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Post by tedbob on Mar 4, 2019 16:44:03 GMT
It seems that I have received no repayments of capital and no interests paid from Funding Secure for several months now (or some very negligible amounts).
Should I be (very) worried?
I know Saving Stream/Lendy is not doing so well either, but at least some money has been returned recently...
Are all my loans (a few thousands of ££) in Funding Secure basically junk? It seems to be the only P2P platform I have investments in not returning any money...
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arby
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Post by arby on Mar 4, 2019 18:00:27 GMT
It seems that I have received no repayments of capital and no interests paid from Funding Secure for several months now (or some very negligible amounts). Should I be (very) worried? I know Saving Stream/Lendy is not doing so well either, but at least some money has been returned recently... Are all my loans (a few thousands of ££) in Funding Secure basically junk? It seems to be the only P2P platform I have investments in not returning any money... Interest is only ever paid when capital is returned (or the loan is renewed). It is not meant to give a steady stream of interest as some other platforms intend to do. Given that, I still wouldn't be surprised if some of your loans are overdue and are awaiting action of some kind, whether that be eventual repayment or FS taking possession. Only you can determine if the lack of action is worrying. Personally I signed up with the expectation that property loans would likely go a hear overdue before any substantial action would begin. In some cases that has been met, in others I've underestimated the time FS have taken.
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benaj
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Post by benaj on Mar 5, 2019 8:29:34 GMT
Since 2019, I have 9 different loans completed in full. Only one of them was repaid within 200 days, and the other one was repaid within 240 days.
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arby
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Post by arby on Mar 5, 2019 9:05:54 GMT
Since 2019, I have 9 different loans completed in full. Only one of them was repaid within 200 days, and the other one was repaid within 240 days. So you're complaining that your loans are paying you 12% per annum for longer than originally stated?  I agree that some certainty is nice, but personally speaking, I'm not worried about the days, rather getting surety that there will be an eventual return.
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benaj
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Post by benaj on Mar 5, 2019 9:09:26 GMT
Since 2019, I have 9 different loans completed in full. Only one of them was repaid within 200 days, and the other one was repaid within 240 days. So you're complaining that your loans are paying you 12% per annum for longer than originally stated? I agree that some certainty is nice, but personally speaking, I'm not worried about the days, rather getting surety that there will be an eventual return. I am happy to see those loans repaid in full. But i do wonder about FS stats. Majority borrowers repay on time (180 days or not?) and I wonder what those loans are.
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SteveT
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Post by SteveT on Mar 5, 2019 9:21:16 GMT
I am happy to see those loans repaid in full. But i do wonder about FS stats. Majority borrowers repay on time (180 days or not?) and I wonder what those loans are.The vast majority of FS loans that "repay on time" are simply renewals. If you stripped out loans that were renewed and looked only at genuine borrower repayments of loan capital, I think you'd find a substantial majority are repaid late / very late / interminably late / not at all.
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arby
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Post by arby on Mar 5, 2019 9:50:52 GMT
I am happy to see those loans repaid in full. But i do wonder about FS stats. Majority borrowers repay on time (180 days or not?) and I wonder what those loans are.The vast majority of FS loans that "repay on time" are simply renewals. If you stripped out loans that were renewed and looked only at genuine borrower repayments of loan capital, I think you'd find a substantial majority are repaid late / very late / interminably late / not at all. I fully agree, but that is also completely logical. Let's say you were selling a house, if it sells after 4 months then you'll pay off FS immediately. If after 6 months there is no movement then one would hope the borrower would pay interest and renew. However, if the borrower knows that a sale is imminent, it would make no sense to renew the loan for a matter of weeks, so the loan will go technically overdue and would repay late. Basically, I'm just saying that it's very unlikely that the day the borrower receives the cash to pay off the loan is at exact 6 month intervals. My only concern in this topic is how to weed out the borrowers who will repay shortly when overdue from the ones who likely have no intention of repaying and are just stringing us along for as long as possible.
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Post by tedbob on Mar 6, 2019 1:49:24 GMT
It seems that I have received no repayments of capital and no interests paid from Funding Secure for several months now (or some very negligible amounts). Should I be (very) worried? I know Saving Stream/Lendy is not doing so well either, but at least some money has been returned recently... Are all my loans (a few thousands of ££) in Funding Secure basically junk? It seems to be the only P2P platform I have investments in not returning any money... Interest is only ever paid when capital is returned (or the loan is renewed). It is not meant to give a steady stream of interest as some other platforms intend to do. That makes sense, thanks for clarifying. However, I have been on that platform for several years now, and my portfolio is quite diversified (about 50 loans). Surely, some defaulted loans should start being paid back? I believe all their loans are supposed to be fairly short term (e.g. 6 months). Are they not defaulting any long overdue loans and selling the related assets? If so, why not? Looking at some loans I have, they seem to wait 1.5 year before even defaulting the loan and trying to recover the money actively. At least Lendy appeared to do a big push towards end of last year to tidy up their loans (with some limited success), but I have heard nothing from Funding Secure. Surely, that platform is dead if people don't get their money back in a timely manner and interests paid. I wouldn't surely invest any more money with them, and I am not too sure I will ever see most of my remaining capital back.
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