dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 995
Likes: 567
Member is Online
|
Post by dave4 on Jun 14, 2022 20:10:56 GMT
They offer 5% because at present they can get away with it. But they know that 5% does not match the risk. I currently use 5% (and 6%) loans as a next day withdrew savings account for my repayments from other platforms. I drip feed funds up to higher paying loans on ac or more often to other platforms as required.
|
|
jo
Member of DD Central
Posts: 727 
Likes: 492
|
Post by jo on Jun 15, 2022 7:38:15 GMT
ilmoro said: 'They have declared them as irrecoverable as per HMRC definition, they have declared some as having no further prospect of any recovery by any means, but they have never written one off to the extent it no longer appears in your invested total ... its become a long running joke that they keep promising the functionality but it never appears. Tagging chris just for fun'I'm afraid I take a very dim view of the above and regard it as an intentional policy to mislead. If AC has a problem with this, I'm quite easy to get hold of.
|
|
|
|
Post by Ace on Jul 12, 2022 17:03:03 GMT
I've added a monthly update to the table in the OP.
5 of the remaining loans now have a capital valuation of zero.
Only 2 have a capital valuation of 100%.
|
|
|
|
Post by Ace on Aug 12, 2022 16:31:34 GMT
I've added a monthly update to the table in the OP.
Virtually no change this month. Just a few pennies of interest received. So XIRRs are slowly falling.
|
|
|
|
Post by Ace on Sept 12, 2022 18:05:41 GMT
I've added a monthly update to the table in the OP.
Absolutely zero payments or progress on any of my loans this month, so XIRRs continue to fall.
|
|
|
|
Post by Ace on Oct 12, 2022 22:28:52 GMT
I've added a monthly update to the table in the OP.
One loan repaid this month.
I've also removed 4 other loans from the totals where AC have declared in the loan comments that there will be no further recovery. 1 of these loans was declared irrecoverable this month, but the other 3 had been declared irrecoverable between 5 and 16 months ago but I had been waiting for AC to write them off tidily and remove the outstanding capital (and interest) from the dashboard. I've now given up waiting.
XIRRs continue to fall.
|
|
|
|
Post by Ace on Nov 12, 2022 11:27:34 GMT
I've added a monthly update to the table in the OP.
Virtually nothing happened this month. Under £1 of interest received.
XIRRs continue to fall.
|
|
|
|
Post by Ace on Dec 12, 2022 20:08:44 GMT
I've added a monthly update to the table in the OP.
One loan repaid its final installment of capital this month (#209). The remaining capital from that loan has now been written off.
XIRRs continue to fall.
Note that I made an investment in the Access Accounts this month to take advantage of some high discounts. I have removed all effects of this investment from the figures in the OP so as to continue to monitor the original rundown. I.e. the table in the OP continues to monitor my MLA rundown only (I sold out of my previous AA investments before starting the OP).
|
|
|
|
Post by Ace on Jan 12, 2023 17:41:11 GMT
I've added a monthly update to the table in the OP.
XIRRs continue to fall.
Now that the platform is in wind-down I'm less confident of ending up with 6.5%. They must be less incentivised to ensure that losses are kept to a minimum now that they no longer need us to reinvest. Then there's the extra wind-down fees, though they might not affect me since my loans with any capital left are all in default.
|
|
|
|
Post by df on Jan 12, 2023 21:07:07 GMT
I've added a monthly update to the table in the OP. XIRRs continue to fall. Now that the platform is in wind-down I'm less confident of ending up with 6.5%. They must be less incentivised to ensure that losses are kept to a minimum now that they no longer need us to reinvest. Then there's the extra wind-down fees, though they might not affect me since my loans with any capital left are all in default. Extra wind-down fees shouldn't affect you. What are your remaining 7 loans?
