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Post by william0101 on Sept 1, 2017 8:59:20 GMT
It may seem unimportant to the more enthusiastic among us but FC doesn't record a Bad Debt as a transaction and should. e.g. on 10 Aug 33879 became a Bad Debt there is no record of this in the statement_2017-08*.csv file This is ungood. The FC way appears to be to flag the loan part and the loan itself as Bad Debt and then use that in their P&L show in the All time earnings summary as Losses / Bad Debt This is excremental and may explain why some people have never been able to reconcile the accounts they keep with what FC shows. For the record when you get a Bad Debt you need (in accounting terms) to do a journal like 10 Aug Assets:FC:Loans -1 aka Cr
P+L account of some sort:FC:bad debt +1 aka Dr
I'm using FC's accounting view that a Bad Debt is money that is gone rather than the more optimistic view of expecting it to come back in which case the Dr side would be somewhere in your Balance Sheet ... but if FC see it as a P+L item you, the investor, probably should too 
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bg
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Post by bg on Sept 1, 2017 9:10:57 GMT
It may seem unimportant to the more enthusiastic among us but FC doesn't record a Bad Debt as a transaction and should. e.g. on 10 Aug 33879 became a Bad Debt there is no record of this in the statement_2017-08*.csv file This is ungood. The FC way appears to be to flag the loan part and the loan itself as Bad Debt and then use that in their P&L show in the All time earnings summary as Losses / Bad Debt This is excremental and may explain why some people have never been able to reconcile the accounts they keep with what FC shows. For the record when you get a Bad Debt you need (in accounting terms) to do a journal like 10 Aug Assets:FC:Loans -1 aka Cr
P+L account of some sort:FC:bad debt +1 aka Dr
I'm using FC's accounting view that a Bad Debt is money that is gone rather than the more optimistic view of expecting it to come back in which case the Dr side would be somewhere in your Balance Sheet ... but if FC see it as a P+L item you, the investor, probably should too
Normal service will resume shortly.
Yes it is a bit annoying but is easy to reconstruct from the loan comments page. Just pick the dates where the loan was defaulted. What I find more annoying is that I can't see a decent summary of the outstanding amount on each defaulted loan. For example if I have a loan that had £5k outstanding when it defaulted but there have been £827 in recovery payments, the loan comments still says defaulted £5k. There should be a defaulted loans viewer with amount written off alongside recoveries and net outstanding. I have spoken to them about this and they said they are well aware of the issue and IT are working on it (but that was 6 months ago, guess they have been working on a different project  )
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Post by william0101 on Sept 1, 2017 10:01:48 GMT
Does the loanbook not have the answer ?
id loan_accepted_date status loan_amount recoveries principal_remaining pc
37958 05/06/2017 loan: defaulted 10,600.00 268.60 10,600.00 2.53%
30584 05/01/2017 loan: defaulted 106,000.00 105,405.59 101,911.88 99.44%
30177 22/12/2016 loan: defaulted 10,600.00 1,952.73 9,790.60 18.42%
30036 20/12/2016 loan: defaulted 105,000.00 105,751.58 100,792.22 100.72%
can't be arsed to work out how to paste a table here.
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bg
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Post by bg on Sept 1, 2017 10:07:57 GMT
Yeah you can work it out long hand from there by working out the percentage recovered but its a pain...as is having to download the loan book at regular intervals. Should be easy for them to write a viewer for each user....then again they probably want the users to have as little info as possible going forwards. I imagine they want them just to focus on headline rates of return so they dont get questions about individual loans.
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rogerthat
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Post by rogerthat on Sept 1, 2017 10:29:11 GMT
'What I find more annoying is that I can't see a decent summary of the outstanding amount on each defaulted loan. For example if I have a loan that had £5k outstanding when it defaulted but there have been £827 in recovery payments, the loan comments still says defaulted £5k.'
Couldn't agree more and for 6 years its been my eternal bug bear of the site..for those that have got all day to sit over a puter messing around with spreadsheets or whatever or continually updating their bespoke system it may be adequate. As far as I'm aware the total displayed in loan comments for defaulted loans is the total "at the time of default". Is it too much to ask that the total descends as and when any payments are made after that point ?. It would be a simple task then to just to add up each decreasing total (hopefully) to know exactly where you stood at any given moment
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Post by william0101 on Sept 1, 2017 10:37:07 GMT
I think my point about the transactions stands. Unless someone corrects me
FC provide statements that do not show the date the status of a loan changes from Live to Bad Debt
It is not possible to glean the date the status of a loan changed from other contemporary media (we can see that it changed but not when it changed).
