Stonk
Stonking
Posts: 735 
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Post by Stonk on Nov 13, 2019 0:08:39 GMT
Long ago it was suggested on the forum that FC should create a charitable trust which lenders (or their heirs) could endow with unwanted residual FC accounts. FC would not consider it, though you would think it could generate some good publicity. I guess you could leave your FC account to a cats home in your will. That is very lazy donating, accounts should be appropriately gifted... Ones with only peanuts left should go to monkey sanctuaries Stubborn payers to donkey sanctuaries Ones that go round and round but never get anywhere to hamster homes OK I'm out if you want anymore you can think of them yourselves
I have an account I can gift to a dung beetle sanctuary.
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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 Nov 13, 2019 9:25:18 GMT
OK I'd go 16P in the £, but above that would need to do DD.
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Post by shanghaiscouse on Nov 13, 2019 12:40:48 GMT
OK I am now analysing the portfolio and have some findings you might be interested in.
The first is that on the My Portfolio page, where it says "You are currently lending to X businesses (Y Loan parts) totalling £Z" the numbers are for Late and Live only, and do not include Bad Debts.
The bad debts have been written down to zero and only appear in the Summary page in the Net Earnings box as Defaults
So when you sell, and you have a residual portfolio left, don't make the mistake of thinking these are your bad debts/defaults.
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Post by lonerifle on Nov 13, 2019 14:41:45 GMT
Oddly enough, I've toyed with the idea of running a debt charity, aptly named the Titanic Sinking Fund. This would largely be regularly supplied with capital from an SPV named Iceberg Investments.
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blender
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Post by blender on Nov 13, 2019 15:39:19 GMT
The general purpose charitable trust to be set up by FC was a really good idea, I thought (not my idea and I forget who put it forward). The trustees could select suitable recipients for the cash collected from recoveries etc. If you can leave an FC account in your will to a named beneficiary, then it would be a bit of a poisoned chalice. I wonder if it would be sufficient to identify the beneficiary through a P2PIF username?
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Stonk
Stonking
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Post by Stonk on Nov 14, 2019 1:49:22 GMT
If you can leave an FC account in your will to a named beneficiary, then it would be a bit of a poisoned chalice. I wonder if it would be sufficient to identify the beneficiary through a P2PIF username?
I'm going to bequeath my FC account to the CEO of Funding Circle ... let's see how they like an eternity of admin for a pittance.
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Nov 14, 2019 15:56:11 GMT
This reminded me of the car donation charity thing that used to go on (and was bigger in the USA).
If you are a high rate tax payer donate your balance to charity. Use FC figures to value so 100% of those not in default and 30-50% assumed recovery for the rest. The charity claims 20% tax as well and the a higher rate tax payer claims the equivalent of 20% (and 25% for an additional rate payer). Everyone is happy, except HMRC; hopefully they go after FC for false valuations.
Edit changed 25% to additional rate payer
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sl75
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Post by sl75 on Nov 15, 2019 10:24:00 GMT
... Use FC figures to value so 100% of those not in default and 30-50% assumed recovery for the rest... If you stick with "use FC figures", that's be 0% assumed recovery for already defaulted loans (unless there was a change that I missed since the change of model?)
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blender
Member of DD Central
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Post by blender on Nov 15, 2019 16:22:20 GMT
... Use FC figures to value so 100% of those not in default and 30-50% assumed recovery for the rest... If you stick with "use FC figures", that's be 0% assumed recovery for already defaulted loans (unless there was a change that I missed since the change of model?) True, but the lates and RBRs in the bequest would be valued as fully performing.
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adrianc
Member of DD Central
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Post by adrianc on Nov 15, 2019 17:02:36 GMT
OK I'd go 16P in the £, but above that would need to do DD. For that price, I'll flog you mine - it's mostly the London Hotel...
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Post by gravitykillz on Dec 8, 2019 11:48:47 GMT
I have around 30k of bad loans now stuck in a portfolio with FC. All I can do is watch is resolve slowly over time. What would anyone offer me for this? I guess I can sell you the account name and the password to the account, then you send me the cash? As a starting offer, who will give me 90p on the £? I bid one American dollar.
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Post by gravitykillz on Dec 8, 2019 11:54:03 GMT
I have almost £300 of bad loans from 2015/16. I get monthly repayments of 0.22p
God bless funding circle.
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upperdeane
Member of DD Central
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Post by upperdeane on Dec 8, 2019 17:02:10 GMT
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ashtondav
Member of DD Central
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Post by ashtondav on Dec 8, 2019 17:29:58 GMT
I have almost £300 of bad loans from 2015/16. I get monthly repayments of 0.22p God bless funding circle. I’d pay £30 odd quid for them.
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