adrianc
Member of DD Central
Posts: 10,019 
Likes: 5,147
|
Post by adrianc on Dec 7, 2018 9:45:08 GMT
I think I owe FC a (very minor) apology...
I was rather baffled by a new comment on 6670 that the guarantors had repaid in full, and the loan was now closed - the summary page still showed I was owed 70% of the original loan part! So I started digging...
Turns out the figure for "exposure" under the updates section of the summary page is the wrong figure completely. It's the exposure as of the date of default. It is not amended (as I'd assumed it was) to show the current position... I can't find anywhere that the current position figure is actually shown. What I've had to do is go through the monthly statements for over three years, since my first recovery, and map loan parts to loans. Again, I can't see anywhere that does that, so that had to be down to correlation of update comment dates and recovery payments.
As a result, I've built a spreadsheet taking those recoveries and getting the current position out of them. It doesn't quite add up, but I need to go through the statements again to see if I've manually transcribed a wrong figure or two (it's within pennies). Turns out the recoveries have taken my exposure to just 60% of what I thought it was.
So...
Bouquets for doing more than I thought on recoveries. Keep it up. Brickbats for the site layout being even worse than I thought it was. Sort it out.
|
|
liso
Member of DD Central
Posts: 390 
Likes: 394
|
Post by liso on Dec 7, 2018 10:06:30 GMT
FC gave me an updated summary of my defaults about 9 months ago, at my request. I have tried to keep it up to date, but there has been at least one occasion, maybe more, when FC's comments, dates and recovery payments didn't match, so I'm not confident that I now have an accurate current summary.
I've no idea how they expect investors to keep track of recoveries of their defaults. There seems to be no way to do it accurately other than constantly request updates from FC.
|
|
|
|
Post by Butch Cassidy on Dec 7, 2018 10:35:48 GMT
FC gave me an updated summary of my defaults about 9 months ago, at my request. I have tried to keep it up to date, but there has been at least one occasion, maybe more, when FC's comments, dates and recovery payments didn't match, so I'm not confident that I now have an accurate current summary. I've no idea how they expect investors to keep track of recoveries of their defaults. There seems to be no way to do it accurately other than constantly request updates from FC. Basically it's impossible - especially if you have a large number of loan parts. However I would maintain that FC have a very well established & efficient set of recovery procedures & these are invariably followed to an ultimate conclusion, whatever that maybe. Obviously that doesn't always result in full recovery but I am totally satisfied that they explore every available avenue until the possibilities are exhausted, even if those enquires stretch into many years. I repeat that they have by far the best recovery template of any P2P platform & ultimately you simply have to trust that they are working in the interest of lenders to achieve recovery, however that will be fully tested over the next few years, as the quality of their borrowers has plummeted over recent years IMHO.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 7, 2018 11:03:49 GMT
I think I owe FC a (very minor) apology...
I was rather baffled by a new comment on 6670 that the guarantors had repaid in full, and the loan was now closed - the summary page still showed I was owed 70% of the original loan part! So I started digging...
Turns out the figure for "exposure" under the updates section of the summary page is the wrong figure completely. It's the exposure as of the date of default. It is not amended (as I'd assumed it was) to show the current position... I can't find anywhere that the current position figure is actually shown. What I've had to do is go through the monthly statements for over three years, since my first recovery, and map loan parts to loans. Again, I can't see anywhere that does that, so that had to be down to correlation of update comment dates and recovery payments.
As a result, I've built a spreadsheet taking those recoveries and getting the current position out of them. It doesn't quite add up, but I need to go through the statements again to see if I've manually transcribed a wrong figure or two (it's within pennies). Turns out the recoveries have taken my exposure to just 60% of what I thought it was.
So...
Bouquets for doing more than I thought on recoveries. Keep it up. Brickbats for the site layout being even worse than I thought it was. Sort it out.
An age old problem with FC's presentation of the 'facts'...a situation where the 'summary' is anything but. To add to the confusion, and in particular with 1812 (in my experience) recovery payments received weren't always noted on the 'Repayment Tab' so unless a spreadsheet was kept, via the financial statements and you knew what all the part numbers referred to, (without the Loan number) it was difficult to know exactly where you stood. Not insurmountable if you had a few hundred loans but when that became a few thousand, the time required daily to keep everything up to date started getting onerous
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Dec 7, 2018 11:40:31 GMT
I do keep a spreadsheet of recoveries - it is time-consuming and tedious but it is a good thing to do. In the case of 6670 my records show that the majority of the loan has been repaid but it has not repaid in full yet (96.7% recovered so far). I have emailed FC for an explanation of their comment as I can show the loan has not fully repaid.
