dh1
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Post by dh1 on Oct 30, 2018 11:06:25 GMT
I'm just sorting out my now very small FC portfolio and have established (with FC) that the following loans are "CLOSED". I had to do this as the loan comments were somewhat vague!
3848 Exp****** ** ******ng ******er
2570 T***** o* H*****
4663 E******** ***n
4907 Bu****** ******ion ***n
5034 *****al *** ****k ******se
22184 ******ty ********ent **g **** **** *
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Post by Ace on Oct 30, 2018 18:08:45 GMT
I'm just sorting out my now very small FC portfolio and have established (with FC) that the following loans are "CLOSED". I had to do this as the loan comments were somewhat vague!
3848 Exp****** ** ******ng ******er
2570 T***** o* H*****
4663 E******** ***n
4907 Bu****** ******ion ***n
5034 *****al *** ****k ******se
22184 ******ty ********ent **g **** **** *
Sorry if this is a dumb question, but does "CLOSED" mean absolutely no possibility of further recovery?
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dh1
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Post by dh1 on Oct 30, 2018 19:27:54 GMT
Now that's the question, Ace. The term is used by FC - sometimes - in defaulted loans.
I think it means that FC will take no further action to recover any amounts outstanding. To be fair to FC, the term seems most commonly used by them when bankruptcy/administration/etc proceedings have terminated with no prospect of further recovery. I had to ask the question of FC because their comments on the individual loans didn't close off anything and in fact left them well and truly dangling. Until now, that is.
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blender
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Post by blender on Oct 31, 2018 11:59:54 GMT
When they say closed, then I understand that they will take no further action to recover the debt. OK. So what happens to the debt in our accounts? Will these zombie loans stagger on forever, eventually to consume the brains of our executors and heirs, and the heirs of our heirs until what happens? I always thought you could leave the Hotel California when you were dead, but that does not get you out of Forever Chained.
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adrianc
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Post by adrianc on Nov 1, 2018 12:41:13 GMT
OK. So what happens to the debt in our accounts? Write it off in your head, because it's very unlikely anything more's coming.
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Post by barneywol on Nov 3, 2018 20:58:08 GMT
I'm just sorting out my now very small FC portfolio and have established (with FC) that the following loans are "CLOSED". I had to do this as the loan comments were somewhat vague!
3848 Exp****** ** ******ng ******er
2570 T***** o* H*****
4663 E******** ***n
4907 Bu****** ******ion ***n
5034 *****al *** ****k ******se
22184 ******ty ********ent **g **** **** *
If it's any consolation, loan 22184 was fully recovered - last payment on the 8th of August. I wasn't in the earlier ones, so can't comment.
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rogerthat
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Post by rogerthat on Nov 22, 2018 23:04:19 GMT
Profits you can bank on 1812 A few words of thanks to Funding Circle who have now whittled down my bad debt on the loan above from £3000 to £189.30 even if it has taken taken 4 1/2 years. Although the 'new agreement of 48% of the remaining debt per month' isn't exactly being honoured (according to the repayment tab) im still appreciative of your tenacity in recovering the debt due. Who knows, I might still be alive when the "we now consider the matter closed' sign appears..  |
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r00lish67
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Post by r00lish67 on Nov 22, 2018 23:17:51 GMT
Profits you can bank on 1812 A few words of thanks to Funding Circle who have now whittled down my bad debt on the loan above from £3000 to £189.30 even if it has taken taken 4 1/2 years. Although the 'new agreement of 48% of the remaining debt per month' isn't exactly being honoured (according to the repayment tab) im still appreciative of your tenacity in recovering the debt due. Who knows, I might still be alive when the "we now consider the matter closed' sign appears.. Three large in a single FC loan, Roger? Big Pig or diversity criminal? 
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rogerthat
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Post by rogerthat on Nov 23, 2018 0:52:00 GMT
Profits you can bank on 1812 A few words of thanks to Funding Circle who have now whittled down my bad debt on the loan above from £3000 to £189.30 even if it has taken taken 4 1/2 years. Although the 'new agreement of 48% of the remaining debt per month' isn't exactly being honoured (according to the repayment tab) im still appreciative of your tenacity in recovering the debt due. Who knows, I might still be alive when the "we now consider the matter closed' sign appears.. Three large in a single FC loan, Roger? Big Pig or diversity criminal? Buzzards gotta eat, same as worms 
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Post by steamer on Nov 23, 2018 21:35:21 GMT
I'm just sorting out my now very small FC portfolio and have established (with FC) that the following loans are "CLOSED". I had to do this as the loan comments were somewhat vague!
