merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
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Post by merlin on May 8, 2014 13:29:58 GMT
Hope this is not going to follow the pattern of Crappy Scrappy! 12 days late on 1st payment already.
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Post by bracknellboy on May 8, 2014 14:30:30 GMT
Hope this is not going to follow the pattern of Crappy Scrappy! 12 days late on 1st payment already. or another Arthur Daley's dodgy motors ?
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blender
Member of DD Central
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Post by blender on May 8, 2014 15:55:25 GMT
Have had a look at this because I have just £100 in it, tempted by a B at 13.5% and surprised to get it.
They have been paying FC loans successfully for some time (1309, 2026), so well established borrowers. They last had 75k at 7.7% and this time rolled all up in a £100k loan at 11.1%. I assume the band changed, but have not checked. Not only is the interest rate higher, but the timing of the full repayment means that about £2000 will have been paid for interest on the old loans from the date of full repayment to the next monthly repayment dates. Effectively double repayments for a month. This may have surprised the borrower etc, etc.
One to watch.
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Post by aloanatlast on May 8, 2014 15:56:37 GMT
5537 also 12 days late on first payment. And 5726 "changing banks", made a manual payment 5 working days ago, not shown up yet, first payment again.
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fasty
Member of DD Central
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Post by fasty on May 8, 2014 18:11:55 GMT
Yes, I've been getting nervous about 5584 for a while now. It took FC a while to mention anything. I put a fair chunk into it because they seemed to have a good payment record and the rate was attractive. Grrrr.
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fasty
Member of DD Central
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Post by fasty on May 19, 2014 20:06:09 GMT
Hmm they've paid now. Apparently a problem setting up the direct debit. Bearing in mind their previous good record, and the fact that this was the first payment of a new loan, I'm tempted to believe the excuse this time. ... or should I ditch anyway ?
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blender
Member of DD Central
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Post by blender on May 19, 2014 21:34:45 GMT
No reason to expect any problems soon, but this one does not look like a keeper. Their second loan was 75k at 7.7% for 60 months traded in (with the first) after a year for a bit more cash all at 11.1%, at a higher risk band. It looks like they really needed that money for something.
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fasty
Member of DD Central
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Likes: 388
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Post by fasty on May 19, 2014 21:40:44 GMT
Good point - although I'm loath to give up parts at 13.5% in today's climate!
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blender
Member of DD Central
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Post by blender on May 20, 2014 13:20:15 GMT
13.5% of nothing is zero. Have sold mine for 3% but it may well be safe for six months.
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Post by bracknellboy on May 20, 2014 17:47:05 GMT
Return of Capital trumps Return on Capital.
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fasty
Member of DD Central
Posts: 1,038
Likes: 388
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Post by fasty on May 20, 2014 17:54:08 GMT
Return of Capital trumps Return on Capital. Not heard that one before - very appropriate!
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fasty
Member of DD Central
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Post by fasty on Jun 1, 2014 9:39:40 GMT
Oh dear, they're late again
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Jun 1, 2014 14:46:09 GMT
Oh dear, they're late againSurprised? I am afraid I am not! Perhaps I should have named this thread "Flog a Banger".
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blender
Member of DD Central
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Post by blender on Jun 1, 2014 17:41:32 GMT
Oh Fasty, you still have it? I really hope you get a second chance. If you do, ask two questions.
Firstly, what is the upside benefit of holding it compared with the possible downside risk of holding it. And consider that a 3% premium is like 3 months interest - more if you pay tax.
Secondly, ask yourself how you would feel if you knew it was risky, you held onto it, and it defaulted.
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fasty
Member of DD Central
Posts: 1,038
Likes: 388
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Post by fasty on Jun 1, 2014 17:59:29 GMT
Yes, unfortunately I still have most of the parts I originally bought. I fondly imagined that having a previous solid history with FC, the initial lateness may just have been a glitch setting up the new DD. Needless to say, I'm not so confident now.
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