baz657
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Post by baz657 on Oct 26, 2016 17:34:33 GMT
First payment (of 60!) was due 14th October, the above notice dated 24th October. I guess that another twenty quid I'll never see again. I was only drip feeding but that's Fkin' Comedians done for me now.
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adrianc
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Post by adrianc on Oct 26, 2016 18:02:21 GMT
IIRC, they used to give a full refund if it went south before the first payment, on the basis they'd clearly been taken for a ride.
I'm guessing they've given up on that...?
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oldgrumpy
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Post by oldgrumpy on Oct 26, 2016 18:16:04 GMT
IIRC, they used to give a full refund if it went south before the first payment, on the basis they'd clearly been taken for a ride. I'm guessing they've given up on that...? Not necessarily. They will be frantically trying to contact a (possibly) elusive borrower before doing that. They will also know that Mister Hurley is "on their case" and that he reads this forum. Edit. No rumpus on the FC forum yet.
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Post by bracknellboy on Oct 26, 2016 18:17:22 GMT
First payment (of 60!) was due 14th October, the above notice dated 24th October. I guess that another twenty quid I'll never see again. I was only drip feeding but that's Fkin' Comedians done for me now. Risk band? RBR presumably  I'M no longer active in FC but i would have thought there was a good chance FC will cover this one. If not.....
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blender
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Post by blender on Oct 26, 2016 18:32:56 GMT
The 'make one repayment or refund' policy has never been publically changed, though little used. I thought the fact that crappy scrappy had made a repayment was used to avoid a refund. Can't have it both ways.
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Post by longjohn on Oct 26, 2016 18:35:47 GMT
First payment (of 60!) was due 14th October, the above notice dated 24th October. I guess that another twenty quid I'll never see again. I was only drip feeding but that's Fkin' Comedians done for me now. Risk band? It was a B.
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oldgrumpy
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Post by oldgrumpy on Oct 26, 2016 18:39:15 GMT
So it was an F then!  (I don't do unsecured on FC any more)
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Post by sph____ on Oct 26, 2016 18:42:16 GMT
Had been thinking about exciting feudal cows for a while now. When I saw this my entire fungal cessation portfolio was mopped up by the auto biddies a half hour later. Bye bye FC  |
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pip
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Post by pip on Oct 27, 2016 12:18:29 GMT
This one is now defaulted.
While I agree that such a loan indicates due diligence failings, the loan should never have been made and probably the borrower was less than totally transparent when they applied not sure it is right that FC refunds you.
In small business lending there always will be some absolutely duff loans that don't repay anything. With the best due diligence in the world you will never remove these completely. What is important is whether the level of these is low. I think it is although never low enough! But it's a risk and part of the process.
The real shame is that there never seems to be an investigation into these. Maybe in this case it isn't the case but an inspection of cash flows would be useful. I suspect many times what happens is that the funds are used to repay director and related party loans at our expense. Director guarantees in such cases rarely amount to much as if they managed to get such a loan in the first place I highly suspect that they are capable of enough shuffling to make the guarantee worthless.
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Post by moneyball on Oct 27, 2016 12:40:28 GMT
This one is now defaulted. While I agree that such a loan indicates due diligence failings, the loan should never have been made and probably the borrower was less than totally transparent when they applied not sure it is right that FC refunds you. In small business lending there always will be some absolutely duff loans that don't repay anything. With the best due diligence in the world you will never remove these completely. What is important is whether the level of these is low. I think it is although never low enough! But it's a risk and part of the process. The real shame is that there never seems to be an investigation into these. Maybe in this case it isn't the case but an inspection of cash flows would be useful. I suspect many times what happens is that the funds are used to repay director and related party loans at our expense. Director guarantees in such cases rarely amount to much as if they managed to get such a loan in the first place I highly suspect that they are capable of enough shuffling to make the guarantee worthless. Although unpleasant, this is some grown up real talk for investors.
However, apart from the feeling that someone has literally stolen from you, more important then feels, is that FC appear to treat it as "normal" yet when said investors understandably lose confidence, sell up loans to auto bidders and withdraw funds, they receive the "we would like to know why you are withdrawing funds" email. Really?! Cant connect the dots eh? No wonder borrowers can get hold of £50k and disappear into the ether just like that.
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Post by sph____ on Oct 27, 2016 17:04:52 GMT
Nonsense, flatulent corpus handed out a B grading and investors money to a business one minute from death. Disgusting.
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oldgrumpy
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Post by oldgrumpy on Oct 27, 2016 17:22:18 GMT
Nonsense, flatulent corpus handed out a B grading and investors money to a business one minute from death. Disgusting. Rubbish. Can't you read? "Our experienced credit assessment team review every application and only allow established and creditworthy businesses to borrow through Funding Circle." Facile Claims makes it quite clear on the website. (They've also asked me why I have withdrawn 90%+ of my funds ..... the answer is no longer allowed on these board and I'm frightened of the gang  )
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happy
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Post by happy on Oct 27, 2016 17:24:07 GMT
So it was an F then! (I don't do unsecured on FC any more) Likewise, my SME journey with FC finally ended when last year I had 3 A rated loans go pop in a matter of weeks after making only 4-5 payments between them. First one all the money totally disappeared somewhere in less than a month with what looks like no chance of any recovery, second one there is a repayment plan in place with the PG that may return a few p in the £ over the next 3-5 years, the third is paying minuscule amounts of capital but no interest that may repay the capital in about 10 years time. Recovery over the last year is currently less that £1 in total. I don't think anyone can complain about defaults in P2P but I do not believe that people should think they are buying into relative safety of A*/A and B loan with proportionally lower returns only to find out a month or so later that they were already financial basket cases!
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oldgrumpy
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Post by oldgrumpy on Oct 27, 2016 17:32:13 GMT
All these "inflated/ upgraded" risk bands started immediately after Filtered C**p imposed fixed interest loans. Does anyone know if figures are available for defaults in all the risk bands just on SME loans authorised after the auctions finished?
PS yorkshireman Did you get caught on this one? |
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happy
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Post by happy on Oct 27, 2016 18:49:47 GMT
All these "inflated/ upgraded" risk bands started immediately after Filtered C**p imposed fixed interest loans. Does anyone know if figures are available for defaults in all the risk bands just on SME loans authorised after the auctions finished?
PS yorkshireman Did you get caught on this one? Here is some quick analysis I did last December to confirm my hunch that risk band allocation moved significantly after fixed rate arrived. not totally accurate as does not factor in new risk bands added (E arrived mid 2015 IIRC) etc but reasonably reflective of the change that happened. Once the (intelligent) market bidders stopped setting the rate based on assessed risk then FC were able to redefine their risk bands with nothing the market could do. This info was my primary reason for stopping FC SME, enjoy  loan book analysed December 2015 all time loans to December 2015 A+ Loans Initiated 3184 21.47% A Loans Initiated 4270 28.79% B Loans Initiated 3446 23.23% C Loans Initiated 2650 17.87% D Loans Initiated 1135 7.65% E Loans Initiated 150 1.01% AFTER FIXED RATE to December 2015 A+ Loans Initiated 577 35.64% A Loans Initiated 394 24.34% B Loans Initiated 274 16.92% C Loans Initiated 133 8.21% D Loans Initiated 84 5.19% E Loans Initiated 61 3.77% I think the ratio has moved a little more towards A loans since I did this work, just based on my view of what I saw, nothing scientific
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I'M no longer active in FC but i would have thought there was a good chance FC will cover this one. If not.....
(I don't do unsecured on FC any more)
)