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Post by df on Mar 24, 2019 16:18:56 GMT
What do you reckon to this: "The borrower on this loan has started legal proceedings against Unbolted, alleging technical legal breaches about loans arranged for him. We deny those allegations and believe we are fully compliant. In order to save time and cost we have agreed with the borrower that, for now, we will suspend enforcement proceedings against his defaulted loans (interest will continue to run) whilst the matter is resolved with him. Repayment of the loans will be completed on resolution of the dispute." This is against 4 of my loans. The debtor has had about 6 defaults and has about 12 active loans. Not exact as when I go to other tab and come back everything I have typed disappears. Either way I am a touch worried. Well I have 10 warnings showing up up in my overdue loans. Unsure on the legalities of the borrowers claim but wouldn't we expect the provision fund to apply in this case? Yes, we would, but we don't know when. Given the circumstances, it may take a very long time.
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sjg
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Post by sjg on Mar 24, 2019 16:27:57 GMT
Well I have 10 warnings showing up up in my overdue loans. Unsure on the legalities of the borrowers claim but wouldn't we expect the provision fund to apply in this case? Yes, we would, but we don't know when. Given the circumstances, it may take a very long time. That indeed could be the big problem but one thing in my short time with P2P (Summer 2017) I have at least learnt some patience. Along with don't lend what you cannot afford to lose and certainly don't expect loans to pay back when they are due to be paid especially if you are counting on it..
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IFISAcava
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Post by IFISAcava on Mar 24, 2019 23:00:13 GMT
The worry for me is that a strategy of disputing debts on technicalities is catching on. Even if not upheld, such disputes are expensive to defend, and it is a major threat to the whole concept of P2P.
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Post by elephantrosie on Apr 3, 2019 1:46:28 GMT
where can i see a list of all overdue/ defautled loans?
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archie
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Post by archie on Apr 3, 2019 6:40:25 GMT
where can i see a list of all overdue/ defaulted loans? Overdue loans
That shows your overdue loans. I don't think you can get the platform history of overdue/defaulted loans.
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benaj
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Post by benaj on Apr 3, 2019 10:26:33 GMT
where can i see a list of all overdue/ defautled loans? Loan portfolio shows the "loan book" on Unbolted. Loan Portfolio - Just do a simple search for "overdue", "default", "active" and "repaid". It also shows amount recovered from defaults.Loan tape shows a history of Defaulted and unresolved loans on the platform. Search "defaulted" for defaults, overdue loans have "active" status that beyond Loan End Date
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kaya
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Post by kaya on Apr 6, 2019 12:46:34 GMT
2DFDC532B: Watch dealer. 7 other loans to this borrower. Feb 23, 2019 Awaiting update. No Contact.
Radio silence! Anyone know what is gong on?
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picnicman
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Post by picnicman on Apr 6, 2019 13:35:21 GMT
2DFDC532B: Watch dealer. 7 other loans to this borrower. Feb 23, 2019 Awaiting update. No Contact.
Radio silence! Anyone know what is gong on? kaya - I am in 6 of these loans too. 5 are overdue and one has time left yet. Interest was paid on all of them on 1st April (interest is paid monthly on all of them and is up to date) and so to that extent all is good. If you want your capital back, then not so good. According to the loan details, all assets are held by UB, so good but some are business loans and so are not covered by the Provision Trust so not so good. Given the borrower has a track record of record of repaying loans, it is surprising that those overdue have not been repaid. I can only think that they have been left as rolling loans - but I agree it would be good to know for sure as this would be a complete change of tack/basis on which the loan was taken. If you decide to contact UB and get an answer, then perhaps you could post here? I for one would prefer to have loans repaid and not have overdue loans, even if the loan was then effectively renewed, which for the business loans would not happen if you have your autolend set to nil for those type of loans. The way it stands, there is no indication of when capital will be returned. Cheers P
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benaj
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Post by benaj on Apr 6, 2019 13:57:44 GMT
2DFDC532B: Watch dealer. 7 other loans to this borrower. Feb 23, 2019 Awaiting update. No Contact.
