mikes1531
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Post by mikes1531 on Oct 8, 2015 20:31:15 GMT
Ah, but we don't have defaults anymore, just unredeemed loans. That'll help the stats! Piano is actually flagged as defaulted, dont know if thats because FS werent able to recover all costs (new T&Cs schedule) or the delay in repayment meant we lost 3 weeks interest. No clarifying comment. added It's now showing as 'Recovered'. FS haven't added the usual recovery note saying all capital was repaid along with 13% interest. I really hope they don't add the latter, because the delay in receiving the proceeds means we didn't really earn 13% on our money for the time it was tied up -- I think the actual return was about 12%. Not that I'm complaining about the result, though, it was a good one for a relatively expensive non-redeemed item with a limited/specialised market to sell into. But I do think FS could do a better job when showing the resulting returns for non-redeemed items -- losing 30% on a six-month loan is not -30% p.a. (see loan #2002084876).
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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 Oct 14, 2015 14:25:06 GMT
1357606196 Caravan (3 loans) - sale did not complete, potential new sale
Aston Martin - discusing private sale with interested parties, otherwise auction
Microsculptures - extended by a month to allow property sale to complete
Jewellry rings 1706678712 - default notice sent
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stevio
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Post by stevio on Oct 14, 2015 19:32:28 GMT
How do you find out about/notified defaults?
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SteveT
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Post by SteveT on Oct 14, 2015 19:38:03 GMT
How do you find out about/notified defaults? Read the updates added on the relevant loan pages.
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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 Oct 27, 2015 18:58:54 GMT
Ring up for auction Nov.
Caravan might have sold (again) as now awaiting funds
Notice FS have taken to providing weekly updates on unredeemed loans.
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stevio
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Post by stevio on Oct 27, 2015 19:22:49 GMT
How do you find out about/notified defaults? Read the updates added on the relevant loan pages. So unless you go and search through each loan, you don't find out
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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 Oct 27, 2015 19:47:53 GMT
Read the updates added on the relevant loan pages. So unless you go and search through each loan, you don't find out Your own loans have the date of any updates in the update column. Any loans youre not in you can view in the Past loans list, just toggle the Defaulted column to sort the loans so that Unredeemed are listed first (theyre the defacto current defaults) then recoveries then non recovered defaults
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stevio
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Post by stevio on Oct 28, 2015 3:01:26 GMT
So unless you go and search through each loan, you don't find out Your own loans have the date of any updates in the update column. Any loans youre not in you can view in the Past loans list, just toggle the Defaulted column to sort the loans so that Unredeemed are listed first (theyre the defacto current defaults) then recoveries then non recovered defaults Thanks, some of the updates are just the promotion at the time, but I'll look out for any new ones
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baldpate
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Post by baldpate on Nov 5, 2015 15:13:11 GMT
Caravan now repaid in full, although amount received from sale itself was insufficient to fully repay the third tranche so FS have topped it up from own funds. As a small holder in the third tranche, may I say thank you to Funding Secure  . |
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mikes1531
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Post by mikes1531 on Nov 5, 2015 17:40:22 GMT
Caravan now repaid in full, although amount received from sale itself was insufficient to fully repay the third tranche so FS have topped it up from own funds. As a small holder in the third tranche, may I say thank you to Funding Secure . Like baldpate, I also was a small investor in the third charge, so I too am most grateful for fundingsecure's top-up of the proceeds. The sobering thought prompted by this episode is the obvious difficulty in valuing security items. At the time I invested, I thought that the third charge was well enough secured because the LTV of all three charges combined was just 52.5%. The result suggests that the proceeds might not have been enough to cover even a 50% LTV loan completely, and that's somewhat discouraging. The moral of the story may be that pawnbroking is a risky business even when LTVs are thought to be comfortably low. Some losses are bound to occur even when security is taken, and a widely diversified loan portfolio is essential. Another thing to note in this case is that more than 11 months passed between the time that the (nominally 6-month) first charge loan was made and today's repayment. That's another good reason to have a well-diversified loan book.
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SteveT
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Post by SteveT on Nov 5, 2015 22:02:36 GMT
As with boats, I presume there may be a seasonality to the 2nd hand caravan market. November probably wasn't the ideal point in the year to be selling ...
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mikes1531
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Post by mikes1531 on Nov 6, 2015 18:18:35 GMT
As with boats, I presume there may be a seasonality to the 2nd hand caravan market. November probably wasn't the ideal point in the year to be selling ... I accept that. But I'd also point out that this loan was 'activated' on 3/Dec and the 'Expected end date' was 4/Jun, so one might have expected that if it defaulted it would have been put up for sale before the height of the summer season. Things didn't actually turn out that way. First the borrower was given an extension because they thought they had a buyer at the time. Then it took a little while for FS to organise the alternative sale process. And then a number of potential buyers seem to have failed to follow through on their offers to purchase. So the final repayment came five months after the loan 'matured'. This is not intended as a criticism of FS -- their actions always struck me as reasonable under the circumstances. It's just an illustration of how long the recovery process can take. I've invested in other examples from another platform where the recovery process is taking even longer. IMHO, it's to be expected in this area of finance, and anyone investing here should take that into account. Overall, I think FS have done a very good job with recoveries, and I really do appreciate their decision to dig into their own pocket on occasion to reduce -- or eliminate completely -- their investors' losses.
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ilmoro
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Post by ilmoro on Nov 6, 2015 19:33:19 GMT
1359444403 Ring - looks like another full recovery  but 4252665471 Cherry diamond earrings - default notice |
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SteveT
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Post by SteveT on Nov 20, 2015 17:19:19 GMT
Looks like the Aston Martin just repaid in full. Well done again FS!
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mikes1531
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Post by mikes1531 on Nov 20, 2015 18:12:47 GMT
Looks like the Aston Martin just repaid in full. Well done again FS! The unanswered question is whether there was a sale that generated sufficient proceeds or whether fundingsecure contributed some of their own funds to keep their investors happy and their recovery statistics looking good.
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