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Post by captainconfident on Jun 30, 2015 13:09:11 GMT
Looking at my little portfolio of FK loans in 'debt recovery', it seems to me that these are all being well managed, being gradually paid down in line with FKs agreed payment plans.
'Non performing', which are loans with impairments but not as far gone as debt recovery, is another story. Two loans in particular are to companies which appear to be trading happily on and without significant recovery pressure from FK. I am talking about Ch***** T*****g ltd and T****0 Ltd. There is no facility such as that provided by assetz to add to the Q&A of these loans and request updates. So I'll point it out here instead.
Edit... 41 minutes after posting this, an update on T***** Ltd. Very good, but it is a non update update, typical of Filbert Cashewnut.
Hope you are still reading along, FK. "We continue to chase for payment to replace the failed payment sent earlier this month" is not an update. It is a waste of your investors time. Kindly only bother me when you have some actual news to report.
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Steerpike
Member of DD Central
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Post by Steerpike on Jun 30, 2015 15:26:03 GMT
Not much sign of recovery for W******* P**** and no update since May 6th.
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Post by kayfundingknight on Jul 8, 2015 10:48:49 GMT
Thank you for your feedback.
This is a tricky issue where we aim to please everyone but .......
We will always update lenders of material facts. There are occasions, however, where we feel, as a fair amount of time has elapsed since our previous update, we need to reassure lenders that we are still taking action to engage with the borrower and seek repayment of our loan. There are also a number of lenders who appreciate regular updates, even if there is nothing new to report.
Updates have recently been issued on two of the borrowers mentioned in this thread. We hope to issue an update on the third very soon.
Apologies, if on this occasion, we have not provided an update you found interesting or useful.
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Post by captainconfident on Jul 10, 2015 10:01:23 GMT
Hello kayfundingknight
I see the borrower T**** Ltd, of the lacklustre update, have now paid with a second rubber cheque. Is it not time to default this loan and persue a recovery on behalf of lenders while this company remains a trading entity?
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Post by kayfundingknight on Jul 10, 2015 14:44:05 GMT
The borrower you allude to has missed repayments in the past. We chased relentlessly, rather than just 'calling the loan in'. This approach eventually delivered re-engagement from the borrower and achieved further repayments for our lenders. Clearly this does not mean we are accepting of the current situation, but we have some evidence with this borrower that we can turn things around to the benefit of our lenders.
The choices we make have to be, what we consider to be, in the best interest of our lenders and the most likely action to assist in the recovery of the debt.
We share in your frustration.
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Post by captainconfident on Jul 10, 2015 16:02:05 GMT
Understood, KFK, and although I may come across as abrupt and rude, I do think that FK is doing a good job in this tricky area. Better than a couple of other sites I am thinking of. FK and TC are the only two platforms with whom I'm actively increasing my investment.
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Steerpike
Member of DD Central
Posts: 1,959
Likes: 1,680
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Post by Steerpike on Aug 7, 2015 11:20:39 GMT
I wonder, is it right to classify a loan as "in debt recovery", e.g. W******* P****, if no money has been recovered for 10 months?
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