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Post by thesnoop on Dec 15, 2014 16:34:46 GMT
It looks like 9279 got pulled, although I see no information saying why...
A little unimpressed, given I had a wad of cash sitting in accepted bids for a week.
So do the businesses have a one week window, post auction close, to accept or reject the offer ?
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baldpate
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Post by baldpate on Dec 15, 2014 16:56:56 GMT
Yes, that's the way it works - the borrower is given until close of business on the seventh day after the end of the auction to accept. The reason for rejection on 7279 is given by FC as:
"Please note: The business is not accepting due to final offer from investors. Thanks, FC." - (i.e. the borrower didn't like the rate).
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Post by thesnoop on Dec 15, 2014 17:27:01 GMT
Thanks baldpate.
My experience of the process is always as follows.
Oh look, my available funds have jumped up, I wonder what happened.
Go to Summary> My Bids > Show All.
Manually try to guess which rejected bids are the root cause, click on the link to the loan description.
Is there anyway to get notified of such automatically?
Also,same question for identifying if any loans are late for repayments.
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baldpate
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Post by baldpate on Dec 15, 2014 18:07:45 GMT
I use the Watch List not only to select live auctions I am interested in, or have bid on, but I also retain loans where I still had live bids when the auction ended. I retain them until the borrower either accepts or rejects. That way I can see the outcome one way or the other. Usually, if it goes to the 7th day without being accepted, it means the borrower isn't going to.
There is no way of getting notified automatically that I know of.
As for late loans (I assume you mean the ones that are a few days late, then correct themselves), the way I do it is a quick peek every morning at My Summary \ My Loans Parts \ Late/Processing.
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Post by thesnoop on Dec 16, 2014 9:06:44 GMT
Excellent, I had not noticed that filter option, thank you once again for the info. List is clear  , good good. A few of my loans are passing the 6 month mark soon so I'm curious to see if any start having trouble repaying. |
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jonno
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Post by jonno on Dec 16, 2014 10:22:45 GMT
Excellent, I had not noticed that filter option, thank you once again for the info. List is clear , good good. A few of my loans are passing the 6 month mark soon so I'm curious to see if any start having trouble repaying. Oh,don't worry...............They will
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baldpate
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Post by baldpate on Dec 16, 2014 11:42:43 GMT
To give you an idea of what you might expect, in the 8 months I've been lending on FC, I have had 22 loans which at some point have been one or more day's late in making a payment (currently, I have parts in 269 loans).
It isn't uncommon for borrowers to be late on the first payment because they've made a mess of setting up the Direct Debit, and for that reason I'm usually forgiving of first payment late. I'm less tolerant of other late payments, however, and will usually sell the loan on the Secondary Market once the late payment has been made up. If, after re-examining the information provided at auction, if I think the company is sound & the loan is low risk, I will let it run. Needless to say, a second strike & they're out.
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Post by GSV3MIaC on Dec 16, 2014 12:47:47 GMT
I use the Watch List not only to select live auctions I am interested in, or have bid on, but I also retain loans where I still had live bids when the auction ended. I retain them until the borrower either accepts or rejects. That way I can see the outcome one way or the other. Usually, if it goes to the 7th day without being accepted, it means the borrower isn't going to. Yep that's my system too .. any loans I am interested in go onto the watchlist (typically start with all of them) and they get pruned off if the rate goes too low, they get cancelled, or (when they close/end) if they go to accepted or rejected. Actually all the adding and pruning is done automagically, but I do like to look at the rejected ones to see what happened before I remove them. Sometimes for cancelled ones they just sink without trace and the comment (if any) shows up on the new loan listing instead (e.g. 'This was previously listed as auction # abcd' which is being relisted because <reason/excuse>'). 'Reason' is frequently omitted if embarrassing ('we listed it with a 2% cashback and it doesn't actually have one', 'the risk band / auction amount / durations / repayment calculation/ credit rating / borrower name / etc. was wrong'.) A very few (a dozen or so a year? I'm only looking at a subset by then, so I'm guesstimating) sneak past 7 days after the close date (and note I believe it is the PLANNED close date, so they can pull the plug any time after the auction is filled and still work to the original deadline); usually they get a note from teacher (in the repayment / comments tab) saying 'we have extended the deadline on this one because the papers are in the post' .. occasionally teacher needs a prod.
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blender
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Post by blender on Dec 16, 2014 15:04:15 GMT
... It isn't uncommon for borrowers to be late on the first payment because they've made a mess of setting up the Direct Debit, and for that reason I'm usually forgiving of first payment late. I'm less tolerant of other late payments, however, and will usually sell the loan on the Secondary Market once the late payment has been made up. If, after re-examining the information provided at auction, if I think the company is sound & the loan is low risk, I will let it run. Needless to say, a second strike & they're out. Agree with most of that and it has served me well because I have found forum discussions about defaults on loans which I have sold for going late. And five defaults, plus one about to go, is not bad in 27 months. My only difference is that after the first repayment, where you are never sure where the faults in setting up lie, I will not tolerate a day late - and if it comes back it has to be sold before the next repayment is due. Why bother when we really do not know the current situation and there is surely no good excuse for being late? There are plenty more to buy, you can often sell at a premium and it helps to refresh the portfolio. No time spent examining the likely causes or being blinded by high interest rates. And if you look for the good and the bad within the lates and dispose of the bad only then you are more susceptible to the morality complaints from the likes of our good friend badger todger. I well remember the unlucky holders of some designer jeans parts who did not get out while they could, on the basis of huge value of assets in stock and a high interest rate. Have you actually disposed of a loan after coming back from a second late payment, or is it hypothetical? I have no experience but feel that the chances of coming back from a second late are very slim. But there are many good ways of playing the game, other than letting FC play for you. You takes your choice.
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Post by GSV3MIaC on Dec 16, 2014 16:08:21 GMT
I recall a certain egg storage facility loan which came back from the late/dead about 6 times before it finally went mammaries skyward. I had sold most, but sadly kept a little just to see how the story panned out (I hadn't found any way to see the punchline if you didn't have skin in the game at the time - maybe leaving it on the watchlist will do it, not sure!). Moral: there's no such thing as "too safe" in Farming Creches.
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TitoPuente
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Post by TitoPuente on Dec 16, 2014 16:22:44 GMT
Is there a source to obtain the list of loans that defaulted other than a going through all the weekly blog entries?
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Post by transo on Dec 16, 2014 16:42:42 GMT
Is there a source to obtain the list of loans that defaulted other than a going through all the weekly blog entries? The loan book will tell you the state of all loans, although from the data included it's pretty difficult to really make sense of how long the loan struggled before being defaulted. I've had to relax my "dump all loans that pay a day late" because several times recently FC seem to have had overruns on the payment process and lots of loans have been a day late, but typically cleared in the small hours of the following day. As real lates all seem to be over a day I've now decided to ignore single day lates that occur as part of a block of suck lates.
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Post by GSV3MIaC on Dec 16, 2014 20:03:20 GMT
Yes, the downloaded loan book is the only available source, but you need a lot of historic snapshots of it to spot the 'lates' which got well. Last time I looked there had been many loans which were 5 or more days late for several months in a row .. But the Dd processing was a bit shambolic back then (and still is for loan numbers under 5000, apparently).
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Post by thesnoop on Dec 17, 2014 17:04:33 GMT
Right I've downloaded the loan book.
Plenty to work with there.
Thanks
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, good good. 
