agent69
Member of DD Central
Posts: 5,548
Likes: 4,166
|
Post by agent69 on Jun 2, 2021 19:13:45 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!
Don't hold your breath. I've received £1.52 so far today
|
|
scooter
Member of DD Central
Posts: 337
Likes: 302
Member is Online
|
Post by scooter on Jun 2, 2021 22:36:35 GMT
I don't know what to think as to whether it's a good thing overall, but they have in no way considered the individual circumstances of the loans they have sold. If they had the best interest rule would say "don't sell" for some of mine as they would have recovered more over time assuming FC did their collection job properly.... some are secured on two properties and one actually states that the "balance outstanding" is secured by property. But the FOS translates the best interest rules as "what ever FC say is in your best interest" and they will not challenge FC to prove best interest was met.
13.1. .... In each case we will take the recovery action that we consider to be
in the best interests of the affected Investors as a whole.
13.6. We, the Security Agent or the Security Holder may take such steps as we consider
necessary or desirable in our absolute discretion to collect the outstanding debt including,
without limitation, pursuing Guarantors, enforcing Security, assigning the debt to a debt
purchaser, and commencing formal legal action or insolvency processes through the
courts.
13.7. We, the Security Agent or the Security Holder will act in a fair and equitable manner
to achieve maximum recovery for all affected Investors (and this may include agreeing new
payment terms or selling the debt to a third party).
It seems that 13.6 will take precedence in this case and shove best interest, fair & equitable and maximum recovery where the sun don't shine.
Can anyone remind me what FC stands for again?
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Jun 3, 2021 7:57:14 GMT
3% recoveries for us today, increasing our percentage across 4 accounts to around 20% Another 4.5% overnight. Now received 7.5% of defaults in last 24 hours.
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,808
Likes: 2,283
|
Post by keitha on Jun 3, 2021 9:12:59 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 yes, I keep a spreadsheet so my average debt sale is about 25% of the outstanding balance ie what it defaulted for less any repayments to date. In one very annoying case I have one paying back regularly for 18 months at 66 or 67P a month they've sold it for 88P which is 10% of the original default but I suppose an overall 77% recovery on that one is acceptable
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,808
Likes: 2,283
|
Post by keitha on Jun 3, 2021 9:25:46 GMT
a lot came through overnight
as I suspected it is primarily those that are paying on a regular basis that have been sold.
Although some seem to think it is good, my view is diametrically opposed, my defaults that are paying have mostly been sold off at a discount around the 75 -80% mark. I have 2 that have been sold with 0 payback so far one is an IVA with an expected return of £1 in the £ the other says will be covered by a property sale.
What I think I will find is that my recoveries each month will now drop from about 1% of the total outstanding to probably 0.2%
My total recoveries have gone from 17% to 25%
oh and the interest rate on screen has gone from 4.9% to 5.3%
one could almost think that they are looking to reopen to retail and want to boost the figures
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 3, 2021 10:45:12 GMT
Debt Sale ?..seems more like a fire sale to me. Whatever they're doing, it seems to be having a beneficial effect on their share price, which seems to be remorselessly creeping upwards. I never bought into the IPO @ £4.40 but was on this forum the morning they were reputedly at 22.50p (though looking back on a share history on HL the lowest was 44p ) and a God like creature made a prophetic comment that (then) might be the time to buy. They've gone up 113% in a year.. Hindsight and all that Btw..whatever's going on my 'recoveries' now represent 53.11% of capital outstanding when I pulled out years ago...what id give for anything like that on FS
|
|
ceejay
Posts: 970
Likes: 1,149
|
Post by ceejay on Jun 3, 2021 11:37:14 GMT
I got almost excited when I got an email from FC last night to say there was a sale happening... so when I check this morning I see that about a third of my loan parts have been sold.
A couple of them had been paying at an absurdly low dribble, and my best repayer hasn't been sold. I guess the payments are in the order of 10% of the outstanding loan values.
On the whole I am neither delighted nor upset, so I guess that means the price isn't far off the mark.
