I don't like Thurdays

16758 seems to have gone RBR and it isn't even Thursday yet. 8<.

Not quite, because there has to be someone there to do the RBRing. But during FC office hours we must be prepared for RBR at any time, no matter how awful the consequences.

First E loan defaulted today?
 Whole loan 14869.

I have six non-property loans with a monthly repayment due today. Four of these failed and are therefore now "Processing" - 9599, 9620, 9625 and 9638.  This is a ridiculously high proportion, which makes me think something went wrong with the overnight processing of repayments.  Overall there were some 400 non-property loans due to make a repayment today, so I am wondering whether others of you are also seeing a high proportion of "Processing" loans today?  [Only when they update the loan book tonight will I be able to see how many of the 400 failed]

[Edit: just seen from the "That website again" thread that a similar problem was reported yesterday (although yesterday, again I had six non-property loans with repayments and they all repaid). So certainly looks like a problem at Failing Computers, which they wouldn't address over the weekend.]

Just read from the FC blog the latest defaults:


Loans defaulted last week
Air conditioning specialist. Loan 7339. Risk band C
This Surrey business was established in 2007 and was placed into liquidation in January.

Motorhome showroom. Loan 10058. Risk band C
This Swansea business has been running since 2007 and is being placed into creditors’ voluntary liquidation.

Training company. Loan 7705. Risk band B
This Glamorgan business was established in 2010 and are proposing a company voluntary agreement.

Meat wholesaler. Loan 2751. Risk band B
This Manchester business has been running since 2005 and was placed into administration in December.

Street lighting installer. Loan 5339. Risk band A
This Kent business was established in 2010 and has become unresponsive after missing repayments.

Mechanic. Loan 13688. Risk band D
This Swansea business has been running since 2011 and was placed into creditors’ voluntary liquidation in December.

Motor bike saleroom. Loan 5679. Risk band B
This Lancashire business was established in 2010 and has become unresponsive after missing repayments.

Solicitor. Loan 3522. Risk band A
This Tyne and Wear business has been running since 2010 and has become unresponsive after missing repayments.

Solicitor. Loan 6817. Risk band D
This Lanarkshire business was established in 2014 and is three months in arrears.

Baking and party suppliers. Loan 13605. Risk band A
This Ayrshire business has been running since 2010 and was placed into liquidation in December.

Wood burning stove installer. Loan 13614. Risk band C
This North Yorkshire business was established in 2012 and was placed into liquidation in January.

Print company. Loan 14987. Risk band D
This Surrey business has been running since 2006 and is being placed in creditors’ voluntary liquidation.

Mechanic. Loan 9018. Risk band D
This Dorset business was established in 2014 and is three months in arrears.

Clothing manufacturer. Loan 14625. Risk band A
This West Midlands business has been running since 1993 and was placed into administration in February.


One recommendation: DON'T LEND TO LAWYERS.
It looks to me pretty obvious they are mass targeting Funding Circle for 'piloted' defaults, where they know they will soon close down activity for debts and will not repay.... I have seen at least 8 defaults from these 'professionals' (of crime).

This one might raise your blood pressure a bit.

Current example:

A+ rated legal firm presented to investors as having net assets >£1m when listed a few months ago. Latest filing (reflecting an accounting date 6 months BEFORE the FC listing) shows net assets of ...any guesses?... precisely £0. No sign of comprehensive checking/follow-up by FC even to seek an explanation, as there are potentially legitimate reasons. However, purchasers on FC are left with the original submission which is now proven to be unrepresentative of the borrower's actual position/illusory.

First default on Friday for me. 2413. Failing Customers haven't exactly been quick on their feet with this one.

"29 Apr 2016
We have defaulted this loan today as we have received notice that the borrower has convened a meeting of creditors to consider a CVA proposal. Furthermore, we have received notice that the guarantor has also convened a meeting of their creditors to consider an IVA proposal. By defaulting the loan and issuing the default notice today this should allow us to vote and claim in both the CVA and IVA proceedings.

16 Mar 2016
This loan has been downgraded as we have received notification of a winding up petition registered against the business. We are in the process of contacting the borrower to ascertain their position and we will update investors with any further developments.

15 Feb 2016
We have received notification of February's direct debit being missed. The borrower has informed us that they are currently experiencing cash flow issues. We are in the process of negotiating the clearance of the arrears and will update investors with any further developments."