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Post by davee39 on Sept 29, 2014 20:06:53 GMT
Probably my fault, I emailed them early this afternoon pointing out 15 days since missed payment is past time for some info. And here we are!  Your email wont be read for two weeks, but I think its my seething anger that's brought the site down (As much with myself - the loan had warning signs - such as being grabbed at 15%, and the illiteracy the borrower showed in the Q & A's).
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blender
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Post by blender on Sept 29, 2014 21:43:24 GMT
Having looked at this one in the loan book (site now up) I see that it is for an asset purchase of nearly £200k, and presumably the borrower has walked away/failed and FC lenders own whatever the asset was. At least the borrower never gets the cash and the chance to vanish in these cases. This does seem a unique case but agreed the lenders ought to be given an explanation tomorrow. I hope that FC will take responsibilty for any shortfall, since no repayments were made.
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fasty
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Post by fasty on Sept 29, 2014 22:03:58 GMT
This was one of my rare purchases on the SM. Evidently someone else knew something that I missed. I'm suddenly imagining an adjusted scene from "Goldfinger" : "...no, Mr. Bond, we expect you to pay..."
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Post by davee39 on Sept 30, 2014 7:37:42 GMT
Having looked at this one in the loan book (site now up) I see that it is for an asset purchase of nearly £200k, and presumably the borrower has walked away/failed and FC lenders own whatever the asset was. At least the borrower never gets the cash and the chance to vanish in these cases. This does seem a unique case but agreed the lenders ought to be given an explanation tomorrow. I hope that FC will take responsibilty for any shortfall, since no repayments were made. Missed the fact that presumably I now own part of a widget making machine. I had tended to prefer real manufacturers (And this is/was a proper business). I am beginning to suspect that there was some urgency needed to default the loan to secure the asset - other asset loans have ended up with declining assets and nil recovery.
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adrianc
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Post by adrianc on Sept 30, 2014 7:48:59 GMT
Having looked at this one in the loan book (site now up) I see that it is for an asset purchase of nearly £200k, and presumably the borrower has walked away/failed and FC lenders own whatever the asset was. At least the borrower never gets the cash and the chance to vanish in these cases. Supposing the asset ever got bought, of course...
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Post by davee39 on Sept 30, 2014 8:12:42 GMT
BREAKING NEWS
The asset was never purchased. The Loan was never made!!!. Funds returning today. Phew!
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blender
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Post by blender on Sept 30, 2014 8:18:19 GMT
Having looked at this one in the loan book (site now up) I see that it is for an asset purchase of nearly £200k, and presumably the borrower has walked away/failed and FC lenders own whatever the asset was. At least the borrower never gets the cash and the chance to vanish in these cases. Supposing the asset ever got bought, of course... That would be the best possible position. Fingers crossed.
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ianb
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Post by ianb on Sept 30, 2014 11:49:41 GMT
Just got email from FC saying that investors will be repaid on 7311 l*t*r tod*y. Sorry, just had an attack of asterisk*.
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Post by GSV3MIaC on Sept 30, 2014 11:53:11 GMT
Was it r*p**d with or without i*t*r*st?
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blender
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Post by blender on Sept 30, 2014 12:20:37 GMT
FC will have lost their 5% fee on this and will have had costs, and so if the loan just gets repaid in full the loser is FC. They ought to get some credit when they do the right thing, and they clearly have been working away on this.
Some lenders will find their recovery percentage rises significantly from this '100% recovery'.
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Post by davee39 on Sept 30, 2014 17:10:34 GMT
My account is now showing £40 recoveries under the losses tab, but no cash has actually been credited, so my FC total has not changed. Has anyone actually got the cash yet?
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mikeb
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Post by mikeb on Sept 30, 2014 17:38:59 GMT
Some lenders will find their recovery percentage rises significantly from this '100% recovery'. Mmm. Cynical people might say that a few of these types of loans thrown into the mix have that particular silver lining. Especially when you consider how the recoveries look when you remove this one, the wine merchant etc ... Interesting that the comments have been updated and the "technical delay" with this loan suddenly got sorted out when people complained about it. Cynical people might say, "as per usual". Glad it seems to be sorted, although nothing has actually been credited back yet. Other posters are right: The "recovered" total has now gone up by the amount of my bids, but no cash actually credited and nothing on the statement.
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blender
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Post by blender on Sept 30, 2014 18:02:22 GMT
Yes, that was my point. It is hardly a loss and 100% recovery when the funds never left the ownership of the lenders. But I imagine lenders are just pleased that money has not been lost.
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bg
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Post by bg on Sept 30, 2014 18:46:48 GMT
My account is now showing £40 recoveries under the losses tab, but no cash has actually been credited, so my FC total has not changed. Has anyone actually got the cash yet? Yes same for me. I have my £2k back in recoveries but my total is still £2k light of where it was before the default.
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fasty
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Post by fasty on Sept 30, 2014 19:04:01 GMT
Recovery just arrived here. I think 8:00pm is when they awaken the night-time finance pixie; seems a common time for stuff to happen.
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