keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Jul 6, 2021 17:47:55 GMT
recoveries that were like clockwork have stopped, perhaps they think if they stop paying they will be sold off and will be able to negotiate a deal to pay a lot less to clear the debt 1) I don't think borrowers' minds work quite like that
and
2) borrowers whose debts have been sold off still retain those debts and will likely be chased harder for them going forward
1)some do 2) FC seem to chase for the full amount, the new owners are likely to settle for a percentage for quick cash, so lets say I owe FC £100,000 and whoever buys it for £20,000 , if the guarantor offers £50,000 as a full and final settlement they are likely to take it for a quick result.
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Jul 13, 2021 14:46:08 GMT
Well Some coming through but still not at the same level as before, even allowing for the ones that were paying that got sold
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mikeb
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Post by mikeb on Jul 18, 2021 14:44:28 GMT
After the fire sale, there's been an un-telegraphed updated on a whole swathe of defaulted loans -- not those in the fire sale, to say "This is it, we're not chasing this any more, no more updates, we give up, see our Terms And Conditions (Section 19.8: When we just don't recover a thing ...)"
Most of these are ones that have had some recovery that had previously been marked as "We don't expect any further recovery" or "In full and final settlement". However, they sneaked through a bunch of others that have been simply sitting there without any repayments or recovery activity.
Do check your comments and see which ones were waved through in the surge ... !
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Jul 18, 2021 22:31:34 GMT
After the fire sale, there's been an un-telegraphed updated on a whole swathe of defaulted loans -- not those in the fire sale, to say "This is it, we're not chasing this any more, no more updates, we give up, see our Terms And Conditions (Section 19.8: When we just don't recover a thing ...)" Most of these are ones that have had some recovery that had previously been marked as "We don't expect any further recovery" or "In full and final settlement". However, they sneaked through a bunch of others that have been simply sitting there without any repayments or recovery activity. Do check your comments and see which ones were waved through in the surge ... ! I must've been lucky I have 0 in that category Just checked carefully I have 3 of these 2 with £0.00 recoveries and one at 104% ! the 2 with zero both business and guarantor bankrupt
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ceejay
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Post by ceejay on Jul 19, 2021 9:09:35 GMT
After the fire sale, there's been an un-telegraphed updated on a whole swathe of defaulted loans -- not those in the fire sale, to say "This is it, we're not chasing this any more, no more updates, we give up, see our Terms And Conditions (Section 19.8: When we just don't recover a thing ...)" Most of these are ones that have had some recovery that had previously been marked as "We don't expect any further recovery" or "In full and final settlement". However, they sneaked through a bunch of others that have been simply sitting there without any repayments or recovery activity. Do check your comments and see which ones were waved through in the surge ... ! I must've been lucky I have 0 in that category Just checked carefully I have 3 of these 2 with £0.00 recoveries and one at 104% ! the 2 with zero both business and guarantor bankrupt I had a bunch of those too - although to be fair all of them were ones which had clearly been given up on anyway (agreed settlement, bankruptcy etc).
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Post by captainconfident on Jul 19, 2021 13:28:57 GMT
I've got ...... 138 of these!
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rogerthat
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Post by rogerthat on Jul 28, 2021 13:48:17 GMT
Looking at the monthly Financial Statement and following the seemingly arbitrary flogging off (for an absolute pittance in some cases) of outstanding loans, some of which were at least regurgitating some monthly recovery, it is evident that capital recoveries of what's left on my LB has now virtually dried up. I was accumulating ~ 50squid every couple of months but with August almost done, at least for my 'portfolio' it stands at £8.34
Recoveries of what was outstanding capital when I bailed out have almost stalled at 53.19%
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Jul 28, 2021 17:14:11 GMT
Looking at the monthly Financial Statement and following the seemingly arbitrary flogging off (for an absolute pittance in some cases) of outstanding loans, some of which were at least regurgitating some monthly recovery, it is evident that capital recoveries of what's left on my LB has now virtually dried up. I was accumulating ~ 50squid every couple of months but with August almost done, at least for my 'portfolio' it stands at £8.34 Recoveries of what was outstanding capital when I bailed out have almost stalled at 53.19% August almost done, Quick give me the last 2 sets of winning lottery numbers and the racing results for yesterday Seriously though in the first 5 Months of the year I received an average of 18 payments per Month in June 9, Plus 11 other regular payers cleared by the sale ( and Of Course some Non Payers Cleared) July 7 payments.
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Aug 1, 2021 10:27:08 GMT
So looking at my loans for this up to May 2021 I was getting back about 2-3% a month. Plus of course a small amount in recoveries.
May and June this year has dropped to1%
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Aug 16, 2021 10:10:15 GMT
July at the same 1%.
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Sept 1, 2021 14:13:31 GMT
So looking at my loans for this up to May 2021 I was getting back about 2-3% a month. Plus of course a small amount in recoveries. May and June this year has dropped to1% July and August the same 1% and 2 months with no recoveries in the last 21 days despite several previously regular payers in that time frame
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
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Post by keitha on Oct 1, 2021 16:32:27 GMT
oh for Funding circles sake
trying to make some predictions on outstanding loans and bad debt etc.
the silly sods still have those loans that were sold off, still updating the next payment date in most cases making that date useless on all bad debts
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