Stonk
Stonking
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Post by Stonk on Dec 8, 2018 0:53:15 GMT
That spells trouble then if they are trying to think.
Fictitious Contemplation or Fruitless Cogitation, the results will be the same.
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mikeb
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Post by mikeb on Dec 9, 2018 17:21:46 GMT
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. Faulty assumption: They don't expect you to keep track. You are expected to sit quietly and let them get on with it ... IMO: The only way to do it accurately is to keep track, from the moment a loan becomes "defaulted status", the amount of outstanding capital at that point (easy: As noted above, the outstanding balance becomes frozen in time on the summary/comments, whether repayments are made or not) and then keep your own records. Watch your statement page hourly/daily/weekly (as appropriate for the level of activity on your account) for new lines that mention "recover", and start adding up the figures. A clue that "something has happened" will be if you keep a note of your summary "Losses:" and "Recoveries:" totals. When they move, work out how much they changed by, and go look for transactions totalling that amount (new bad debt, or a recovery) Do this obsessively accurately and you will know the true recovery level on each loan. You may also wish to note the loan number and loan PART number(s) in that spreadsheet, as the comments may say "Loan 2378: ...." but your recoveries will be shown against loan part 123456789 ....
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liso
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Post by liso on Dec 9, 2018 19:33:34 GMT
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. Faulty assumption: They don't expect you to keep track. You are expected to sit quietly and let them get on with it ... IMO: The only way to do it accurately is to keep track, from the moment a loan becomes "defaulted status", the amount of outstanding capital at that point (easy: As noted above, the outstanding balance becomes frozen in time on the summary/comments, whether repayments are made or not) and then keep your own records. Watch your statement page hourly/daily/weekly (as appropriate for the level of activity on your account) for new lines that mention "recover", and start adding up the figures. A clue that "something has happened" will be if you keep a note of your summary "Losses:" and "Recoveries:" totals. When they move, work out how much they changed by, and go look for transactions totalling that amount (new bad debt, or a recovery) Do this obsessively accurately and you will know the true recovery level on each loan. You may also wish to note the loan number and loan PART number(s) in that spreadsheet, as the comments may say "Loan 2378: ...." but your recoveries will be shown against loan part 123456789 .... So simple and straightforward, eh!  
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blender
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Post by blender on Dec 9, 2018 21:08:39 GMT
Yep. If you need to keep a track on the detail at that level, then you're with the wrong platform, because there is nothing you can do about it. In the good old days, when you could get a safe 10% … ...
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adrianc
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Post by adrianc on Dec 10, 2018 8:34:09 GMT
Yep. If you need to keep a track on the detail at that level, then you're with the wrong platform... Oh, indeed. Which is why this is the entirety I have left on Fawlty Credit. Anyway, this started because I couldn't figure out why the summary page showed 70% outstanding on a loan that the comments were saying was now fully repaid.
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blender
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Post by blender on Dec 10, 2018 11:52:55 GMT
Yep. If you need to keep a track on the detail at that level, then you're with the wrong platform... Oh, indeed. Which is why this is the entirety I have left on Fawlty Credit. Anyway, this started because I couldn't figure out why the summary page showed 70% outstanding on a loan that the comments were saying was now fully repaid. That's a tradition which we old-timers like to cling on to. Reminds us of back when Fully Corporate was a true p2p platform and lenders were individuals with Full Control. I still have exposure of £180.76 to loan 1001, which finally repaid everything in recoveries on 12 Nov 15. It was one of the original loans which Autobid bought for me when I joined in 2012, and I did not have time to sell it before it went bad. Following Cheats did well with this one, but they were still learning which defaults were worth spending time on. I reckon that the failure to reduce exposure with recoveries is deliberate - to avoid lenders knowing the true position and asking questions which cannot be answered with a standard reply, such as this one I made up, 'currently the exposure stated is the amount when the loan was defaulted. We are always working on ways to improve our reports to investors, and we thank you for raising this issue, and for your patience'. I remember as a lad being sent to the stores to ask for 'a long weight'.
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adrianc
Member of DD Central
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Post by adrianc on Dec 10, 2018 12:28:39 GMT
I reckon that the failure to reduce exposure with recoveries is deliberate - to avoid lenders knowing the true position and asking questions which cannot be answered with a standard reply, such as this one I made up, 'currently the exposure stated is the amount when the loan was defaulted. We are always working on ways to improve our reports to investors, and we thank you for raising this issue, and for your patience'. I think that's word-for-word what they sent me... Tartan paint, to gloss over the reality?
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dorset
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Post by dorset on Dec 10, 2018 17:19:32 GMT
Two more defaults today bringing total defaults for 2018 to 99. This is on a loan book now down to 993 live loans but probably averaged 1250 loans during the year. Forgetting value this gives a default rate for the year of about 8%.
This compares with (on a loan book of about 1500 loans on average) defaults of 52, 53 and 46 for each of the last three years 2017/2016/2015. Now tell me again that something is not wrong in the Fishy Contracts loan book?
NB all loans are pre September 2017 as I continue to run out my investment (no regrets)
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dawn
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Post by dawn on Dec 11, 2018 8:02:15 GMT
Yep. If you need to keep a track on the detail at that level, then you're with the wrong platform... Oh, indeed. Which is why this is the entirety I have left on Fawlty Credit. Anyway, this started because I couldn't figure out why the summary page showed 70% outstanding on a loan that the comments were saying was now fully repaid. I emailed them explaining that the loan was not fully repaid despite what the comment said. I've had the standard holding reply of "we are looking into it and will get back to you". Now we wait (for a short time before I prod them again). Like many others I haven't invested anything new since Sept 2017 and have just been letting the account run down.
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dawn
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Post by dawn on Dec 12, 2018 13:16:43 GMT
Update today on loan 6670...
12 Dec 2018
Please note that following the previous comment, we agreed a reduced full and final settlement with the Guarantors, which was in the best interest of the investors.
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adrianc
Member of DD Central
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Post by adrianc on Dec 13, 2018 9:52:56 GMT
Update today on loan 6670... 12 Dec 2018 Please note that following the previous comment, we agreed a reduced full and final settlement with the Guarantors, which was in the best interest of the investors. "Oh, bugger. So it is. But we've already told the guarantors that it's fine. Umm..."
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