|
|
|
|
Post by Ace on Jan 12, 2023 21:13:07 GMT
I've added a monthly update to the table in the OP. XIRRs continue to fall. Now that the platform is in wind-down I'm less confident of ending up with 6.5%. They must be less incentivised to ensure that losses are kept to a minimum now that they no longer need us to reinvest. Then there's the extra wind-down fees, though they might not affect me since my loans with any capital left are all in default. Extra wind-down fees shouldn't affect you. What are your remaining 7 loans? Just realised that it's now only 6 left, I'll update the OP. 1223 repaid this month. They are: 791, 808, 824, 1116, 1122 and 1144.
|
|
agent69
Member of DD Central
Posts: 5,583
Likes: 4,181
|
Post by agent69 on Jan 12, 2023 21:37:54 GMT
I've added a monthly update to the table in the OP. XIRRs continue to fall. Now that the platform is in wind-down I'm less confident of ending up with 6.5%. They must be less incentivised to ensure that losses are kept to a minimum now that they no longer need us to reinvest. Then there's the extra wind-down fees, though they might not affect me since my loans with any capital left are all in default. Does this mean that they will finally be writing off defaulted loans? I still have about £25 showing for the farcical South Coast Plumber (other farcical loans are available), where any chance of further recovery ceased about 5 years ago.
|
|
|
|
Post by Ace on Jan 12, 2023 22:17:48 GMT
I've added a monthly update to the table in the OP. XIRRs continue to fall. Now that the platform is in wind-down I'm less confident of ending up with 6.5%. They must be less incentivised to ensure that losses are kept to a minimum now that they no longer need us to reinvest. Then there's the extra wind-down fees, though they might not affect me since my loans with any capital left are all in default. Does this mean that they will finally be writing off defaulted loans? I still have about £25 showing for the farcical South Coast Plumber (other farcical loans are available), where any chance of further recovery ceased about 5 years ago. I doubt they will bother. They promised that functionality for longer than I can remember and never got round to it.
|
|
|
|
Post by df on Jan 12, 2023 22:21:28 GMT
Extra wind-down fees shouldn't affect you. What are your remaining 7 loans? Just realised that it's now only 6 left, I'll update the OP. 1223 repaid this month. They are: 791, 808, 824, 1116, 1122 and 1144. Looking at them. 791 earned me 14 months of interest + I got it @1% discount (quite a few loans at that time were distributed at discount) + earned from it in AAs  Funny how the same loan can be a gain for one and loss for another. I did well with 808 too. 824 - I don't expect any more than 10% back and that's probably over enthusiastic. 1116 is a crystallised loss. 1122 - the next update is due tomorrow. We'll see what is says (if it arrives), but I think the loss will be significant. 1144- no interest payments for 3 months usually ends up in capital loss. Ending with 6.5% is probably too optimistic if you judge by AC's "capital valuation", but the most important thing is that you already have guaranteed gain.
|
|
|
|
Post by Ace on Jan 12, 2023 22:28:54 GMT
Just realised that it's now only 6 left, I'll update the OP. 1223 repaid this month. They are: 791, 808, 824, 1116, 1122 and 1144. Looking at them. 791 earned me 14 months of interest + I got it @1% discount (quite a few loans at that time were distributed at discount) + earned from it in AAs Funny how the same loan can be a gain for one and loss for another. I did well with 808 too. 824 - I don't expect any more than 10% back and that's probably over enthusiastic. 1116 is a crystallised loss. 1122 - the next update is due tomorrow. We'll see what is says (if it arrives), but I think the loss will be significant. 1144- no interest payments for 3 months usually ends up in capital loss. Ending with 6.5% is probably too optimistic if you judge by AC's "capital valuation", but the most important thing is that you already have guaranteed gain. I don't consider 1116 to be quite crystallised yet, but I agree that it's clutching straws. As the table in the OP states, if AC's Capital Valuation is correct as of today, my XIRR will be 6.9%.
|
|
Funny how the same loan can be a gain for one and loss for another. I did well with 808 too.