The payments take my IRR to 3% over my whole involvement with FC, assuming zero additional recoveries.
|
|
|
Post by indexfund on Jun 3, 2021 12:13:16 GMT
£72 transferred out last night, haven't had a chance to look at the detail but tbh anything back is a bonus as things stand..
|
|
|
Post by indexfund on Jun 3, 2021 12:28:49 GMT
Just logged in again and there's another £139 there...which is a surprise! But what interests me is there doesn't appear to be an updated status column in my portfolio/loans area. Maybe they will add another description in there, perhaps 'sold to 3rd part'.. Or perhaps there is another reference elsewhere that isn't obvious, so that we can extrapolate which loans are affected. Still showing: total loans 245 - total loan parts 310
|
|
|
Post by spareapennyor2 on Jun 3, 2021 12:53:45 GMT
had 20 loans in debt sale recoveries up 13.86% better than nothing ? / next to impossible to work out return on loans FC "We know the best way to build trust is to be transparent in everything we do." scooter edit recoveries 41% of defaults
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 702
Likes: 463
|
Post by coogaruk on Jun 3, 2021 13:59:33 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!
Don't hold your breath. I've received £1.52 so far today Has exceeded my expectations actually. Maybe I'm too easily pleased.
£77.96 'recovered' (DEBT SALE) across 16 defaulted loans, allowing me to withdraw a further £100 today.
Having been in wind down since September 2017 I count all recoveries as a bonus. My overall recovery is now 38% of bad debt.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 3, 2021 14:31:54 GMT
Just to demonstrate how bored I clearly am, ive gone through the list of MY debt sales to work out what %age the recovery represents on each loans capital at the time of sale..I might come back to edit this as has already been mentioned, other posters seem to have already been getting recoveries on some loans before they were sold. However, many of my loans were from the Klondike era (i.e. before the choice of which loan to invest into was removed.) Loan No. 468.....3.79 1143.....4.45 1415.....6.90 3155.....3.64 3329.....3.73 3661...10.42 3751... .7.47 4138.. ..4.37 4206. ...8.18 4304.....6.37 4315...13.05 4509...15.17 4835....7.35 5286....7.71 5360...11.88 5702....4.23 5763...14.11 5917....6.25 6067....8.54 6939....9.54 7023..12.93 7088....1.55 7538....9.91 7915....1.23 8883..13.26 8987..10.35 9147..12.49 10637..11.59 10851..12.85 As mentioned earlier, recoveries (now incl these) total..53.11% What Ive yet to get my head around is that if FC have 'sold' these debts, then the buyer/s must be hoping there's still some blood left in these corpses. So is the motive just to alleviate FC staff of the admin, or is it the for the sake of 'appearance' or just hard cash ? Incidentally the two hotel disasters (Liverpool & London/Eastbourne) were my second and third costliest loans...anyone know if they are history or...?
|
|
|
Post by longjohn on Jun 3, 2021 14:50:31 GMT
Can't say I'm impressed by this. Taking a typical loan as an example - Loan 1413. Defaulted £18.58 per part in March 2013. The guarantor has repaid every month for the last 8 years (14p for each £20 part) without fail and I expected to receive the full loan amount and interest in less than four years time.
It's been sold and I get the grand total of 44p per part. What happened to the remaining £5.21 per part? Profit for someone. Clearly I'm on the wrong side of this deal.
|
|
|
Post by longjohn on Jun 3, 2021 15:19:58 GMT
I've checked my three FC accounts and most of the defaults have all been sold (cheaply). One account is empty now so I can at least close this account once I've transferred my money out.
The other two accounts are left with a few zombie defaults paying 1p every three months or so. Let's see what happens to these.
|
|
agent69
Member of DD Central
Posts: 5,548
Likes: 4,166
|
Post by agent69 on Jun 3, 2021 15:47:25 GMT
Don't hold your breath. I've received £1.52 so far today Has exceeded my expectations actually. Maybe I'm too easily pleased.
£77.96 'recovered' (DEBT SALE) across 16 defaulted loans, allowing me to withdraw a further £100 today.
Having been in wind down since September 2017 I count all recoveries as a bonus. My overall recovery is now 38% of bad debt.
I've reached the heady heights of £9, so obviously not in your league. Are you going to splurge your £100 in part payment for a holiday in Portugal bugger, forgot it's just been taken off the green list
|
|