blender
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Post by blender on Dec 18, 2019 12:49:48 GMT
FC update effectively says written off I don't see that. Just 17 Dec that they have defaulted it. The previous one is 17 Nov and that says there will not be a further recovery from the borrower, ie as guarantor. But there is nothing that says that the 30% expectation from our charge on the property is no longer expected. Or not that I can see. The default was expected and may signal our 30% recovery soon (ie in 2020). No way that it could be written off.
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dorset
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Post by dorset on Dec 20, 2019 17:43:17 GMT
Received a recovery today of about 30% of my total loan.
The rest we are told is a complete write off as the borrow has no further assets. That this loan was graded A+ by the FC team says everything you need to know about FCs DD.
However on a positive note the 70% capital loss is less than the losses on the IPO (share price now well under 90p).
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Post by gramsky on Dec 20, 2019 18:01:06 GMT
Received a recovery today of about 30% of my total loan. The rest we are told is a complete write off as the borrow has no further assets. That this loan was graded A+ by the FC team says everything you need to know about FCs DD. However on a positive note the 70% capital loss is less than the losses on the IPO (share price now well under 90p). You got me all excited there. I got £16 back out of £2100
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Dec 21, 2019 14:59:14 GMT
Received a recovery today of about 30% of my total loan. The rest we are told is a complete write off as the borrow has no further assets. That this loan was graded A+ by the FC team says everything you need to know about FCs DD. However on a positive note the 70% capital loss is less than the losses on the IPO (share price now well under 90p). does this represent all that is recoverable, ie has there been a forced sale of the property ?
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Post by brightspark on Dec 21, 2019 15:30:55 GMT
Received a recovery today of about 30% of my total loan. The rest we are told is a complete write off as the borrow has no further assets. That this loan was graded A+ by the FC team says everything you need to know about FCs DD. However on a positive note the 70% capital loss is less than the losses on the IPO (share price now well under 90p). You got me all excited there. I got £16 back out of £2100 Investors in FC's notorious London loan have after 5 years still not received a penny. I'm jealous!
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happy
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Post by happy on Dec 22, 2019 17:32:09 GMT
Received a recovery today of about 30% of my total loan. The rest we are told is a complete write off as the borrow has no further assets. That this loan was graded A+ by the FC team says everything you need to know about FCs DD. However on a positive note the 70% capital loss is less than the losses on the IPO (share price now well under 90p). You got me all excited there. I got £16 back out of £2100 I believe your £16 may be just the payment to you of the outstanding interest that was held on account after the loan was originally defaulted back in December 2017, yes 2 years ago! You should be receiving your 30% (£630) capital repayment any day now.... I, like you, am still waiting for my share of this recovery payment to appear in my account. On the upside though, one more property development loan to be spat out of Farcical Contortions recovery process any month now and I will be totally out of FC, save for about £1 per year recovery payments for the next 20 years or so. Joined FC in 2015 and have left with a decent enough profit (gained at the cost of a lot of hard work in the early days) but sadly wouldn't touch FC now.
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happy
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Post by happy on Dec 24, 2019 10:06:11 GMT
Yesterday I received my 30% recovery on this loan to finally bring this sorry story to a close, for us at least anyway. Who could have believed that a secured A+ development loan on FC would yield only a 30% recovery for lenders and it shows the real magnitude of risk we all take on this type of lending, i.e. lending to a highly speculative development based on LGDV = the lender loses big if the development fails to complete.
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ashtondav
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Post by ashtondav on Dec 24, 2019 10:35:52 GMT
Yes, it is a weird way to calculate loan cover because the main risk is precisely that the developer does not develop - in which case the plot is worth poo.
The trick is only lend to proven, long term developers - not difficult but beyond the credit checkers at FC.
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adrian77
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Post by adrian77 on Dec 26, 2019 16:26:12 GMT
I always said this one would be a disaster - I am pleased there has been some recovery (bit still feel for all investors) - can anybody tell me what has actually happened here as being in this business I would be very interested to know.
Hopefully after seeing the episode some developer with deep pockets took it off FC's hands?
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dorset
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Post by dorset on Apr 30, 2020 9:13:55 GMT
Fraudulent Contracts will have have provided the loan to re commence building I assume?
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adrian77
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Post by adrian77 on Apr 30, 2020 10:56:14 GMT
It is beyond me as well - looks to me as if FC gave this bloke a free 7 figure sum - wish somebody would give me one - I forget the legal term but FC should still have a claim on this house but I bet they haven't?
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lucky
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Post by lucky on Apr 30, 2020 13:05:16 GMT
It’s so sad, the guys marriage broke up & he’s millions in debt.
i almost feel like sending him a cheque for another £500 to go with the lump he’s already had from me.
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adrian77
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Post by adrian77 on Apr 30, 2020 14:10:01 GMT
Thinking about this one - not sure what has actually happened here - have FC written off his debt and then sold the house back to him or what - I think FC owe us a full explanation - I was in this one but only for very early loans as this outcome was obvious to me as per prior posts
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keitha
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Post by keitha on Oct 2, 2020 14:54:38 GMT
Anyone had any update on this
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Post by Ton ⓉⓞⓃ on Oct 3, 2020 13:18:52 GMT
I've just moved one post (an update to here) and redacted the name of the TV show along with some "hints" as to the property's location.
I know this is a really old one and may no longer be an FC loan - but please try to not post details that id the people or their "assets"
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