merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 12, 2014 16:56:47 GMT
With the apparent number of Zombie loans and other defaulters increasing as we edge towards regulation on 1st April I wondered who was going to hit the buffers this week. We have been promised action on the Crappy Scrappy but who else would you like to see polished off?
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Mar 14, 2014 9:54:14 GMT
Have I gone deaf cause I haven't heard the last rites bell tolling for Crappy Scrappy as promised by FC last week?
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Post by bracknellboy on Mar 14, 2014 10:18:12 GMT
Is it possible the bells have been nicked and recycled ? Or perhaps FC have just dropped a clanger ?
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jimbo
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Post by jimbo on Mar 14, 2014 13:34:41 GMT
Nope. They are a-tolling now.  |
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min
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Post by min on Mar 14, 2014 13:55:15 GMT
Nope. They are a-tolling now. Also for 1756 & 4034 (same business - plant not hiring). Fortunately I only had a small amount in 1756 and avoided 4034. Still makes for a bad couple of month - back to where I was on 2nd Feb 
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Mar 14, 2014 14:17:19 GMT
Nope. They are a-tolling now. Yes, I just opened up and saw the e-mail announcing the novation. From my perspective this is a major clanger. No resonant slow tolling for me just a large crash.
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blender
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Post by blender on Mar 14, 2014 15:14:40 GMT
This is sad for the lenders but the Zombie loans were dead anyway and the risk was that they would bite and infect other loans. FC's policy of tough love may be bearing fruit (it's mixed mataphor day for me as well as red-letter). The loan against which the optimistic comments of FC caused me to sprout the wings of disbelief has been fully paid up! Two and a half months of arrears on three loans. The stern words must have worked, at least for now. The porcine wings must go and £900 of loan parts must follow them within 10 days. Strange they do not seem to be selling at par, even though well into the 10%s. Perhaps there is a slight but temporary problem with liquidity. I will give them a day and then assume that autobid now takes only fresh meat. At what discount will they go?
Is FC getting a grip at last? I do hope so.
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oldgrumpy
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Post by oldgrumpy on Mar 14, 2014 15:29:38 GMT
No good news for grumpy today - just more "we are chasing...." on Breath of FA (that's a year of chasing now...FC will FA breath left!!!)* and the overdue action on Dai the  .  *edit: Oh! That was three days ago. Doesn't time fly when you are in a permanent chase. (I recommend Cannock Chase if you want a nice walk, rather than run)  |
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Post by GSV3MIaC on Mar 14, 2014 19:12:12 GMT
Nope. They are a-tolling now. Yes, I just opened up and saw the e-mail announcing the novation. From my perspective this is a major clanger. No resonant slow tolling for me just a large crash. What chance the guarantor actually has any money, or will we be paid in recycled musical instruments?? I'm betting on an IVA, and two groats in the pound ... 8<.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 14, 2014 21:28:14 GMT
Yes, I just opened up and saw the e-mail announcing the novation. From my perspective this is a major clanger. No resonant slow tolling for me just a large crash. What chance the guarantor actually has any money, or will we be paid in recycled musical instruments?? I'm betting on an IVA, and two groats in the pound ... 8<. I am afraid I gave up betting on this one awhile back. In fact now I am more mad at FC's handling of this than I am of the defaulter ripping us off. How the hell FC got into loaning our money to such a dodgy character defies my understanding. Your guess of 2 groats in the pound is probably about right and that may well take some considerable time to come to fruition.
Just out of curiosity is there any geographic information about the location defaulters? I am based in Wales and two of my biggest losses on FC have come from loans made to Welsh businesses and I wondered if there was a pattern here?
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Post by bracknellboy on Mar 14, 2014 22:10:25 GMT
Yes. By downloading FCs complete loan book when you are logged in. I have done an analysis by geography on no more than a couple of occasions over the last couple of years. Out of interest in case there was anything jumping out. NI was a big red flag on the surface, but it wasn't statistically significant (small number of loans made, and 2 defaults from the same borrower, so meaningless). I came pretty much to the same conclusion on all other geographies. Might be more interesting if done now with a significantly larger total borrower based. I'd already decided to not lend to businesses in Wales on point of principal (ality), so that wasn't the motivation for the analysis. [only joking of course] I should add : best of luck against Scotland tomorrow. Not that Wales will be the ones needing luck. Oh, sorry I forgot: that game no longer carries any significance after the cracker last weekend...  
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agent69
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Post by agent69 on Mar 16, 2014 10:26:42 GMT
Anyone know the situation with the swanky west end cafe? On 14th FC said "A payment has been distributed to investors" but nothing has turned up in my account
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Post by GSV3MIaC on Mar 16, 2014 14:25:12 GMT
Yes. By downloading FCs complete loan book when you are logged in. I have done an analysis by geography on no more than a couple of occasions over the last couple of years. Out of interest in case there was anything jumping out. NI was a big red flag on the surface, but it wasn't statistically significant (small number of loans made, and 2 defaults from the same borrower, so meaningless). I came pretty much to the same conclusion on all other geographies. Might be more interesting if done now with a significantly larger total borrower based. I just ran it again (my version), and afaict The NE, and N. Ireland, are still the worst performers (Wales is not brilliant, but not =significantly= worse). Geographic region is a poor determinant for bad debts / late loans compared to shareholder value, credit rating, and various others, although it is just about significant. Wales does rather badly in the total losses field though, since scrappy went for an almost 100% capital loss, on a fairly large loan value, where as the average defaulter manages to get rather further through the (generally smaller) loan than that .. so if you correct for where in the loan-life you are it makes the Welsh results look rather worse. Of course crappy scrappy may yet repay some or all of the loan capital, which would improve the picture. Not holding my breath though - might have more luck suing FC, since we at least know THEY do HAVE some money. 8>.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 16, 2014 16:36:18 GMT
Many thanks chaps for advising regarding geography of failures. Looks like I have let my heart rule my head as I have had my fair share of Welsh failures. The bar business in Cardiff (1718) stands out where a succession of guarantors' fell over when asked to stump up so effectively another almost total loss. Now I await with more than casual interest to see what FCR do with Crappy Scrappy. A further worrying factor on Crappy Scrappy were comments made by FC to the effect that the person who got the loan was not a director of the Company. So I for one will be interested to see just what his status in the business was.
On the more important subject of Rugby. I was glad to see Wales win but not in the way it happened. Congratulations to the Irish, I am convinced they deserved the Six Nations cup. As a side issue I am fortunate as I am what the Welsh speaking locals call Winglish that is English born, Welsh name and living in Wales. So I get to walk tall when either England or Wales win!
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oldgrumpy
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Post by oldgrumpy on Mar 16, 2014 17:06:55 GMT
"A further worrying factor on Crappy Scrappy were comments made by FC to the effect that the person who got the loan was not a director of the Company."
I thought what they meant was that the person who was convicted of receiving stolen goods was not a director of the company, therefore not researched. What I want to know is what the director of the company who gave his personal guarantee is going to do to honour that guarantee. I still think that FC should have researched the record of the company, and refused the loan, as this criminality involving the company was public knowledge.
I have been saving screen shots of all loan applications showing very poor Experian credit ratings. FC say on their website that all companies are vetted in several ways, including a healthy credit rating. Some of them are blatantly NOT healthy, so why does FC insist on saying this? (See Point No 4 below)
Bizarrely, ap Scrap had a good credit rating!!!
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