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Post by mostlywrong on May 17, 2022 22:03:37 GMT
I have not dug down into the figures but will do so when I next log in.
MW
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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 May 18, 2022 9:19:11 GMT
I have 61 Bad Debts
of those:-
21 still have possible recoveries
7 have paid 100 % of the balance
30 have been sold
3 completely written off ( All with guarantors bankrupt or in IVA )
My current recovery rate is 0.5% of the balance on those where recoveries are possible
of the 21 with possible recoveries 7 have not paid a penny, these represent approximately 20% of the value, 7 are repaying regularly approx 45% of the value.
Of my "live" loans the last of these should complete in 24 months
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adrian77
Member of DD Central
Posts: 3,768 
Likes: 3,885
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Post by adrian77 on May 18, 2022 16:25:07 GMT
Glad I got out when I did - this company clearly got greedy after they strayed from their original business model - it was the purple puppet and tennis tables along with the superficial and vacuous spin they gave us - really feel for those of you left in and unable to take your money out/ High-tech or not - same old business dodge - offer a high return - get the money - change the terms and conditions and stuff the original investors.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 693
Likes: 449
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Post by coogaruk on May 19, 2022 12:04:30 GMT
Glad I got out when I did - this company clearly got greedy after they strayed from their original business model - it was the purple puppet and tennis tables along with the superficial and vacuous spin they gave us - really feel for those of you left in and unable to take your money out/ High-tech or not - same old business dodge - offer a high return - get the money - change the terms and conditions and stuff the original investors. In my experience all P2P platforms have followed broadly the same path and timing was key in deciding at which point to get out.
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Post by mostlywrong on May 22, 2022 17:22:58 GMT
I have 61 Bad Debts of those:- 21 still have possible recoveries 7 have paid 100 % of the balance 30 have been sold 3 completely written off ( All with guarantors bankrupt or in IVA ) My current recovery rate is 0.5% of the balance on those where recoveries are possible of the 21 with possible recoveries 7 have not paid a penny, these represent approximately 20% of the value, 7 are repaying regularly approx 45% of the value. Of my "live" loans the last of these should complete in 24 months I have recorded nowhere near that amount of detail in my account!MW
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Post by mostlywrong on May 22, 2022 17:23:55 GMT
Not quite certain what happened there...
MW
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Post by vincentprice on Jun 22, 2022 9:07:56 GMT
Ceejay, when did you give the remainder of your funds to Charity, and which one did they choose if you don’t mind me asking?
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Post by vincentprice on Jun 23, 2022 15:40:16 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.
Ceejay when I called they did not mention the charity option to close my account- which charity was it and do you remember who you spoke to?
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coogaruk
Hello everyone! Anyone remember me?
Posts: 693
Likes: 449
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Post by coogaruk on Jun 23, 2022 17:22:14 GMT
Ceejay, when did you give the remainder of your funds to Charity, and which one did they choose if you don’t mind me asking? I think you'll find the answer tucked away in a reply on the recent poll you ran 
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Post by Deleted on Jun 29, 2022 20:14:13 GMT
Hello everyone. I'm an early investor and still drawing down my loans. Current status:
INTEREST £44,851.37
NET TRANSFER PAYMENT -£56.94
PROMOTIONS £23.40
FEES -£5,741.50
DEFAULTS -£24,667.28
RECOVERIES £9,968.42
NET EARNINGS £24,377.47
Annualised return: 4.3%
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Post by df on Jun 29, 2022 21:23:12 GMT
Hello everyone. I'm an early investor and still drawing down my loans. Current status: INTEREST £44,851.37 NET TRANSFER PAYMENT -£56.94 PROMOTIONS £23.40 FEES -£5,741.50 DEFAULTS -£24,667.28 RECOVERIES £9,968.42 NET EARNINGS £24,377.47 Annualised return: 4.3% Welcome to the forum. I have no live loans on FC, only receiving recoveries. Annualised return displays 3.2%, my XIRR calculation is 4.05%. I'm glad I got out without the loss and even at small profit.
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Post by Deleted on Jun 30, 2022 12:27:14 GMT
Thanks  Thought I'd share my experience. The amount I've got left is less than my net earnings so I guess I'm in profit too. |
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ceejay
Posts: 966
Likes: 1,148
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Post by ceejay on Jul 4, 2022 12:53:34 GMT
Ceejay, when did you give the remainder of your funds to Charity, and which one did they choose if you don’t mind me asking? In April. "Our chosen charity for 2022 is SWAT, one of our long-standing partners helping financially disadvantaged communities in the UK." You can only do this if you have no active loans, though.
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Thought I'd share my experience. The amount I've got left is less than my net earnings so I guess I'm in profit too.