The date and status of a loan are significant in a portfolio of loans.
I'd expect something like
===
2017-08-09,Loan defaulted for loan part 123456,99.99,
===
Not too fussed about the wording but there is a clear transaction when a loan defaults because the money is no longer mine to play with.
Ditto other events that affect access to a loan while I think about it though they don't have the same accounting significance.
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Post by william0101 on Sept 1, 2017 10:49:30 GMT
Rogers quote isn't showing, he said "for those that have got all day to sit over a puter messing around with spreadsheets or whatever or continually updating their bespoke system it may be adequate." I HATE STUPID BB It isn't actually like that for people that do it, y'know. The "botters" don't start off as bad people, they're curious as to whether they can buy and sell a bit better, I'd have written something like a "bot" of my own if it wasn't for 18 Sep, mine was going to be a bit different and was going to have a look once a day. I happen to do a lot of work with accounting systems and databases so it is *ordinary* for me to get the data FC provides and see if it all pulls together as I'd expect of any other money based database system. It doesn't. Y'all should be thanking us lazy techy people
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bg
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Post by bg on Sept 1, 2017 13:32:43 GMT
I happen to do a lot of work with accounting systems and databases so it is *ordinary* for me to get the data FC provides and see if it all pulls together as I'd expect of any other money based database system. It doesn't. Even though it's not presented as I would like it, I pull in all the data and it does all reconcile to the totals on the summary page to the penny.
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Post by william0101 on Sept 2, 2017 4:54:53 GMT
Only if you accept the date-less status change.
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seabbs
P2P Blogger
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Post by seabbs on Sept 3, 2017 21:45:53 GMT
Hi Guys,
Was reading through this thread and saw the discussion about the principal remaining on defaulted loans etc. The web app I knocked up (www.seabbs.co.uk/shiny/fcdashboard) can do this for you without having to wonder into excel - using the personal dashboard tab. Either upload your data (after downloading it from the FC link in the app) or run the app locally using docker/manual install.
If there is more information that you would be interested having surfaced, or other ways of digging into it, let me know and I will look into it.
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nick
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Post by nick on Sept 5, 2017 22:32:21 GMT
Rogers quote isn't showing, he said "for those that have got all day to sit over a puter messing around with spreadsheets or whatever or continually updating their bespoke system it may be adequate." I HATE STUPID BB It isn't actually like that for people that do it, y'know. The "botters" don't start off as bad people, they're curious as to whether they can buy and sell a bit better, I'd have written something like a "bot" of my own if it wasn't for 18 Sep, mine was going to be a bit different and was going to have a look once a day. I happen to do a lot of work with accounting systems and databases so it is *ordinary* for me to get the data FC provides and see if it all pulls together as I'd expect of any other money based database system. It doesn't. Y'all should be thanking us lazy techy people Unfortunately FC do not seem to adopt any double entry accounting and I'm surprised that they have managed to get away with the half baked database system currently deployed. My account hasn't reconciled for years, although the unreconciled difference has remained relatively stable for the past year (ie less than 1% of account value).
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tubaman
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Post by tubaman on Sept 6, 2017 16:20:34 GMT
Just to say I'm in a similar situation where I find it extremely difficult to reconcile my account due to the poor quality of FC's trasaction statements. The difficultly in finding when bad debts occur is one of the biggest causes of manual work, and even if I do manage to find it by looking through all the loan comments, finding the amount of the default is also not straightforward as their page only shows the amount currently outstanding, not the amount which was outstanding when the loan was defaulted. Their tendency to occasionally change/delete transactions after they have occurred also doesn't help.
Yes, all the info is eventually available, but I resent the hours it takes me to try and reconcile. As per my other recent thread, I've been trying to close my account for a while do to this, but again this has proved impossible due to there being the inevitiable bad debts which prevent account closure according to their terms.
It's a great shame as I have 20x the amount I've currently got with them available for investment, but am certainly not willing to do so given their inability to provide the basics like provide a balance total on the statements after each transaction (how hard can this be?).
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Post by GSV3MIaC on Sept 6, 2017 17:37:22 GMT
Unfortunately FC do not seem to adopt any double entry accounting They've often managed to double-enter loan parts I have sold .. can they have partial credit for that?? 8>. In general though I agree .. the transaction report is not useful/friendly (and not just w.r.t. defaults .. as mentioned before tying loans/parts/payments/cashbacks (remember those) together requires Excellent Excel-fu, and a private database).
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