stevio
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Post by stevio on Jan 21, 2020 18:33:07 GMT
Are there still notifications from the platform when there are repayments?
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paulb
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Post by paulb on Jan 23, 2020 16:30:48 GMT
Are there still notifications from the platform when there are repayments? It would appear not, for me at least.
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Post by multiaccountmanager on Feb 5, 2020 11:15:53 GMT
thanks for this - interesting - I am not in this one but a tad concerned that so much has been taken for what I think was a very simple recovery. I think I am correct in saying the borrower would have paid back the fee at the same time as the interest so I guess that has gone straight to the administrators- could anybody comment Is this is for simple recovery then however much will other fees be when the situation is anything but so simple? I thank you. Here are some thoughts on how this is working Room 79 was repaid/recovered on 20/1/2020 35,000 12% 21/8/2018 518 days. "Interest" paid to investors 4732.03 9.55% pa (reducing as earning nothing while stuck in FS) @ 12% interest paid should be 5949.04 2.5% of recovered amount is 875.00 Unaccounted amount 342.01 = [0.69% pa] what could this be, legal costs? However since this appears NOT to have been a "recovery sale" - per the t and c's, where the admin took possession and sold, the 5% additional admin fee paid by the borrower fee and due to FS (hence goes towards the creditors) would not be due AFAIK However the borrower rate is not known, is it likely to have been about 20%? If so there would be 8% or some 4800 going in to FS, i.e. towards the creditors pot. It may be a coincidence that 9.55% pa plus 2.5% pa is nearly equal to 12% pa, the original interest rate
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Post by dan1 on Feb 5, 2020 11:49:09 GMT
thanks for this - interesting - I am not in this one but a tad concerned that so much has been taken for what I think was a very simple recovery. I think I am correct in saying the borrower would have paid back the fee at the same time as the interest so I guess that has gone straight to the administrators- could anybody comment Is this is for simple recovery then however much will other fees be when the situation is anything but so simple? I thank you. Here are some thoughts on how this is working Room 79 was repaid/recovered on 20/1/2020 35,000 12% 21/8/2018 518 days. "Interest" paid to investors 4732.03 9.55% pa (reducing as earning nothing while stuck in FS) @ 12% interest paid should be 5949.04 2.5% of recovered amount is 875.00 Unaccounted amount 342.01 = [0.69% pa] what could this be, legal costs? However since this appears NOT to have been a "recovery sale" - per the t and c's, where the admin took possession and sold, the 5% additional admin fee paid by the borrower fee and due to FS (hence goes towards the creditors) would not be due AFAIK However the borrower rate is not known, is it likely to have been about 20%? If so there would be 8% or some 4800 going in to FS, i.e. towards the creditors pot. It may be a coincidence that 9.55% pa plus 2.5% pa is nearly equal to 12% pa, the original interest rate multiaccountmanager - I think you've missed the VAT on the 2.5% fee and the fee is based on the capital+interest amount recovered... (I've assumed 365 day year, i.e. interest applied for 518/365 * nominal rate per annum) £35k @ 12% = £5,960.55 Amount recovered = £40,960.55 2.5% + VAT = 3.0% x amount recovered = £1,228.82 Due to lenders = £4,731.73 within 30p of the actual amount returned to lenders. HTH
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Post by multiaccountmanager on Feb 5, 2020 12:15:48 GMT
Here are some thoughts on how this is working Room 79 was repaid/recovered on 20/1/2020 35,000 12% 21/8/2018 518 days. "Interest" paid to investors 4732.03 9.55% pa (reducing as earning nothing while stuck in FS) @ 12% interest paid should be 5949.04 2.5% of recovered amount is 875.00 Unaccounted amount 342.01 = [0.69% pa] what could this be, legal costs? However since this appears NOT to have been a "recovery sale" - per the t and c's, where the admin took possession and sold, the 5% additional admin fee paid by the borrower fee and due to FS (hence goes towards the creditors) would not be due AFAIK However the borrower rate is not known, is it likely to have been about 20%? If so there would be 8% or some 4800 going in to FS, i.e. towards the creditors pot. It may be a coincidence that 9.55% pa plus 2.5% pa is nearly equal to 12% pa, the original interest rate multiaccountmanager - I think you've missed the VAT on the 2.5% fee and the fee is based on the capital+interest amount recovered... (I've assumed 365 day year, i.e. interest applied for 518/365 * nominal rate per annum) £35k @ 12% = £5,960.55 Amount recovered = £40,960.55 2.5% + VAT = 3.0% x amount recovered = £1,228.82 Due to lenders = £4,731.73 within 30p of the actual amount returned to lenders. HTH Thanks Dan1, that looks good.
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Brainer
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Post by Brainer on Feb 6, 2020 3:06:46 GMT
multiaccountmanager - I think you've missed the VAT on the 2.5% fee and the fee is based on the capital+interest amount recovered... (I've assumed 365 day year, i.e. interest applied for 518/365 * nominal rate per annum) £35k @ 12% = £5,960.55 Amount recovered = £40,960.55 2.5% + VAT = 3.0% x amount recovered = £1,228.82 Due to lenders = £4,731.73 within 30p of the actual amount returned to lenders. HTH Room 79 was as expected (and calculated) but the other rooms had slightly larger deductions.
Recreating your method for Room 72 (566 days, interest paid £5,090.73):
(I've assumed 365 day year, i.e. interest applied for 566/365 * nominal rate per annum) £35k @ 12% = £6,512.88 Amount recovered = £41,512.88 2.5% + VAT = 3.0% x amount recovered = £1,245.38 Due to lenders = £5,267.49 out by £176.76 of the actual amount returned to lenders.
The admin proposals said a 2.5% fee "exclusive of VAT and disbursements", so the latter is probably where the 'missing' returns are going, although exactly what falls into this category I'm not sure. If it is legal costs then pre-administration these would've come out of FS' margin not lenders.
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Post by waryinvestor on Feb 6, 2020 16:52:40 GMT
Can confirm from my notes that 72 went live / made active 03/07/18 - so same date as 4 and 6. (79 and 22 were 21/08/18 and 29/06/18 respectively) In terms of the calculations, without a detailed breakdown from the horses mouth, it's all going to be partial guesswork. We can take as a starting point how the Administrators laid out the method of remuneration (as taken from section 8.5 of the Proposal) No mention of "per annum", but the bold bit is too brief to be hanging your hat on. Roll on the Administrators' detailed breakdowns! I read it as 2.5% + VAT = 3% of the Recovered Amount (Doesn't differentiate between Capital & Interest).
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Post by waryinvestor on Feb 6, 2020 16:53:30 GMT
Are there still notifications from the platform when there are repayments? Yes - email.
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iRobot
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Post by iRobot on Oct 29, 2021 17:12:15 GMT
Student Flats Sheffield - Consolidation - Renewal (3621027559) 29/10/2021 - The sale of the freehold is at an advanced stage and is due to complete imminently. The shortfall position with the borrower will be reviewed following completion.
Loan amount c. £168k, accrued lenders' interest c.£78k
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