & LI) His Linkedin says he joined crowdlords 3 months ago
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 14, 2018 16:54:04 GMT
Raj is the co founder & director of Crowdlords P2P/equity platform (not listed at CH but on site & LI) His Linkedin says he joined crowdlords 3 months ago True but www.crowdlords.com/about-us
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..ive already had a lucky 4 figure escape with the Cinema..but this is much larger..get by this and im going to rethink my stategy
