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Post by aloanatlast on Nov 13, 2015 5:25:37 GMT
I don't think I'll bother looking, because "defaulted" has a special meaning at FC. It means novated. Many non-performing loans have never been novated, although the borrowing business has failed and ceased trading. Some haven't even been downgraded - they're just late.
They don't need to novate a loan to pursue a PG and make a miserable agreement promising 17p in the £ over 5 years, and there's little point if the guarantor has gone bankrupt with no prospect of a distribution.
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min
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Post by min on Nov 13, 2015 7:23:00 GMT
Well, here's a new one. Some of my very early 2011 defaults have now had "a final distribution made as the borrower's cash account held a small cash balance". They note that the balance is small and because they can't distribute < 1p not all lenders in the loan will have received a payment. However looks like on at least one of them I have now (a mere 3 and half years after it stopped paying) received a 1p recovery of the £16 odd lost! In all cases this is a year or two after bankruptcy or similar processes appear to have been exhausted. Contrasts quite strongly with the breezy graphs FC have been publishing about recoveries on their blog today. In fact I wonder if that's prompted them to do the final distribution - they cunningly graphed "%age of defaulted loans on which a partial or whole recovery has been made", which would be helpful flattered by adding a single 1p recovery to a few early loans. Are you saying Flattering Charts have massaged the figures? I had 15 (yes 15) such messages. Haven't worked out the total write off yet. Will check my transaction log to see if I got any pennies. Edit: Wahoo! 16p in recoveries. Pushed my recovery % up to 21.25%.
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Post by longjohn on Nov 15, 2015 15:28:24 GMT
I'm pleased with 8097. Not only a full recovery of principle but included all interest up to the date of full recovery. Give that guarantor a gold star.  John |
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Post by bonfemme on Nov 16, 2015 8:21:35 GMT
Well, here's a new one. Some of my very early 2011 defaults have now had "a final distribution made as the borrower's cash account held a small cash balance". They note that the balance is small and because they can't distribute < 1p not all lenders in the loan will have received a payment. However looks like on at least one of them I have now (a mere 3 and half years after it stopped paying) received a 1p recovery of the £16 odd lost! In all cases this is a year or two after bankruptcy or similar processes appear to have been exhausted. Contrasts quite strongly with the breezy graphs FC have been publishing about recoveries on their blog today. In fact I wonder if that's prompted them to do the final distribution - they cunningly graphed "%age of defaulted loans on which a partial or whole recovery has been made", which would be helpful flattered by adding a single 1p recovery to a few early loans. Are you saying Flattering Charts have massaged the figures? I had 15 (yes 15) such messages. Haven't worked out the total write off yet. Will check my transaction log to see if I got any pennies. Edit: Wahoo! 16p in recoveries. Pushed my recovery % up to 21.25%. That's not fair. I had 24 messages and got 9p in total. I think you must owe me some pennies.
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ablender
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Post by ablender on Nov 16, 2015 8:27:42 GMT
Are you saying Flattering Charts have massaged the figures? I had 15 (yes 15) such messages. Haven't worked out the total write off yet. Will check my transaction log to see if I got any pennies. Edit: Wahoo! 16p in recoveries. Pushed my recovery % up to 21.25%. That's not fair. I had 24 messages and got 9p in total. I think you must owe me some pennies. Were your 9p heavier?
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kaya
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Post by kaya on Dec 9, 2015 17:13:37 GMT
On loan 6521, the Flatulent Corpse rejected a 58% settlement offer. They are certainly playing it tough. Personally, I'd have settled for the 58%.
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adrianc
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Post by adrianc on Dec 9, 2015 17:21:11 GMT
On loan 6521, the Flatulent Corpse rejected a 58% settlement offer. They are certainly playing it tough. Personally, I'd have settled for the 58%. Given the circumstances, I think the 58% offer should be taken as serious encouragement to continue sticking it to the mickey-taking buggers. "We're not bound by the guarantee because we had our fingers crossed." Yes, you are. "No, we're not." Fine, see you in court. "Umm, how about 58%? It'll take us a bit longer to raise more, and we won't be able to do it at all if you get huffy." Now, in response to that... "Oh, OK, give us 58%" or "Sod that, see you in court."?
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kaya
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Post by kaya on Dec 11, 2015 16:09:14 GMT
Well you may well be right of course, we will see if we ever get back more than that. I think I'm just getting weary of chancers and con-artists where I'll likely get nothing back at all. I'm now caving in to their ploys!
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blender
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Post by blender on Dec 11, 2015 16:22:19 GMT
It's easier if you do not hold the loan, but I would see the 58% as an opening offer. You could take the 58% on account and give them 6 months to find the rest before court.
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kaya
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Post by kaya on Dec 11, 2015 16:27:16 GMT
Good idea! Perhaps the good folks of the legal team never thought of that. The worry is you end up with nothing.
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adrianc
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Post by adrianc on Dec 11, 2015 16:49:18 GMT
It's easier if you do not hold the loan, but I would see the 58% as an opening offer. You could take the 58% on account and give them 6 months to find the rest before court. Except the 58% was offered as full and final settlement. "We'll write you a cheque IF you sign this." No, I don't want to agree to that, but I'll have the 58%. "No sign, no cheque".
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blender
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Post by blender on Dec 11, 2015 17:01:30 GMT
Well they are hardly going to offer 58% now and promise to find some more later.
Yes, I think FC know what they are doing, that's what I was suggesting. They normally get criticised for being pussy cats. They can't win.
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adrianc
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Post by adrianc on Dec 11, 2015 17:45:05 GMT
Of course. But my point was that you can't take the 58% and come back later.
You'll either not get the 58% in your hands, or when you come back later you'll be shown the signed "Thanks for the 58%, I promise to leave you alone now" document. The third option is not on the table.
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SteveT
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Post by SteveT on Dec 14, 2015 14:47:55 GMT
E 14141 has finally coughed up the 4th payment, just 3 days before the 5th is due. Given the tight window for exit, I've just bailed at par to a couple of obliging (but possibly incautious) manual bidders.
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blender
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Post by blender on Dec 14, 2015 15:07:40 GMT
E 14141 has finally coughed up the 4th payment, just 3 days before the 5th is due. Given the tight window for exit, I've just bailed at par to a couple of obliging (but possibly incautious) manual bidders. Very generous. That's what I hope to do with 17063.
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