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Post by Deleted on Jan 27, 2017 8:39:50 GMT
I'd sweat the turbine when we have some facts. Until then it just an unknown issue.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 27, 2017 9:48:52 GMT
I'd sweat the turbine when we have some facts. Until then it just an unknown issue. These are in very short supply on FS.
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r1200gs
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Post by r1200gs on Jan 27, 2017 10:24:24 GMT
Unfortunately, I'm in the turbine loan. The stupid thing is, I remember thinking to myself that I really don't trust all this new fangled green energy stuff, then went in for a couple of grand. Idiot. A couple of grand ........ goshhhhhhhhhhhhhhh I was pissed off that the Train loan is most likely going into default and fs isn't doing anything or updating us on the situation. I got £25 in it, then read u got a couple of grand on the turbine loan. Hope u get it back. In general FS valuations are really not that great. 2k is less than 1% of my P2P portfolio, not that I would be happy to see it go. I hope the guy with 85k in the turbine loan can say the same.
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Liz
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Post by Liz on Jan 27, 2017 11:25:12 GMT
A couple of grand ........ goshhhhhhhhhhhhhhh I was pissed off that the Train loan is most likely going into default and fs isn't doing anything or updating us on the situation. I got £25 in it, then read u got a couple of grand on the turbine loan. Hope u get it back. In general FS valuations are really not that great. 2k is less than 1% of my P2P portfolio, not that I would be happy to see it go. I hope the guy with 85k in the turbine loan can say the same. I've had 3% of my portfolio in 1 loan go into default, with little likely recovery...You win some, you lose some. Now I only invest in loans with assets without legs.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 27, 2017 11:32:14 GMT
As Liz says, You win some, you lose some, but the trick is to keep your losses below the all time interest - something I may have failed to do on FS, depending on the recovery level, although I hope to be OK taken across all platforms unless too many more loans go sour.
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ben
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Post by ben on Jan 27, 2017 12:15:29 GMT
At the moment on FS I have only had two default and both of them were recovered, I have about 2 loans that in case of default I would not expect a full recovery, but I invested fully aware of that.
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mikes1531
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Post by mikes1531 on Jan 27, 2017 15:05:46 GMT
... I have about 2 loans that in case of default I would not expect a full recovery, but I invested fully aware of that. : Would you mind telling us which loans you don't think would achieve full recovery if they defaulted? And why you decided to invest in those anyway?
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ben
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Post by ben on Jan 27, 2017 16:09:39 GMT
... I have about 2 loans that in case of default I would not expect a full recovery, but I invested fully aware of that. : Would you mind telling us which loans you don't think would achieve full recovery if they defaulted? And why you decided to invest in those anyway? Both of the loans I invested in because I was interested in the project rather then the final outcome. Both of which if go into default could produce a rather heavy losss as storage and sales fees would be quite high. E**** Maria B****** - (2477064632) I was interested in the project and the restoration, I also went to go and see it so was happy to invest, although if the loan went into defualt I would think it would be pretty hard to sell on. Although there is a market for this it is very limited. Endurance Boat (1312288338)- Again I was interested in the boat and the project. The asset itself whilst being very nice and expensive will have limited appeal in case of default as it was built for only one reason.
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littleoldlady
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Post by littleoldlady on Jan 27, 2017 17:59:44 GMT
I have about 2 loans that in case of default I would not expect a full recovery, but I invested fully aware of that. IMO any loan that defaults is unlikely to yield a full recovery. This is simple logic. If the asset could be disposed off for sufficient to repay the loan why would the borrower not do that? If the asset is seized and disposed of by the lender then receivers/liquidators eye-watering costs will be lost to both borrower and lender. So if full recovery was made it would mean that the borrower was much worse off than if he had disposed of it himself. Of course he would need the lender's permission but why would that not be granted, in normal circumstances? SS did have one loan that they described as a default but the property was sold at auction with full recovery. I suppose, though I am not sure, that this was done by the borrower in agreement with SS, so no 3rd party costs were involved. If this was the case then it was not a default as I understand the term, and the sense in which I use it in this post.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 27, 2017 22:20:30 GMT
I have about 2 loans that in case of default I would not expect a full recovery, but I invested fully aware of that. IMO any loan that defaults is unlikely to yield a full recovery. This is simple logic. If the asset could be disposed off for sufficient to repay the loan why would the borrower not do that? If the asset is seized and disposed of by the lender then receivers/liquidators eye-watering costs will be lost to both borrower and lender. So if full recovery was made it would mean that the borrower was much worse off than if he had disposed of it himself. Of course he would need the lender's permission but why would that not be granted, in normal circumstances? SS did have one loan that they described as a default but the property was sold at auction with full recovery. I suppose, though I am not sure, that this was done by the borrower in agreement with SS, so no 3rd party costs were involved. If this was the case then it was not a default as I understand the term, and the sense in which I use it in this post. IRC SS sold the property because the original timescale was delayed because they needed to get possession of the building. Receivers were actually appoint before the end of the loan term because the borrowers buisness had ceased trading and repayment wasnt possible.
