keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jun 2, 2021 14:19:12 GMT
Confused as heck
I'm assuming these loans are sold so no further recoveries which for me in one case is annoying because they have been paying 2-3% off the balance every month.
But what really confuses me is my recoveries according to FC have gone up by over 5 times the total of the recoveries I have received, and has actually jumped by £10 whilst I've been typing this, it looks as if the recoveries figure has gone up by the total debt outstanding on these loans not by the amount they have been sold for.
THIS IS A CON
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cobi
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Post by cobi on Jun 2, 2021 14:38:06 GMT
Well spotted.
My recoveries in this debt sale show 3 times what I actually received in cash.
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agent69
Member of DD Central
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Post by agent69 on Jun 2, 2021 14:49:45 GMT
Just received an email from FC
Dear gullible valued investor
We are writing to let you know that additional funds will be available in your Account within the next business day, following a sale of defaulted loans by Funding Circle on 1 June 2021, which included one or more loans in your portfolio
On top of the recent good news of Oddy on TC, my cup runneth over
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cobi
Member of DD Central
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Post by cobi on Jun 2, 2021 14:55:50 GMT
We better wait to make judgement as figures are changing all the time. I withdrew all cash but now more has appeared . System is slowly getting through a large number of transactions
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Post by Harland Kearney on Jun 2, 2021 15:13:27 GMT
Only took 5 years!
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jun 2, 2021 15:23:19 GMT
one repaying at 69 or 70P a month ( which would repay the loan in just over 2 years ) they've just given me £5.90. most of what I have seen of mine being sold are ones already repaying on a regular basis, not the ones that are paying nowt.
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dorset
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Post by dorset on Jun 2, 2021 16:03:20 GMT
Just had 33 defaulted loans sold giving me about £52 cash back.
It looks however as if I have another £100 or so going through as debt sale.
This will put my lifetime recovery on no less than 403 defaults at about 45%
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dorset
Member of DD Central
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Post by dorset on Jun 2, 2021 16:06:10 GMT
Looks like they are trickling through - just had another few loans sold giving me £4.30.
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Post by moutarde on Jun 2, 2021 16:09:10 GMT
The cash I received is only 38.9% of the increase in recoveries in my case. Let me wait to see if the number change before I send them an e-mail.
In all case this sale seems very dubious. Did they sell the best part of the defaulted loans to their "friends"? And even if it was not the case, people who buy defaulted loans demand for a steep discount compared to their expected recovery and have a close to 100% chance of making a good profit. And who is loosing here? The FC lenders.
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Post by carol167 on Jun 2, 2021 16:10:49 GMT
Just had 33 defaulted loans sold giving me about £52 cash back. It looks however as if I have another £100 or so going through as debt sale. This will put my lifetime recovery on no less than 403 defaults at about 45% Almost snap... I'm on a lifetime recovery amount of 46.73% so far.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jun 2, 2021 17:11:05 GMT
The more I see the angrier I am becoming, the vast majority of my sales are ones repaying regularly , and paying back to finish within 5-7 years and in most cases that payment is representing less than a years worth of payments. the ones not paying or paying so slowly it will take tens of years are not being sold.
The percentage what the system says recoveries are to what I'm seeing is around the 40% mark now, and the average amount is about 25% of the outstanding balance ( ie amount owed less recoveries to date ).
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Post by brummiefred on Jun 2, 2021 17:52:35 GMT
Just 8p for me
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cobi
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Post by cobi on Jun 2, 2021 18:05:14 GMT
The more I see the angrier I am becoming, the vast majority of my sales are ones repaying regularly , and paying back to finish within 5-7 years and in most cases that payment is representing less than a years worth of payments. the ones not paying or paying so slowly it will take tens of years are not being sold. The percentage what the system says recoveries are to what I'm seeing is around the 40% mark now, and the average amount is about 25% of the outstanding balance ( ie amount owed less recoveries to date ). Are you sure you are that is the correct figure for outstanding balance. I don't think FC reduces it when they collect recoveries and it was the original amount when it defaulted. Not 100% sure on this
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criston
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Post by criston on Jun 2, 2021 18:39:24 GMT
3% recoveries for us today, increasing our percentage across 4 accounts to around 20%
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Jun 2, 2021 18:54:58 GMT
Ooh, reading all this is making me kinda excited. I may log in again tomorrow just to see what if anything has happened to my now very small (<£500) loan-book (still plenty of defaults in there).
Will there be enough for another £50 withdrawal? The suspense is killing me!
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