captainconfident
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Post by captainconfident on Jan 19, 2014 2:39:05 GMT
This loan failed to pay an installment on 26.11.13. Since than, a WACTB on 3.12.13, and a week later a WACTCTB on 9th December.
The borrower went cheerily on to miss payment on 26.12.13 and FC said.... nothing. The lack of communication on the failure of this loan is In My Opinion a disgrace. They are seemingly doing NOTHING, confirming a growing impression about a lack of interest in chasing monies outstanding.
As the saying goes, their skin is not in the game. FC has a good set up, but sorely let down by a limp approach to persuing outstanding payments on behalf of their lenders. Another Breath of Foul Air indeed. Potential new investors, spread your bets wide and thin.
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captainconfident
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Post by captainconfident on Jan 19, 2014 2:45:36 GMT
Blinkin flip! This loan is actually set to default in 7 days time, 26.01.14, and FC will have got away, unless they are failing to pass on information about their dedicated efforts to contact the borrower, with doing nothing. So much for zombie loans, this one died of neglect.
Edit
Checked, website's still up, and there is a contact page. There is an address and phone number, fax etc. If the phone just rings and rings, there may be a problem and you should send someone to investigate. or look on Google f****** Earth for a closed sign, or whatever you do. But if someone answers, perhaps you would ask them why they are 54 days late paying. Then write their answer in the comments section of your website.
It's the lack of a coherent planned response to non-payment which is so dispiriting about FC. It's as if with each fresh later payer, they seem to start again from first principles, thinking what to do. In fact, in loan 1983, which is a genuine zombie, more than 3 late payments, the last comment, 12 days ago, really does say "We are currently assessing our options on how to proceed". How lame is that?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 19, 2014 7:12:05 GMT
I am with you all the way on this subject as are many other FC investors. Lack of apparent activity by FC on late payment, defaults and losses are among the most common complaints posted on here and on the old indie forum. This issue is very much in the public domain and I wonder just how much business is lost to FC for this reason. What makes things worse is that we have no idea what process FC go through in dealing with this problem. In this age of direct bank payments I would have though that the process should be automated so that a letter, phone call or other contact is made within a few days of a payment running late. This would then be followed up by further action if this does not work. However we have no idea what the heck they do or don't do and I am sure we all find this exceedingly frustrating.
Fortunately I am not with you on 1373 but am on 1983.
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agent69
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Post by agent69 on Jan 19, 2014 8:33:30 GMT
look on Google f****** Earth for a closed sign, or whatever you do. Google images are normally a long way out of date.
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mikeb
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Post by mikeb on Jan 19, 2014 19:49:14 GMT
Google images are normally a long way out of date. So are the comments on the loans, and the respective payments. It all averages out, you know.
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captainconfident
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Post by captainconfident on Jan 31, 2014 9:51:37 GMT
An update due for this thread.
After the WACTB and WACTCTB of early December, the borrower gayly skipped 3 payments without further explanation from FC. But this zombie has continued to walk. Instead of defaulting the loan or presenting an explanation, on 24th Jan lenders received exciting news:-
The borrower has advised that they will be making a payment by the end of January.
A payment? That's nice. But there are 3 outstanding payments.
That was then, this is now, end of January, no payment, no explanation.
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