adrian77
Member of DD Central
Posts: 3,920 
Likes: 4,145
|
Post by adrian77 on Aug 7, 2017 8:14:23 GMT
Morning
I used to be with FC but I think they went downhill and completely lost control of their property loans. Sooner or later., I expect many more property loans to be defaulted I am really not giving my money to FC to get under 8% (in many) cases for unsecured loans.
I thought FS was a better bet as their loans are secured but I am very disappointed to read all the justified comments about their tardiness in dealing with late payers. Can anybody tell me if FS have actually repossessed any of their assets and if so how long it took and what percentage was recovered.
Thanks a lot
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Aug 7, 2017 8:19:23 GMT
One distinct advantage of FS over FC is that any registered lender can see the entire FS loan book history. Go to "All active and past loans" and sort by the "Defaulted" column.
"Unredeemed" = defaulted loans still awaiting resolution
"Recovered" = defaulted loans recovered in full
"Defaulted" = defaulted loans that ended up with some sort of a shortfall (there are only 6 of these to date)
The "Loan updates" tab on each individual loan then gives chapter and verse on what occurred (or the "General information" tab for older loans)
In addition to "Unredeemed" loans (which have formally been defaulted), there is a very long list of loans that are wildly late but still categorised as "Live" ...
|
|
ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
|
Post by ashtondav on Aug 7, 2017 10:29:30 GMT
It should be said that there are a fair few under this category. Some over 12 months old...
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Aug 7, 2017 15:34:15 GMT
One distinct advantage of FS over FC is that any registered lender can see the entire FS loan book history. Go to "All active and past loans" and sort by the "Defaulted" column. As can any registered lender on FC.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Aug 7, 2017 15:40:25 GMT
One distinct advantage of FS over FC is that any registered lender can see the entire FS loan book history. Go to "All active and past loans" and sort by the "Defaulted" column. As can any registered lender on FC. No, lenders can't review the details of defaulted FC loans unless they have money in them (unless FC have recently changed this, which I doubt). They can only download summary loan book figures.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Aug 7, 2017 18:46:14 GMT
thanks for the above - very disappointed to see so many unredeemed loans
Ref the loan I mentioned; I have found it and sorry it is not a posh part of London but K*****b****** in North Yorkshire. The comments about this now bankrupt husband read like a script from Minder!
This chap had 3 houses with I think 1 or 2 having a second charge with FC. Clearly the main p2p lender has now got control of these house and is getting control of the rent etc- I wonder if this is a collapsing house of cards and I really can't see much of the second charge being recovered
Anybody who wants this loan id is welcome to PM me.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on Aug 7, 2017 18:49:49 GMT
It should be said that there are a fair few under this category. Some over 12 months old... I have several that are well over 12 months. One is even still classed as "active"
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Aug 8, 2017 9:10:48 GMT
As can any registered lender on FC. No, lenders can't review the details of defaulted FC loans unless they have money in them (unless FC have recently changed this, which I doubt). They can only download summary loan book figures. On FC any lender can download the entire loan book history - so you can see every loan that has been defaulted, is late etc.
|
|
pier2pier
Member of DD Central
Posts: 80
Likes: 74
|
Post by pier2pier on Aug 8, 2017 9:34:04 GMT
Poor management from FS, although unredeemed heading towards 6k in my portfolio of 21k, highlights are the updates posted every weekend, entertaining  |
|
09dolphin
Member of DD Central
Posts: 638
Likes: 866
|
Post by 09dolphin on Aug 8, 2017 17:44:17 GMT
Poor management from FS, although unredeemed heading towards 6k in my portfolio of 21k, highlights are the updates posted every weekend, entertaining Whilst I agree that FS's management leaves a lot to be desired I do enjoy reading about their acceptance of anything and everything their borrowers post regardless of how improbable the updates are. My 11 year old Niece would have difficulty believing the updates posted but this just reflects the contempt FS show towards investors.
It's time the mismanagement of FS was challenged, and I have the time, experience and patience to do just that.
|
|
|
|
Post by eascogo on Aug 8, 2017 18:20:18 GMT
Poor management from FS, although unredeemed heading towards 6k in my portfolio of 21k, highlights are the updates posted every weekend, entertaining Whilst I agree that FS's management leaves a lot to be desired I do enjoy reading about their acceptance of anything and everything their borrowers post regardless of how improbable the updates are. My 11 year old Niece would have difficulty believing the updates posted but this just reflects the contempt FS show towards investors.
It's time the mismanagement of FS was challenged, and I have the time, experience and patience to do just that.
Had a portfolio of ca 70k but now only unredeemed 9k left. Would support a class action if enough forumites were to join in.
|
|
jcm9000
Member of DD Central
Posts: 181
Likes: 153
|
Post by jcm9000 on Aug 10, 2017 21:25:07 GMT
And another goes pop. Rather a lot in the last month... Wrinkles in the property market starting to bite?
|
|
