keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Feb 21, 2020 10:11:25 GMT
Having read the Administrators proposal/statement of fact, it is apparent the directors are a bunch of chancers, spent a year on site looking at setting up a pub and never got past planning stage, but at same time the main business lost £300,000 pa in turnover. Comment on loan from FC 21/6/19 Company in administration 25/7/19 Borrower unresponsive 29/8/19 Borrower still unresponsive 18/9/19 Defaulted 26/9/19 negotiating repayment plan 4/12/19 Borrower unresponsive passed to legal 21/2/19 Can't agree payment plan, commencing legal action ![]() interesting that this one seems to be giving updates after defaults, most just default and then we get an odd update |
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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 31, 2020 10:14:50 GMT
Feb 2020 unable to agree with guarantor will commence legal proceedings
Oct 2020 Commencing legal proceedings
Nov 2020 Guarantor enter insolvency
GRR, had they started in February perhaps we'd have got something
and looking at the company insolvency it appears the administrator is twiddling his thumbs for which we are paying, originally anticipated a return for unsecured creditors but no longer.
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Post by shanghaiscouse on Jan 5, 2021 23:37:03 GMT
I have to disagree with the title of this thread. FC are in fact very good at organising loans. Just not very good ones!
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blender
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Post by blender on Jan 6, 2021 9:04:58 GMT
I have to disagree with the title of this thread. FC are in fact very good at organising loans. Just not very good ones! Yes, FC are very efficient in writing loans and lending money, and they don't worry about what the loan is for. It's the collections and recoveries where there is 'room for improvement'.
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adrianc
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Post by adrianc on Jan 15, 2021 9:53:31 GMT
I have to disagree with the title of this thread. FC are in fact very good at organising loans. Just not very good ones! Yes, FC are very efficient in writing loans and lending money, and they don't worry about what the loan is for. It's the collections and recoveries where there is 'room for improvement'. The recoveries are proving surprisingly good - if depressingly necessary. Of the defaulted loans I'm holding, 2/3 of the debt outstanding at default has now been repaid. My first default recoveries were October 2015, though, most of the loans starting to repay in early 2016... But I can rely on that 3p/month from one particular £40 debt... Like clockwork, it is. And some months, it even climbs into double figures of pennies! Just.
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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 Jan 18, 2021 15:29:30 GMT
I have one that owes me £9, but on average over the last 8 months has paid 0.5P a month, but I agree I'd rather have small slow payments than nowt
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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 Jul 1, 2021 17:18:28 GMT
So the administrator has now gone to dissolve the company ( Ironic for a brewery )
It will be a nil return to unsecured creditors IE FC et al
Both Guarantors have also declared bankruptcy and will come out in November this year, FC saying "situation will be looked at at annual review" is plain wrong
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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 22, 2021 10:34:22 GMT
Shocked after all my doom and gloom.
recovery payment on 17/12 of 13% of the principal, yesterday another 0.75%, I had given upon this one completely, now hoping the recoveries will continue
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,864
Likes: 2,305
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Post by keitha on Dec 30, 2021 15:38:54 GMT
Yes, FC are very efficient in writing loans and lending money, and they don't worry about what the loan is for. It's the collections and recoveries where there is 'room for improvement'. The recoveries are proving surprisingly good - if depressingly necessary. Of the defaulted loans I'm holding, 2/3 of the debt outstanding at default has now been repaid. My first default recoveries were October 2015, though, most of the loans starting to repay in early 2016... But I can rely on that 3p/month from one particular £40 debt... Like clockwork, it is. And some months, it even climbs into double figures of pennies! Just. If I look at those that have finished repaying, or FC wrote off or sold those for me are at 45% recovered If I extract the few that have paid in full ( usually very quickly after default ) it becomes 36% Of my "Live" defaults recoveries are currently just under 11.5% and currently 1% a month on average, however I'm being cautious as 2 loans are repaying 50% of the repayments 1 will finish paying in January ( Unless they repay the interest ) the other December 2022.
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