c88dnf
Member of DD Central
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Likes: 266
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Post by c88dnf on Sept 15, 2017 20:09:21 GMT
I'm impressed, only 4 days after my previous post the FC rapid response team has provided an update. Hands up everyone who reads it and thinks it was written in direct reply to my post! Way-hay! Four hits on my FC "bullshit bingo" chart! 
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james21
Member of DD Central
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Post by james21 on Sept 15, 2017 20:25:11 GMT
yep; the worst of the worst
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rogerthat
Member of DD Central
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Post by rogerthat on Sept 15, 2017 20:35:11 GMT
Squeaky bum time for a few...still a few lifejackets left...abandon ship |
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adrian77
Member of DD Central
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Post by adrian77 on Sept 16, 2017 18:49:55 GMT
I think this is very poor English and here "at once" really means "simultaneously" rather than "immediately" which is the first definition given in the OED!
This has been going on for weeks now (since June?) which in my book is NOT imminently!
Wonder if this private lender will only take this loan on if e.g. the interest owing is dropped?
FC have clearly learnt nothing about this property lending lark
Allied to this I still think the latest changes are somewhat muddled and have not been thought through for the following reasons
1) clearly borrowers have got wise as to how just how poor the FC due diligence is and doubtless many shifty characters are going to try and get a loan and then do a financial runner
2) I may be wrong but these 2 new rates don't make much sense to me
granted "conservative" rates will be lower but the default rate should be lower
whilst the "balanced" rates will be higher BUT the default rate should be higher
So is 7.5% -4.8% = 2.7% difference in rates justified- I just don't know! But I do l know I have see a lot of A+ loans go under and some A+ loans look highly suspect to me
If the "balanced" rate consistently delivers a higher return then why wouldn't everybody invest in it?
I guess it is inside the realms of possibility that FC may come under pressure to change the criteria for the loan grading as time progresses so (I think) we will have no idea when they do this so the terms "conservative" and "balanced" don't really mean much.
Good look to all of you still aboard - I have never regretted jumping ship - 4.8% projected for unsecured loans - FC are having a giraffe!
Although will be interested to see how this latest malarkey develops but my money has recently gone into a French property FS (mainly Rolex watches etc) and Assetz after stringent DD.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Sept 22, 2017 16:37:30 GMT
It seems that the overdue B######ll Heights Cumbria 2 has repaid today, although there's no sign of the 70+ days of penalty interest yet. The equally late B######ll Heights Cumbria 3 is still outstanding
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c88dnf
Member of DD Central
Posts: 364
Likes: 266
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Post by c88dnf on Sept 22, 2017 20:37:30 GMT
It seems that the overdue B######ll Heights Cumbria 2 has repaid today, although there's no sign of the 70+ days of penalty interest yet. The equally late B######ll Heights Cumbria 3 is still outstanding Outstanding. Oh the ironic potential that exists in the English language.....
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Post by william0101 on Sept 24, 2017 11:19:33 GMT
It seems that the overdue B######ll Heights Cumbria 2 has repaid today, although there's no sign of the 70+ days of penalty interest yet. The equally late B######ll Heights Cumbria 3 is still outstanding I got 1 months interest and no comment. In fact all of the comments for the loan have disappeared for me, almost as if I didn't have an interest any more. Anyone know what is meant to happen ? This is the first one of these I've had.
