zlb
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Post by zlb on Dec 29, 2018 20:14:50 GMT
They're raising equity again, as planned. What's the thinking on their ability to find borrowers? The loan flow is still poor, certainly if one has a diversification approach. Conversely, loans aren't getting filled quickly. I wonder what the exchange (sm) turnover is, given its nearly all on sale at premium, as if the loans are all a dead bet once they've made three repayments. I don't buy these loans. And anyway, most objects on the exchange are what I've already invested in. The equity raise isn't listed as being for plugging the investor gap. They are going to use a good chunk of it to raise investors. This seems a reasonable aim. But what about the loan flow? While they may have only 2 or 3 loans a week (some from returning borrowers) its the time it takes to fund that worries me more.A £50000 loan can take a week and £100000 - 250000 can be a month or more and in 3 or 4 tranches.I would guess like other platforms that after the first investor sign ups it can be hard to get new money and fears over the economy will not help the process so it will be hard for them to get a balance.But to be fair so far i have done ok with C2F and not had many defaults (guess i just jinxed myself) Never been one for the equity raising (would rather use a private equity fund or VCT for a similar punt) but the figures they used last time made me smile and now on revenue of some £832k ending with a loss of over £700k they talk of a valuation of nearly £70m by 2019. Not really up on this sort of thing or how to do the figures but it does sound a tad optimistic and also follows up on some of the same directors doing a raise for a separate blockchain/crypto company in the summer as well Thanks for thoughts. So they did the crypto raise. Thanks. Maybe niaive, but would the issue with this be that they are stretched too thin? I suspect that their being an early ISA opportunity was reason for early success. Loans being slow to fill would indicate that it's simply more investors which are required. Or is it that people know about them, but don't like...
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macq
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Post by macq on Dec 29, 2018 21:02:24 GMT
think your right about the ISA being a good start for them but they don't get much mention on here or MSE and only a few mentions on 4thWay so not sure if they advertise to get new lenders and maybe the lack of feedback is a good sign.So far have been happy with results from C2F but like most p2p i am starting to look even more closely at each company
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zlb
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Post by zlb on Jan 30, 2019 11:23:17 GMT
Yeah, macq I don't understand the lack of general coverage for them either. Maybe they have special silencing dust. However, is anyone happy to help me with my understanding of things? I can't tell whether I have become more suspicious, or their loans really have become so. If a business has two loans, e.g. a bank loan but presume also c2f because they needed more money; or uses invoice discounting as well as a c2f raise, isn't that an issue?
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macq
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Post by macq on Jan 30, 2019 11:57:44 GMT
Yeah, macq I don't understand the lack of general coverage for them either. Maybe they have special silencing dust. However, is anyone happy to help me with my understanding of things? I can't tell whether I have become more suspicious, or their loans really have become so. If a business has two loans, e.g. a bank loan but presume also c2f because they needed more money; or uses invoice discounting as well as a c2f raise, isn't that an issue? Think with C2F you need to look with a wary eye - While they do not seem to have had that many defaults especially the early Ones (and do try to sort them) many of the business are not making great profits so maybe a loan with a PG is the only route for them
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sellins
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Post by sellins on Jan 30, 2019 12:47:10 GMT
I was refunded recently the full amount of my loss re the fraud .Just have to ask for it....
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IFISAcava
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Post by IFISAcava on Jan 30, 2019 12:55:30 GMT
I was refunded recently the full amount of my loss re the fraud .Just have to ask for it.... That's interesting - I also did initially query what was happening when the loan was initially suspended upon which they told me there was a problem and they would be refunding the money.
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mjc
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Post by mjc on Jan 30, 2019 13:51:23 GMT
I also had Fitz Co refunded automatically - or so I was told.
my Apr is just under 10.4% and just over 9% of loans in default. Not an APR. defaults are at about 10% or just under of what is invested. But still don’t know if it’s profitable, slightly, handsomely or what. So just bunging the minimum £100 in, if credit score is average or better, no time to do any other DD just for peanuts.
taken a punt on the equity raise, can at least offset tax if it fails.
