p2p2p
Member of DD Central
Posts: 123
Likes: 114
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Post by p2p2p on Feb 1, 2019 0:23:44 GMT
I've tried to sell all my FC holdings, and am just left with Live loans (which have a bad mark against them, so I can't sell) Late and Bad Debt
If I ask for a tax statement from 2010 to 2019, to cover any possible time with FC, it says in that time I've had bad debt of £3051, and recoveries of £293, net loss £2758. But they also say my portfolio total is 582.
I've downloaded the Loans CSV file, and Late+Live= 582, Bad Debt=3051, total 3634
So surely I have £3634 invested with FC, and can expect much of that back over time. Saying my portfolio is a mere £582 is very misleading
John
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Post by Ace on Feb 1, 2019 0:54:42 GMT
When a loan defaults it becomes bad debt and is removed from your portfolio total so that you can offset it against profit to reduce your tax bill. When/if recoveries come in they are added back to your portfolio and become liable for tax again. Both your calculated portfolio figure and FC's calculated portfolio figure could be considered correct from different view points. Really depends on whether you are an optimist or a pessimist. Eventually the true figure will turn out to be somewhere between the two.
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