merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
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Post by merlin on Nov 12, 2013 10:07:08 GMT
Recently I have been pruning my holdings in FC and taking a much closer look at my holdings. Yesterday I was surprised to find that the number of "late payers" in my portfolio had doubled to a little over 5% of my holdings. Is anyone else on here noticing a similar increase or have I just hit a bad patch?
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Post by mead187 on Nov 12, 2013 11:03:09 GMT
Only 1.7% of my loans are showing as late, one of them is a default. It's probably just a bad patch. I tend to sell any loans which make a late payment unless it's on the first one. Take a read of your loan comments section and decide whether you need to be worried about any of them
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bugs4me
Member of DD Central
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Post by bugs4me on Nov 12, 2013 11:21:47 GMT
Recently I have been pruning my holdings in FC and taking a much closer look at my holdings. Yesterday I was surprised to find that the number of "late payers" in my portfolio had doubled to a little over 5% of my holdings. Is anyone else on here noticing a similar increase or have I just hit a bad patch? It will be interesting to watch and see whether any of the personal director's guarantees are called on. I never did receive a response from FC as to just how valid these were meaning name only or whether they had asset security behind them.
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Post by mead187 on Nov 12, 2013 11:39:17 GMT
Recently I have been pruning my holdings in FC and taking a much closer look at my holdings. Yesterday I was surprised to find that the number of "late payers" in my portfolio had doubled to a little over 5% of my holdings. Is anyone else on here noticing a similar increase or have I just hit a bad patch? It will be interesting to watch and see whether any of the personal director's guarantees are called on. I never did receive a response from FC as to just how valid these were meaning name only or whether they had asset security behind them. The loans which are asset secured will state it in the loan info - See loan 2459 - this is secured by an asset. As far as I'm aware the DG's on FC are ill defined and a bit of an unknown entity to investors. Judging by posts on previous defaults I wouldn't say they're Iron clad.
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maxmarengo
Member of DD Central
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Post by maxmarengo on Nov 12, 2013 13:22:34 GMT
Based on the 3 defaults that I have had, the director guarantee is of little value. The process of declaring a loan in default takes so long that the director has plenty of time to prepare for a claim.
I am probably being a little harsh - it may be the guarantee pressures some directors to support their company to avoid a default. And the directors on my defaulted loans may eventually stump up the cash - I have sent a note to Santa!
Max
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Nov 12, 2013 16:37:44 GMT
Saw this this afternoon on a link from FC email:
3. Flexibility of default date: If there is one late payment for a loan, we may place the loan into default (after 10 working days) if we believe this will maximise recovery.
New policy. Maybe that means the Cop a Lode (3032), 51 days late on second payment, and 21 days late on their third payment, will get a proper kick up the backside. My biggest gripe with FC is this:
3 Oct 2013 The borrower has informed us that payment has been made.
No it bl***y wasn't. The borrowers told lies, and we're still waiting. They take £100K off us in July and by September they can't offer a £2K payment. FC haven't told us what concessions have been made, just that the borrower has made an excuse.
Too late for the ridiculously slow initial effort dealing with Breath of Foul Hair (1935).
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Nov 12, 2013 17:39:09 GMT
Hi folks have you seen the latest news letter and the introduction to the insolvency team. Two very nice people who it appears are doing their best to recover our potential losses and keep the rest of the borrows honest. They also did a bit of talking about animals and getting bitten but no mention of the hugely ferocious dog that at one time was the debt collectors best friend and made debtors exceedingly wary of losing their wedding tackle never mind their cash. Oh well things ain't what they used to be and now we are supposed to just forgive and forget!
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bugs4me
Member of DD Central
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Post by bugs4me on Nov 12, 2013 18:19:52 GMT
Saw this this afternoon on a link from FC email: 3. Flexibility of default date: If there is one late payment for a loan, we may place the loan into default (after 10 working days) if we believe this will maximise recovery.
New policy. Maybe that means the Cop a Lode (3032), 51 days late on second payment, and 21 days late on their third payment, will get a proper kick up the backside. My biggest gripe with FC is this: 3 Oct 2013 The borrower has informed us that payment has been made.No it bl***y wasn't. The borrowers told lies, and we're still waiting. They take £100K off us in July and by September they can't offer a £2K payment. FC haven't told us what concessions have been made, just that the borrower has made an excuse. Too late for the ridiculously slow initial effort dealing with Breath of Foul Hair (1935). Bet this was another director guarantee loan and that was my biggest gripe with FC. The guarantee is only worth something if there is an asset to back it that FC can take a charge on. I had one go into arrears that was an A loan after just 3 months. Payment promises followed by more promises and it still hasn't officially moved to default but it's several months behind. Fortunately my other loans have made up the difference so I'm in a break-even situation on paper but a loss after paying tax. FC never responded to my two queries and I just get the impression they want the loans out of the door especially with some gov. funding behind them. Then again, I'm just a bit player in all of this and I think FC have moved on. Rant over.
