marka
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Post by marka on Mar 13, 2018 14:48:21 GMT
Relative UB newbie here, it is now six months and a week since I started with UB, a number of loans have repaid partially/early and a couple at term this last week or so. I currently have 9 overdue loans (from a day to a week overdue) that are all bling of one sort or another (a few hundred quid in total). Do most of these tend to be repaid / renewed after a bit of prodding, or do they tend to require further action? I'm sure it is covered someplace that I haven't spotted, but does interest continue to accrue at the nominal rate for overdue loans (and is interest covered from the provision fund, or capital only)? Yes interest continues to accrue at the same rate. I believe the provision fund only covers capital, but I can't say for certain as in all my defaulted loans the goods were sold for enough to cover interest, so the provision fund wasn't used.
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Post by dan1 on Mar 13, 2018 15:29:18 GMT
Relative UB newbie here, it is now six months and a week since I started with UB, a number of loans have repaid partially/early and a couple at term this last week or so. I currently have 9 overdue loans (from a day to a week overdue) that are all bling of one sort or another (a few hundred quid in total). Do most of these tend to be repaid / renewed after a bit of prodding, or do they tend to require further action? I'm sure it is covered someplace that I haven't spotted, but does interest continue to accrue at the nominal rate for overdue loans (and is interest covered from the provision fund, or capital only)? There are three types of investments, Gold Trust, Provision Trust, and non-protected loans. The Gold Trust covers capital + interest, the Provision Trust covers capital, and you take your chances with the non-protected. This is reflected in the rate although there often isn't a great deal of difference between the non-protected and Provision Trust but you do often get to invest a bigger sum in non-protected loans. And, yes, interest accrues at the normal rate. As to your first question, well wait and see and please report back.
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star dust
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Post by star dust on Mar 13, 2018 17:37:08 GMT
I am guilty of not inspecting my Unbolted account enough for the rather impenetrable way your investments are presented – noted in other threads. I do wish they would make all this clearer and more easily accessible / downloadable.
However, that aside I got a bit of a shock today. I too am recently beyond the six month mark (nearly at 7 months) and have gone from no ‘overdue loans’ last time I looked to a rather alarming 14 at more than 9% of my current investment total (including today’s bumper allocation). Fortunately, despite some individual sizeable chunks they are all at least provision or gold trust. Think I’ll start watching more closely.
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Ukmikk
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Post by Ukmikk on Mar 13, 2018 18:40:43 GMT
[ you take your chances with the non-protected. This is reflected in the rate I wouldn't agree with you on this point. These tend to be the same rate or lower, consequently I invest quite cautiously in these loans, and then only because flow of protected loans can be poor.
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dermot
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Post by dermot on Mar 15, 2018 13:27:53 GMT
Relative UB newbie here, it is now six months and a week since I started with UB, a number of loans have repaid partially/early and a couple at term this last week or so. I currently have 9 overdue loans (from a day to a week overdue) that are all bling of one sort or another (a few hundred quid in total). Do most of these tend to be repaid / renewed after a bit of prodding, or do they tend to require further action? I'm sure it is covered someplace that I haven't spotted, but does interest continue to accrue at the nominal rate for overdue loans (and is interest covered from the provision fund, or capital only)? There are three types of investments, Gold Trust, Provision Trust, and non-protected loans. The Gold Trust covers capital + interest, the Provision Trust covers capital, and you take your chances with the non-protected. This is reflected in the rate although there often isn't a great deal of difference between the non-protected and Provision Trust but you do often get to invest a bigger sum in non-protected loans. And, yes, interest accrues at the normal rate. As to your first question, well wait and see and please report back. Just had one small overdue one pay back this morning ....
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archie
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Post by archie on Mar 19, 2018 15:51:30 GMT
If you go to 'Loan Portfolio' then click the link at the top which says :-
This will take you to your overdue loans. Link above will work too.
