eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on Jul 16, 2015 15:41:06 GMT
Wondering if the funding circle total includes bad debt? Or if you were to put it all up for sale you would get the full amount? Presumably with the bad debt left on the account untill its wiped off the account as not recoverable or trickling in however?
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blender
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Post by blender on Jul 16, 2015 16:36:57 GMT
Sorry, no. Bad debts, from defaulted loans, have been subtracted as losses. You have to hope for recoveries.
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eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on Jul 17, 2015 17:30:36 GMT
Ok, just to be clear then, if i put all my loans up for sale and succesfully sold them, i would recieve the funding circle total less the bad debt, which would then remain as the funding circle total?
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SteveT
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Post by SteveT on Jul 17, 2015 17:56:29 GMT
The capital value of any loans you own that have been classified as "Bad Debt" are excluded from your "Lent" figure, and so excluded from your "FC Total" figure, FC Total = Lent + Bid + Available Funds, which (if your account is correct) should also equal Your Stake + Net Earnings.
You can see this for yourself by downloading your loan book (via My Loan Parts) and totalling the "Principal" column, which you'll find is greater than your "Lent" total by the capital value of any Bad Debt loans you have.
If you managed to sell all of your performing loans at Par (provided they are all available to sell, ie. none have had their Rate Band removed or are Late or Processing), and you have no money tied up in Bids, and then you withdraw all of your resulting Available Funds, you should receive your current FC Total figure but minus the 0.25% FC selling fees and plus the value of accrued interest (paid to you by the buyers) at the date you sold. Accrued interest is not included in FC Total.
You would then be left with a residual loan book that only contained your remaining Bad Debt loans. You would have an FC Total figure of zero, until such time as a Recovery payment was made, in which case that money would appear in your "Available Funds (to withdraw or reinvest as you like).
At least, I think that's right!
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blender
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Post by blender on Jul 17, 2015 22:02:45 GMT
Spot on, Stevet, thanks for saving me all that. Assuming that Betty Bot has reconciled your account at the time you close it, of course, because the Funding Circle total also includes the net of Faulty Computations' accounting errors.
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adrianc
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Post by adrianc on Jul 18, 2015 8:07:03 GMT
The capital value of any loans you own that have been classified as "Bad Debt" are excluded from your "Lent" figure, and so excluded from your "FC Total" figure At least, I think that's right! Yep. If you've got £1,000 FC Total, and a £20 part goes south, your total will be £980. The Losses box in the left-hand panel will say £20. Expand that, and Bad Debt will be £20, Recoveries £0. If £10 is recovered, Bad Debt will still say £20, but Recoveries will now say £10, and your total will be £990.
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eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on Jul 20, 2015 20:40:33 GMT
Thanks guys thats actualy what i wanted to hear
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