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Post by shanghaiscouse on Dec 3, 2019 14:47:33 GMT
Perhaps it is a coincidence, but I saw a big jump in bad debts yesterday, did anyone else see the same? In November alone (one month) I have had £6,000 of new bad debts arising from a portfolio that was originally £340,000. I am now down to 2.8% all-time return over 5 years.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Dec 4, 2019 13:35:50 GMT
Perhaps it is a coincidence, but I saw a big jump in bad debts yesterday, did anyone else see the same? In November alone (one month) I have had £6,000 of new bad debts arising from a portfolio that was originally £340,000. I am now down to 2.8% all-time return over 5 years. .65% gone bad in November. .3% in october
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ashtondav
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Post by ashtondav on Dec 4, 2019 14:01:01 GMT
My last month hasn’t been too bad £240 interest, £102 bad debt on £31,000 so if maintained (BIG IF) heading for 5.2%.
Year to Dec 6 was 3.2%,
six months to Dec 6th 2.2% or 4.4% annualised.
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Post by rweb on Dec 5, 2019 9:25:56 GMT
My last month hasn’t been too bad £240 interest, £102 bad debt on £31,000 so if maintained (BIG IF) heading for 5.2%. Year to Dec 6 was 3.2%, six months to Dec 6th 2.2% or 4.4% annualised. Where in FC can you see returns for the last year? Or, are you calculating this yourself from the transaction statements?
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ashtondav
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Post by ashtondav on Dec 5, 2019 10:32:56 GMT
Calculating from the tax statements with custom dates.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Dec 9, 2019 21:34:51 GMT
Also noticed a complete lack of any recoveries this month
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Post by Ace on Dec 9, 2019 22:13:05 GMT
Also noticed a complete lack of any recoveries this month I've had a few recovery payments.
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upland
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Post by upland on Dec 10, 2019 7:07:44 GMT
For some time I have been concerned about the defaults and keep a sporadic log. The recoveries make little difference and I think that I have recently made almost no income.
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Post by shanghaiscouse on Jan 11, 2020 14:27:03 GMT
Another big posting of bad debts today. Over 5 years, my totals are now:
interest 56,113
fees 5,483
defaults 41,681
recoveries 2,563
down to 2.1% lifetime return
defaults jumped 1,800 today alone, my balance down to 21,000 but clearly lots more can still go bad
problem is, of course, I received the interest along the way, spent it, and now all the bad debts coming through. in other words, i never really had that money and should not have spent it.
recoveries never seem to increase, since august i had only £1,700 of recoveries on a balance of £26k of defaults that already existed at that point in time. Since then there have been a further £16k of bad debts.
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Post by gravitykillz on Jan 12, 2020 6:43:55 GMT
Another big posting of bad debts today. Over 5 years, my totals are now: interest 56,113 fees 5,483 defaults 41,681 recoveries 2,563 down to 2.1% lifetime return defaults jumped 1,800 today alone, my balance down to 21,000 but clearly lots more can still go bad problem is, of course, I received the interest along the way, spent it, and now all the bad debts coming through. in other words, i never really had that money and should not have spent it. recoveries never seem to increase, since august i had only £1,700 of recoveries on a balance of £26k of defaults that already existed at that point in time. Since then there have been a further £16k of bad debts. You should start selling now and pull out whatever is possible. If you do it today you might get the money in june. Then stick it in ratesetter. The 5 year market with provision fund protection would have been a better investment. Even lending works or assetz would have provided a better return. This is really unlucky.
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Post by gravitykillz on Jan 12, 2020 6:46:27 GMT
I'm so glad I left funding circle in late 2016. Their due diligence team are a joke.
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Post by shanghaiscouse on Jan 13, 2020 10:52:12 GMT
Another big posting of bad debts today. Over 5 years, my totals are now: interest 56,113 fees 5,483 defaults 41,681 recoveries 2,563 down to 2.1% lifetime return defaults jumped 1,800 today alone, my balance down to 21,000 but clearly lots more can still go bad problem is, of course, I received the interest along the way, spent it, and now all the bad debts coming through. in other words, i never really had that money and should not have spent it. recoveries never seem to increase, since august i had only £1,700 of recoveries on a balance of £26k of defaults that already existed at that point in time. Since then there have been a further £16k of bad debts. You should start selling now and pull out whatever is possible. If you do it today you might get the money in june. Then stick it in ratesetter. The 5 year market with provision fund protection would have been a better investment. Even lending works or assetz would have provided a better return. This is really unlucky. I sold already, was lucky to make it under the wire after a 134 day wait. Put the money into an ETF and got a 5% capital gain and 3% divi so that helped somewhat, but have 21k unsold loans stuck there going bad.
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blender
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Post by blender on Jan 13, 2020 10:57:59 GMT
I'm so glad I left funding circle in late 2016. Their due diligence team are a joke. Their due diligence team is not a joke. Their due diligence team is a computer, which likes to say 'yes'.
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dorset
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Post by dorset on Jan 14, 2020 17:17:11 GMT
My experience in case anyone is interested. Been with FC since almost the beginning with 1500+ loans through most of the period until Sept 2017 when I started to run out my loan book.
Defaults as follows:
2015 46
2016 54
2017 52
2018 102
2019 90
Made decent returns until 2018. Small capital loss in 2019. Now down to last 500 loans and been taking out reinvested profits last 9 months. About 40% of net earnings are now out. Since 2011 defaults have been 45% of gross earnings. Recoveries currently running at about 32%.
It was a very enjoyable ride in the early year but pleased to be down to my last £8k or so.
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Post by investor1925 on Jan 17, 2020 8:28:46 GMT
My portfolio is invested in 390 businesses. Recent defaults are: 16/1/20 1
14/1/20 3
13/1/20 1
10/1/20 1
8/1/20 2
That's around 2% in 9 days (or 83% in a year)
As for recoveries, I'll have to live to about 200 to see the end of it all  |
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