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Nomad
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Post by Nomad on Mar 19, 2018 16:02:35 GMT
If you go to 'Loan Portfolio' then click the link at the top which says :- This will take you to your overdue loans. Link above will work too. Only 39 entries on mine... That's 6.74% of total lent...
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rgog
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Post by rgog on Mar 19, 2018 16:51:41 GMT
Just crunched the numbers, 16.7% overdue! More than I expected, also only been on the platform from last August, is this the norm, am I unlucky or are we experiencing an anomalous number of overdues?
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Mar 19, 2018 17:23:48 GMT
Just crunched the numbers, 16.7% overdue! More than I expected, also only been on the platform from last August, is this the norm, am I unlucky or are we experiencing an anomalous number of overdues? A high number of December and January loans going into default was the start of this run. Several connected lender loans have been given seemingly excessive leeway. We have to trust the company in running things on our behalf. We can take comfort that the loans are backed by relatively solid assets if forced. My default numbers are higher but this should tend to trend once 6 months have passed since the new system for low level loans was introduced.
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dermot
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Post by dermot on Mar 19, 2018 17:39:10 GMT
Been running since early Sep, 3.5% of total loans by value are overdue, numbering 14 in total. A third of them contacted and intend to pay within a couple of days, nearly half fell due since the 13th. Oldest was due Sept 5th.
Have had 4 overdue loans repaid in the last week, so seems pretty good overall, I'll be quite happy if that is maintained.
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Post by mike1963 on Mar 19, 2018 18:06:36 GMT
I have been with Unbolted for about 9 months. These are my stats.
Loan Status # Active 309 Overdue 47 Default 13 Repaid 231 Provision Trust Gold Trust not protected Active 82.82% Overdue 13.02% Default 4.17% 100.00% 51.54% 18.86% 29.60% I have had 13 defaults but only 5 are still outstanding representing 4% of my lending. There are 47 overdue loans (13% of lending)
Slightly high on "not protected" loans so have cut the amount I am prepared to commit on Autolend.
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Post by dan1 on Mar 22, 2018 19:50:03 GMT
Loans which have received payment(s) from a sale upon default now include the Lender Principal Loss and Lender Lender Interest Loss in their loan listings. Many thanks Unbolted. An example of a loan which did not recover sufficient funds to repay capital and interest in full is 2DFDC2C7F unbolted.com/uk/lenders/view-loan/712/Lender Principal Loss £0.00 Lender Interest Loss £14.11 I was surprised to see the breakdown of capital and interest repayments in respect of my original £10.00 investment Principal repaid £8.86 Interest repaid £1.14 ashwinp rito - any chance of correcting this in time for the end of the tax year? If this isn't possible (understandable given we're only two weeks away) could you post a note on the tax page to warn there maybe amendments to come?
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Post by jakebullet on Mar 26, 2018 18:24:28 GMT
I'm getting my first exposure to overdue loans now. Got my first email today that they're selling an asset, so went and had a look at the page for that loan. There's a table with the borrower's other loans. 2 defaulted so far (37K and 24K) and a further 5 loans worth 34K to repay. Scary how the other half live. £100K of assets pawned, he's either dumping things he thinks he can't sell or has dug a nice big hole that he's stuck in.
I guess they won't be lending him any more money?
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andy1
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Post by andy1 on Mar 27, 2018 10:51:12 GMT
I guess they won't be lending him any more money? It would be nice to think so but if the guy walked in tomorrow with a bag full of Rolexes I think they'd give him our money. From unbolted.com/uk/investing/secured-p2p-lending/"As long as the potential borrower is a UK resident and has an asset that has a resale value, the Unbolted platform is open for them. Their credit rating is irrelevant as we are lending against the asset."
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registerme
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Post by registerme on Mar 27, 2018 18:35:33 GMT
I wish "All assets on the loan have been sold" was matched with a comment to the effect that "and the loan has been fully repaid" or "and there was a shortfall of x covered by y" or "and there was a shortfall of x" etc......
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