oldgrumpy
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Post by oldgrumpy on Nov 3, 2016 17:25:28 GMT
Into administration.
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daveb4
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Post by daveb4 on Nov 3, 2016 18:53:55 GMT
Yep time to review that security again and convince myself that this all should not be a problem in the end
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 3, 2016 18:58:17 GMT
Wonder if someone got prior notice, could have let me know. I picked up a rather large chunk and got maxed out at 21:57 on 2nd Nov.
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iren
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Post by iren on Nov 3, 2016 22:46:17 GMT
Let's hope the recovery works out better here than it did on another "Scottish Property Investment". Fortunately, I'd sold my holding in that other loan, but this loan is an above average holding for me.
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oldgrumpy
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Post by oldgrumpy on Nov 3, 2016 23:33:11 GMT
Let's hope the recovery works out better here than it did on another "Scottish Property Investment". Fortunately, I'd sold my holding in that other loan, but this loan is an above average holding for me. ditto
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kermie
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Post by kermie on Nov 3, 2016 23:40:28 GMT
I have reviewed the security, and one thing puzzles me - the loan page says "Loan to GDV" of 51.44%, but if I look at the security tab, only one item of security appears to have a GDV figure, and that has not been used to calculate the LTGDV. All items show a "current value", which appears to have been used to get the 51.44%.
This is in our favour, meaning that the LTV (as opposed to LTGDV) is (was?) 51.44%. But I do wonder if I've misread anything?
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daveb4
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Post by daveb4 on Nov 4, 2016 6:35:26 GMT
On paper guaranteed return plus interest. As we know paper can be screwed up and thrown in the bin! Relatively confident apart from one of my biggest holdings with AZ so a little jittery.
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Post by andrewholgate on Nov 4, 2016 8:27:33 GMT
We'll get a better statement out in the next few days. I'm not making bold statements on here about this loan.
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oldgrumpy
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Post by oldgrumpy on Nov 11, 2016 18:00:44 GMT
Big chunk paid back this evening. Chances of full recovery looking good, 14% default being charged on the remainder.
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adrianc
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Post by adrianc on Nov 11, 2016 18:09:44 GMT
Big chunk paid back this evening. Chances of full recovery looking good, 14% default being charged on the remainder. Reading the loan comment, though, that third of the outstanding balance was money that never got round to leaving AC's bank account...
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oldgrumpy
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Post by oldgrumpy on Nov 11, 2016 18:13:44 GMT
Yes I wasn't meaning it had been paid back (by the borrower), just that we had been paid back.
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markdirac
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Post by markdirac on Nov 16, 2016 10:58:46 GMT
AC report (11 nov 2016) that they requested the administrators to commit to not taking a fee for their work until the loan has been repaid in full, and that they agreed to this. Very generous of the administrators! Why would administrators agree to such a request?
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Post by Deleted on Nov 16, 2016 11:12:09 GMT
must feel comfortable
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mj87
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Post by mj87 on Nov 16, 2016 12:08:45 GMT
This is the only investment platform out of the 10 I use to have a high rate of defaults on loans. I hope this one gets recovered.
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Post by andrewholgate on Nov 17, 2016 9:21:27 GMT
This is the only investment platform out of the 10 I use to have a high rate of defaults on loans. I hope this one gets recovered. It depends on your definition of defaults. We could take the stance that we should get full recovery and therefore this isn't a default. We could hide behind an investment vehicle that doesn't tell you where your loans are invested or what is happening to them. We don't. I think we operate some of the harshest criteria on declaring a default (to me a default is when the loan is in trouble). There is a misconception that default means a loss, it doesn't. We've collected out completely on 10 loans that have defaulted. In total we have had c 8% default rate so far which is a touch about our prediction of 6%, but known losses are running at under 1% of everything we have ever lent. That's not 1% per annum, but 1% over 4 years of lending. What we did see is a raft of defaults in the earlier loans, but of the loans written since 1 July 2014 only a handful of loans have defaulted (less than 4%). I've always said loans will go bad and to expect some losses, but I also want AC to be as transparent and fair as possible.
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