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Post by erniec on Nov 29, 2018 16:14:18 GMT
Just had one of these on Mrs C’s ISA account.
Is this to do with the debt sale?
Off to check our other accounts.
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Post by erniec on Nov 29, 2018 16:19:29 GMT
Yes, all four of our accounts, investing and ISA, have such a credit.
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benaj
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Post by benaj on Nov 29, 2018 18:01:52 GMT
Just checked my Zopa account. For me, the loan sale gives back 12% of the capital of the loan borrowed. So overall, I got 23% recovered from the original amount borrowed.
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Post by fishyhooky on Nov 29, 2018 19:30:47 GMT
Just checked my Invest Account and there is
Bad debt: Repayments from defaults
of which £190.36 had been eligible for tax relief
£190.36
No mention of Capital Adjustment Credit
Yesterday my Bad Debt repayments were £11.76.
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Post by erniec on Nov 29, 2018 19:58:31 GMT
It’s in the transaction statement.
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benaj
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Post by benaj on Nov 29, 2018 20:50:10 GMT
I realise I can't withdraw the last 1p from this Capital Adjustment credit.  Not a big deal, I can't earn interest from this 1p I suppose. |
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trium
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Post by trium on Nov 30, 2018 7:44:54 GMT
A fortnight ago I only had 2 loans marked "Settled" - a very old pre-safeguard and one whose estate had been sequestrated (I don't know what that means but it sounds painful). In connection with this debt sale around 70% of my remaining defaults have now been marked "Settled". Assuming they're done with marking these up the amount I received represents a tad over 13% of my newly settled bad debt. Odd that some IVAs are included - I wouldn't have thought anyone would buy them as they can hardly send the boys round.
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benaj
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Post by benaj on Nov 30, 2018 8:24:40 GMT
To be honest, although i recovered 23% of the original amount they borrowed, one of these settled loan already paid back 62% of his debt.
Treating him as the outliner, I would say only 17% recovered after the loan sale. It’s better than nothing as these have hardly paid back 3% of the amount they borrowed. 4 of them have never paid back any pennies.
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Post by fishyhooky on Nov 30, 2018 9:29:12 GMT
It’s in the transaction statement. Thanks, just found it Capital Adjustment Credit £178.60
Also just noticed one in my ISA for £6.80
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Post by propman on Nov 30, 2018 9:30:30 GMT
I have also received 12% average fior newly settled loans, 10 - 14% on each of the portfolios. Has anyone noticed whether this includes defaulters who were regular payers before?
By the way, "Sequestered" is the Scottish term for bankrupcy. not sure whether some of the settled loans were sold as include DROs and bankrupcies where much less chance of any recovery, I assume that these were just marked settled when they went through the defaults for the sale. Re IVAs, these have a Court and creditor approved repayment schedule. At one time the discussions suggested the going rate was 40% of the debts as a minimum for banks to accept, typically within 5 years. Some will fail this and so forfeit the IVA protection, but far from hopeless cases, although I do have a number of old ones who have repaid nothing with no further update to comments.
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Greenwood2
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Post by Greenwood2 on Nov 30, 2018 10:17:40 GMT
Cheered up my returns this month anyway.  Must be mainly old loans hardly affected my ISA. |
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Post by pigbreeder on Nov 30, 2018 12:35:02 GMT
Have been told that the full debt recovery payment was given to investors and that the amount was higher than their normal recovery of 10-15%. If this is true I guess they are saving quite a lot in staff time and carrying the debt on their books (and preparing to be a bank?). It has taken me from a roughly nil return this tax year to about 4.5% so I think I'm happy.
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zlb
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Post by zlb on Nov 30, 2018 17:03:15 GMT
Is it under each monthly statement back to but not before April 18?
"Bad debt: Repayments from defaults
of which £0.45 had been eligible for tax relief
"
click on the ? and get this:
"If you had capital loss recorded on a previous statement, we may have recovered some of this money"
This month the value stated here is only enough to cancel out the current defaults in month to date i.e. it's roughly 33% of what I would earn usually.
In previous months it's only a matter of pence: curiously frequently 36p - including last month where I earned -£16...
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benaj
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Post by benaj on Nov 30, 2018 17:09:02 GMT
It's a special payout shown in the " monthly transactional statement"
Mine is over 0.27% of my all time investment on Zopa plus, quite significant compared to Zopa Core 4%pa, my previous (bad debt ) repayment last month is 10% of this special payment
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aju
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Post by aju on Nov 30, 2018 19:29:16 GMT
Cheered up my returns this month anyway. Must be mainly old loans hardly affected my ISA. Seems to be the reverse for us, 1 loan in invest and loads in ISA side of both our accounts now crystalised and no more payments to our benefit on them. That said our ISa have pretty much gone to sleep since 1st defaults appeared in Feb. Not one has had a payment until this one. I check and I have 5 loans that paid nothing since they were created. Sadly this month i've got nearly 70% of interest in new defaults too. Still in Black but month is not quite finished yet!. Mrs Aju had a better month. We are still well in black overall thankfully.
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Not a big deal, I can't earn interest from this 1p I suppose.