|
|
Post by markp2p on May 2, 2017 9:39:45 GMT
I haven't been on FS long and my first investment just reached its end date (the loan is 1541454825 listed with an end date of 28th April 2017). I expected to receive my capital back on the 28th, but that hasn't happened and there have been no updates on the loan. I have not selected to renew. It is not listed as a renewal for new investors to invest in.
Can someone explain briefly how it works and why my expectation was wrong?
|
|
Steerpike
Member of DD Central
Posts: 1,978 
Likes: 1,687
|
Post by Steerpike on May 2, 2017 9:48:50 GMT
I haven't been on FS long and my first investment just reached its end date (the loan is 1541454825 listed with an end date of 28th April 2017). I expected to receive my capital back on the 28th, but that hasn't happened and there have been no updates on the loan. I have not selected to renew. It is not listed as a renewal for new investors to invest in. Can someone explain briefly how it works and why my expectation was wrong? Most loans run past their end date, I have 25 overdue loans.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on May 2, 2017 9:50:14 GMT
Very few FS loans repay on the exact expected date. Within a couple of weeks, FS will probably add an update explaining the status of their discussions to date with the Borrower, who may commit to repaying in full or paying 6 months interest so that the loan can be renewed. Some loans take many, many months to resolve. My longest is currently up to 656 days! (crossed with Steerpike) |
|
archie
Posts: 1,866
Likes: 1,861
Member is Online
|
Post by archie on May 2, 2017 9:51:46 GMT
Not much information on FS for this loan.
When a loan reaches it's end date the borrower has to repay in full or pay the interest to renew for another term.
FS usually give 14 days for this to occur before defaulting the loan.
Hopefully there will be an update posted soon.
|
|
n
Member of DD Central
Yet another Nick
Posts: 882
Likes: 461
|
Post by n on May 2, 2017 9:52:12 GMT
IFF the borrower paid the interest to renew the loan again or paid it back in full on Friday THEN I would expect to receive an email once FS settle down again after the bank holiday, maybe today. If they didn't then I would expect hope to see FS chasing them after a week or 2 or 3.
Edit: Crossed with lots of helpful people.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on May 2, 2017 9:58:01 GMT
On the plus side, the prior loan on that Plymouth Hotel (2918585401) was renewed via payment of 6 months interest within 2 weeks of the expected end date, which is about as good as it gets on FS
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on May 2, 2017 10:11:15 GMT
Have a look at the Overdue Loans thread on here.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on May 2, 2017 16:20:37 GMT
Renewal or repayment on the date the loan ends seems to me to be relatively rare when it's a property loan.
With property loans quite a lot pay or renew within 1 or 2 months and you do get interest when or if the loan is repaid or renewed for the period of the loan. My experience is that FS are really reluctant to default a property loan but they will quickly default a loan for pawn items that are very saleable ie watches.
P2P lending is high risk and defaults or very late payments are quite common which explains the high interest rates. Keep your chin up and never invest more than you can afford to lose, spread the risk by only investing small amounts in each loan so if it defaults you don't lose more than you can afford is the best advice I can give to a "newbie".
|
|
|
|
Post by markp2p on May 2, 2017 18:02:18 GMT
Im not a newbie to p2p. Just to FS. My first loan here and my first late repayment on any site. Not a good start.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on May 2, 2017 18:28:33 GMT
Im not a newbie to p2p. Just to FS. My first loan here and my first late repayment on any site. Not a good start. Oh Dear markp2p, welcome to The Club, you've got a lot to experience! (have studiously avoided "learn") 
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on May 2, 2017 19:08:56 GMT
Im not a newbie to p2p. Just to FS. My first loan here and my first late repayment on any site. Not a good start. Oh Dear markp2p, welcome to The Club, you've got a lot to experience! (have studiously avoided "learn") Your next milestone will be your first crystalised loss club. Then there is the nothing recovered club and the 1P recovered club(I kid you not). I'm in all 3 
|
|
|
|
Post by portlandbill on May 3, 2017 10:38:24 GMT
another newbie question then; if the 6 month original loan period comes to the end and the borrower wants to renew by paying another 6 months interest, aren't the original lenders repaid (with interest) and the loan renewed through a new allocation process?
|
|
gibmike
Member of DD Central
What is a cynic? A man who knows the price of everything and the value of nothing.
Posts: 256
Likes: 160
|
Post by gibmike on May 3, 2017 10:47:39 GMT
There is an option to "autorenew" or not. I never tick that box.
|
|
n
Member of DD Central
Yet another Nick
Posts: 882
Likes: 461
|
Post by n on May 3, 2017 10:50:47 GMT
The interest is paid to you once the renewal is filled regardless of whether you renew.
|
|
|
|
Post by portlandbill on May 3, 2017 10:55:45 GMT
so if i don't auto-renew, i will have my capital returned, as well as the interest, on the filling of the replacement loan?
|
|
