happy
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Post by happy on May 19, 2017 14:00:40 GMT
There is no status on the Browse Loans pages that shows late payment so the only certain way to check this is to visit the repayments tab of each loan. I think some people keep the payment date on their spreadsheets and do check this regularly as payments fall due, I don't as this is too much of an overhead in my view. A loan can also have a monitoring event flagged (without being late or in default), i.e. if a covenant is breached or for other issues that may affect the loan which is useful however this flag does not make it to the Browse Loans so again you have to visit the laon page of each loan to see it. Personally I stick to sorting the Browse Loans page for my invested loans and sort this by Last Updated date and I then go and check every loan that has had an update to see whats new since I last checked (which I record on my tracking sheet). The good thing about this is if someone posts a Q&A comment it updates the Last Updated date so you get the benefit of other keen CAC investors chasing up late payments etc. Some improvements would certainly be welcome here in making loan status changes more visible on the Browse Loans page. Making it flag up "there have een changes since I last looked at this loan" (like the forum threads do with the (NEW) icon) would be the ideal. Any comment on this chris with regard to your UI improvement team objectives. |
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happy
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Post by happy on May 19, 2017 12:23:07 GMT
I agree with niceguy37 .My defaults on FC were reported as losses in the year they defaulted (15-16) FC then reported recoveries (all of 95p  ) for the following 16-17 tax year. I am going to do likewise for AC this year on the 2 loans I hold that are in default/recovery (#199 & #230) I will then declare any recoveries in the tax year that they occur. My only concern is whether to only include my GBBA holding in #230 as well due to the PF. I am mindful to put it all in as a loss on the basis that the PF is discretionary and therefore does not guarantee any pay-out in the event of capital loss. This approach fits with my understanding of the HMRC guidelines and I do not see why AC cannot simply do the same as they know the exact holdings and status on all our holdings in the black-box accounts. Surely they would just need to implement a lenders loan default/recovery ledger to provide this information for their tax statement production. EDIT: My concern with this approach is where default losses declared by the lenders are substantial but these are not reported by AC as this could lead to mismatch in the data that HMRC see and could well cause unnecessary flagging of returns for manual inspection and review by HMRC. |
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happy
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Post by happy on May 16, 2017 18:57:45 GMT
Each time you login, do you need to have a text message sent to your mobile, with a PIN in it? Or is the PIN a number you created and use each time like an extra password? The PIN is just a layer of security, you have to remember it. You have to sign in with PIN and the password. A new PIN can be requested. The PIN is static but a new one can be requested if you want to change it
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happy
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Post by happy on May 16, 2017 5:36:38 GMT
I requested a PIN when setting my account up some years ago and received my text ok, used it since with no issues so the PIN process worked for me. You need to call Ratesetter and get them to check it out for you.
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happy
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Post by happy on May 12, 2017 18:35:43 GMT
Happy Days oldgrumpy ...........In case you have not seen this yet the loan page now shows paused instruction in an orange(ish) colour. You can't get them to sort to top/bottom of list like active buy/sell instructions so you will need to scan through all your invested loans to see them but this is a big improvement. Thanks for your efforts in getting this raised within AC. Edit: Oh and thanks chris , useful improvement Excellent. Simple and effective. I found three switched off instructions just now which I didn't know about. They could've been like that for the next few weeks. Thank you chris And, even better, if you click the instructed tab on loans listing it shows all paused instructions alongside your active ones......perfect!
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happy
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Post by happy on May 11, 2017 6:14:11 GMT
I'm looking at the loan book page (not just mine). Many of the loans have my instructions noted in the column for sell or buy. On many occasions AC pause or otherwise disable our instructions, usually for good reason. This does not always mean a permanent freeze on trading. When trading does resume after a few days (weeks), instructions are not reinstated automatically.There is NOTHING on the loans page to indicate that any of the instructions are paused. I have asked time and time again for a marker to be put by each instruction on this page to indicate that an instruction is disabled and I have had no response whatever. The only way I can find out is to manually go onto every loan page separately at moderately frequent intervals to ascertain whether my instructions are being applied. On several occasions I have found my instructions disabled and I didn't know anything about it. Please chris , when will something be done to improve the website in this way? Happy Days oldgrumpy ...........In case you have not seen this yet the loan page now shows paused instruction in an orange(ish) colour. You can't get them to sort to top/bottom of list like active buy/sell instructions so you will need to scan through all your invested loans to see them but this is a big improvement. Thanks for your efforts in getting this raised within AC. Edit: Oh and thanks chris, useful improvement
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happy
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Post by happy on May 11, 2017 5:52:29 GMT
LGDV should drop again as development progresses and the loan would then become GBBA eliable again : Presuming LGDV means Loan to Gross Development Value, I don't see why it should drop as the development progresses. The GDV is the expected end value, and AIUI that shouldn't change as the project proceeds. You are of course correct in theory @mike1531 however it seems thar AC use the LGDV display on the loan page to reflect the current LDV. In the case of this loan, a land development yeilding serviced development plots, the GDV of the site is £1.2m, the loan facility max £730k but the undeveloped site value is £1m (the current state of the project) Current LGDV displayed on the loan page is 73% reflecting the loan to current (ie undeveloped site) value not the final LGDV of 60.83% once the site is deleloped. I have had the same thing happen on another loan (#379) below is ACs response to my question to them: As this loan is for a development project the Loan to Value (LTV) ratio will fluctuate during the development process as works are carried out and funds are advanced to the borrower in stages. This loan met the LTV requirements of the GBBA mandate at drawdown but part way through the development works the LTV ceased to meet the mandate requirements. Because of this loan parts held in the GBBA were sold by the account. It is potentially possible that the loan could qualify again in the future but we cannot guarantee this, if it does then some of its loan parts will be available to be bought by the GBBA. The loan remains available via the Manual Loan Investment Account.As this loan is for a development project the Loan to Value (LTV) ratio will fluctuate during the development process as works are carried out and funds are advanced to the borrower in stages. This loan met the LTV requirements of the GBBA mandate at drawdown but part way through the development works the LTV ceased to meet the mandate requirements. Because of this loan parts held in the GBBA were sold by the account. It is potentially possible that the loan could qualify again in the future but we cannot guarantee this, if it does then some of its loan parts will be available to be bought by the GBBA. The loan remains available via the Manual Loan Investment Account.
