keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,864
Likes: 2,305
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Post by keitha on Mar 12, 2022 11:10:51 GMT
I have a "live" account.
July 2019 I started the exit process
I have withdrawn 91.6% of my investment at that time
My Account still has 15% of my investment at that time July 2019 ) remaining. 80% is Live 20% is Late by value, 84% & 16% by number
I have an amount equivalent to 5% of my investment at July 2019 that is defaulted and not sold off. Repayments on these are running at under 1% a month. Looking at comments on the loans I expect that 33% of my outstanding defaults will never pay a penny.
I have a lot of loans with an extension date where FC have given them an extension to pay, despite several requests FC have not answered the questions
1) If you give a Payment holiday on a loan does interest still accrue during that time 2) If you agree an extension to a loan does the interest rate change 3) in the case of 1 or 2 above does the extra interest get given to those who funded the loan, if so how do we know how much to expect
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mikeb
Posts: 1,052
Likes: 463
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Post by mikeb on Mar 13, 2022 17:15:24 GMT
So, all 3 FC accounts are signification below all 4 LP and PL accounts for me. I won't be mourning the loss of FC. Some of us already "mourned the loss of FC" around September 2017 ... long before Co-Vid stepped in to provide excuses.
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Post by e17gardener on Mar 16, 2022 12:07:51 GMT
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Post by e17gardener on Mar 16, 2022 12:10:19 GMT
Sheer greed from FC - as I know to my cost there are also hundreds of accounts held by dead investors and their relatives will continue to have to wait for repayment for years to come.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,864
Likes: 2,305
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Post by keitha on Mar 17, 2022 14:14:36 GMT
Sheer greed from FC - as I know to my cost there are also hundreds of accounts held by dead investors and their relatives will continue to have to wait for repayment for years to come. in my case I know of one that went to probate nearly 2 years ago, solicitors wont pay any money over to the relatives until its all collected, my friend got access to the FC account and it has a few hundred pounds in it and that is holding up the distribution an entire estate of several hundred thousand pounds
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Post by e17gardener on Mar 17, 2022 17:56:09 GMT
Fortunately I did the probate on my Mother's estate myself so FC is the only bit left 2 years after she died. Once they'd locked the account and been provided with probate details they still didn't pay out repaid loans as promised. It took months of calls and I had to go through their whole complaints process (they did not uphold my complaint) and then involve the Daily Mail before I started receiving regular monthly repayments that I can distribute to the legatees.
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Post by investor1925 on Mar 18, 2022 9:28:52 GMT
Yes, like Keitha above, I'm down to about 12% of my peak holding back in March 2019.
All I'm doing now is logging in every Monday morning & withdrawing whatever is there.
As far as probate goes, I've told our children not to tell FC anything if either of us die, so they can just keep pulling the cash out as it arrives.
Hopefully, they'll all still be alive when it is all finished, otherwise, they'll be passing it on to the grandchildren
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Post by Ace on Mar 18, 2022 10:00:28 GMT
I'm the executor of a deceased relative's account on FC. The account had been running down since their death in June 2019. FC gave me access to the account in Nov 2019 after I got probate. I've been withdrawing monthly since. Only 0.12% of the original balance remaining now.
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Post by lufefago on Apr 25, 2022 16:14:06 GMT
It is not really shocking news as the Lending platform never worked. The lending model was a complete disaster. The P2P is not here to stay. All these P2P companies are becoming Loan providers which are increasing the rates at the level of the banks. The whole movement of challenging the banks is over.
There are big survivors from the FinTech disruption but these companies are becoming a "normal" financial firms, where is the Tech? Nowhere!
I have tried to catch up my money for almost 3 years, after many complaints they keep on coming back with the same excuses.
Turn off the lights and let's all move on and continue using the reliable banking system. Avoid getting into debt and keep investing in a smart way, avoid these company!!!
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,864
Likes: 2,305
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Post by keitha on Apr 26, 2022 10:00:46 GMT
I've looked carefully at my account
If I get back 50% of what is still "live" plus 25% of my defaults, I will still be in a position of making in excess of 2.5% PA on my original investment. That's a fag packet calculation as I've been withdrawing for over 2 years, and have 2 years to go for the last ones to complete. Of course recoveries may continue after that but compared to bank rates at 0.1% or thereabouts that is a good rate, and yes like many others I grumble but ...
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benaj
Member of DD Central
Posts: 4,853
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Post by benaj on Apr 26, 2022 10:14:34 GMT
Shocking news or not, withdrawal via the FC app doesn't work on one of my account.
Bottom line: withdrawal works as normal via web.
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ceejay
Posts: 971
Likes: 1,149
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Post by ceejay on Apr 26, 2022 13:53:58 GMT
Well, today I pulled the final plug and closed our FC account for good. There were still a few hundred pounds of bad debt that they hadn't got round to selling or formally giving up on, but with a repayment rate of at best a few pennies per month I decided I had had enough.
Just ask them for a form to assign your rump loans to them on the basis that they will send any future returns to charity. Easy peasy, done, and my executors won't have to worry about it.
According to the Excel XIRR function, my overall return was 3.01%, which I take as an acceptable outcome in the circumstances.
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ceejay
Posts: 971
Likes: 1,149
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Post by ceejay on Apr 26, 2022 13:56:49 GMT
Sheer greed from FC - as I know to my cost there are also hundreds of accounts held by dead investors and their relatives will continue to have to wait for repayment for years to come. in my case I know of one that went to probate nearly 2 years ago, solicitors wont pay any money over to the relatives until its all collected, my friend got access to the FC account and it has a few hundred pounds in it and that is holding up the distribution an entire estate of several hundred thousand pounds
Can't comment on the specifics of that case but, in general, surely all that is necessary would be for the beneficiaries to sign a Deed of Variation with a specific instruction for the FC holdings (assign to charity or to one of their number)?
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Post by mostlywrong on May 17, 2022 12:50:14 GMT
I am down to 3 live loans, one of which is 13.5%, and that one finishes later this month. Crying...
I think I have something like 300 bad loans which, between them all, pay out at the splendid rate of £1/month.
I first invested with FC in 2012, so I might be around for a while!
MW
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scooter
Member of DD Central
Posts: 350
Likes: 325
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Post by scooter on May 17, 2022 21:25:11 GMT
I am down to 3 live loans, one of which is 13.5%, and that one finishes later this month. Crying...
I think I have something like 300 bad loans which, between them all, pay out at the splendid rate of £1/month.
I first invested with FC in 2012, so I might be around for a while!
MW
I'm guessing most of the 300 bad loans have been sold/closed? Otherwise, £1 per month is bad, even on the FC scale of bad!
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