criston
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Post by criston on Jul 18, 2019 9:59:01 GMT
Surely the FCA transparency rules will eventually make Proplend publish more information.
However when I spoke to them some months back they still say 'nobody has ever lost any money'.
I did start to ask about defaults & got diverted onto another discussion & then forgot to go back to it.
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criston
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Post by criston on Jul 18, 2019 10:02:10 GMT
....... The only difference with other platforms is if you are not in a loan that has problems, you have no idea of the extent of defaults. You've got it! I'm afraid I wasn't clear enough in my jocular comment " If you crave the excitement of watching loans getting into difficulties, try a different platform" at the end of my earlier post. I was contrasting Proplend's public communications policy (nearly totally opaque) with that of say, MoneyThing, where the discussion in this P2P forum of their Newcastle-under-Lyme Bridging loan is up to 62 pages and it's still not reached formal default! Not having a holding in the H*** H*** loan, I was completely ignorant of any default there - that would be an issue if the loan were to be offered on the secondary market. With Proplend, silence, the apparent lack of any negative information, cannot be assumed to mean the absence of problems. Thanks for clearing that up.
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Post by proplend on Jul 19, 2019 10:19:09 GMT
You've got it! I'm afraid I wasn't clear enough in my jocular comment " If you crave the excitement of watching loans getting into difficulties, try a different platform" at the end of my earlier post. I was contrasting Proplend's public communications policy (nearly totally opaque) with that of say, MoneyThing, where the discussion in this P2P forum of their Newcastle-under-Lyme Bridging loan is up to 62 pages and it's still not reached formal default! Not having a holding in the H*** H*** loan, I was completely ignorant of any default there - that would be an issue if the loan were to be offered on the secondary market. With Proplend, silence, the apparent lack of any negative information, cannot be assumed to mean the absence of problems. Once ANY loan is within 30 days of expected completion they are disabled from any SM activity, so you would not be able to buy/sell a defaulted loan on the SM. I would also expect (although haven't experienced it personally) that any loan in trouble and likely to default would also have trading on the SM disabled. proplend -can you comment on this last point please. That's right hantsowl - there's no prospect of a loan that has reached maturity, let alone one that we are considering placing into default, being made available on the secondary market. We may also, at our discretion, suspend trading of a loan during the term in the event that information comes to light that casts doubt on future timely repayment - whilst keeping participating Lenders informed. Lenders are regularly updated on the status of their loans throughout the term, with ad hoc communications if and when a status changes from Active good standing. We will also suspend trading of a loan when we are informed by the borrower that they intend to repay loan capital imminently. I will put an FAQ on the website to pull this all together for future reference. Going back a little earlier in this thread, we politely remind Lenders not to share communications that have clearly been marked as private and confidential and not to be shared on any public forum. We can also confirm that this is our first defaulted loan. Richard
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sapphire
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Post by sapphire on Jul 19, 2019 10:42:37 GMT
proplend Thanks for the update. It is good to note that the Platform statistics page (https://www.proplend.com/about-platform/no-investor-losses/ )has been promptly updated to reflect this default. Some suggestions for additions to this page: 1. For each origination year include: - the total amount relating to counts specified in "Loan Defaults (Loan Count)" and "Default Loans (Current Count)" - the total amount of "Loans funded" 2. Include "Last updated on: <<Date>>" , so that one is clear how up to date the info on this page is.
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littleoldlady
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Post by littleoldlady on Aug 8, 2019 8:27:16 GMT
The only difference with other platforms is if you are not in a loan that has problems, you have no idea of the extent of defaults. And because of the high minimum investment you can't use the trick of buying a small holding of every loan just to be informed of everything. Also PL rigorously monitor this forum to prevent any disclosure here. It is puzzling because on the face of it they should be proud of their performance and their policy of opacity just leaves us wondering what they are trying to hide. PL you can't beat transparency.
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p2pfan
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Post by p2pfan on Aug 8, 2019 23:23:21 GMT
The only difference with other platforms is if you are not in a loan that has problems, you have no idea of the extent of defaults. And because of the high minimum investment you can't use the trick of buying a small holding of every loan just to be informed of everything. Also PL rigorously monitor this forum to prevent any disclosure here. It is puzzling because on the face of it they should be proud of their performance and their policy of opacity just leaves us wondering what they are trying to hide. PL you can't beat transparency. I'd second that for sure. At the same time, I'd like to commend PL on their transparency regarding the one defaulted loan. Of course it's terrible news, but the fact that PL have been open and transparent about it shows integrity and deserves commendation. Many a company would have tried to brush it under the carpet.
