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Post by davee39 on Sept 30, 2014 20:23:41 GMT
I concur, all done.
Still a mystery how a loan which was never disbursed is defaulted, rather than cancelled.
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is
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Post by is on Sept 30, 2014 21:24:38 GMT
I wonder what the tax implications are of treating it that way - hopefully HMRC will not treat recovery as a taxable gain, or will let us offset the loss...
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blender
Member of DD Central
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Post by blender on Sept 30, 2014 21:53:44 GMT
I suppose the loan contract must have existed and the repayment was due, even if the asset was never bought. FC may have defaulted it hoping to recover their costs through some payment. Maybe they will explain.
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Post by GSV3MIaC on Oct 1, 2014 1:23:14 GMT
Maybe....where did you put those wings?!
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ianb
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Post by ianb on Oct 1, 2014 4:44:51 GMT
The recovery payment came thru when I checked this morning, but was 1p short. I had exposure of £60, but only got 59.99 back. The cheek of it - email sent to F***ing C to complain. This occurred on both accounts I run, so I'd watch out for this.
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mikeb
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Post by mikeb on Oct 1, 2014 17:50:08 GMT
They did that with the wine merchant that absconded with the loot. Gave a "full recovery", but was 1p short. Rounding error. Hmmm. Took them a short time to find the missing penny and throw it onto the totals, and then quite some time later they went back and silently corrected the old statements to make it appear it had never gone wrong  |
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baz657
Member of DD Central
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Post by baz657 on Oct 1, 2014 18:10:11 GMT
I'm not part of this one but it still strikes me as really fudging the figures when this is classified as a recovery when the money hasn't even left the building! I'm sure it would look good on the overall stats but it's an outright lie to even imply that they have done a wonderful job in getting investors money back for them when it never left their side.
And it looks like they're trying to steal a penny from each investor - caretaker fees now?
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fasty
Member of DD Central
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Post by fasty on Oct 1, 2014 19:32:25 GMT
Curious about the rounding error, or lack of it. Both of my £20 loan parts appear as £20.00 recovered on the September statement.
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Post by bonfemme on Oct 2, 2014 9:38:03 GMT
I'm not part of this one but it still strikes me as really fudging the figures when this is classified as a recovery when the money hasn't even left the building! I'm sure it would look good on the overall stats but it's an outright lie to even imply that they have done a wonderful job in getting investors money back for them when it never left their side. And it looks like they're trying to steal a penny from each investor - caretaker fees now? This situation applies similarly to loan 5802 which wanted to repay. They disputed the amount owed and paid £50,133 instead of £53,953. But FC defaulted the whole sum making it look like a recovery. I'm sure it's happened before that too, but I didn't make a note of it at the time. The effect of this on my recoveries gives a figure of 17.61pc recovered instead of the true figures which in reality is 13.04pc.
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