rscal
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Post by rscal on Dec 23, 2019 22:01:06 GMT
Two more defaults in quick succession this month (up to 5 loans now) making a 'default total' of about 1.9 month's interest. (perhaps that is a meaningful comparison to take?) There have been modest recoveries since - and I assume these will contiinue to trickle in. You can follow this information under the 'your investments' tab.
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r00lish67
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Post by r00lish67 on Dec 23, 2019 22:57:42 GMT
Two more defaults in quick succession this month (up to 5 loans now) making a 'default total' of about 1.9 month's interest. (perhaps that is a meaningful comparison to take?) There have been modest recoveries since - and I assume these will contiinue to trickle in. You can follow this information under the 'your investments' tab.
The frustrating aspect of all of these types of investment, even if they might technically be good value, is the disappointing feeling of poor/meagre performance that is only very slowly ameliorated through a drip-drip of recoveries over months and years. As they assign a expected recovery % of 60% for each loan, I wish there could be a "claim this now" option for an immediate 45% recovery (or something). Can't see it happening though!
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rscal
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Post by rscal on Jan 12, 2020 10:17:04 GMT
Now another loss/default posted - again in the autoinvest section - which makes 6 for me and was from money I deposited only in July. It's a loan that made just 4 payments (of 60) - I received three - b4 the liquidator was called in. That was October and today LC and written that off. How did LC accept a loan like that?
It was going 'so well' until recently (well, not really if I had been reading the status of all of my 300-odd loans in auto)
My much smaller self-invested section with about 20 loans is still unaffected by default/loss but I suppose its only a matter of time!
(Horrible feelings - waiting for gravity to take over - and the paint peeling off the sign at the door)
The 'advice' would seen to be to limit to self-select (so that you can manage your own withdrawals) and limit to risk band A (poss B+) only?
(Oh, and know what you are doing too!!)
And I think if LC are gonig to send out monthly statements there ought to be more detail than a little coloured bar in them.
Edit: Another one today! (smaller amount thou) making 7 all since September
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rscal
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Post by rscal on Jan 13, 2020 15:24:11 GMT
So I have now made a withdrawal and was surprised to discover that 'repaid-but not reinvested' capital element attracts a 1% fee - while the repaid interest doesn't (as it was subject to a 1% deduction on ordinary repayments) I seem to have overlooked this detail - believing there was a 1% fee to sell but that repaid capital could be witdrawn 'for free'. Is it '2%' to release available capital in that case then?
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alanh
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Post by alanh on Jan 13, 2020 15:57:13 GMT
I have never been charged a fee for withdrawing money from the platform
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r00lish67
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Post by r00lish67 on Jan 13, 2020 16:40:46 GMT
So I have now made a withdrawal and was surprised to discover that 'repaid-but not reinvested' capital element attracts a 1% fee - while the repaid interest doesn't (as it was subject to a 1% deduction on ordinary repayments) I seem to have overlooked this detail - believing there was a 1% fee to sell but that repaid capital could be witdrawn 'for free'. Is it '2%' to release available capital in that case then? Detail is hereIn short, looks like auto-investors pay 1% when a withdrawal is made, whilst manual investors pay no withdrawal fee. Manual investors do however get charged 0.5% if they sell a loan part on the SM. Does seem a bit mean on auto-investors to me.
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Post by df on Jan 13, 2020 17:25:43 GMT
Now another loss/default posted - again in the autoinvest section - which makes 6 for me and was from money I deposited only in July. It's a loan that made just 4 payments (of 60) - I received three - b4 the liquidator was called in. That was October and today LC and written that off. How did LC accept a loan like that?
It was going 'so well' until recently (well, not really if I had been reading the status of all of my 300-odd loans in auto)
My much smaller self-invested section with about 20 loans is still unaffected by default/loss but I suppose its only a matter of time!
(Horrible feelings - waiting for gravity to take over - and the paint peeling off the sign at the door)
The 'advice' would seen to be to limit to self-select (so that you can manage your own withdrawals) and limit to risk band A (poss B+) only?
(Oh, and know what you are doing too!!)
And I think if LC are gonig to send out monthly statements there ought to be more detail than a little coloured bar in them.
