ptr120
Member of DD Central
Posts: 1,202 
Likes: 1,350
|
Post by ptr120 on Dec 9, 2015 10:46:12 GMT
Correctly remembered, bonfemme, but unfortunately that will not save lenders from this one. The more likely result is the final blending:- On the plus side, at least 17063 has made its first payment I'm not surprised that it has made the first payment - with the recent injection of cash and the fact that FC would have received that payment several days ago. Unfortunately I fear that their ability to make future payments is likely to be compromised - with a significant CCJ to their name most suppliers will be restricting / withdrawing available credit which I believe will put further pressure on their ability to make repayments. I'm not sure if I expect this rate band to ever be restored and my crystal ball tells me to expect a default around May / June next year.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Dec 9, 2015 11:00:06 GMT
On the plus side, at least 17063 has made its first payment I'm not surprised that it has made the first payment - with the recent injection of cash and the fact that FC would have received that payment several days ago. Unfortunately I fear that their ability to make future payments is likely to be compromised - with a significant CCJ to their name most suppliers will be restricting / withdrawing available credit which I believe will put further pressure on their ability to make repayments. I'm not sure if I expect this rate band to ever be restored and my crystal ball tells me to expect a default around May / June next year. When they make the first payment FC give a sigh of relief on the compensation which otherwise may be demanded. The poor current net assets position of this borrower is due to loans to directors in the last accounts - though it may have changed. That is where the money to pay the unexpected CCJ should come from.
|
|
Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
|
Post by Steerpike on Dec 9, 2015 11:17:30 GMT
It appears that perhaps the tsunami of large B,C,D,E loans on the PM has halted the sale of my parts on the SM.
Um, looking at my collection and pricing a little more closely now.
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Dec 9, 2015 11:36:38 GMT
18164 E £122k 60 mths
This borrower has two pre-existing FC loans rated B. Given these loans haven't been RBR removed, I assume that the proceeds won't be used to pay down these loans. It seems bizarre and inconsistent to leave the credit ratings of the previous loans at B whilst rating this new loan at E. I understand that their general principal is that the credit rating given to any particular loan is that determined at the time of listing and is not subsequently updated (which would be logistical nightmare), but when FC are issuing new loans it would seem unfair not to re-rate these older loans if only to ensure that buyers in the SM are aware of the subsequent re-rating.
|
|
min
Member of DD Central
Posts: 615
Likes: 182
|
Post by min on Dec 9, 2015 11:38:28 GMT
18164 E £122k 60 mths This borrower has two pre-existing FC loans rated B. Given these loans haven't been RBR removed, I assume that the proceeds won't be used to pay down these loans. It seems bizarre and inconsistent to leave the credit ratings of the previous loans at B whilst rating this new loan at E. I understand that their general principal is that the credit rating given to any particular loan is that determined at the time of listing and is not subsequently updated (which would be logistical nightmare), but when FC are issuing new loans it would seem unfair not to re-rate these older loans if only to ensure that buyers in the SM are aware of the subsequent re-rating. Answer in Q and A from borrower. "There has been a misunderstanding with FC and I'm trying to address it now. Naturally I won't be pursuing the loan as outlined in the listing." Obviously been a 'technical' issue.
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Dec 9, 2015 11:41:06 GMT
18164 E £122k 60 mths If you look at the notes on those two existing loans they are both going to be settled with part of the proceeds of this loan. Given that more than two thirds of the proceeds of this loan are to be used to pay down two loans at 9.2% the effective rate for the less than £40k of new funds is over 35% either VERY desperate or poorly advised !!!!!!!!!!!!!!
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Dec 9, 2015 11:51:52 GMT
And its been pulled. It is reassuring just how thorough FC are with listing details - one can only hope their credit reviews are performed with the same diligence.............
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Dec 9, 2015 11:53:00 GMT
18164: Is this the Guinness record of the shortest time between listing and canceling due to a technical error?
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Dec 9, 2015 11:55:21 GMT
What a mess! I think the tekkies must have broken Ohm's law to cause this much trouble. Instant dismissal.
|
|
|
|
Post by goldservice on Dec 9, 2015 12:42:54 GMT
The comment said that the 'ufnding' [sic] was no longer required. Unctuous Credit has opened a new seam of AKAs. Perhaps the loan had been intended as a WL for the Upper Crust.
|
|
wysiati
Member of DD Central
Posts: 397
Likes: 86
|
Post by wysiati on Dec 9, 2015 15:20:54 GMT
What a mess! I think the tekkies must have broken Ohm's law to cause this much trouble. Instant dismissal. Promotion surely?
|
|
|
|
Post by nightmare on Dec 10, 2015 17:17:52 GMT
18072 just accepted and already on the SM at 0.3% - How on Earth can all the honest hard working flippers make a living when people are doing things like that?
17.9% £20.07 £0.06 (0.3%) Buy
17.9% £20.07 £0.06 (0.3%) Buy
17.9% £20.07 £0.06 (0.3%) Buy
17.9% £20.07 £0.06 (0.3%) Buy
17.9% £20.09 £0.08 (0.4%) Buy
17.9% £20.09 £0.08 (0.4%) Buy
17.9% £20.09 £0.08 (0.4%) Buy
17.9% £20.09 £0.08 (0.4%) Buy
|
|
ptr120
Member of DD Central
Posts: 1,202
Likes: 1,350
|
Post by ptr120 on Dec 11, 2015 10:12:04 GMT
loan 17761 - Please note: The borrower has not been able to accept the funds and thus the offer has been rejected
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Dec 11, 2015 17:16:31 GMT
On the plus side, at least 17063 has made its first payment And now they claim that the CCJ will be removed within a month (presumably paid) and it will not affect repayments. I do hope so. Maybe this will be the first E loan offered on the SM at a discount.
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Dec 11, 2015 17:22:08 GMT
I do hope this gets to return to the SM but it certainly wont be the first E on a discount there have been quite a few including this one very loan which I was foolish to buy on a 0.5% discount, I wonder if someone knew something then !!!!!!
|
|