3848 Exp****** ** ******ng ******er
2570 T***** o* H*****
4663 E******** ***n
4907 Bu****** ******ion ***n
5034 *****al *** ****k ******se
22184 ******ty ********ent **g **** **** *
If it's any consolation, loan 22184 was fully recovered - last payment on the 8th of August. I wasn't in the earlier ones, so can't comment.
Well that is very strange because I have just downloaded my current loan parts report tonight and it shows
22184 ******ty ********ent **g **** H*** I as a bad debt owing the full amount loaned 21/4/2016
Am I missing something?
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rogerthat
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Post by rogerthat on Jan 23, 2019 20:12:47 GMT
Loan 1812 Profits You Can Bank On (almost getting believable) Well it seems another recovery has appeared in the January Transaction Statements plus column on 21/01/19 (£62.50 ) reducing the debt to £126.80 [from an initial £3K ]  yet nothing stated on the Repayments Tab or Comments section...again. Funding Circle...do you no longer bother with updating the RT or the Comments section ? Beware, I may well ask to you to provide a full list of principal and interest repayments if I live long enough to see the remainder repaid. Now there's an incentive ! |
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rogerthat
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Post by rogerthat on Jan 24, 2019 8:33:40 GMT
Profits you can bank on 1812 A few words of thanks to Funding Circle who have now whittled down my bad debt on the loan above from £3000 to £189.30 even if it has taken taken 4 1/2 years. Although the 'new agreement of 48% of the remaining debt per month' isn't exactly being honoured (according to the repayment tab) im still appreciative of your tenacity in recovering the debt due. Who knows, I might still be alive when the "we now consider the matter closed' sign appears.. Three large in a single FC loan, Roger? Big Pig or diversity criminal? I think it only fair to FC and any observers to point out..and ive only just realised this that the bold words above should read 'investment' as that was my initial input...however the 1st monthly payment was made in January 2013 and problems surfaced in April 14 so the vast majority of the loan has been under managed recovery. Theoretically 2 monthly payments left
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rogerthat
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Post by rogerthat on Apr 7, 2019 22:23:36 GMT
Just noticed that another recovery has been received on the 29/03 with regard to Loan 1812 Prof**s Y*u C*n B*nk O*..but yet again no comment on the Repayments Tab or in the Loan Comments. Funding Circle obviously think this has become an optional requirement of no interest to those who try and keep track of their recoveries.
The previous post stated the outstanding total was £126.80, which now stands at £63.80
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Post by capricorn on Apr 8, 2019 0:37:51 GMT
Loan ID 1812 hasn't actually been defaulted, it's just very very late and run way past its final repayment date. Any payment received is a normal (albeit late) repayment, not a recovery. There is now one repayment left. Since there is property security held on the loan I expect FC decided the costs of enforcing the security would reduce the return to lenders as opposed to letting it drag on for the frustrating amount of time it has been late.
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blender
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Post by blender on Apr 8, 2019 13:18:47 GMT
Loan ID 1812 hasn't actually been defaulted, it's just very very late and run way past its final repayment date. Any payment received is a normal (albeit late) repayment, not a recovery. There is now one repayment left. Since there is property security held on the loan I expect FC decided the costs of enforcing the security would reduce the return to lenders as opposed to letting it drag on for the frustrating amount of time it has been late. Wow! I remember that loan. It was one of the first that I bought on the PM soon after I joined FC, long ago, six years? I recall that the reverse bidding resulted in a good rate for those of us who bid at the last moment. Good to remember when FC was a proper p2p platform. What happened to my holding? I b*nked my pr*f*ts long ago. Still cannot escape though. Trying again to sell those which FC did not sell because they went 'processing' at the end of Feb.
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yet nothing stated on the Repayments Tab or Comments section...again. Funding Circle...do you no longer bother with updating the RT or the Comments section ? Beware, I may well ask to you to provide a full list of principal and interest repayments if I live long enough to see the remainder repaid. Now there's an incentive !