Edit: Another one today! (smaller amount thou) making 7 all since September I have 34 defaults. 3 had been fully recovered. 10 had some partial recoveries. Most of those with zero recovery are fairly recent loans. I might be wrong, but my impression is that LC became more robust in defaulting loans and probably more selective in originations of new loans. My "actual rate of return" has gone down to 6.95% (was 8%+ not long ago). I use only self-select, otherwise the profit would've been much lower. I'm not sure what I'm going to do with LC yet. So far I'm withdrawing most of returns as the loan flow is slow, but also started thinking of selling the whole loan book (369 loans atm). One thing that stops me from a radical move is a large proportion of early repayments I've noticed recently, so I might have a natural wind down, hopefully with better result than I had with FC.
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rscal
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Post by rscal on Jan 13, 2020 20:03:22 GMT
So I have now made a withdrawal and was surprised to discover that 'repaid-but not reinvested' capital element attracts a 1% fee - while the repaid interest doesn't (as it was subject to a 1% deduction on ordinary repayments) I seem to have overlooked this detail - believing there was a 1% fee to sell but that repaid capital could be witdrawn 'for free'. Is it '2%' to release available capital in that case then? Detail is hereIn short, looks like auto-investors pay 1% when a withdrawal is made, whilst manual investors pay no withdrawal fee. Manual investors do however get charged 0.5% if they sell a loan part on the SM. Does seem a bit mean on auto-investors to me. So it would still be '1%' to withdraw (and not '2%') and I could sell to release additional monies (subject to placing with buyers) than merely what has already been repaid into holding? This is better than I hoped. There is nothing to choose between waiting for payment and exiting in that sense.
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r00lish67
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Post by r00lish67 on Dec 16, 2020 11:40:34 GMT
Just received a 100% capital recovery on a loan on LC (ru***r r**fs ltd), very pleased with that.
I have to say also very pleased in general with how they're doing. My default rate is incredibly low in the circumstances, and they now genuinely do tend to recover a decent proportion of capital on loans that do go bad.
All a far cry from when they started out a few years ago. I just hope they eventually start lending to retail again.
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Jaydee
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Post by Jaydee on Dec 16, 2020 11:46:58 GMT
Just received a 100% capital recovery on a loan on LC (ru***r r**fs ltd), very pleased with that. I have to say also very pleased in general with how they're doing. My default rate is incredibly low in the circumstances, and they now genuinely do tend to recover a decent proportion of capital on loans that do go bad. All a far cry from when they started out a few years ago. I just hope they eventually start lending to retail again. Yes, I too am happy with their performance. It's a pity they have stopped all new loans for us plebs.
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Post by df on Dec 16, 2020 12:13:42 GMT
Just received a 100% capital recovery on a loan on LC (ru***r r**fs ltd), very pleased with that. I have to say also very pleased in general with how they're doing. My default rate is incredibly low in the circumstances, and they now genuinely do tend to recover a decent proportion of capital on loans that do go bad. All a far cry from when they started out a few years ago. I just hope they eventually start lending to retail again. I've had two 100% repayments this week. "Actual rate of return" 7.95% and "expected return" displays 3.5%. Very happy with LC performance so far. If they restart retail lending in future I think I will be investing on this platform again.
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IFISAcava
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Post by IFISAcava on Dec 19, 2020 12:00:09 GMT
Two things: 1. I have still lost two-thirds of interest to defaults, only balanced by bonus payments keeping my XIRR around 4%. One of my worst P2P investments (beaten only by Crowdstacker of the open platforms). 2. Irritatingly, their ISA has lost its flexibility - they won't accept cash deposits, so the cash I took out to guard against any platform failure can not be replenished and if that remains the case prior to the end of tax year I will lose the ISA allowance.
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Post by c64 on Mar 2, 2021 9:15:10 GMT
2. Irritatingly, their ISA has lost its flexibility - they won't accept cash deposits, so the cash I took out to guard against any platform failure can not be replenished and if that remains the case prior to the end of tax year I will lose the ISA allowance. If you contact them and arrange it, they will accept replacement cash by bank transfer to make up the flexible ISA. You can't invest, but then you can transfer out without losing the allowance. If you don't contact them, the payment will be automatically returned. Might not want to try it on 5 April.
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