Comments do not always reflect what actually happens - eg loan 34397 defaulted 9th November 2018 apparently 90 days late and 4 months in arrears - but it was only 60 days late and 3 months in arrears. Customer Service acknowledged that and said the relevant case manager would add a comment to reflect that but so far the only addition is that they are working on a payment plan.
|
|
|
|
Post by bracknellboy on Dec 7, 2018 12:00:05 GMT
...
Turns out the figure for "exposure" under the updates section of the summary page is the wrong figure completely. It's the exposure as of the date of default. It is not amended (as I'd assumed it was) to show the current position... I can't find anywhere that the current position figure is actually shown. What I've had to do is go through the monthly statements for over three years, since my first recovery, and map loan parts to loans. Again, I can't see anywhere that does that, so that had to be down to correlation of update comment dates and recovery payments.
As a result, I've built a spreadsheet taking those recoveries and getting the current position out of them. It doesn't quite add up, but I need to go through the statements again to see if I've manually transcribed a wrong figure or two (it's within pennies). Turns out the recoveries have taken my exposure to just 60% of what I thought it was.
So...
Bouquets for doing more than I thought on recoveries. Keep it up. Brickbats for the site layout being even worse than I thought it was. Sort it out.
I haven't been active on FC for a couple of years, but 'twas ever thus. What you would see, if you ever wanted to go to the trouble, is that the loan value for defaulted loans on the summary page summed up would equate to the aggregate Losses value (assuming the layout is still the same form whan I last logged in). But of course that table has "losses" and then "recoveries" and "net losses" (or used to have something like that).
Back in the days.....when I was try9ing to estimate likely recoveries....what I used to then do is download the TOTAL platform loan book. There is where the missing bit of the jigsaw (used) to be, because in there was the current outstanding balance. So from that you could figure out %age recovery for the whole loan, and from that your recovery (and potentially take a view on likely final recovery dependent on recovery rate).
Still I only have about £500 left in there now, so needless to say I've not faffed with that for a long time.
|
|
adrianc
Member of DD Central
Posts: 10,019
Likes: 5,147
|
Post by adrianc on Dec 7, 2018 12:28:08 GMT
In the case of 6670 my records show that the majority of the loan has been repaid but it has not repaid in full yet (96.7% recovered so far). I have emailed FC for an explanation of their comment as I can show the loan has not fully repaid. I'm showing 97.65%... (47p per £20 part)
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Dec 7, 2018 13:43:17 GMT
In the case of 6670 my records show that the majority of the loan has been repaid but it has not repaid in full yet (96.7% recovered so far). I have emailed FC for an explanation of their comment as I can show the loan has not fully repaid. I'm showing 97.65%... (47p per £20 part) I had 5 £20 loan parts with between £13.94 and £13.99 outstanding at time of default (£69.82). Recoveries so far range from £13.47 to £13.52 (total £67.50) so I'm still £2.32 down. Each loan part has a different recovery rate but all in the range 96.6% to 96.8%. I wonder (but not for long  ) why your rate is higher.
|
|
adrianc
Member of DD Central
Posts: 10,019
Likes: 5,147
|
Post by adrianc on Dec 7, 2018 13:52:10 GMT
Each loan part has a different recovery rate Fertheloveofgawd...
|
|
|
|
Post by hammertime on Dec 7, 2018 14:14:54 GMT
F/C have always been bad at this and when they changed to there new system it got worse.I got out quick i could see the defaults getting worse. I now have less than £300 in there i'm glad to say and i am just letting that gradually run down.So not much to worry about there. But i feel sorry for the other investors it could be another Lendy waiting to happen.
|
|
adrianc
Member of DD Central
Posts: 10,019
Likes: 5,147
|
Post by adrianc on Dec 7, 2018 15:53:38 GMT
Another reply from FC. They've confirmed that there's no way (currently) to show the current outstanding amounts, and they'll have a think about it.
|
|
|
|
Post by hammertime on Dec 7, 2018 16:04:39 GMT
That spells trouble then if they are trying to think.
|
|
adrianc
Member of DD Central
Posts: 10,019
Likes: 5,147
|
Post by adrianc on Dec 7, 2018 17:53:54 GMT
That spells trouble then if they are trying to think. Fallible Cranium.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Dec 7, 2018 19:46:31 GMT
Feeble Cognition.
|
|
baldpate
Member of DD Central
Posts: 549
Likes: 407
|
Post by baldpate on Dec 7, 2018 20:18:06 GMT
Flawed Cerebellum
Yeah, yeah - I know! Wrong part of the brain for thinking - I was just getting with the programme.
|
|
) why your rate is higher.