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Post by Deleted on Feb 8, 2019 15:33:18 GMT
Has anyone got any suggestions how to download a complete transaction report on C2F? You can view one page by page and you can down load other reports, but not transactions. Thanks
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zlb
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Post by zlb on Feb 9, 2019 17:15:43 GMT
Has anyone got any suggestions how to download a complete transaction report on C2F? You can view one page by page and you can down load other reports, but not transactions. Thanks nope. They've got some way to go on what they offer on their interface. E.g. having the next page arrows only at the top of the list, or other annoying fiddles like not being able to choose how many rows you see on one page. I think it's worth your asking them.
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Post by Deleted on Feb 10, 2019 15:11:29 GMT
I have asked in the past and they just said "no"
Does anyone use the reports they do provide to track their investments? Nothing seems to add up! Is anyone else feeling my pain on a sunday afternoon?
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zlb
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Post by zlb on Feb 10, 2019 18:15:41 GMT
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sellins
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Post by sellins on Feb 17, 2019 13:44:51 GMT
I have discussed at length with C2F about their Default figures and wondered what other investors thought.
I have a default rate of 9.43%, but this only includes borrowers that C2F have taken to court. I have 2 loans which are in Administration and 3 & 4 months in arrears (2 things which are quoted in their Section 12 Events of a Default & Section 8 Defaults and Terminations) but neither loan even shows as losses. My Default rate if they were included would be 11.1%. If they were simply included as losses they would increase my losses by 200%
C2F say "Although D** V***** R***** and I*****a are behind on payments, they are labelled as being in administration (not as 'in arrears') and therefore not included in the potential losses. If a company is in administration, it means that the company is winding up and does not necessarily mean that there will be any losses."..... "Because they are in administration we can not default them. The definition of default is that we have taken them to court and if they are in the process of administration we can't take the company to court."
I think a default is a breach of the T&Cs which the borrower signed up to. A loss being arrears which have not yet met the defined period of missing payments in the T&cs (3 months) I also think that as a lender I agreed to those T&Cs and that the statistics should reflect them.
C2F say "We are in the process of updating the T&Cs on the website as we are aware they do not currently fully align with our procedures, which are being improved continuously."
I don't see how you can retrospectively change T&Cs.
For this and other reasons I have stopped reinvesting and find that the whole website does not stand up to scrutiny. I wonder how many other loans are in Administration and are hidden in the reports and can only be found by scrolling through every page looking for little grey dots that don't show up on the download.
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zlb
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Post by zlb on Feb 18, 2019 13:59:32 GMT
I have discussed at length with C2F about their Default figures and wondered what other investors thought. I have a default rate of 9.43%, but this only includes borrowers that C2F have taken to court. I have 2 loans which are in Administration and 3 & 4 months in arrears (2 things which are quoted in their Section 12 Events of a Default & Section 8 Defaults and Terminations) but neither loan even shows as losses. My Default rate if they were included would be 11.1%. If they were simply included as losses they would increase my losses by 200% C2F say "Although D** V***** R***** and I*****a are behind on payments, they are labelled as being in administration (not as 'in arrears') and therefore not included in the potential losses. If a company is in administration, it means that the company is winding up and does not necessarily mean that there will be any losses."..... "Because they are in administration we can not default them. The definition of default is that we have taken them to court and if they are in the process of administration we can't take the company to court." I think a default is a breach of the T&Cs which the borrower signed up to. A loss being arrears which have not yet met the defined period of missing payments in the T&cs (3 months) I also think that as a lender I agreed to those T&Cs and that the statistics should reflect them. C2F say "We are in the process of updating the T&Cs on the website as we are aware they do not currently fully align with our procedures, which are being improved continuously." I don't see how you can retrospectively change T&Cs. For this and other reasons I have stopped reinvesting and find that the whole website does not stand up to scrutiny. I wonder how many other loans are in Administration and are hidden in the reports and can only be found by scrolling through every page looking for little grey dots that don't show up on the download. I've noticed the oddness of comms terminology about non-paying loans but not had time to follow. e.g. a text about a non-payment as soon as it's occurred and then a text the next day, saying the same people have paid the instalment. Is the only advantage in this text example, for holders to flip their loans on the exchange before everyone else notices? I tend to diversify as much as I can, time consuming in itself - and doesn't eliminate non-payments. I suppose it's possible that they'll end up with a non-self-select platform if things become worse than you describe. I think there are a number of things they could do to improve but don't. E.g. 6% loans on the exchange, two payments in, for things which were originally £13% - I just don't think this helps platform stability, this level of flipping. They improved the exchange but it's really a long way from useable and efficient still. I still like this platform and want it to work rather than it end up not listening to investors and being pulled down by the peer-crowd of this platform.