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agent69
Member of DD Central
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Post by agent69 on Nov 12, 2013 18:30:35 GMT
Saw this this afternoon on a link from FC email: Maybe that means the Cop a Lode (3032), 51 days late on second payment, and 21 days late on their third payment, will get a proper kick up the backside. I too have a small part of 3032 (the crappy scrappy). Borowed £100k to buy new equipment from a bloke called Delboy. After one payment they realised that it wasn't what they expected, so they want their money back. In the meantime no more repayments and FC'S attitude appears to be 'take as long as you like to sort the problem out'. I also have a bit of 1469 where (suprise suprise) the guarantor became very ill the day after he was told he would have to sell his house to cover the debt. I've taken about 50% of my money out of FC recently, and now only have asset secured loans.
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Post by valerieb on Nov 12, 2013 19:22:52 GMT
Hi folks have you seen the latest news letter and the introduction to the insolvency team. Two very nice people who it appears are doing their best to recover our potential losses and keep the rest of the borrows honest. They also did a bit of talking about animals and getting bitten but no mention of the hugely ferocious dog that at one time was the debt collectors best friend and made debtors exceedingly wary of losing their wedding tackle never mind their cash. Oh well things ain't what they used to be and now we are supposed to just forgive and forget! But they're growing the team and we can expect two more members by the end of the year, perhaps they'll be rotwei... very big aggressive dogs.  I'm expecting lots more progress on the Absol*** Dis***** front and from all my companies prone to fires.
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Post by mead187 on Nov 12, 2013 19:37:38 GMT
But they're growing the team and we can expect two more members by the end of the year, perhaps they'll be rotwei... very big aggressive dogs. I'm expecting lots more progress on the Absol*** Dis***** front and from all my companies prone to fires. I have a chunk in the same loan and judging by the loan comments it doesn't look like we'll be seeing anything from that soon. Does anyone know if FC have taken a director to court yet? can someone with a half decent lawyer/accountant find an easy way to get round them? I think loan 1558 had some discussion about a voluntary charge over the property until the wife disagreed  they hardly seem worthwhile.
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mikeb
Posts: 1,072
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Post by mikeb on Nov 12, 2013 20:41:54 GMT
Judging by some of the comments on my defaulted loans, taking directors to court is just the beginning of a new round of faffing about. "We are waiting for a court date" "We have not heard back from the courts" (x n) "We turned up on the appointed date at court but no-one was there from the other lot, and the court weren't expecting us, so it's all a bit up in the air really" "We've sent the paperwork to the court. It took so long that the company has now changed name, so we've had to redo all the paperwork in a new name and start again". I'm wondering how you take the courts to court?  |
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Post by bracknellboy on Nov 12, 2013 21:01:47 GMT
Ah, maybe that is where recourse to European courts come in....don't hold your breath for your money !
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Post by ticker on Nov 13, 2013 13:17:04 GMT
Saw this this afternoon on a link from FC email: 3. Flexibility of default date: If there is one late payment for a loan, we may place the loan into default (after 10 working days) if we believe this will maximise recovery.
New policy. Maybe that means the Cop a Lode (3032), 51 days late on second payment, and 21 days late on their third payment, will get a proper kick up the backside. My biggest gripe with FC is this: 3 Oct 2013 The borrower has informed us that payment has been made.No it bl***y wasn't. The borrowers told lies, and we're still waiting. Then we get. 18 Oct 2013 We are in continuous contact with the borrower. They have informed us that they were mis-sold a piece of equipment and are currently negotiating a resolution with the supplier. This has had a knock-on effect on production and income. We are receiving regular updates on the situation and will keep investors informed through the comments section.
23 Oct 2013 The borrower is still in negotiation with the supplier.Since then it has all gone quiet, so much for the regular updates. I guess its a case of the borrower bull****ing FC and FC bull****ing the lender.
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bugs4me
Member of DD Central
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Post by bugs4me on Nov 13, 2013 15:13:38 GMT
I'm surprised that a member of the FC team has not jumped in to clarify many of the issues being raised here. Appreciate this is not the 'official' FC forum but I would have thought it would have been in their interests to pop in. ATM it all appears to be bad news on the FC front IMO.
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I'm expecting lots more progress on the Absol*** Dis***** front and from all my companies prone to fires.
they hardly seem worthwhile.
