trevor
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Post by trevor on Jun 26, 2019 17:57:38 GMT
Loan 79446 has been downgraded with the first payment due 24/7, so downgraded after just 2 days. The borrower's credit score was less than 10 for the last 9 months. FC are really scraping the barrel. I had resumed investing but I'm putting them on hold now and will be withdrawing all repayments until they change their strategy for new loans. They just seem to be targeting increasing new loan rate at all costs.
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Stonk
Stonking
Posts: 735
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Post by Stonk on Jun 27, 2019 0:09:02 GMT
Loan 79446 has been downgraded with the first payment due 24/7, so downgraded after just 2 days. The borrower's credit score was less than 10 for the last 9 months. FC are really scraping the barrel. I had resumed investing but I'm putting them on hold now and will be withdrawing all repayments until they change their strategy for new loans. They just seem to be targeting increasing new loan rate at all costs.
That's utterly appalling. Have I understood this correctly: FC have sold investors a loan at full price and then 2 days later annouced that it is probably worthless?
Surely ... surely ... there is grounds for a formal complaint here. Beyond FC, I mean.
The mass media would be interested -- they love a P2P horror story. I remember one paper a couple of years ago doing a big scare story about a chap whose £1,000 invested in FC turned into £900 ... turns out he only bought 10 loans and 1 defaulted so it was entirely his own fault for no diversifying, but if a total non-story like that can make headlines then so can yours!
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blender
Member of DD Central
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Post by blender on Jun 27, 2019 7:08:26 GMT
Computer says yes, yes, yes!!!
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Post by Deleted on Jun 27, 2019 7:37:04 GMT
What reason did they give for downgrade? Why did the business request the loan? Have you checked companies House website? I guess you will have to wait to see if they pay up next month and then make a formal complaint.
I get the impression from some of my defaults that people who know they are going to wind the business up apply for a loan and treat it as an interest free handout for the length of time they can avoid F C. Judging by the loan comments I think they can drag things out for at least 6 months easily and then carry on interest free with tiny recovery payments for years.
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blender
Member of DD Central
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Post by blender on Jun 27, 2019 7:41:40 GMT
Quite often it is a 'totally unexpected' CCJ.
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Post by kowalski on Jun 27, 2019 8:15:08 GMT
This just confirms my reasons for leaving FC, although it is record even by their standards as I have had a number that default after only a couple of months which I thought was bad enough...
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trevor
Member of DD Central
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Post by trevor on Jun 27, 2019 9:46:55 GMT
winding up petition filed against the business
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benaj
Member of DD Central
N/A
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Post by benaj on Jun 27, 2019 10:04:01 GMT
Not in this one, but just wondering would the FC conservative investor could have avoided having this loan?
- is this another loan from the same borrower on FC to consolidate existing loan with FC?
- what is the original risk band for #79446?
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Post by geosaddler on Jun 27, 2019 14:44:40 GMT
I've had 2 default before a single payment and one of them classed as 'Risk Band A'. Laughably poor vetting. Nothing surprises me anymore.
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djay
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Post by djay on Jun 27, 2019 18:23:28 GMT
It all started to turn into a joke about a year ago ( wasn't great for a year before that). To add to it, I don't believe the recovery figures that are presented, or at the very least they are historical and are not applicable to the last year and to the loan book going forward.
The last couple of our accounts going forward effectively have FC fees of over 30% due to the level of defaults with, in my opinion, little recovery to come.
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Post by takeshi on Jun 27, 2019 19:41:16 GMT
winding up petition filed against the business Here's a straw for you. Very occasionally winding up petitions come to nothing - there are even examples where company names being very similar - the wrong company is identified.
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trevor
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Post by trevor on Jun 27, 2019 20:15:56 GMT
If the borrower had a good credit score I would have some optimism, but they haven't so I haven 't.
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trevor
Member of DD Central
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Post by trevor on Jul 21, 2019 13:19:14 GMT
And the rubbish loans kee coming
#77512 First payment was due 25/6. FC are attempting to contact the non communicating borrower.
#77529 First payment was due 24/6. The direct debit has been cancelled.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jul 22, 2019 9:24:17 GMT
Loan 79446 has been downgraded with the first payment due 24/7, so downgraded after just 2 days. The borrower's credit score was less than 10 for the last 9 months. FC are really scraping the barrel. I had resumed investing but I'm putting them on hold now and will be withdrawing all repayments until they change their strategy for new loans. They just seem to be targeting increasing new loan rate at all costs. probably rated it A or A+ too or am I becoming cynical of course the company might have seen the Winding up petition coming and borrowing money from FC was to pay it off and stop it.
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trevor
Member of DD Central
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Post by trevor on Jul 29, 2019 17:59:44 GMT
#77512 has gone into liquidation before a payment was made.
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