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Post by mrclondon on Aug 13, 2019 14:51:29 GMT
Latest update on loan 57 kicks the write off can through to mid Feb 2020, which will be 12 months after I started this thread.
Its long being acknowledged that there will be no further recovery on this loan.
In the meantime AC continue to mislead lenders by overstating both the capital value of their loan portfolios, and the accrued interest balance.
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Post by jevans4949 on Aug 13, 2019 17:11:08 GMT
AC do have the technology to write off loans, in "full and final settlement" scenarios. Why they can't do it in this case I don't know. Why they say in the latest report that the individual investor needs to make a decision I don't know. It has been pointed out elsewhere that investors cannot pursue the case, only AC. This one has been long since written off for tax purposes, which is the only thing that matters to the average investor.
The Angelsey loan is another zombie case. Also the South Coast Plumber.
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trouble
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Post by trouble on Aug 13, 2019 20:12:14 GMT
Loan 86, unless they're going to go after the valuer, it's a Norwegian Blue, it's resting  Have AC actually declared any losses yet / paid out capital from the provision fund? |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 13, 2019 22:50:19 GMT
Loan 86, unless they're going to go after the valuer, it's a Norwegian Blue, it's resting Have AC actually declared any losses yet / paid out capital from the provision fund? Losses have been declared on tax certificates under SAIM12050 'treatable' definition (ie in legal recovery). PF has paid out for loans held in GBBA
No loans have been crystallised and written of as bad debt for some reason (ie removed from balances). Even Lendy have managed to do that which is saying something
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Post by samford71 on Aug 14, 2019 9:27:04 GMT
Latest update on loan 57 kicks the write off can through to mid Feb 2020, which will be 12 months after I started this thread.
Its long being acknowledged that there will be no further recovery on this loan.
In the meantime AC continue to mislead lenders by overstating both the capital value of their loan portfolios, and the accrued interest balance. Completely agree (and with paul123 who says AC need to 'grow a pair'). My current AC account valuations are completely meaningless. Interest that will clearly never be paid on defaulted loans and a capital balance that has no relation to reality. I have to keep track of the reality through my own spreadsheets.
AC is simply lying to investors. They are not the only ones. It's way past time that the P2P industry 'grew a pair' and started to make realistic provisions for losses, when the default occurs, and adjusted them as more data came in. Instead they simply kick the can and hope the problem of ever growing NPLs will magically disappear. P2P: the home of mushroom client management.
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ceejay
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Post by ceejay on Aug 14, 2019 9:44:36 GMT
Agreed - I also have an account whose "balance" bears precisely no relation to reality!
I find it interesting that for all of their MANY faults, this is an area that FC seem to do better (then again, they've had a LOT of practice!). Default the loan early in the process, and then recover whatever you can later. Having said that, they are also shy about definitely calling a halt - the comments on a loan might make it pretty clear that they've given up, for good reason, but it stays on the list as a zombie.
I presume that AC's reluctance to do the same is connected with the oh-so-tight purse-strings that they keep on the mythical PF...
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Post by westcountryfunder on Aug 14, 2019 10:07:50 GMT
Fully agree, this really does need enormous improvement.
With the exception of #305, where it looks likely that there will eventually be repayment, all my remaining MLA loans are 99% certain to be bad debts. Includes all the usual culprits #104 #137 #132 #57 #330 #435 #129, all of which I'd like to be able to claim confidently against tax. Very frustrating.
I agree that in this respect FC's approach is much more straightforward and easier for lenders to manage.
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sl75
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Post by sl75 on Aug 14, 2019 14:22:28 GMT
Latest update on loan 57 kicks the write off can through to mid Feb 2020, which will be 12 months after I started this thread. Perhaps significantly, it's also a date after all of the relevant (non-ISA) cashback promotions have ended, which avoids making a decision about how/if the resulting drop in total affects the eligible balance for those promotions?
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ton27
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Post by ton27 on Aug 14, 2019 16:52:13 GMT
This has been a farce for some considerable time and AC are literally lying (by omission) to investors. Not good for a platform I generally support.
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ceejay
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Post by ceejay on Aug 14, 2019 21:14:33 GMT
Latest update on loan 57 kicks the write off can through to mid Feb 2020, which will be 12 months after I started this thread. Perhaps significantly, it's also a date after all of the relevant (non-ISA) cashback promotions have ended, which avoids making a decision about how/if the resulting drop in total affects the eligible balance for those promotions?
If that's the principle, then it will NEVER come to an end - there is always some promotion or other working its way through the system - for example April 2020! But it's a good point: one might hope that there would be an adjustment to ones qualifying balance to compensate for the value written off...
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trouble
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Post by trouble on Aug 14, 2019 21:20:31 GMT
I also have nothing left in AC but defaulted loans, c40 of them which between them have a healthy 5 figure balance with interest accruing still, which is a pain in the ass from a tax return point of view.
AC just don't want to show write offs in their figures, its a perception to the markets/advertising, it's the main reason i stopped investing with them.
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sl75
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Post by sl75 on Aug 15, 2019 11:35:14 GMT
Perhaps significantly, it's also a date after all of the relevant (non-ISA) cashback promotions have ended, which avoids making a decision about how/if the resulting drop in total affects the eligible balance for those promotions?
If that's the principle, then it will NEVER come to an end - there is always some promotion or other working its way through the system - for example April 2020! But it's a good point: one might hope that there would be an adjustment to ones qualifying balance to compensate for the value written off... The April 2020 date only applies to IFISA accounts. The last non-ISA promotion ends 12/12/2019. As I recall that loan was already blocked from trading before AC's IFISA launched, which would imply that no ISA account (e.g. those qualifying for the April 2020 promotion) can possibly have its balance affected.
I also recall that AC had previously indicated on this forum that they may consider adjusting how future promotions work, having detected that some users withdraw funds in anticipation of further promotions following the same rules as the previous ones. The new rules for the next promotion may take into account the possibility of loans being written off, for example.
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warn
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Post by warn on Aug 15, 2019 12:48:41 GMT
...the possibility of loans being written off... A consummation devoutly to be wished, if I may borrow a phrase.
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dave2
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Post by dave2 on Aug 16, 2019 8:21:45 GMT
I also have nothing left in AC but defaulted loans, c40 of them which between them have a healthy 5 figure balance with interest accruing still, which is a pain in the ass from a tax return point of view. Accrued interest should not be reported on your tax return, only applied interest.
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ashtondav
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Post by ashtondav on Aug 16, 2019 17:23:34 GMT
So when does the PF pay out?
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