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Post by Ace on Jul 8, 2023 8:31:18 GMT
My last live loan on FC has repaid.
I had 2 accounts, ISA and Std. Both first funded in Feb 2018.
ISA account had a peak balance of £10.6k. It's returned an XIRR of 3.37% (platform says 3.6%, which will ignore cash drag). 23.4% of defaults recovered.
Std account had a peak balance of £2.1k. It's returned an XIRR of 1.87% (platform says 1.9%, less cash drag due to smaller balance). 26.0% of defaults recovered.
The combined return is 3.17%. Definitely wasn't worth the hassle.
No doubt that very small recoveries will trickle in over the years, but unlikely to alter the above results.
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benaj
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Post by benaj on Jul 8, 2023 11:14:37 GMT
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jul 9, 2023 22:34:06 GMT
June 2024 for me
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Post by bracknellboy on Jul 10, 2023 6:52:50 GMT
thanks for this post. It led me to come look at the last few posts on this thread. I was curious as I was sure my FC portfolio was all finished. I've just logged in, and retrieved £16 from my account.
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Post by spareapennyor2 on Jul 10, 2023 7:26:37 GMT
still getting £0.07 per month / last 2 years no live loans
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jul 10, 2023 9:37:05 GMT
thanks for this post. It led me to come look at the last few posts on this thread. I was curious as I was sure my FC portfolio was all finished. I've just logged in, and retrieved £16 from my account. Well done, This year to the end of June Recoveries represent 12% of the outstanding balance of defaults, where the loan has not been sold, or I have seen comments like "no further recovery likely" well it seems like they are doing well, except 2/3 of those recoveries are against 1 loan remove that from the equation and then the recoveries work out at 5.4%, I suppose 10% recovery per year isn't bad. But looking again 40% of this remaining recovery is another single loan, take this one out and the recovery rate drops to circa 3% or 6% a year.
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Post by bracknellboy on Jul 10, 2023 10:21:46 GMT
thanks for this post. It led me to come look at the last few posts on this thread. I was curious as I was sure my FC portfolio was all finished. I've just logged in, and retrieved £16 from my account. Well done, This year to the end of June Recoveries represent 12% of the outstanding balance of defaults, where the loan has not been sold, or I have seen comments like "no further recovery likely" well it seems like they are doing well, except 2/3 of those recoveries are against 1 loan remove that from the equation and then the recoveries work out at 5.4%, I suppose 10% recovery per year isn't bad. But looking again 40% of this remaining recovery is another single loan, take this one out and the recovery rate drops to circa 3% or 6% a year. Interesting: I used to do very similar analysis in the relatively early days of FC, and it was clear that recovery rate was very heavily biased by just a handful of loans. I remember getting castigated by someone that wasn't a fair measure of success (as opposed to the overall rate). But if you were looking to invest, and not expecting to hold a weighted sample of the entire loan book (or 'by category') then I think it was a very valid measure.
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rogerthat
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Post by rogerthat on Jul 18, 2023 16:31:56 GMT
Not here to crow...but as my 2nd complaint is now settled and the cash is in my bank, to show that determination and perseverance, can prove worthwhile, I've received fair compensation for two property loans, that imho opinion, FC let investors down on. 1. Mel**en short term loans in London which began in August 2015 2. Pri**es Ho*el Liverpool which began in May 2016 I took both complaints to the FOS and they upheld my complaint on the Liverpool loan and instructed FC on the level of compensation. On the London loans, I think it would be fair to say that FC, faced with the weight of evidence, decided to make me an offer without involving the FOS any further. Some things do work in life, if a little slowly. I think it would also be remiss of me, not to mention that without the help, guidance and no little encouragement of another investor on here throughout the process, I may well have given up. He knows who he is. Thanks very much.
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Post by brightspark on Jul 18, 2023 17:59:01 GMT
I congratulate you on your success. By rights others should be similarly treated without having to go through a similar stressful and time-consuming experience.
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Post by Ace on Jul 18, 2023 18:35:08 GMT
I congratulate you on your success. By rights others should be similarly treated without having to go through a similar stressful and time-consuming experience. I completely agree. IMO, it's a major failing of the FCA/FOS that they don't ensure that, where they find against a company for reasons that must apply to all lenders, they don't force that company to recompense all affected. I'd bet that it would make AC rethink their position if they thought that the FCA/FOS had real teeth.
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Post by brightspark on Jul 19, 2023 7:57:35 GMT
Too right! It took 8 years from the loan being originally promulgated for rogerthat to have his complaint accepted, agreed, with compensation paid. Not many other small investors have that motivation and tenacity to hang on in there unless the sums involved are seriously significant. Who came up with such a shabby system?
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rogerthat
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Post by rogerthat on Jul 19, 2023 9:54:22 GMT
Too right! It took 8 years from the loan being originally promulgated for rogerthat to have his complaint accepted, agreed, with compensation paid. Not many other small investors have that motivation and tenacity to hang on in there unless the sums involved are seriously significant. Who came up with such a shabby system? Unfortunately it's nothing like a significant amount..in fact as you rightly point out, the hassle, time involved, late nights, research etc etc I doubt the effort was even remotely cost effective. Both the particular loan threads were littered at the time with my whingeing comments...mores the pity that it's literally a drop in the ocean compared to my losses on FS..I should have pulled out and licked my wounds after FC..the whole sorry saga at FS should never have been allowed to happen and I hope that those behind the scenes are successful in their efforts for everyone. The financial world in this country needs a kick up the arse. Who came up with such a shabby system ? Probably the same people who have closed ranks and are being shielded by the very same system.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jul 25, 2023 9:53:38 GMT
just over 4 years back I started the getting out process
To date I have recovered 98% of my investment at the time I started withdrawals
My residual is 2.5% Just under 11% of my residual is late most by 5 months or more
my outstanding debts ( Those not sold off or repaid / NFA) less any repayments represent 3.5%
If I get 40% of that back then that's 1.4%
recoveries running at 38%. ( Sold off, completed and NFA work out at 48%
Slightly worrying is that not a single default since 1/1/22 has recovered a penny apart from the usual penny or two of retained interest
so a right now provided no more default I have made 3.9% over 4 years ( not strictly accurate, I'm actually 0.5% up as of today )
A little better than the bank but a lot more stress and angst, and possibly better than a lot of other investors
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Post by df on Jul 26, 2023 12:07:07 GMT
just over 4 years back I started the getting out process To date I have recovered 98% of my investment at the time I started withdrawals My residual is 2.5% Just under 11% of my residual is late most by 5 months or more my outstanding debts ( Those not sold off or repaid / NFA) less any repayments represent 3.5% If I get 40% of that back then that's 1.4% recoveries running at 38%. ( Sold off, completed and NFA work out at 48% Slightly worrying is that not a single default since 1/1/22 has recovered a penny apart from the usual penny or two of retained interest so a right now provided no more default I have made 3.9% over 4 years ( not strictly accurate, I'm actually 0.5% up as of today ) A little better than the bank but a lot more stress and angst, and possibly better than a lot of other investors I'm in a slightly better position. Started getting out in Oct 2018. XIRR is 4.1%. No live loans left, but some small recoveries are still coming in.
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benaj
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Post by benaj on Sept 7, 2023 17:07:36 GMT
Following a forumite's recent post, I found an unexpected recovery on my partner's account without recent loan comments. #35126.
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