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littleoldlady
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Post by littleoldlady on Aug 9, 2019 7:10:45 GMT
And because of the high minimum investment you can't use the trick of buying a small holding of every loan just to be informed of everything. Also PL rigorously monitor this forum to prevent any disclosure here. It is puzzling because on the face of it they should be proud of their performance and their policy of opacity just leaves us wondering what they are trying to hide. PL you can't beat transparency. I'd second that for sure. At the same time, I'd like to commend PL on their transparency regarding the one defaulted loan. Of course it's terrible news, but the fact that PL have been open and transparent about it shows integrity and deserves commendation. Many a company would have tried to brush it under the carpet. Yes but transparent only to investors in the loan. Hidden from other PL investors who have many thousands invested on the platform and IMO are entitled to know about failing loans in which they are not invested so that they can judge platform performance and stability.
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nummo
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Post by nummo on Aug 9, 2019 7:26:45 GMT
I'd second that for sure. At the same time, I'd like to commend PL on their transparency regarding the one defaulted loan. Of course it's terrible news, but the fact that PL have been open and transparent about it shows integrity and deserves commendation. Many a company would have tried to brush it under the carpet. Yes but transparent only to investors in the loan. Hidden from other PL investors who have many thousands invested on the platform and IMO are entitled to know about failing loans in which they are not invested so that they can judge platform performance and stability. Totally agree, its easy to be transparent when things are going well and no defaults to deal with. How they deal with this default and recovery will be the true test of the platform, unfortunately it will be difficult to find out exactly how things unfold. I've got a lot of time for this platform and a decent sum invested but they have been strangely quiet on this and some other questions asked on the forum. Hope they see this and respond soon. proplend
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littleoldlady
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Post by littleoldlady on Oct 15, 2019 21:19:16 GMT
I have a loan where the "Sell" button is greyed out. It has nearly 2 years to run so I suppose it is non-performing but I have not received any email about it. Details available by PM.
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hantsowl
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Post by hantsowl on Oct 15, 2019 21:37:22 GMT
I have a loan where the "Sell" button is greyed out. It has nearly 2 years to run so I suppose it is non-performing but I have not received any email about it. Details available by PM. Do you have autolend switched on? That would prevent a sale being initiated. I checked my accounts and all loans are sellable.
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IFISAcava
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Post by IFISAcava on Oct 15, 2019 23:56:28 GMT
I have a loan where the "Sell" button is greyed out. It has nearly 2 years to run so I suppose it is non-performing but I have not received any email about it. Details available by PM. Do you have autolend switched on? That would prevent a sale being initiated. I checked my accounts and all loans are sellable. Autolend can stop buying a loan part, but not selling as far as I am aware.
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hantsowl
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Post by hantsowl on Oct 16, 2019 0:05:58 GMT
Do you have autolend switched on? That would prevent a sale being initiated. I checked my accounts and all loans are sellable. Autolend can stop buying a loan part, but not selling as far as I am aware. I copy/paste from the autolend page of my account.... ”You can’t sell loans with Auto-Lend enabled. You can manually invest to Tranches B and C.”
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IFISAcava
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Post by IFISAcava on Oct 16, 2019 8:59:45 GMT
Autolend can stop buying a loan part, but not selling as far as I am aware. I copy/paste from the autolend page of my account.... ”You can’t sell loans with Auto-Lend enabled. You can manually invest to Tranches B and C.” Yes but when you try and sell it just warns you that it will turn Autolend off when you confirm the sale. it doesn't disable the selling button. It disables the buying button on new loans. I sold two loans yesterday that way: Autolend was automatically turned off when I confirmed putting to loans on sale, then I re-enabled Autlolend afterwards.
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hantsowl
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Post by hantsowl on Oct 16, 2019 9:07:50 GMT
I stand corrected. I rarely use auto-lend so had not tried to sell with it enabled.
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littleoldlady
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Post by littleoldlady on Oct 16, 2019 9:07:55 GMT
I have a loan where the "Sell" button is greyed out. It has nearly 2 years to run so I suppose it is non-performing but I have not received any email about it. Details available by PM. Do you have autolend switched on? That would prevent a sale being initiated. I checked my accounts and all loans are sellable. No autolend is switched off. The loan in question is S....S........M.....R
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