r1200gs
Member of DD Central
Posts: 1,336 
Likes: 1,883
|
Post by r1200gs on Mar 3, 2017 10:40:38 GMT
What is expected recovery rate on this loan based on the confidential email? Nothing mentioned.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Mar 3, 2017 10:56:05 GMT
I wasn't particularly expecting great things, but I'm glad you guys interpret it more positively than I do and very much hope you're right. My previous expectation was that the net sum recovered might be (value of a lease on a bit of farmland) minus (recovery costs) = zip. It now looks like there should be some value in it as a future productive turbine. The question remains whether this figure is greater than the legal costs.
|
|
sb
Posts: 166
Likes: 118
|
Post by sb on Mar 3, 2017 12:10:51 GMT
stub8535 , I think it's fair to say it's unclear at the moment and it would just be speculation on our part to hazard a guess. On another note, FS have just responded to my question regarding defaulting of the loan to advise that it is currently under consideration and that a decision will be made before the end of the month. I guess it is a quite political decision as it will increase their headline default rate from 3.3% to 5%. It will have an even bigger impact on the capital loss stats.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Mar 3, 2017 12:27:03 GMT
tbh I think the FS Guys are doing their best on sorting this one out for us/themselves, whilst keeping a close eye on the mounting Costs. I can only imagine FS have had to do a lot of work in the background.
Yes, Receivers and Administrators, most of them are absolute money grubbing Vultures IME (In My Experience) and IMHO.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Mar 6, 2017 17:57:06 GMT
I've got a large chunk in this unfortunately but spare a thought for the investor who took an 85k slice!  |
|
|
|
Post by Deleted on Mar 6, 2017 18:04:53 GMT
Only if he has less than £8.5M tucked down the back of th sofa.
Lesson to me, keep loans at 1%, don't stretch too high.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Mar 6, 2017 18:09:12 GMT
Yes, I pride myself on being able to smell the bad 'uns a mile off, and instead of a Wedge, have only a small splinter in this one.
Oh, wait a minute, I forgot about the whiffy stench coming from The Scottish Boatyard, must be low tide - got a horrible feeling I'll be walking the plank on that one.
|
|
|
|
Post by bracknellboy on Mar 6, 2017 18:38:21 GMT
only ever had a small piece in FS, maybe max 3% of my P2P exposure, but this and the now overdue power boat loan were my two biggest. If recovery on either of these is a decent wedge short of the full amount, my foray into FS will have been a significant error.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Mar 23, 2017 15:47:28 GMT
There is now a renew button for this loan. Is this new or did I just not notice it before? If it is new what might it signify?
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Mar 23, 2017 16:09:21 GMT
There is now a renew button for this loan. Is this new or did I just not notice it before? If it is new what might it signify? Like you I can't recall but it'll be marvellous won't it if this Loan Renews and we can get out!  Shame the Jock Boatyard won't "Renew" 
|
|
|
|
Post by nigel610 on Mar 23, 2017 17:19:53 GMT
In other forums they may only generate50%
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Apr 2, 2017 9:22:51 GMT
fundingsecure , the Wind Turbine loan is not yet included in lenders' 2016/17 Tax Statements as one of their "Capital losses from defaulted loans", yet it clearly meets the HMRC definition of "irrecoverable" under guidance SAIM 12050: When is a peer to peer loan treated as irrecoverable?
Under the legislation for income tax relief for irrecoverable peer to peer loans in certain circumstances a loan may be treated as irrecoverable for the purposes of the relief even if there may be a prospect that the lender could recover some of the amount outstanding.
This is the case for the following situations:
Loans with security
When loans are made against security, a loan may be treated as becoming irrecoverable as if the security did not exist.
Loans where legal recovery action is taken
When the borrower has entered legal recovery procedures such as liquidation, administration, receivership or bankruptcy the loan may be treated as becoming irrecoverable as if such action was not available.Please can you ensure that this loan, and any others that are in the same position, are correctly included in lenders' 2016/17 Tax Statements (whether or not you also decide to flag it as "Defaulted" in your loan book statistics)? Thanks.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Apr 2, 2017 9:25:59 GMT
I will report this as a loss on my return if FS do, otherwise not. I am wary of reporting figures different from the platform, just to gain a cash flow advantage.
|
|
tomtom
Member of DD Central
Posts: 262
Likes: 39
|
Post by tomtom on Apr 2, 2017 9:58:29 GMT
I will report this as a loss on my return if FS do, otherwise not. I am wary of reporting figures different from the platform, just to gain a cash flow advantage. I see that loan 2891725647 Telford prop. is showning as loss on tax form when in an earlier update they have said the loan will be repayed after the beginning of the new tax year,
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Apr 2, 2017 10:16:24 GMT
I will report this as a loss on my return if FS do, otherwise not. I am wary of reporting figures different from the platform, just to gain a cash flow advantage. I see that loan 2891725647 Telford prop. is showning as loss on tax form when in an earlier update they have said the loan will be repayed after the beginning of the new tax year, Exactly. It's a bit crazy that the Telford loan is included as "irrecoverable" for 2016/17 ( correctly, under SAIM 12050), even though contracts have already been exchanged for a sale within days of the new tax year that should recover capital and interest in full, yet the Turbine loan is excluded. The issue seems to be that Tax Statement inclusion is currently determined by the FS "Unredeemed" indicator, when it ought to be determined by the SAIM 12050 definition of "entered legal recovery procedures". An obvious quick-fix is to ensure that all loans that have "entered legal recovery procedures" under SAIM 12050 are flagged as "Unredeemed" on the FS system by Wednesday!
|
|
