ozboy
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Post by ozboy on Jan 15, 2017 18:49:10 GMT
I'm also concerned that there's been no negative economic situation "stress testing" of ABP2P platforms. If Default/Late Loan rates are like they are now during relatively "good" times, we're in for a hiding if the building industry suffers a "Correction", as surely it must at some unpredictable time in the future. I am constantly amazed that sites are still offering Loans at 70% LTV, who on earth would even consider, let alone invest in such an "investment" ? Back to The Boatyard though, I am hopeful I'll get a return of Capital at least which, with low inflation, means I have not lost a lot in real terms.
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ozboy
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Post by ozboy on Jan 15, 2017 20:15:40 GMT
Jeez, sorry, I should learn to be more precise - by "Building Industry" I mean also to include the "Housing Market" in general.
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mikes1531
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Post by mikes1531 on Jan 15, 2017 21:30:31 GMT
The interest paid just keeps mounting for the borrower which is unfair to all parties involved in the loans. It would be great if the interest actually was being paid but, unfortunately, it's only being accrued, so investors don't really have a clue whether or not they'll receive it.
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Steerpike
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Post by Steerpike on Jan 15, 2017 22:00:36 GMT
Golly, I'm at 33% overdue and unredeemed by value but expecting to get to 36% this week.
I've got Wind, Rishton, Telford, and Lancaster so perhaps it serves me right.
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mikes1531
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Post by mikes1531 on Jan 16, 2017 4:12:08 GMT
Golly, I'm at 33% overdue and unredeemed by value but expecting to get to 36% this week. I'm at 22% overdue and unredeemed by value. 4% of that is from a large holding of the Italian book loan that was due on Friday. I wonder how long it will be before fundingsecure post an update for that one. Will FS be as quick to send a default letter to that borrower as they were for the railwayana borrower? The obvious drawback of the books is that if they have to be sold ISTM that the recovery process is bound to be a very long one.
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ozboy
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Post by ozboy on Jan 16, 2017 9:44:48 GMT
I vaguely recall that these books have also been loaned against on another platform, although my recollection these days is getting foggier, so I could stand corrected.
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r1200gs
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Post by r1200gs on Jan 16, 2017 10:06:27 GMT
Golly, I'm at 33% overdue and unredeemed by value but expecting to get to 36% this week. I've got Wind, Rishton, Telford, and Lancaster so perhaps it serves me right. I've got wind and Telford. I'm confident for a full recovery from Telford, but I expect to still have wind for some time. About time we got an update on wind, no?
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Steerpike
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Post by Steerpike on Jan 16, 2017 10:19:02 GMT
I have reached the stage where the only update that really gets my attention is the email that begins "One of your investments has been completed and closed."
On a brighter note, my loan book was at 49% overdue at the beginning of November, so perhaps there will be a happy ending.
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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 Jan 16, 2017 10:20:15 GMT
I vaguely recall that these books have also been loaned against on another platform, although my recollection these days is getting foggier, so I could stand corrected. There was a similar sort of loan on Unbolted I think, Shakespeare portfolio but not sure it was established to be the same borrower.
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09dolphin
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Post by 09dolphin on Feb 11, 2017 13:41:09 GMT
Just curious. What is the difference between the update on 6/1/17 and the update on 10/2/17?
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mikes1531
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Post by mikes1531 on Feb 12, 2017 3:49:38 GMT
Just curious. What is the difference between the update on 6/1/17 and the update on 10/2/17? I'm just guessing, but if the receivers aren't Scottish lawyers they may have to gather together info first and then pass it to the lawyers.
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09dolphin
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Post by 09dolphin on Feb 12, 2017 5:12:44 GMT
When I "invested" over 18 months ago I hoped to get my investment + interest back in the Scottish Boatyard. When the investment was 6 months overdue I expected about a 60% return. Now as it's well over one year overdue and the receivers are involved I think I'll be lucky to get 40% of my capital back. I assume that when this loan is 24 months overdue I will get perhaps 10% back. I am interested in why FS believed their excuses for non payment for so long.
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ozboy
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Post by ozboy on Feb 12, 2017 15:27:47 GMT
It's a very fair question 09dolphin and we deserve a straight, honest answer. FS? Also, seems that no-one is hopeful that the increase in value announced a while back is going to help us avoid a good bath???
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mikes1531
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Post by mikes1531 on Feb 14, 2017 19:48:14 GMT
Also, seems that no-one is hopeful that the increase in value announced a while back is going to help us avoid a good bath??? ISTM that if the value really had increased as indicated, the overdue loan would have been resolved by now. So the fact that it hasn't isn't an encouraging sign.
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ozboy
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Post by ozboy on Feb 22, 2017 19:50:44 GMT
From last Update on 17/02/2017 - "Calling up notice" being drafted by Scottish lawyers. I googled "Calling up notice" FYI:-
"A calling-up notice is a legal document which ends the mortgage agreement and asks you to repay the whole amount of the loan that is outstanding (the arrears and all the payments you still have to make)."
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