richv
Posts: 42
Likes: 11
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Post by richv on Apr 1, 2020 18:13:15 GMT
6% you lucky sod 25% by number and value in 2 days Gosh! 25% that is astonishing, Just a question are you selling? as in, have you sold a lot of what you could, so that 'late' loans already accounted for a lot of you non-defaulted?
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Post by dazp70 on Apr 2, 2020 9:31:50 GMT
More loans with cancelled DDs today 7% of portfolio in two days.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
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Post by keitha on Apr 2, 2020 13:21:27 GMT
6% you lucky sod 25% by number and value in 2 days Gosh! 25% that is astonishing, Just a question are you selling? as in, have you sold a lot of what you could, so that 'late' loans already accounted for a lot of you non-defaulted? I'm selling, less than 1/3 sold. But I think we are stuffed I'm pretty sure Investment will dry up in next few days, I'm hoping for a few more payments in next few days to make a round amount to withdraw, as it keeps the maths simple. Already lates are another 5% of my portfolio. of the nearly £16,000 I had in 400 Loans, 101 have cancelled DD for circa £4K. Add this to 35% losses on my shares... But at least I still got my Works pension yesterday. going mad though, builders working on house next door have been using a kango drill to remove render since 7:30 this morning and were at it all day yesterday .
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Brainer
Member of DD Central
Posts: 186
Likes: 323
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Post by Brainer on Apr 2, 2020 13:27:14 GMT
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upperdeane
Member of DD Central
Posts: 493
Likes: 245
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Post by upperdeane on Apr 2, 2020 18:00:47 GMT
More loans with cancelled DDs today 7% of portfolio in two days. I'm at 11% of my portfolio with DD cancelled in 3 days and i'm in the conservative lending option. You have to laugh otherwise you would cry.
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Post by aeron on Apr 4, 2020 22:46:39 GMT
Same here, 11 more loans moved into default in the last 4 days. I have 100 loans with 83 of them showing some comment and it says "51 are downgraded". It will be interesting to see what the tax statement says for this tax year. Last year bad debt was greater than investment income. At least I was able to offset the loss against gains in Ratesetter.
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dorset
Member of DD Central
Posts: 281
Likes: 187
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Post by dorset on Apr 28, 2020 9:35:55 GMT
FC Life Time Default Graph just been updated so you have the 2018 cohort 15 months in.
Take a look and this is BEFORE the great depression has struck.
The ramping up prior to the IPO laid bare in all its glory.
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Post by shanghaiscouse on Apr 29, 2020 9:44:09 GMT
Those lines disgust me. 2013, 14, 15 - this was a responsible, under control business. But then they saw the pot of gold with the IPO. So they changed the business mode, it became non-discretionary so that they could push more loans out, and here you have it, 16,17,18, year after year, each worst than the next. No more P2P for me. The lesson I have learned is never to put my money with a private business that will likely seek to IPO, because my interests will always come a distant second.
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Post by hooky on Apr 29, 2020 12:07:52 GMT
Those lines disgust me. 2013, 14, 15 - this was a responsible, under control business. But then they saw the pot of gold with the IPO. So they changed the business mode, it became non-discretionary so that they could push more loans out, and here you have it, 16,17,18, year after year, each worst than the next. No more P2P for me. The lesson I have learned is never to put my money with a private business that will likely seek to IPO, because my interests will always come a distant second. It's almost like FC (not all P2P as bad as one another) saw the 2008 credit crisis, and decided to replicate it several years down with some subtle differences:
- Start off making good quality loans
- Instead of packaging and reselling, just get retail investors to buy the loans from the outset
- Once trust is built up, remove investor oversight and any opportunity for investors to complete DD pre-purchase,
- Start throwing in any old quality loan and badging it with a lower risk rating than it rightly should have
- Deny that there's any problem with the loans, by purposefully keeping the hens from roosting through delayed action to call a bad debt a bad debt, thus allowing maximum time to pump out loans and increase the notional value of the business
- Get out at the peak through the IPO
Oh. Does anyone know the slander laws for forums... all my musing and opinions, etc etc etc. And no, I'm not shorting FCH - never touched it.
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Post by shanghaiscouse on May 3, 2020 21:05:44 GMT
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Post by dazp70 on May 7, 2020 11:04:10 GMT
Update today. Some 21% of my loans are late now. No idea as to how many of these will actually default. At least the loans that are already late can't go late again.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
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Post by keitha on May 17, 2020 9:39:39 GMT
Weirdly I have a couple that last comment from FC early April was Direct debit cancelled, yet are not showing as late !
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Post by shanghaiscouse on May 21, 2020 15:59:02 GMT
I notice my defaults have not gone up in last 20 days, is that because all loans are in forebearance? if so, a lot of bad debt is being stored up!
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dorset
Member of DD Central
Posts: 281
Likes: 187
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Post by dorset on May 21, 2020 17:20:54 GMT
That's about the size of it. Of my 388 remaining loans, all pre 9/2017 no less than 118 are late!
My last default was the 24 April. Looks pretty dire I'm afraid.
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Post by bikeman on May 21, 2020 19:46:41 GMT
I've got a recovery that will take 126 years... I'm thinking of taking out a FC loan to recover my investment losses - they're so fkin useless at recovery I'd probably get away with it.
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