|
|
Post by captainconfident on May 4, 2014 15:46:21 GMT
Winding up order from 3rd April but still live on FC. They paid their loan installment on 25th April.
With thanks to this board and contributors who pointed out the undesirability of 5030.
|
|
fasty
Member of DD Central
Posts: 1,038 
Likes: 388
|
4424
May 4, 2014 17:46:35 GMT
Post by fasty on May 4, 2014 17:46:35 GMT
Thanks for the heads up - Much appreciated. (Looks like I managed to avoid this one.)
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
4424
May 4, 2014 21:33:46 GMT
Post by blender on May 4, 2014 21:33:46 GMT
Thanks CC.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
4424
May 4, 2014 22:32:40 GMT
via mobile
Post by fasty on May 4, 2014 22:32:40 GMT
I suspect that the borrowers web site might have attempted to drop some malware on my computer too - Something triggered my antivirus around then. Be cautious!
|
|
merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
|
4424
May 5, 2014 9:39:50 GMT
Post by merlin on May 5, 2014 9:39:50 GMT
A winder is not good news but is not necessarily the end of the road for the business. A while back utility companies were fond of issuing them 28 days after sending out a final "red letter" for a late payment. One of my businesses got one right in the middle of a dispute over a huge electricity bill which was due to a faulty meter. Got it quashed with costs a couple of days later but no apology from the utility company.
So, I guess at this point FC are quite right not to default the loan, particularly as they are up to date with payments. However might cause a bulge in sales of 4424 the secondary market for a bit!
|
|
|
|
4424
May 5, 2014 15:03:17 GMT
Post by aloanatlast on May 5, 2014 15:03:17 GMT
However might cause a bulge in sales of 4424 the secondary market for a bit! Could be an early source of complaints to the Ombudsman - I bought this duff loan part after FC failed to suspend trading.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
4424
May 5, 2014 15:09:31 GMT
Post by blender on May 5, 2014 15:09:31 GMT
I suspect that the borrowers web site might have attempted to drop some malware on my computer too - Something triggered my antivirus around then. Be cautious! Feel free to mock the 'no tolerance' lenders, but thanks to captain confident for reporting it here and allowing the other lenders to decide. Have FC decided that it does not matter enough to RBR it? Or do they just not know? I have one loan downgraded because FC have been advised of a winding up petition, which is now late - no more detail. I would have liked to know of the petition before FC RBR'd it. And another, of course, where FC did not know of pre-existing CCJs and when they found out automatically RBR'd it but at the same time decided that it was not worth doing anything about - until the adminstration. Possible default tomorrow. I suppose if you have none or £20 it does not matter much, but I had over £500 and thanks to cc have now sold at a small profit and will lend it on a fresh loan - today hopefully. I may have sold a perfectly good loan cheaply but that is no problem (unless there is a captain confidence trickster who has bought it). But I sit with too much in limbo at present, and I have to ask, if I was warned and I ignored that and it went bad how would I feel about it? It is a matter of comparing the downside and upside risks and making the choice. I also sell anything that goes late except the first payment, and that has paid off.
|
|
|
|
4424
May 5, 2014 17:45:11 GMT
Post by bracknellboy on May 5, 2014 17:45:11 GMT
FC always downgrade on winders/dissolution notices, CCJs. Other than of course when they fail to. blender: "But I sit with too much in limbo at present, and I have to ask, if I was warned and I ignored that and it went bad how would I feel about it? It is a matter of comparing the downside and upside risks and making the choice. I also sell anything that goes late except the first payment, and that has paid off." Exactly the acid test I try to apply. You'd feel like a bit of a blithering idiot of you failed to act on a potential red flag and then it went bad. The downside is that you've reduced the diversification, and possibly the average rate of your portfolio (I don't have this loan so don't know its profiles), unnecessarily. But further lending can restore the former. The upside is you've probably reduced the risk profile a tad. And the worst is you've got rid of a loan you didn't need to. I still sometimes don't sell on a late payment: esp. if the pay day coincided with close to holidays etc. But frankly, I've probably suffered as a consequence. |
|
|
|
4424
May 5, 2014 18:34:26 GMT
Post by phlitb on May 5, 2014 18:34:26 GMT
Totally agree with blender and bracknellboy here, the merest whiff of bad news - sell first think later. And my appreciation to Captain C for highlighting this loan.
One late (other than first payment or when there's an eminently plausible administrative reason) and out it goes. And more often than not someone will pay me for the privilege of taking it off my hands, if not there's always another auto-bidder around the corner.
My personal stats show less than 20% of capital recovered from bad debts so far. So why risk a likely loss of 80% of your capital on scraping a few extra percent of interest from a loan? You don't need to be a poker player to know when to fold.
|
|
|
|
4424
May 5, 2014 19:20:50 GMT
Post by captainconfident on May 5, 2014 19:20:50 GMT
I had a lot of this loan because it had gone off at a really good rate, so it was a reluctant sell. I used to just slim down holdings on the whiff of trouble, but often enough saw the rump go zombie or default to reason that you have to be decisive and either keep it or dump it. In this case we are probably all throwing away a solid prospect, but you're all right, it's the feeling like a twit factor if you saw a sign and did nothing.
EDIT! Which reminds me, the hotel loan! I am doing precisely not what I am preaching and sold a little twidgin just to feel a bit better with myself and am sitting on the rest of this potential bomb.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
4424
May 5, 2014 21:22:27 GMT
Post by blender on May 5, 2014 21:22:27 GMT
... In this case we are probably all throwing away a solid prospect, but you're all right, it's the feeling like a twit factor if you saw a sign and did nothing. ... Rather like FC's Andrew must feel about 4907, perhaps. Tomorrow the sacred cows come home to roost. Either the guarantor makes contact or the loan is defaulted and FC go after him and his guarantor company. A few of us may be watching this one. Just could not risk the same thing happening with 4424, which I think I held as a B at 11.1%.
|
|
|
|
4424
May 5, 2014 22:49:16 GMT
Post by aloanatlast on May 5, 2014 22:49:16 GMT
Yes, in a dog-eats-dog world, you eat or get eaten. Fact remains though, the SM is a jungle without the most basic protection for buyers. And there doesn't seem to be much that could be done about it.
|
|