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happy
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Post by happy on May 9, 2017 6:17:03 GMT
This is due to a feature of the GBBA automated buy/sell algorithm being affected by tranche draw-down loans. If as a result of the draw-down the loan to gross development value at that time rises above the GBBA maximum (currently 71% I think) then the GBBA will sell holdings. This is the case for 458, started at 50%, 2nd tranche in April put it to 73%
Edit:LGDV should drop again as development progresses and the loan would then become GBBA eliable again
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happy
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Post by happy on May 8, 2017 21:16:13 GMT
Had around 2.5 years in FC, up to £20k invested at my peak. initially A*,A loans and the occasional B or C very very carefully hand-picked SME loans, no property. Only ever had 3 defaults (all As totaling around 0.4% value of my loan book) All went Pop within a few payments and recovery has been negligible, about 1% over the last 18 months or so. One loan repaying about 50p a year (EDIT: now unlikely to pay anything!) one written off and one occasionally making a token payments whilst dodging winding up orders aplenty so chances of much further recovery are very slim. In hindsight these 3 loans should never have been A loans in the first place and I should never have lent to them either but they were fairly early in my FC journey. Based on this recoery rate I am just glad my default rate was so low. I put my low default rate down to my very strict selection criteria (i.e. almost lending to companies that really didn't need to borrow money in the first place ) and a focus on A*/A loans however this meant that as time went on and loan quality declined along with the rates virtually no loans met my criteria so the effort became too much and at the new Completely Fixed Rates I simply couldn't justify unsecured lending.... end of! Moved on to property only after fixed rates. Now 99.9% property on which I have had no defaults and I'm gently winding these down as they get near to repayment so hoping for no more defaults before I exit FC. Lifetime defaults as a % of lifetime profit around 5%, Recovery only 1% of total losses |
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happy
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Post by happy on May 1, 2017 16:25:35 GMT
I only asked for £260 and that is what I got. Didn't feel that inclined to divert too much to a 7% Pub loan although the LTV was attractive
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happy
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Post by happy on Apr 7, 2017 16:12:48 GMT
Unfortunately the LW web site has perhaps buckled under the load, can log in but dashboard not displaying any info
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happy
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Post by happy on Apr 4, 2017 22:22:37 GMT
Beats the hell out of the 3.4% I'm getting for Access right now. As they say........go figure!
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happy
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Post by happy on Apr 4, 2017 21:18:49 GMT
Mrs. N's defaults continue. She currently has 10 defaults in + out of a total of 220 loans since she opened her account last June. In simple terms, ie (balance - investment)/investment, she has made 4.2% interest compared to 4.8% in access. I hope this is just an unfortunate blip. 4.8% in Access....... I wish! Surely you mean Classic.
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happy
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Post by happy on Mar 31, 2017 16:03:02 GMT
Still only 3.75% for me  |
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happy
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Post by happy on Mar 23, 2017 7:11:15 GMT
IMHO "Wind", "sailing" and "close to" spring to mind on this and anything else near 80%LTV, Not for me I'm afraid as it doesn't take much of another project overrun and a drawn-out forced sale to see capital risk. If is was a longer term it might be worth holding until payment -2 is due but doesn't seem worth the potential anxiety of hoping they will sell come the time, particularly if the likely Brexit Hardball pantomime spooks the markets.
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) for the following 16-17 tax year. I am going to do likewise for AC this year on the 2 loans I hold that are in default/recovery (#199 & #230) I will then declare any recoveries in the tax year that they occur. My only concern is whether to only include my GBBA holding in #230 as well due to the PF. I am mindful to put it all in as a loss on the basis that the PF is discretionary and therefore does not guarantee any pay-out in the event of capital loss. 