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Post by Deleted on Jan 28, 2017 10:43:43 GMT
ben : Would you mind telling us which loans you don't think would achieve full recovery if they defaulted? And why you decided to invest in those anyway? Both of the loans I invested in because I was interested in the project rather then the final outcome. Both of which if go into default could produce a rather heavy losss as storage and sales fees would be quite high. E**** Maria B****** - (2477064632) I was interested in the project and the restoration, I also went to go and see it so was happy to invest, although if the loan went into defualt I would think it would be pretty hard to sell on. Although there is a market for this it is very limited. Endurance Boat (1312288338)- Again I was interested in the boat and the project. The asset itself whilst being very nice and expensive will have limited appeal in case of default as it was built for only one reason. Yep, they were in my barge pole list too.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 28, 2017 13:28:13 GMT
IMO any loan that defaults is unlikely to yield a full recovery. This is simple logic. If the asset could be disposed off for sufficient to repay the loan why would the borrower not do that? If the asset is seized and disposed of by the lender then receivers/liquidators eye-watering costs will be lost to both borrower and lender. So if full recovery was made it would mean that the borrower was much worse off than if he had disposed of it himself. Of course he would need the lender's permission but why would that not be granted, in normal circumstances? SS did have one loan that they described as a default but the property was sold at auction with full recovery. I suppose, though I am not sure, that this was done by the borrower in agreement with SS, so no 3rd party costs were involved. If this was the case then it was not a default as I understand the term, and the sense in which I use it in this post. IRC SS sold the property because the original timescale was delayed because they needed to get possession of the building. Receivers were actually appoint before the end of the loan term because the borrowers buisness had ceased trading and repayment wasnt possible. You may be right, although I seem to recall that the borrower was ill or something, but the main point is that this was, for one reason or another, exceptional. Mostly if the borrower hands over the keys rather than disposing of the asset himself and receivers/liquidators are appointed to do the disposal then it would seem that the borrower did not expect to achieve the loan amount and then there are the liquidation fees to be paid, so full recovery is unlikely in most cases.
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mikes1531
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Post by mikes1531 on Jan 28, 2017 14:07:33 GMT
Yep, they were in my barge pole list too. @bobo: Did you use your barge pole on the previously unredeemed (now recovered) barge? Or the currently unredeemed narrow boat? 
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Post by Deleted on Jan 28, 2017 15:42:41 GMT
Mike, I have to admit that some of the terms used by this portal get me a bit confused. I noticed the "Dutch Barge" which was a "boat made in Holland" which is not at all the same thing. To make it a bit clearer I've decided that since I've never used a "barge pole" and, I suggest, has a rounded end for pushing one barge from another, I should stop using that term and I will start to use the phrase "punt pole" which has two points on the end for sticking into the gravel of a river bottom. Hence giving one purchase to move one's own punt forward. It has other uses of course such as a fiendish weapon if punt racing late at night. I do admit that sometimes I too have considered investing in what is an obvious "car-crash" or is that "punt-crash" just to see what a disaster is like from the inside. However, I no longer feel the urge.  |
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stevio
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Post by stevio on Jan 29, 2017 10:46:09 GMT
People seem to complain about the FS updates taking time and that they should default loans 'immediately' - do they understand that there will be large costs involved in recovering the asset and a fire sale of assets meaning more chance of not recovering all their capital?
I would much prefer FS to spend time working through options with the borrower, giving them time to free up cash through other assets, working on paying off the loan in parts etc etc - there might be a delay, but interest is still accruing and there is a much greater chance of receiving all your capital back
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