Stonk
Stonking
Posts: 735 
Likes: 658
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Post by Stonk on Jun 15, 2018 19:37:53 GMT
I began my fresh new FC ISA just over a month ago, and it now has 200 new loans from the primary market. As of 15 June, 75 of my loans have reached their first payment date ... and 2 of the blighters have failed to pay.
Is this "normal"?
I have had a Classic FC account for a while which was actively buying until September 2017, and it never happened to me on there. I probably bought about 300 loans on the primary market back then, and not a single one of them missed the first payment.
Talk about a kick in the teeth.
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adrian77
Member of DD Central
Posts: 3,915
Likes: 4,141
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Post by adrian77 on Jun 16, 2018 5:08:14 GMT
And this is exactly why myself and many others ditched our FC holdings...as I see it all FC are doing is trading debt rather than assets.
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blender
Member of DD Central
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Post by blender on Jun 16, 2018 9:25:07 GMT
We have started some new accounts this year, and have about 1000 new loans which have gone past the first repayment date. So far one, 54439, has defaulted without making a single payment. Two others are now 13 days late on the first payment - though that does not mean they will default (fingers crossed). So, between 0.1% and 0.3% of our loans fail to make a single payment. FC used to compensate for this, as they deemed it to mean that the loan should not have been made.
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Post by carol167 on Jun 16, 2018 9:42:19 GMT
Far too many, that's for sure.
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blender
Member of DD Central
Posts: 5,719
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Post by blender on Jun 19, 2018 12:40:59 GMT
Referring to my post above, I am pleased to say that one of the two borrowers who were late on the first repayment has now paid. The other is now 16 days late. So I have either 1 or 2 in 1000 failing to make the first repayment. The first payment often used to be late with FC, due to finger trouble usually, and very few were converted into defaults. The sense is that recently more are having trouble with that first repayment, but we will see. I am waiting to see what happens to the 16 day late one, before putting any more cash in this ISA account.
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