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Post by bhaviks on Nov 13, 2020 15:29:08 GMT
I can see around 12.5% money released in my holding account. Question is will they release more money and then send an email as usual?
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puddleduck
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Post by puddleduck on Nov 13, 2020 15:46:45 GMT
Thank you - money already in my bank account!
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Post by bhaviks on Nov 13, 2020 15:52:38 GMT
This is the reply from GS customer service. So I think more money will be released on Monday.
"An email updating you on our latest recoveries figures will be sent out on Monday and our website will also be updated by Tuesday at the latest.
Happy to answer any questions you may have after you receive our email."
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benaj
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Post by benaj on Nov 13, 2020 16:52:28 GMT
Thank you - money already in my bank account! Great, I have just received my faster payment in less than 60s.
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Post by bhaviks on Nov 16, 2020 10:50:16 GMT
This is the reply from GS customer service. So I think more money will be released on Monday. "An email updating you on our latest recoveries figures will be sent out on Monday and our website will also be updated by Tuesday at the latest.
Happy to answer any questions you may have after you receive our email."Further ~13% money in the holding account..Around 86% money is returned.Good going..What will be the bottomline loss is the big question?
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jcb208
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Post by jcb208 on Nov 16, 2020 12:04:51 GMT
Realistic chance of getting the majority of money returned,not like some of the other P2P's shame on them.Pleased with the speed of money returned so far
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puddleduck
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Post by puddleduck on Nov 16, 2020 13:49:31 GMT
Today's withdrawal already in my bank account.
I don't have any expectations of a full recovery, I think we'll end up around 90-92%, although I think with around 2 years accrued interest + various bonuses I will probably break even, more or less overall.
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dh1
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Post by dh1 on Nov 16, 2020 14:35:11 GMT
... and there's some more money in my GS account....
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Post by bhaviks on Nov 16, 2020 14:57:06 GMT
Growth Street has done really well with the recoveries. Does anybody know what is the status of the initial provision fund balance when the resolution event was declared? I think the balance was close to 700k. I understand all the loans went into provision fund and all the recoveries are distributed equally. But will this 700k protect us from the capital loss? We don't know the status of that money.
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Post by garreh on Nov 16, 2020 15:17:18 GMT
Growth Street has done really well with the recoveries. Does anybody know what is the status of the initial provision fund balance when the resolution event was declared? I think the balance was close to 700k. I understand all the loans went into provision fund and all the recoveries are distributed equally. But will this 700k protect us from the capital loss? We don't know the status of that money. From what I understand the provision fund forms part of the quartley payments. So it's already been distributed. However alledgely the provision fund keeps being topped with interest from borrowers, according to GS. Take that with a grain of salt
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alender
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Post by alender on Nov 16, 2020 15:17:20 GMT
Today's withdrawal already in my bank account. I don't have any expectations of a full recovery, I think we'll end up around 90-92%, although I think with around 2 years accrued interest + various bonuses I will probably break even, more or less overall. It is difficult to know how much of the existing funds will be returned but I am hopeful for myself it will be more than the 90-92%. If I take the date the liquidity event was called I have had 88.61% of my funds so far returned (includes payment from money in my holding account when the resolution event was called) . If no more money is recovered I am looking a loss of 1.94% if I factor in the interest (up to liquidity event) and bonuses paid, however I am now hopeful that with future recoveries I will end up better off than if I had invested in FSCS protected accounts. This is especially good result for me as some of the money I had in GS came from Wellesley when I shut down my account a few years ago.
I have spoken to GS this morning to ask some questions, the first was is PF still in existence, the answer is that there is still some money in this fund held back for use in legal fees in the recover process, if successful and costs were awarded to GS some of this money would be available for distribution. Also I asked how much money was owned by borrowers who have agreed a realistic repayment plan with GS (we know from the email that more than half borrowers have agreed a realistic repayment plan), the lady did not know the answer but I could ask this as a question to GS. I do not find this surprising as GS will no doubt be operating on a skeleton staff who's main priority is to recover funds not supply statistics, perhaps next months published statistics will throw some more light on potential losses. I would like to say the lady I spoke to was very polite especially since the staff will be losing their job at the end of the process, she took the time to give me a detail explanation of the use of the PF money which I have summarised.
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Post by garreh on Nov 16, 2020 15:29:07 GMT
It does look promising so far but let's all be realistic here. GS will now be grappling to get back capital. I do find it cheeky that GS are yet again still trying to upsell: We have had a number of questions from investors regarding anticipated total losses. In the interests of full transparency, we simply cannot guarantee that we will recover 100% of the loan book. Returning as much of your original investment as possible has been our priority And almost in the same breath they say: We are however, pleased with our progress to date, with 86% of recoveries made during a very substantial recession period; a reflection of what would have been the quality of a strong lending portfolio in normal conditions. I struggle to see how an investment portfolio that doesn't even return full capital let alone interest could be considered "quality" and "strong". Their choice of words is baffling. |
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ceejay
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Post by ceejay on Nov 16, 2020 17:07:37 GMT
It does look promising so far but let's all be realistic here. GS will now be grappling to get back capital. I do find it cheeky that GS are yet again still trying to upsell: We have had a number of questions from investors regarding anticipated total losses. In the interests of full transparency, we simply cannot guarantee that we will recover 100% of the loan book. Returning as much of your original investment as possible has been our priority And almost in the same breath they say: We are however, pleased with our progress to date, with 86% of recoveries made during a very substantial recession period; a reflection of what would have been the quality of a strong lending portfolio in normal conditions. I struggle to see how an investment portfolio that doesn't even return full capital let alone interest could be considered "quality" and "strong". Their choice of words is baffling.I think you may be being a little harsh. The keys words in their quotes are "very substantial recession" vs "normal conditions". I think its fair enough to claim that if normal conditions, or anything like them, had continued then they would comfortably have been able to deliver the promised return. No-one ever promised that, regardless of how much brown stuff started flying about, there would be 100% expected return of capital and interest. If they can get to 90%+ then that's not bad.
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Post by casper on Nov 16, 2020 17:45:28 GMT
I'm in the black re GS, anything else now is gravy.
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Post by df on Nov 16, 2020 20:02:35 GMT
This is the reply from GS customer service. So I think more money will be released on Monday. "An email updating you on our latest recoveries figures will be sent out on Monday and our website will also be updated by Tuesday at the latest.
Happy to answer any questions you may have after you receive our email."Further ~13% money in the holding account..Around 86% money is returned.Good going..What will be the bottomline loss is the big question? There's likely to be a small loss, but the outcome will vary for different investors. Somebody like me who've earned a basic interest over 3 years and received a variety of bonuses is likely to break even or even make some profit, but for somebody invested at much later stage it can turn out to be sad news. I like that they are distributing to investors equally (i.e. not according to their individual loan books).
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