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Post by loanstar on Jan 4, 2016 19:44:19 GMT
With a number of new investors joining I thought I would bring this thread up to date and back on track. I have been with Failing Credit since August 2013. At present I have 21 defaulted loans. Recoveries stand at 16.74%. Most do seem to be making some kind of repayment and are classed as green. I did tackle Faulty Counters about the information they supply on recoveries per loan, but as you would expect I had a rather bland reply. What would others like to see provided? A lookup table with loan number, amount outstanding and recoveries made?
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adrianc
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Post by adrianc on Jan 4, 2016 19:57:04 GMT
Once a loan's been defaulted, it never goes back to normal - so why not just repurpose the repayment tab?
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Post by bonfemme on Jan 5, 2016 10:11:34 GMT
Once a loan's been defaulted, it never goes back to normal - so why not just repurpose the repayment tab? An excellent idea
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eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on May 8, 2016 20:18:40 GMT
ive got 31,250 in and 1,750 bad debt. 800 in the last month. anybody else having the same recently? well i cleaned everything out that i could 9 months ago, and the risk band removed and bad debt has been trickling in but still have more bad debt than profit. lesson learned
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bigfoot12
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Post by bigfoot12 on May 9, 2016 6:29:52 GMT
ive got 31,250 in and 1,750 bad debt. 800 in the last month. anybody else having the same recently? well i cleaned everything out that i could 9 months ago, and the risk band removed and bad debt has been trickling in but still have more bad debt than profit. lesson learned THat seems very unlucky. Were you badly diversified? If you'd split you loans into 100+ parts you would have needed 6 or more to fail, is that what happened?
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ahowlin
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Post by ahowlin on May 9, 2016 11:55:46 GMT
THat seems very unlucky. Were you badly diversified? If you'd split you loans into 100+ parts you would have needed 6 or more to fail, is that what happened? I have been using FC for several years, at one point I had more than 20,000 invested but well diversified. Total losses according to FC are £359 odd, and of that just under third has been recovered. Most of the businesses/Guarantors are making some sort of repayment. In fact probably half of the losses I incurred in the first year which I put down to using Autobid - never used it since! I am now slowly winding down my position because it is no longer possible to do meaningful DD. Albeit I am investing in many of the Property loans.
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Post by chielamangus on May 9, 2016 12:10:31 GMT
Apart from my first 12 months which was bad debt free, I have followed the race between the Fees and the Losses on the summary page. For most of the time "Fees" was just ahead, but in the past few months "Losses" has come up on the outside and is now leading by a neck. This is despite trying to run the entire holding down over the past year.
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jo
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Post by jo on May 23, 2016 14:54:44 GMT
The reimbursement of the jean genie loan (which was my largest loss) has taken my recovery to 38%.
Almost 2 years since starting this thread, I wonder if this will represent the high water mark.
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eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on May 23, 2016 15:37:28 GMT
THat seems very unlucky. Were you badly diversified? If you'd split you loans into 100+ parts you would have needed 6 or more to fail, is that what happened? 100% diversified, ie no loan larger than 1%. 23 downgraded, 16 rbr. losses 2344.00 net earnings 2209.00.little bits still trickling in tho. 3 years making myself half blind on the pc. still, i wouldnt have had 20 odd grand to put in ss if i hadnt done it, so like i say, lesson learned.
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jo
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Post by jo on May 4, 2017 14:05:23 GMT
(40.5%, updated for giggles).
39-41% recovery has now been my recovery ceiling for the best part of a year. I guess this now as (operationally) good as it gets.
As I'm running the account down, will be interested to see how this impacts on that number.
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markr
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Post by markr on May 4, 2017 14:39:26 GMT
It's about the same for me, as of today 40.0% including FC's generous discretionary repayments (for me, the Jeans Genie, the Wandering Wine Merchant and Shi*t House The Next Chapter), 35.4% not including those three. It's been a good month though with no new bad debt and a reasonable dollop of recoveries.
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Post by bonfemme on May 5, 2017 5:26:04 GMT
Mine's only 33.87 (it would be less if FC hadn't repaid the same three as markr, and classified another as a default when it wasn't, it was simply a dispute over the amount outstanding). It might have been closer to the above figures if I hadn't been badly stung for a wedge by crappy scrappy. |
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pickles
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Post by pickles on May 7, 2017 10:24:41 GMT
I'm about 2 years in with FC and my bad debt rate is running at about 50% of gross earnings, with a little over 10% recovered. I was stung with a swathe of defaults last summer, I admit a fair number of these were bought when I first started, on the SM and possibly insufficient DD. Plenty of A+ in that mixture, and I was diversified over nearly 1000 businesses. Some look hopeful, others are clearly dead, if I get up to 40% recovery that would be great.
I changed my strategy to property only, closing out my position on nearly all of those 1000 at premium. Now I have the entire portfolio on the SM, swapping out property for new property, which has brought the overall return from ~5% up to 6.2%. With property drying up and the time involved in flipping I guess I'm out in 12 months, the returns are not great for the effort.
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pickles
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Post by pickles on May 7, 2017 17:34:50 GMT
It's net, ie from the summary page recoveries/bad debt
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dorset
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Post by dorset on May 8, 2017 8:43:47 GMT
I have been with FC almost from the beginning with at times upwards of 1500 loans (non property). Since 2012 I have had 136 defaults with the total value coming out at about 20% of gross interest (but net of FC fee). As of today my recoveries stand at 34.9% of total defaults. I have had 13 almost full recoveries and 11 almost complete write offs. My estimate is that final recovery value will average out at about 50% of the default. I have found no discernible pattern to the defaults (size, location, sector etc)
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