dermot
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Post by dermot on Jul 12, 2019 15:50:50 GMT
Dropped an email to UB last night and had a comprehensive response today.
Firstly, had nearly £1K returned today, by coincidence.
The largest chunk of my outstanding overdue balance is with the mayfair guys, but those loans are performing in that interest is being paid monthly.
UB say these are more like a working capital fund, than a fixed term loan, and are looking to different ways of structuring these loans, as opposed to the outright pawn loans, to make that clear.
In addition, the borrower making the legal claim has now filed the particulars of claim and UB are meeting with their lawyers today with a view to updating lenders over the next couple of weeks, (I hope UB don't mind me passing this on).
All in all, very comforting to get a prompt and comprehensive (*) response the following day.
*(they broke down my overdue investments by type, so it appears that defaulted/non-performing loans are scarcely 7% of my total investment) Given the excellent recovery rate, I'm pretty happy with that.
If only other platforms were as responsive.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 12, 2019 16:14:39 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!!Funding UnSecure?
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amwinv
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Post by amwinv on Jul 12, 2019 21:16:55 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% My main concern with UB is the rapaid/renewed ratio. benaj, do you happen to have the % figures for both seperately? If most loans are just continually renewed (rather than defaulting), it can hide a whole multitude of sins!
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benaj
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Post by benaj on Jul 14, 2019 10:00:39 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% My main concern with UB is the rapaid/renewed ratio. benaj , do you happen to have the % figures for both seperately? If most loans are just continually renewed (rather than defaulting), it can hide a whole multitude of sins! The loan tape has information about repaid loans and renewed loans. I believe UB business model prefers good repeating borrowers and the actual losses for lenders are relatively small compared to other 8%+ platform, although I argue the XIRR might be lower due to cash drag and arrears.
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Post by Ace on Jul 14, 2019 19:13:19 GMT
My main concern with UB is the rapaid/renewed ratio. benaj , do you happen to have the % figures for both seperately? If most loans are just continually renewed (rather than defaulting), it can hide a whole multitude of sins! The loan tape has information about repaid loans and renewed loans. I believe UB business model prefers good repeating borrowers and the actual losses for lenders are relatively small compared to other 8%+ platform, although I argue the XIRR might be lower due to cash drag and arrears. My UB XIRR is currently 8.47% on an account that's been running for a little over a year.
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Post by df on Jul 14, 2019 23:44:32 GMT
My main concern with UB is the rapaid/renewed ratio. benaj , do you happen to have the % figures for both seperately? If most loans are just continually renewed (rather than defaulting), it can hide a whole multitude of sins! The loan tape has information about repaid loans and renewed loans. I believe UB business model prefers good repeating borrowers and the actual losses for lenders are relatively small compared to other 8%+ platform, although I argue the XIRR might be lower due to cash drag and arrears. No capital loss for investors so far (4 years) and nothing in default pipeline to panic about. Brilliant for 8%+. I'm glad UB didn't go "growth" route (there was once an attempt to expand to property secured loans - investors didn't accept and UB dropped the idea). It's best to stay within the area of expertise (stick to what they know). Given the developments of the other three, UB is the only pawn platform that survived in the original format.
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Post by dan1 on Jul 15, 2019 8:33:36 GMT
The loan tape has information about repaid loans and renewed loans. I believe UB business model prefers good repeating borrowers and the actual losses for lenders are relatively small compared to other 8%+ platform, although I argue the XIRR might be lower due to cash drag and arrears. No capital loss for investors so far (4 years) and nothing in default pipeline to panic about. Brilliant for 8%+. I'm glad UB didn't go "growth" route (there was once an attempt to expand to property secured loans - investors didn't accept and UB dropped the idea). It's best to stay within the area of expertise (stick to what they know).
Given the developments of the other three, UB is the only pawn platform that survived in the original format. The Unbolted founders appear to be diversifying their efforts with new ventures in property.... onstep.cosharedequityloan.co.uk...and I suspect there may be others? I guess only time will tell in terms of whether it's a good move or not. I do wish them well because that would strengthen the Unbolted offering.
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Post by spareapennyor2 on Jul 24, 2019 12:33:32 GMT
2DFDC5341 sold 24K good result UNB
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benaj
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Post by benaj on Sept 7, 2019 8:26:29 GMT
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keystone
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Post by keystone on Sept 7, 2019 10:53:28 GMT
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Post by dan1 on Sept 7, 2019 10:57:19 GMT
Has this actually been sold? I thought it was just listed for sale with a classic car seller. "vehicle with ***50 miles is on sale with *** Classic* on 2019-07-24" I believe so, see the link to the auction result in the following DD Central post... p2pindependentforum.com/post/341153/thread
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IFISAcava
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Post by IFISAcava on Nov 14, 2019 16:38:40 GMT
So 2DFDC5E3DA - a diamond ring against which over £1500 was loaned - apparently sold at auction for £0.01, so that the trust stepped in to protect capital (and no interest paid).
Not sure how that can be - did something else happen here?
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benaj
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Post by benaj on Nov 14, 2019 17:31:57 GMT
So 2DFDC5E3DA - a diamond ring against which over £1500 was loaned - apparently sold at auction for £0.01, so that the trust stepped in to protect capital (and no interest paid). Not sure how that can be - did something else happen here? I don't have 2DFDC5E3D in my loan book, may be someone else can provide some information about what been said on the overdue page. unbolted.com/uk/lenders/overdue-loans/Was it sold at auction? or the Trust paid out to cover the principal without an auction? I have no idea.
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picnicman
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Post by picnicman on Nov 14, 2019 18:23:47 GMT
So 2DFDC5E3DA - a diamond ring against which over £1500 was loaned - apparently sold at auction for £0.01, so that the trust stepped in to protect capital (and no interest paid). Not sure how that can be - did something else happen here? IFISAcava - got my £5 back so was not too concerned, but agree that I have never seen this before in my 18 months with UB. I do not think any lender will know and if you want to get to the bottom of it, probably best to email UB support. If you do and get a response, might be useful to share here? Cheers P
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Post by dan1 on Nov 14, 2019 21:45:20 GMT
So 2DFDC5E3DA - a diamond ring against which over £1500 was loaned - apparently sold at auction for £0.01, so that the trust stepped in to protect capital (and no interest paid). Not sure how that can be - did something else happen here? IFISAcava - got my £5 back so was not too concerned, but agree that I have never seen this before in my 18 months with UB. I do not think any lender will know and if you want to get to the bottom of it, probably best to email UB support. If you do and get a response, might be useful to share here? Cheers P A touch before your time some Apple stuff went for a pound!... unbolted.com/uk/lenders/view-loan/1561/For the benefit of others, the loan in discussion can be found here... unbolted.com/uk/lenders/view-loan/2972/
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