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rogerthat
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Post by rogerthat on Sept 24, 2017 11:37:53 GMT
It means that if all comments relating to an overdue loan have disappeared from your comments section then it (supposedly) has been settled in full..if there is interest that has accrued due to it going overdue and/or the overdue interest has been at an increased penalty rate..then that should be listed separately, usually itemised together (easier to spot if you had more than one loan part )
Of course understanding the financial transaction statement is an accomplishment in itself as it (or did ) only include the Loan part no and NOT the Loan ID no...good luck
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Post by william0101 on Sept 24, 2017 12:12:06 GMT
It means that if all comments relating to an overdue loan have disappeared from your comments section then it (supposedly) has been settled in full..if there is interest that has accrued due to it going overdue and/or the overdue interest has been at an increased penalty rate..then that should be listed separately, usually itemised together (easier to spot if you had more than one loan part ) Of course understanding the financial transaction statement is an accomplishment in itself as it (or did ) only include the Loan part no and NOT the Loan ID no...good luck Thank you. I've got more joined up / detailed records than most because I get almost perfect [1] double entry accounting out of the csv's and it is gorn. So if it was going to happen to someone it is probably a good thing it happened to me! Unless FC say something about it tomorrow I'll write to them. [1] Bad Debts need to be done by hand because they are just a flag not a tx in the csv's
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rogerthat
Member of DD Central
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Post by rogerthat on Sept 24, 2017 13:26:39 GMT
You're welcome..all gobbledegook to me...wait till you get several thousand loan parts like I had once and see how your double accounting stands up to scrutiny..as I said once before, if Id known that Id need a book keeper or a super computer to keep tabs on  was going on I wouldn't have bothered..continually moving FC goalposts didn't help either nor did the reluctance to sit on my butt for most of my waking hours..there is a whole wide world just outside the front door.. You may find a poster 'lonerifle's input and jolly wheezes useful if you want to do the job properly..he's helped many others with technical wizzardry and analysis that's way beyond my understanding but seems to makes others lives somewhat more bearable. I just look at it for the pretty graphs and what have you but as I'm almost out of FC for all intents and purposes, it goes way over my head. |
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Post by mikeyp on Sept 25, 2017 16:12:34 GMT
Cumbria 3 has a comment today that explains what has happened with 30539 as well...
(30629) — 81 days late, A
The refinance is very close to completion, but there remains one outstanding legal point which needs to be resolved. We have agreed with the borrower and new lender to accept a large proportion of the redemption funds which has settled the principal on loan ID 30539 but is not to enough to settle the additional interest accrued on a daily basis on the loan since the date of expiry. There is also not enough to settle loan ID 30629 in full. The additional funds received will be held on account against loan ID 30629 until the last remaining legal point is resolved. At that point, the remaining redemption funds will be transferred and the principal for loan ID 30629 will be paid in full. However, even once the legal point is resolved, the total refinance amount is not enough to cover the additional interest which has accrued on a daily basis on both loan IDs since the dates of expiry and as such, the borrower has entered into a 4 month repayment plan to repay investors this accrued interest. We appreciate that investors have been very patient and understand the frustration caused by the late interest not being repaid immediately, but this agreement will ensure investors are paid the interest owed to them within a reasonable time frame.
Could be worse!
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c88dnf
Member of DD Central
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Post by c88dnf on Sept 25, 2017 17:44:47 GMT
The SW11 loan appears to have been repaid today. Slowly, oh so slowly, my FC funds are coming home to papa. Just 5% of the peak investment amount now stuck with them. Celebratory glass of red this evening methinks. |
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johns
Posts: 35
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Post by johns on Oct 17, 2017 16:34:00 GMT
And here we have another example of FC's much anticipated anticipation disappearing towards the horizon. Better still is this gem which can be filed under the category we know nowt, but are too scared to default it....
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johns
Posts: 35
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Post by johns on Oct 17, 2017 16:38:00 GMT
In the below comment from FC, does 'sold by the end of October' really mean that the property is up for auction on the 30th with a guide of £700k? Hope it reaches the guide price!! Otherwise probably insufficient to repay the loan, given fees and default interest.
Short term loan Folkestone Kent 1 (22436) — 171 days late, exposure £200.00
A
29 Sep 2017
The refinance with the external lender is still progressing, however due to the delays, the borrower is also looking to sell the property. The borrower has advised that the sale is anticipated to complete by the end of October. We will continue to liaise with the borrower and update investors if this timescale changes.
Regarding F*** T**** Hall, the proposed sale does not appear to be advancing very quickly, as the vendor has recently dropped the price by a mere £150!
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johns
Posts: 35
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Post by johns on Oct 17, 2017 17:57:21 GMT
Should have said £150K!!
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was going on I wouldn't have bothered..continually moving FC goalposts didn't help either nor did the reluctance to sit on my butt for most of my waking hours..there is a whole wide world just outside the front door..