mikeb
Posts: 1,052
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Post by mikeb on Jan 19, 2014 19:35:03 GMT
the way FK follow this default up will be watched by a large number of FC investors, methinks. Not just the investors, one would hope that the management team are also watching ... if FK are going to go raising the bar, then people will have to start jumping higher!
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Post by batchoy on Jan 20, 2014 11:16:02 GMT
Not looking good, the credit rating service I use has suspended their credit rating and they acquired a CCJ for £577 on 02-01-2014
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Post by batchoy on Jan 20, 2014 22:44:05 GMT
I just wonder how much FK are monitoring their borrowers outside of the repayments they are making (I haven't but wish I had) looking in more detail at the data from my credit ratings service, there were warning signs back at the beginning of October when its risk rating first picked up (accounts were lodged) then immediately bombed, followed a month later by the resignation of the company secretary and finally on the 2nd January it picked up a CCJ.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 20, 2014 22:57:18 GMT
I just wonder how much FK are monitoring their borrowers outside of the repayments they are making (I haven't but wish I had) looking in more detail at the data from my credit ratings service, there were warning signs back at the beginning of October when its risk rating first picked up (accounts were lodged) then immediately bombed, followed a month later by the resignation of the company secretary and finally on the 2 nd January it picked up a CCJ. Does FK have a secondary market in loan parts? If so, you may have missed an opportunity to get out when you could have.
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Post by batchoy on Jan 21, 2014 8:32:09 GMT
I just wonder how much FK are monitoring their borrowers outside of the repayments they are making (I haven't but wish I had) looking in more detail at the data from my credit ratings service, there were warning signs back at the beginning of October when its risk rating first picked up (accounts were lodged) then immediately bombed, followed a month later by the resignation of the company secretary and finally on the 2 nd January it picked up a CCJ. Does FK have a secondary market in loan parts? If so, you may have missed an opportunity to get out when you could have. Yes, and I am kicking myself. Suffice to say I spent last night making full use of the monitoring service with email alerting the the credit ratings service provides.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 21, 2014 16:04:06 GMT
Does FK have a secondary market in loan parts? If so, you may have missed an opportunity to get out when you could have. Yes, and I am kicking myself. Suffice to say I spent last night making full use of the monitoring service with email alerting the the credit ratings service provides. This is an interesting point for anyone buying loan parts in a secondary market... Does the seller know something you don't?
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oldgrumpy
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Post by oldgrumpy on Jan 21, 2014 16:21:46 GMT
Very likely. A couple of days ago I put up something for sale that had just paid 20+ days late. I knew that, but it went so quickly (less than a minute) that the buyer couldn't have known. (Yes, I put 1.2% mark up on, so they could have looked if they weren't on autobid!)
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Post by batchoy on Jan 28, 2014 10:06:59 GMT
Nearly two weeks since the last update from FK, when they were 'advising of the intention to take the debt collection process to the next stage if communication is not received this week', so did they take it to the next stage? It would be nice to know.
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Post by batchoy on Jan 31, 2014 13:38:09 GMT
Just picked up an update email, the loan has been defaulted and legal recovery processes started.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jan 31, 2014 15:33:29 GMT
Wot no WACTBFP, WACTCTBFP??
Straight in to the process. Good. The email letter is detailed and courteous. FC could learn a lot about informing their lenders. Don't give the defaulters time to "lose/redistribute" all their assets and avoid honouring the "director's guarantee".
There may not be a full recovery, but we know what is happening.
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min
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Post by min on Jan 31, 2014 19:38:38 GMT
Wot no WACTBFP, WACTCTBFP??
Straight in to the process. Good. The email letter is detailed and courteous. FC could learn a lot about informing their lenders. Don't give the defaulters time to "lose/redistribute" all their assets and avoid honouring the "director's guarantee". There may not be a full recovery, but we know what is happening. Yes, very different from the 'formall' tone from FC. Sounds like FK care.
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Post by batchoy on Feb 19, 2014 15:20:45 GMT
It looks to be another case of meaningless guarantees, reading the notes on this loan it would appear that the director and guarantor was declared bankrupt on the 12th February.
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Post by mrclondon on Feb 19, 2014 22:03:24 GMT
Thanks for the pointer batchoy, this is going to be real pain if we have to check the loan details for each distressed loan to see the updates. At least FC for all their faults do provide a summary of comments.
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Post by elljay on Feb 20, 2014 7:46:42 GMT
At least FC for all their faults do provide a summary of comments. They didn't in the early days - the summary was added in response to, uh, feedback.
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Post by batchoy on Feb 20, 2014 10:25:15 GMT
Thanks for the pointer batchoy, this is going to be real pain if we have to check the loan details for each distressed loan to see the updates. At least FC for all their faults do provide a summary of comments. To a degree FK have slipped a little and are getting inconsistent there was an email about a month ago with an update, but it took a while for the loan notes to be updated, and now we have a update to the notes but no email. Additionally there is no way of picking up any changes to the loan notes other than going through each one in turn, unless the loan is having issues then the most visible clue is that the offer for sale button is missing. One good example is Str*****ins Ltd which had a update added yesterday, it is still possible to sell loan parts but the update warns of possible future payment issues due to cashflow problems
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