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Post by shanghaiscouse on Mar 18, 2020 18:02:39 GMT
Expect massive losses on your loan portfolios. FC lenders were already the lowest quality. Many are on the edge in any case which is why they went to FC, and clearly fraudsters have flocked to it like bees to honey. Coronavirus disruptions will provide genuine cause and also great opportunities for fraudsters.
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dorset
Member of DD Central
Posts: 281 
Likes: 187
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Post by dorset on Mar 18, 2020 18:45:17 GMT
FC stats page has not updated its lifetime loans defaults graph for some weeks now. The 2018 cohort is still only showing defaults after 12 months when we are 14+ months in. Perhaps there is lots going on in the loan book that we are not grown up enough to know about Cert 18.
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Mar 18, 2020 21:16:35 GMT
In case it isn’t overwhelmingly obvious all else is no longer broadly equal and something catastrophic HAS happened - some unnatural biological mutation and/or mankind’s inability to find the sufficiently precisely timed, sufficiently precisely correct response in the sufficiently precisely correct locations.
There's no reason to think it was an unnatural mutation. Viruses mutate constantly. Every year the winter flu vaccine is out of date, but it's close enough to be effective enough in enough people.
So I would opt for the other choice, human imperfection. We didn't get the response right. We are not perfect. But we did better than in 1918. Next time, we'll do even better.
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Post by shanghaiscouse on Mar 18, 2020 22:00:01 GMT
That's MERS you are thinking of.
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Mar 18, 2020 22:14:25 GMT
One could argue that a bit of gentle intimacy with ones camel is perfectly natural, and is just the sort of thing that has been happening since the dawn of human life.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,594
Likes: 2,624
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Post by keitha on Mar 31, 2020 13:52:20 GMT
3.5% of my outstanding loans downgraded yesterday as Direct Debit cancelled !
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adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
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Post by adrian77 on Mar 31, 2020 15:03:37 GMT
Spot on - I pulled out as soon as they changed their model and went for this black box gubbins. Many of us said this one was going to end it tears which it will. This one went wrong long before Covid-19 although FC will undoubtedly blame it for their problems. Of course some of the directors have already cleaned-up so won't give a monkey's...I note the share price has come off its low of 25p so there is only only course of action - short it baby short it!
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Post by investor1925 on Apr 6, 2020 8:28:17 GMT
Mmmmmmm
I can't get into my IFISA account this morning.
I hope it's not fatal !!!!!
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