Radio silence! Anyone know what is gong on? kaya - I am in 6 of these loans too. 5 are overdue and one has time left yet. Interest was paid on all of them on 1st April (interest is paid monthly on all of them and is up to date) and so to that extent all is good. If you want your capital back, then not so good. According to the loan details, all assets are held by UB, so good but some are business loans and so are not covered by the Provision Trust so not so good. Given the borrower has a track record of record of repaying loans, it is surprising that those overdue have not been repaid. I can only think that they have been left as rolling loans - but I agree it would be good to know for sure as this would be a complete change of tack/basis on which the loan was taken. If you decide to contact UB and get an answer, then perhaps you could post here? I for one would prefer to have loans repaid and not have overdue loans, even if the loan was then effectively renewed, which for the business loans would not happen if you have your autolend set to nil for those type of loans. The way it stands, there is no indication of when capital will be returned. Cheers P I have one of his too, 2DFDC52ED. All his loans have personal guarantee, and he's been repaying interest on time. XIRR on 2DFDC52ED is 8.53%. So I am not too concerned. So far he has 22 loans renewed / repaid, and some of them were repaid / renewed before 1 year term. The current active ones are on standard 6 months term.
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Post by banffy on Apr 6, 2019 19:26:19 GMT
Don't think you are safe with a Personal Guarantee, if you look at some of the bigger loans on the larger sites they have meant Diddly Do Da Zilch when they have defaulted. So they are not worth the paper that they are written. If anyone has some knowledge on how exactly they do or don't work please leave some input.
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kaya
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Post by kaya on Apr 16, 2019 10:51:40 GMT
These watchdealer loans seem now to have been repaid. The one I had, has anyway. Or perhaps not repaid exactly, but refinanced.
All a bit unclear for my liking, though perhaps it is all really just a matter of communication.
Maybe the bolts just need a bit of greasing to help keep the platform steady.
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dermot
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Post by dermot on Jul 11, 2019 19:23:21 GMT
There were a few big overdue loans paid back a few weeks ago, taking my defaulted/late loans down from 25% to scarcely 10% of my total holding. Today, however, it is back up to 27% again.
I'm probably being a bit overzealous here in that I'm counting loans that were due today or previously, not allowing the few weeks (or more) of a grace period that UB normally do.
Any update on the legal challenge yet (I only have about 3% of my total holding with that borrower, but still good to get an update RSN)?
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dermot
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Post by dermot on Jul 11, 2019 19:27:08 GMT
I've only been active with UB for a couple of months, with no overdue loans logged so far, and my total investment continues to grow slowly. When I chatted with UB as I first opened my account, I think they said only two loans had defaulted recently and provision fund had made good on both. What is the picture historically, my impression is that overdue / defaulted loans are quite rare? Anyone here been in UB since the beginning with a comment? I've been slowly running down my remaining Lendy investents in favour of UB. I posted this around 18 months ago - even given the list of defaults/overdue loans, I'm still happy I got everything except £1,100 out of my peak £38K with Lendy before the crash!
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alanh
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Post by alanh on Jul 12, 2019 12:00:54 GMT
I too am at 27% defaulted as of today but have absolutely no problem with that. I have been with UB for nearly 2 years and have had a large number of defaults, all of which have paid me back in full. Thats 100% capital recovery. Its the nature of the business they are in - the difference with UB and many other outfits is that the security is correctly valued and easily realisable. Don't take the default %age by itself as an indicator, you need to look at the overall picture. Contrast UB's approach to other platforms who refuse to actually acknowledge any defaults at all, kick the can down the road, and then announce that investors have lost 75% of their investment....you know the ones I am talking about!!
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benaj
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Post by benaj on Jul 12, 2019 14:22:57 GMT
Right now, I have a total of 319 of loans past due date.
Out of the 319: 269 loans repaid / renewed: 84% 23 loans overdue: 7.21% 27 loans default: 8.46%
and 13 of the 27 loans have been recovered: 4.08%
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