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Post by nightmare on Oct 16, 2018 15:19:42 GMT
53210
Loan Amount: £190,572 Interest Rate: 6.9% Risk Band: A
Defaulted without a single repayment and over 6 months later they still haven't been able to contact the guarantors (and no updates since the beginning of August).
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trevor
Member of DD Central
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Post by trevor on Oct 16, 2018 15:29:34 GMT
Fraud. They should contact the police.
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Post by nightmare on Oct 16, 2018 15:43:51 GMT
Whilst I certainly couldn't comment on that hypothesis I do find it intriguing that the (residential) property which is still listed as the registered company address was according to 'right move' sold (or transferred) a few months prior to the loan being taken out but no such update seems to have been lodged with companies house.
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blender
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Post by blender on Oct 16, 2018 17:51:55 GMT
I think that problem is that they are trying to squeeze the staffing levels on collections and recoveries and that not all loans are being chased. See my post for equally bad loan p2pindependentforum.com/post/289905/thread (not that I am competing)
When they say that they have not been able to contact the guarantor, etc, that does not mean that they have tried to. We will get the service they think they can afford to give us = cr*p. Lenders are not supposed to be concerned with individual loans, just with the overall numbers.
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Godanubis
Member of DD Central
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 Oct 17, 2018 0:53:44 GMT
I was reading an interesting article. Unrelated of course. link 
Perhaps we can share the story with defaulted borrowers with our best wishes. |
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Stonk
Stonking
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Post by Stonk on Oct 17, 2018 8:16:49 GMT
I was reading an interesting article. Unrelated of course. link
Perhaps we can share the story with defaulted borrowers with our best wishes. Best not!
Offences Against the Person Act 1861, Section 16: A person who without lawful excuse makes to another a threat, intending that that other would fear it would be carried out, to kill that other or a third person shall be guilty of an offence and liable on conviction on indictment to imprisonment for a term not exceeding ten years.
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benaj
Member of DD Central
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Post by benaj on Oct 17, 2018 8:49:54 GMT
I was reading an interesting article. Unrelated of course. link
Perhaps we can share the story with defaulted borrowers with our best wishes. If FC didn't go IPO, they could have hire this debt collector. www.youtube.com/watch?v=TUzlmWWdjEQ
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Oct 17, 2018 9:29:34 GMT
I was reading an interesting article. Unrelated of course. link
Perhaps we can share the story with defaulted borrowers with our best wishes. Best not!
Offences Against the Person Act 1861, Section 16: A person who without lawful excuse makes to another a threat, intending that that other would fear it would be carried out, to kill that other or a third person shall be guilty of an offence and liable on conviction on indictment to imprisonment for a term not exceeding ten years.
By ten years our P2P loans may have paid back 
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Oct 17, 2018 9:33:13 GMT
I was reading an interesting article. Unrelated of course. link
Perhaps we can share the story with defaulted borrowers with our best wishes. If FC didn't go IPO, they could have hire this debt collector. www.youtube.com/watch?v=TUzlmWWdjEQThis should also be shown to borrowers as P2P recovery strategy should they grossly default. We need to give a little leeway.
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dorset
Member of DD Central
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Post by dorset on Oct 17, 2018 9:39:24 GMT
I think that problem is that they are trying to squeeze the staffing levels on collections and recoveries and that not all loans are being chased. See my post for equally bad loan p2pindependentforum.com/post/289905/thread (not that I am competing)
When they say that they have not been able to contact the guarantor, etc, that does not mean that they have tried to. We will get the service they think they can afford to give us = cr*p. Lenders are not supposed to be concerned with individual loans, just with the overall numbers. Agree but you also need to include very limited DD. After several good years with FC my loan book has come of the rails this year. Since April 2018 I have had 63 defaults and am in profit by a princely £41 on a loan book that still has 1000+ loans. All these loans are pre September 2017 as I am exiting FC as loans repay. Will however still be with you for many years to come as I await default recoveries.
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invester
P2P Blogger
Posts: 612
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Post by invester on Oct 17, 2018 9:58:13 GMT
I can't quite understand some of the shockers.
There are loans given out in excess of yearly profits. Loans given when it seems unlikely they can service the payment. Loans given out and incredibly sketchy accounting information is given.
The Q&A section seems to have become absolutely redundant now, and the loan description could even be done away with. I've seen one sentence written in here sometimes.
Certainly I can understand that a company in great financial health might either a) not need a loan or b) be able to source a loan from more mainstream sources. But it frustrates me that FC are so sloppy about how it is presented to lenders, no excuse given the resources. Why not increase transparency and mandate a bio/photo of borrowers or get them to write updates to lenders on what is happening with the cash (like what happens on Seedrs)? It is not as if people cannot find out who is behind a company.
I would go as far as saying that FC's own attitude (to decrease transparency and openness) has rubbed off here.
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invester
P2P Blogger
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Post by invester on Oct 23, 2018 15:10:46 GMT
Check out 58860 while you are at it.
Some of these applications are almost fraudulent in my opinion.
In my opinion loans are safer as they get to the end. All the ones I see downgraded are very early on into the loan. I have never seen a loan downgraded when it has £1 or so left to pay, even though you'd think there would be a fairly even spread of amounts outstanding.
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markr
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Post by markr on Oct 23, 2018 18:51:42 GMT
I have never seen a loan downgraded when it has £1 or so left to pay 1399, 1724, 2978, 4707, 6980 are just the ones in my rogues gallery...
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Post by jonathan on Oct 24, 2018 17:11:44 GMT
Check out 58860 while you are at it. Some of these applications are almost fraudulent in my opinion. In my opinion loans are safer as they get to the end. All the ones I see downgraded are very early on into the loan. I have never seen a loan downgraded when it has £1 or so left to pay, even though you'd think there would be a fairly even spread of amounts outstanding. Is there a way of finding out stats on overall default rates during all loans life spans? in a chart / graph?
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markr
Member of DD Central
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Post by markr on Oct 24, 2018 23:11:20 GMT
Is there a way of finding out stats on overall default rates during all loans life spans? in a chart / graph? As it happens, yes there is, it's one of the few statistics FC still publish. On their statistics page, click the "Returns" tab and scroll down to the lifetime default rate graph.
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