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IFISAcava
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Post by IFISAcava on Feb 18, 2019 14:34:42 GMT
I have discussed at length with C2F about their Default figures and wondered what other investors thought. I have a default rate of 9.43%, but this only includes borrowers that C2F have taken to court. I have 2 loans which are in Administration and 3 & 4 months in arrears (2 things which are quoted in their Section 12 Events of a Default & Section 8 Defaults and Terminations) but neither loan even shows as losses. My Default rate if they were included would be 11.1%. If they were simply included as losses they would increase my losses by 200% C2F say "Although D** V***** R***** and I*****a are behind on payments, they are labelled as being in administration (not as 'in arrears') and therefore not included in the potential losses. If a company is in administration, it means that the company is winding up and does not necessarily mean that there will be any losses."..... "Because they are in administration we can not default them. The definition of default is that we have taken them to court and if they are in the process of administration we can't take the company to court." I think a default is a breach of the T&Cs which the borrower signed up to. A loss being arrears which have not yet met the defined period of missing payments in the T&cs (3 months) I also think that as a lender I agreed to those T&Cs and that the statistics should reflect them. C2F say "We are in the process of updating the T&Cs on the website as we are aware they do not currently fully align with our procedures, which are being improved continuously." I don't see how you can retrospectively change T&Cs. For this and other reasons I have stopped reinvesting and find that the whole website does not stand up to scrutiny. I wonder how many other loans are in Administration and are hidden in the reports and can only be found by scrolling through every page looking for little grey dots that don't show up on the download. I've noticed the oddness of comms terminology about non-paying loans but not had time to follow. e.g. a text about a non-payment as soon as it's occurred and then a text the next day, saying the same people have paid the instalment. Is the only advantage in this text example, for holders to flip their loans on the exchange before everyone else notices? I tend to diversify as much as I can, time consuming in itself - and doesn't eliminate non-payments. I suppose it's possible that they'll end up with a non-self-select platform if things become worse than you describe. I think there are a number of things they could do to improve but don't. E.g. 6% loans on the exchange, two payments in, for things which were originally £13% - I just don't think this helps platform stability, this level of flipping. They improved the exchange but it's really a long way from useable and efficient still. I still like this platform and want it to work rather than it end up not listening to investors and being pulled down by the peer-crowd of this platform. How do you get a text when there is a non-payment? I haven't seen that feature.
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macq
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Post by macq on Feb 18, 2019 14:46:06 GMT
I've noticed the oddness of comms terminology about non-paying loans but not had time to follow. e.g. a text about a non-payment as soon as it's occurred and then a text the next day, saying the same people have paid the instalment. Is the only advantage in this text example, for holders to flip their loans on the exchange before everyone else notices? I tend to diversify as much as I can, time consuming in itself - and doesn't eliminate non-payments. I suppose it's possible that they'll end up with a non-self-select platform if things become worse than you describe. I think there are a number of things they could do to improve but don't. E.g. 6% loans on the exchange, two payments in, for things which were originally £13% - I just don't think this helps platform stability, this level of flipping. They improved the exchange but it's really a long way from useable and efficient still. I still like this platform and want it to work rather than it end up not listening to investors and being pulled down by the peer-crowd of this platform. How do you get a text when there is a non-payment? I haven't seen that feature. Within settings there is the option to pick notifications and method i.e SMS (the last one i got was a default )
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