agent69
Member of DD Central
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Post by agent69 on Jun 19, 2017 19:22:11 GMT
I've got about £1.75 in a (trying to be) forgotten FC account. Would gladly give it all away to a good cause.
Next taxi off the rank, take a bow TC and that bloody airline.
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Mike
Member of DD Central
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Post by Mike on Jun 19, 2017 20:30:54 GMT
Is there any reason you can't sell the debt as if it was any other debt? i.e off the official SM of the platform concerned
*Edit: I remember FC used to send out emails asking if lenders wanted to take control of distressed loan parts themselves, which presumably would make those parts more easy to sell off the platform?
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david42
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Post by david42 on Jun 19, 2017 22:00:34 GMT
Is there any reason you can't sell the debt as if it was any other debt? i.e off the official SM of the platform concerned *Edit: I remember FC used to send out emails asking if lenders wanted to take control of distressed loan parts themselves, which presumably would make those parts more easy to sell off the platform? Rebs refused to transfer my defaulted loans from my company account to my personal account so that I could close my company on retirement. I have yet to find a solution. My company is still open.
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fp
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Post by fp on Jun 19, 2017 22:06:03 GMT
Is there any reason you can't sell the debt as if it was any other debt? i.e off the official SM of the platform concerned *Edit: I remember FC used to send out emails asking if lenders wanted to take control of distressed loan parts themselves, which presumably would make those parts more easy to sell off the platform? Rebs refused to transfer my defaulted loans from my company account to my personal account so that I could close my company on retirement. I have yet to find a solution. My company is still open. That's a sobering thought david42 🤔 Not something I considered when I started making some of my investments through a business which I intend to liquidate at some pint
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Post by elephantrosie on Jun 19, 2017 23:55:26 GMT
OP- how long has your defaulted loan with AC have been? I thought AC has good history with getting the capital back with their secured assets?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 20, 2017 1:34:38 GMT
OP- how long has your defaulted loan with AC have been? I thought AC has good history with getting the capital back with their secured assets? There are defaulted loans outstanding on AC from 2014. There are a number of early loans where recovery has been protracted, involving complex legal proceedings or over optimistic valuations/weak non property security. Mixed results on recoveries, though many are ongoing and may ultimately produce a good result.
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hendragon
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Post by hendragon on Jun 20, 2017 8:14:02 GMT
OP- how long has your defaulted loan with AC have been? I thought AC has good history with getting the capital back with their secured assets? Loan no 35 granted in 2013 was a bullet loan. It is subject to a court case but has all capital and interest outstanding. I am lucky enough to be owed interest only having sold the loan in the heady days of AC. Loan 39 became overdue in 2014. Recovery has been reasonable but I still have a portion AC are cgasing the debtor for.
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hendragon
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Post by hendragon on Jun 20, 2017 8:16:05 GMT
OP- how long has your defaulted loan with AC have been? I thought AC has good history with getting the capital back with their secured assets? Loan no 35 granted in 2013 was a bullet loan. It is subject to a court case but has all capital and interest outstanding. I am lucky enough to be owed interest only having sold the loan in the heady days of AC. Loan 39 became overdue in 2014. Recovery has been reasonable but I still have a portion AC are chasing the debtor for.In fairness to AC I am in good profit from the platform and these defaults have been ,at least for me, an exception rather than the rule. That said I no longer actively invest in AC.
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Post by ajscotland on Dec 7, 2018 15:48:08 GMT
I hold P2P loans via my company. I will close the company within the next year. Assetz Capital allowed me to buy my company's loans at their market value and other saleable loans have been exited via the secondary markets I am now just stuck with overdue Lendy loans and bad debts. These break down into - Bad debts recognised by the platform which may realise material funds that I would like to receive
- Bad debts recognised by the platform which may receive trivial funds so I would like to just get shot of them
- Overdue Lendy loans which may realise material funds that I would like to receive
- The Lendy London Loan which I do not wish to take over
Does anyone have any views on how to proceed?
I will share with the forum how I get on
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SteveT
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Post by SteveT on Dec 7, 2018 16:00:37 GMT
Why the need to close the company? The only unavoidable cost to keeping it going is the annual Confirmation Statement fee (£15?). It’s easy enough to handle the basic annual tax return and company accounts on a DIY basis for nothing, especially if it’s all but dormant. And a trickle of future recoveries can be paid out to you whenever and however it’s tax efficient to do so.
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Post by ajscotland on Dec 7, 2018 20:03:18 GMT
I hold P2P loans via my company. I will close the company within the next year. Assetz Capital allowed me to buy my company's loans at their market value and other saleable loans have been exited via the secondary markets ...
Interesting. Presumably, once the unsellable loans become owned by you as an individual, you won’t be able to offset any losses against p2p interest (because they were bad when you bought them). So put another way, you’ve taken on the loans yourself and moved their paper value worth to the company account which you’ll have to extract in the usual ways? The plan would be to pass the unsellable loans at nominal value only from company to principal shareholder. The company will take the capital loss in its accounts in the year of transfer. Should there be a recovery then it would become taxable and be payable by me as per the last paragraph in www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12050 - Peer to peer lending: When is a peer to peer loan treated as irrecoverable?
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mikeb
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Post by mikeb on Dec 9, 2018 16:47:16 GMT
Rebs refused to transfer my defaulted loans from my company account to my personal account so that I could close my company on retirement. I have yet to find a solution. My company is still open. That's a sobering thought david42 🤔 Not something I considered when I started making some of my investments through a business which I intend to liquidate at some pint Sobering ... liquidate ... pint ... I see where your mind is going there. More sobering, less pints maybe  Of course, if you have to keep the company open, just to receive these defaults, then that will be an ongoing cost in terms of admin, dormant company accounting fees. At some point, those fees will exceed any dribble of recoveries. What about invoicing the platform for your costs as a direct result of their inability to transfer/cancel/otherwise?
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