keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
Posts: 2,594
Likes: 1,513
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Post by keitha on Jul 8, 2021 16:23:09 GMT
Confused.com
A few weeks ago I had 161 with comments 58 downgraded, None have paid off yet I now have 149 with comments 55 downgraded,where have the comments gone.
my spreadsheet has 56 defaults of which 6 have repaid in full ( this matches bed debts on the system )
looking at lates ...
OMG I wish I hadn't ! the majority of a random sample are at least 4 months in arrears
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Post by indexfund on Aug 30, 2021 15:39:54 GMT
Actually I possibly have even less understanding than you! With so many P2P platforms winding down in so many different ways I am struggling to keep an interest in what is actually happening! Anyway, my FC account now shows 245 loans (310 loan parts) - and all are now showing as 'Bad Debt'. Every day there are repayments due but I haven't the time or inclination to drill down into what is going on or whether it is worth pursuing what are possibly trivial amounts. Also, there was a spate of pay-outs a few months ago that may or may not make these apparent loans worthless! Who knows? Does anybody know?!
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Post by indexfund on Aug 30, 2021 15:49:33 GMT
Actually just having a quick look... some loans which were sold off have this statement
"This loan has been sold to a third party. You have received the final recovery payment for this loan, minus any legal costs which have been deducted in accordance with the Investor Terms and Conditions. There will be no further payments or updates related to this loan."
But many don not have the above statement so would assume there might still be small amounts trickling through?
My question is.... is there a way in the listings of separating out the loans that have been sold off from the rest of them? To extrapolate them would be hugely helpful to see just what is left there. Has anybody a solution to this one?
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scooter
Member of DD Central
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Post by scooter on Aug 30, 2021 16:59:03 GMT
It's a very manual process.
Off the top of my head...
Download your loan book and sort by status to separate out bad debt.sort by loan reference or part number.
Download the transaction list for the month when the sale took place,,, June I think.
Principle recovery debt sale are the ones that are sold and you can match the part number up to the loan book. Those that are not sold you can check on the loan comments.
Hope that helps
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Post by indexfund on Aug 30, 2021 17:10:59 GMT
It's a very manual process. Off the top of my head... Download your loan book and sort by status to separate out bad debt.sort by loan reference or part number. Download the transaction list for the month when the sale took place,,, June I think. Principle recovery debt sale are the ones that are sold and you can match the part number up to the loan book. Those that are not sold you can check on the loan comments. Hope that helps Thanks I'll give that a go!...Annoying as it would seemingly be fairly easy for FC to add another column to differentiate the loans sold off and those not.
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keitha
Member of DD Central
FC loans defaulting faster than I can eat cream cakes
Posts: 2,594
Likes: 1,513
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Post by keitha on Aug 31, 2021 8:47:36 GMT
And amongst the remainder after the sell off you will have those marked "as no prospect of further recovery" or similar, and of course those that FC have just quietly given up on.
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mikeb
Posts: 1,037 
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Post by mikeb on Sept 5, 2021 14:40:48 GMT
It's a very manual process. Off the top of my head... Download your loan book and sort by status to separate out bad debt.sort by loan reference or part number. Download the transaction list for the month when the sale took place,,, June I think. Principle recovery debt sale are the ones that are sold and you can match the part number up to the loan book. Those that are not sold you can check on the loan comments. Hope that helps Thanks I'll give that a go!...Annoying as it would seemingly be fairly easy for FC to add another column to differentiate the loans sold off and those not. I think you mistyped -- "fairly easy for FC to add another column so you could see how badly things were actually being handled" there. There's a number of "data view" things that they *could* do, but one has to wonder why they don't -- like insisting on referring to loans by loan NUMBER in one place, but loan part ID in another, hoping you can't tie the two up ... The only way to truly get this information is to have been collating it and updating as you went along (in my case, from the moment I successfully got a £20 bid in a completed auction) then tracking any partial repayments on those moved to downgraded/defaulted etc. -- and yes it's a pain to do so, but otherwise you won't know, or have any independent information from what the platform spoon-feeds you. Assuming the platform doesn't disappear with loss of access to records (!) They don't make it easy, for a reason. Just look at the shiny headline figures, it's all good. Look at the "average investor performance" (that's you!) and it's all good. Don't look at your own personal specific account. Good God no. Don't do that ... 
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