keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
|
Post by keitha on Jun 4, 2021 9:33:13 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. took the best part of 24 hours but mine eventually balanced
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
|
Post by keitha on Jun 4, 2021 10:08:41 GMT
was a bit bored earlier so decided I'd play with spreadsheets 3 Columns below Loan ID, % of Outstanding repaid in this sale, total recovery%
69235 15.00% 41.31%
69489 15.78% 35.29%
63641 18.09% 38.79%
66317 17.16% 34.55%
66864 21.47% 19.04%
73062 10.15% 54.77%
55837 18.26% 35.72%
56502 22.29% 26.09%
66331 32.21% 31.26%
66272 35.25% 26.85%
69532 27.91% 43.28%
66207 28.15% 49.02%
69715 28.00% 54.95%
66711 44.68% 31.00%
69571 48.57% 32.72%
53605 43.96% 30.53%
28257 2.93% 94.72%
66382 46.46% 34.70%
66357 41.93% 38.95%
44971 12.15% 77.46% particularly galling this was paying back 8% a month 66392 38.37% 43.70% this was paying 4% a month 69236 36.20% 45.36% this was paying 7% a month
% of outstanding is what the the debt sold divided by the Original default less any repayments, its worth noting the last 3 all defaulted after mid October 2020
|
|
scooter
Member of DD Central
Posts: 352
Likes: 328
|
Post by scooter on Jun 4, 2021 11:46:37 GMT
How do you find the figures for total recoveries for each individual loan without going through each month and adding them up? TTBOMK you can't. But as transparency is at the heart of everything they do I would ask them to provide those figures for you. I find them very amenable and responsive to questions which open themselves up to scrutiny. 🤠🤠🤠🤠Bunch of cowboys
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
|
Post by keitha on Jun 4, 2021 16:39:08 GMT
How do you find the figures for total recoveries for each individual loan without going through each month and adding them up? I'm sad, I keep a spreadsheet
|
|
philrcm
New Member
Posts: 4
Likes: 5
|
Post by philrcm on Jun 5, 2021 8:32:26 GMT
The loans that have been recently sold to a third party still appear on my portfolio. I would have expected them to be removed. Is this the same for everyone, or have anyones gone?
|
|
|
Post by Ace on Jun 5, 2021 8:41:31 GMT
The loans that have been recently sold to a third party still appear on my portfolio. I would have expected them to be removed. Is this the same for everyone, or have anyones gone? Yes mine are still there too. The problem as I see it isn't that they are still in my portfolio, I'm ok with that. The problem is that I can't tell the difference between Bad Debt that might pay some back and Bad Debt that definitely can't as its been sold. I.e. both types are just labelled as Bad Debt. They really should change the status on the sold ones to something like Debt Sold.
|
|
philrcm
New Member
Posts: 4
Likes: 5
|
Post by philrcm on Jun 5, 2021 9:06:43 GMT
The loans that have been recently sold to a third party still appear on my portfolio. I would have expected them to be removed. Is this the same for everyone, or have anyones gone? Yes mine are still there too. The problem as I see it isn't that they are still in my portfolio, I'm ok with that. The problem is that I can't tell the difference between Bad Debt that might pay some back and Bad Debt that definitely can't as its been sold. I.e. both types are just labelled as Bad Debt. They really should change the status on the sold ones to something like Debt Sold. Totally agree that the status should change if they stay in the portfolio. My preference would be for them to be removed.
|
|
|
Post by Ace on Jun 5, 2021 9:18:11 GMT
This debt sale has got me almost fully out of FC now (I've being trying to exit for quite some time). I now have only 4 non-defaulted loans remaining, which represents < 0.5% of my invested capital. There is very little chance of any further recovery now that my good bad-debts have been sold. So, I decided to see how FC has shaped up for me in terms of achieved annual returns.
As expected, the answer is OK, but not particularly good. The all time combined XIRR across my standard and ISA accounts is 3.19%.
Of the 27 platforms I've invested over £1k with and have had sufficient time for loans to mature, FC is 3rd worst. It just pips Zopa at 2nd worst with 3.10 XIRR. Rock bottom place goes to the dodgy shenanigans at British Pearl with an XIRR of -6.44%. FC is likely to get boosted to 4th bottom when my defaults at MoneyThing crystallise.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jun 5, 2021 11:30:04 GMT
Yes mine are still there too. The problem as I see it isn't that they are still in my portfolio, I'm ok with that. The problem is that I can't tell the difference between Bad Debt that might pay some back and Bad Debt that definitely can't as its been sold. I.e. both types are just labelled as Bad Debt. They really should change the status on the sold ones to something like Debt Sold. Totally agree that the status should change if they stay in the portfolio. My preference would be for them to be removed. I agree. Having been sold, those loans are no more deserving of a place in the portfolio than those which have been fully repaid.
|
|
|
Post by rash4cash on Jun 5, 2021 19:03:27 GMT
They sold my oldest loan number 7926, how I will miss it.
|
|
philrcm
New Member
Posts: 4
Likes: 5
|
Post by philrcm on Jun 6, 2021 7:09:43 GMT
Yes mine are still there too. The problem as I see it isn't that they are still in my portfolio, I'm ok with that. The problem is that I can't tell the difference between Bad Debt that might pay some back and Bad Debt that definitely can't as its been sold. I.e. both types are just labelled as Bad Debt. They really should change the status on the sold ones to something like Debt Sold. Totally agree that the status should change if they stay in the portfolio. My preference would be for them to be removed. I have contacted FC raising this issue. Will let you know what is said, if I get a response...! Edit: FC's website "contact us" page states that response will be in 2 working days, just had automated email from then saying it will take up to 10 working days. So may be a while
|
|
|
Post by df on Jun 6, 2021 20:41:59 GMT
It was a pleasant surprise for me. My annualised return jumped from 2.4% to 3.1% in one day, I didn't expect that.
|
|
|
Post by longjohn on Jun 8, 2021 16:00:28 GMT
All my debts have been sold off from all my accounts except for one debt which should finish in a couple of years. I'm fairly happy with that as I've got cash from debts that haven't made a payment in years and clearly never will again. This makes up for those debts which were repaying monthly but have now stopped.
I'm sure all these debts will disappear from our accounts next May once the annual tax statement for 2021-2 has been calculated.
|
|
|
Post by longjohn on Jun 8, 2021 16:04:29 GMT
How do you find the figures for total recoveries for each individual loan without going through each month and adding them up? I'm sad, I keep a spreadsheet
Nothing sad about keeping a spreadsheet. My PC is full of them.
|
|
philrcm
New Member
Posts: 4
Likes: 5
|
Post by philrcm on Jun 8, 2021 18:15:42 GMT
Totally agree that the status should change if they stay in the portfolio. My preference would be for them to be removed. I have contacted FC raising this issue. Will let you know what is said, if I get a response...! Edit: FC's website "contact us" page states that response will be in 2 working days, just had automated email from then saying it will take up to 10 working days. So may be a while Heard back from FC. Sounds like sold loans will stay in the portfolio... "Please note they will not be removed from the portfolio for now. However, I will be sure to pass this feedback on to our management team for how we can improve this.".
|
|