ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 30, 2017 16:09:10 GMT
Apologies if there's already a thread on this but I couldn't find it so obvs starting this one.
I know that Defaulting this Loan means a rather difficult (impossible) Asset to sell, however, I mean, NO contact in 20 days from the Borrower AND over five months late.
Time to Default, wot think you peeps?
Expected end 15/10/2016
25/03/2017
We have not received an update from the borrower. We will push for an update and post as soon as received.
18/03/2017
We have received no updates this week. We will be in touch early next week and will post an update then.
10/03/2017
In a call today with the borrower, they were optimistic about securing a long-term investment with any of 2 interested parties. They are trying to secure a non-refundable deposit which would enable them to repay all outstanding interest.
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Post by bracknellboy on Mar 30, 2017 20:47:43 GMT
Oh dear (understatement). Unless there is another power boat loan, then this is my biggest remaining FS exposure and is going to leave me somewhat holed below the waterline.
I obviously got somewhat suckered in by the success of previous powerboats loans (though a warning should have been that one of those was paid by virtue for an insurance payout following complete write off.....).
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 30, 2017 20:47:52 GMT
There'll be pain, but sometimes you just gotta face the music. And set an example to Borrowers, it's arguable that FS are possibly seen by some Borrowers as pushovers? And thanks leopardcat, I was beginning to wonder if there was anyone out there. Maybe thee & me were the only dunces to buy into this glorified canoe.  (And bracknellboy, so three of us now) |
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mikes1531
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Post by mikes1531 on Mar 31, 2017 0:41:38 GMT
There'll be pain, but sometimes you just gotta face the music. And set an example to Borrowers, it's arguable that FS are possibly seen by some Borrowers as pushovers? And thanks leopardcat, I was beginning to wonder if there was anyone out there. Maybe thee & me were the only dunces to buy into this glorified canoe. (And bracknellboy, so three of us now) Make that four, because I'm in it as well. It's my biggest holding at the moment. I think I was influenced by the fact that this loan was a follow-on from two other loans. I probably glossed over the fact that the new loan was larger than the previous two combined, so the borrower was rolling up the interest into the new loan. 
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elliotn
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Post by elliotn on Mar 31, 2017 3:00:48 GMT
I'm with you on this. The longer it goes on the bigger the loss. It was actually my first purchase on the platform, and on the sm (before I realised that I should almost never buy on the sm). Ditto. I think I was still smouldering on having missed out on the Saving Stream boats 
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Post by bonfemme on Mar 31, 2017 5:29:46 GMT
I'll raise that to six.
After only a year with FS, I now have 18 overdue and unredeemed loans. However, this figure still compares favourably with my history of RBRs and defaults on FC one year in.
Edit: That was back in 2012. I don't do FC anymore. (Don't want anyone to think I'm that stupid).
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shuff27
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Post by shuff27 on Mar 31, 2017 6:52:59 GMT
I'm in this one & similarly concerned. Perhaps our best hope is that it has an unfortunate accident so FS can claim on the insurance as I can't see any prospect of selling it on. Also one of my earliest P2P investments & I was probably swayed by the glamourous appeal - now I'm a lot more hard headed!
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Liz
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Post by Liz on Mar 31, 2017 7:37:46 GMT
I'm in this one & similarly concerned. Perhaps our best hope is that it has an unfortunate accident so FS can claim on the insurance as I can't see any prospect of selling it on. Also one of my earliest P2P investments & I was probably swayed by the glamourous appeal - now I'm a lot more hard headed! @shuff, "accident!" not a good idea to firebomb it  I have never liked lending on boats, so why I am investing in race cars is anyone's guess  I think we all need to stick to the low LTV property loans in the future. I wonder which is the next problem area? Getting out of student dev's might be a good idea. Scotland, NI loans, caravan parks, quarries, marinas, farms have all had the chop too.
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shuff27
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Post by shuff27 on Mar 31, 2017 7:59:35 GMT
Liz - agreed, I've pretty much been following your list of categories to avoid for the past few months, although IMHO Scotland's probably OK until independence when its economy may implode. Majority of my current investments are relatively low LTV residential property plus a bit of commercial prop plus some traditional pawn (gold & jewellery on Collateral). The powerboat loan was a moment of weakness (or madness!).
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Post by runtley on Mar 31, 2017 9:01:28 GMT
To categories to avoid, I would add most hotel developments - they are a nightmare to sell, so expect a long wait, and tend to be valued as a business which may be well below expected property value (I speak from experience having sold a poorly performing hotel a few years ago). Likewise care homes.
Having read this thread (a wake-up call - pun intended), I ditched my endurance boat loan last night - sold easily enough at a small discount to shift it quickly as too much depends on them getting sponsorship so I see an endless stream of excuses coming. The race cars definitely to be avoided - the borrower is a new company with no filed trading accounts yet and they seem to be sitting on the cars which are slow to sell. Cars and boats appeal to the emotions, and I plead guilty to that too.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 31, 2017 9:18:26 GMT
And if yer thinking of flogging this kayak (assuming you haven't tried already  ) .................................... "Not available for resale"So we're stuck with it. ( Reminder, as if you needed it -> Date Ending:15/10/2016 ) |
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madpierre
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Post by madpierre on Mar 31, 2017 9:50:09 GMT
You can add me to the list and also to the list of this being my biggest holding on FS. I did sell some of it months ago and now dearly wished I had sold the lot. We can only hope that one of the Big Hitters fancies a nice fast boat at a knock-down price |
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shuff27
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Post by shuff27 on Mar 31, 2017 11:51:48 GMT
runtley I've also just ditched my £300 in the endurance boat, just as a precaution, sold within an hour with a 0.5% discount. Have reminded myself to keep a better eye on my other FS loans - especially the over-running ones!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 31, 2017 12:12:23 GMT
The endurance boat is another one then? This one's "Not available for resale", as is 5818112533.
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shuff27
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Post by shuff27 on Mar 31, 2017 12:34:43 GMT
The endurance boat may be absolutely fine & repay on time (no indication otherwise at present) but I've decided to have a general clear out of boats, cars, art & anything else that I believe may be difficult to sell on under a default scenario.
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I think we all need to stick to the low LTV property loans in the future. I wonder which is the next problem area? Getting out of student dev's might be a good idea. Scotland, NI loans, caravan parks, quarries, marinas, farms have all had the chop too. 
) .................................... "Not available for resale"