Greenwood2
Member of DD Central
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Post by Greenwood2 on Apr 8, 2019 7:09:47 GMT
Stats currently show:
£1,232,000 Total Lent,
£1,224,224.40 Total Repaid
£112,250 Total Defaulted
Repaid + Defaulted = £1,336,474.40 which is greater than the Total Lent, surely not possible?
Total Lent should be much higher than Repaid + Defaulted as it must also include loans in progress, loans overdue and in collection (and from my records it used to be). Has something changed or am I misunderstanding something?
If anyone from TMP still monitors this forum could we also get a definition of 'Settlement' that has appeared on recent payments. I am assuming these are final (small) payments to settle defaulted loans, the remainder being written off? I do not seem to get any notification of these payments.
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Post by The Money Platform on May 17, 2019 9:43:51 GMT
Hi @greenwood2,
We do have a look at this forum but only on an ad-hoc basis so for immediate responses go to our website and give us a call.
'Repaid' includes interest paid - I think where you are going wrong is thinking in terms of principal sums (in which case sure Repaid + Defaulted cannot = Amount lent out (without adding in Loans still outstanding)). Add in the interest and this makes sense.
I commented on the other thread but a tech change has enabled us to get money back to lenders sooner on loans in external repayment plans - you can find details on an individual loan on the 'Loans' section of your dashboard. A settlement reflects a payment into the plan, you will be able to see on the Loans section if the loan is 'repaid' 'defaulted' or still 'started' (i.e. more payments due) following the 'settlement'.
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Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
|
Post by Greenwood2 on May 19, 2019 11:59:10 GMT
Hi @greenwood2, We do have a look at this forum but only on an ad-hoc basis so for immediate responses go to our website and give us a call. 'Repaid' includes interest paid - I think where you are going wrong is thinking in terms of principal sums (in which case sure Repaid + Defaulted cannot = Amount lent out (without adding in Loans still outstanding)). Add in the interest and this makes sense. I commented on the other thread but a tech change has enabled us to get money back to lenders sooner on loans in external repayment plans - you can find details on an individual loan on the 'Loans' section of your dashboard. A settlement reflects a payment into the plan, you will be able to see on the Loans section if the loan is 'repaid' 'defaulted' or still 'started' (i.e. more payments due) following the 'settlement'. It would be better to separate the capital repaid and the interest paid to allow interpretation of the data, ie, we could see % of interest to total lent and to capital repaid, and similarly % of defaults to total lent and capital repaid. Edit: Is that total interest paid, ie to TMP and lenders or interest paid to lenders only?
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Post by The Money Platform on Jul 29, 2019 9:35:53 GMT
Hi @greenwood2,
So to confirm,
TOTAL FUNDS REPAID = The total amount repaid by borrowers, including our fees
TOTAL FUNDS LENT
= The Principal Amount lent out by Lenders in total
TOTAL FUNDS DEFAULTED
= The Principal Amount defaulted
Hope this helps clarify.
We are (as ever) looking to improve our reporting so that our lenders have a clearer grasp of risk / return and how the platform operates and have some important improvements in the pipeline. I know lots of our lenders make the most of it already but we have a good customer service team who can help out if there is anything not clear (whether loan specific or general).
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