|
|
Post by overthehill on Mar 13, 2020 21:20:53 GMT
Last update JULY 2018
The Official Receiver's report to creditors shows that the guarantor has no realisable assets, therefore our agents will not be seeking the appointment as Trustee. We next anticipate an update on the liquidation of the borrower within the next 3 months, at which point we will add a further comment.
I hope there aren't many defaulted loans like this, one of a few reasons I got out, too many bad loans and not enough recovery clout.
|
|
|
|
Post by gravitykillz on Mar 14, 2020 10:45:58 GMT
Loans that default then funding circle ignore for long period are very common.
My advice is for you to do some research and move to another platform.
|
|
|
|
Post by shanghaiscouse on Mar 14, 2020 11:24:07 GMT
Last update JULY 2018
The Official Receiver's report to creditors shows that the guarantor has no realisable assets, therefore our agents will not be seeking the appointment as Trustee. We next anticipate an update on the liquidation of the borrower within the next 3 months, at which point we will add a further comment.
I hope there aren't many defaulted loans like this, one of a few reasons I got out, too many bad loans and not enough recovery clout.
? that's normal for FC. A normal pattern is they give a loan, after 2-3 payments the borrower puts themself into liquidation, amazingly all the money disappeared in that 2-3 month period and when the receiver comes in there are no assets left. I had a big portfolio of 1,200 loans, around 300 went bad, this is the pattern of many.
|
|
|
|
Post by overthehill on Nov 14, 2020 22:11:48 GMT
8 months on and still no update.
Going by the volume of FC posts most people in this forum have given up the ghost on FC. They also don't sully themselves here either by the looks.
I marked their card a long time ago and I don't follow their progress post-IPO but I'd love to hear the explanation behind loans like this. Is it that they have identified that no lender has failed to achieve their target rate because of this loan so shelf it or am I being too generous. It's bad when adding a comment saying no update is deemed a worse business tactic than leaving it there orphaned.
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,889
Likes: 2,321
|
Post by keitha on Nov 15, 2020 12:04:12 GMT
Loans that default then funding circle ignore for long period are very common. My advice is for you to do some research and move to another platform. Unfortunately at the moment it's taking forever to get out. Over the last 18 months I've got 58% of my initial investment out with another 39% remaining in live loans, and before anyone says it doesn't add up 6.75% have gone bad, but 1% overall recovered in same timescale. The differences are accounted for by interest received So maybe I'll be out in a year or maybe I'll have another 40% of the remaining 39%, but i would say I see a lot more going bad currently 102 of 309 are late paying, half of these are 3 months or more in arrears and probably 25% are on payments Holidays or reduced payments.
|
|
