keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Feb 3, 2022 14:15:47 GMT
I'm getting a steady flow of updates for Debt sale , and yet again the Fecking Chancers are selling off loans that are repaying, from what I can see at the moment an average of about 20p in the pound on outstanding amount.
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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 Feb 3, 2022 18:25:24 GMT
A couple of nice ones at the end boosted the total to over 25% or 32% of what was outstanding, but yet again payers sold off so one that was paying regularly for a year sold for 5 payments.
For me I think now that we retail are to be got rid of as cheaply as possible.
from a quick lookmy remaining default will be paying back less than 1/2 of a percent of the total outstanding defaults each month
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Post by rash4cash on Feb 3, 2022 20:35:32 GMT
It would be useful if they changed the loan status to sold or something other than bad debt.
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Post by indexfund on Feb 20, 2022 10:24:19 GMT
It would be useful if they changed the loan status to sold or something other than bad debt. Ah yes, that is my real bugbear with FC. They could so easily do that but no doubt they have their 'cloudy' reasons for not doing so. I have over 250 loans left with FC, most bad debt or written off or sold off, yet I still get dribs and drabs of interest payments every week!
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Post by overthehill on Feb 20, 2022 11:44:55 GMT
It would be useful if they changed the loan status to sold or something other than bad debt. Ah yes, that is my real bugbear with FC. They could so easily do that but no doubt they have their 'cloudy' reasons for not doing so. I have over 250 loans left with FC, most bad debt or written off or sold off, yet I still get dribs and drabs of interest payments every week!
I logged in about a month ago and the 10 loans that had been in the recovery status for a few years were just closed with a 'no further recovery'. Possibly because I had received my target rate, no idea?
I've not been following any FC threads since I exited, I didn't like the bad debts levels or their recovery acumen or motivation, I don't know if this has been borne out.
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keitha
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Post by keitha on Feb 21, 2022 21:43:42 GMT
I think it's more that FC have been unable to recover any money from the business or the guarantor, so have effectively closed the book on them
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adrianc
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Post by adrianc on Feb 22, 2022 9:42:56 GMT
I think it's more that FC have been unable to recover any money from the business or the guarantor, so have effectively closed the book on them If it was perceived as hopeless, then no debt recovery outfit would have bought it... It's a line-drawing exercise. If they think they can get 50p/£ back, but it'll cost 20p to recover it, giving a net recovery of 30p - then it's better for everybody to sell for 40p. We're 10p/£ up. The debt recovery outfit make their money by having lower costs through economies of scale, so it might only cost them 5p/£ to recover. If they have a net recovery of 45p/£, they are 5p/£ up.
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keitha
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Post by keitha on Feb 22, 2022 15:28:33 GMT
I know someone who worked for one of these companies recovering these debts, he only lasted a year. For a lot of what the purchased ( Store cards etc ) they paid 10-15P in the £. The company expected to get 40p back and he got a percentage of anything over 50p
of course these Bailiff companies are the worst
Dear Adrian you owe Currys £100 plus our fee of £75 for writing this letter then Good Morning Adrian, you owe currys £100 plus our fee of £75 for letter plus £235 fr this visit then
Good Morning Adrian You owe Currys £100 plus our fee of £75 for the letter, plus £235 for our first visit plus £110 as we are now removing items for sale.
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adrianc
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Post by adrianc on Feb 23, 2022 16:07:24 GMT
I know someone who worked for one of these companies recovering these debts, he only lasted a year. For a lot of what the purchased ( Store cards etc ) they paid 10-15P in the £. The company expected to get 40p back and he got a percentage of anything over 50p Obvs, the numbers in my post were illustrations only. I rather suspect sympathy for the borrowers of the loans in question will be a tad hard to find.
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keitha
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Post by keitha on Feb 23, 2022 16:46:28 GMT
I know your figures were illustrative, I suppose that I would anticipate it would be more possible to get money from people who have run a business than from those who are on benefits.
As an example I have a friend who owes various companies in excess of £15,000, as he's now on benefits he is paying back £3.50 a month. when one took him to court the judge told the lender that in his opinion the offer of 50P a month was fair considering his circumstances.
but yes back to bailiffs IMHO the charges are extortionate, perhaps this may become a scandal like bank charges as it clearly does not cost £75 to send a letter.
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