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Post by erniec on Jan 3, 2020 20:18:18 GMT
I’ve wondered for a long time if any of my early repayments were defaults and funded from the protection fund. The latest statement advises we will get this information from the next statement:
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agent69
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Post by agent69 on Jan 3, 2020 20:34:16 GMT
I’ve wondered for a long time if any of my early repayments were defaults and funded from the protection fund. The latest statement advises we will get this information from the next statement: It's just a shame that platforms have had to be dragged kicking and screaming to make these changes
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jlend
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Post by jlend on Jan 4, 2020 9:34:19 GMT
You can already see some information for each individual loan if you look at each the loan detail. Here is an example.
Personally I don't think it is that useful as my loan book may not be representative of the overall RS loan book. Also the nature of RS is that the PF makes an interest payment even if an interest payment is a day late so the number of PF transactions must be huge. I just hope RS don't get overloaded with questions on the PF that are of little value.
Has the Provision Fund made a repayment on behalf of the borrower? Yes Has the borrower defaulted? No Does RateSetter consider that the borrower will repay in full? No Security backed No
Security Interest enforced No
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aju
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Post by aju on Jan 4, 2020 10:35:25 GMT
You can already see some information for each individual loan if you look at each the loan detail. Here is an example. Personally I don't think it is that useful as my loan book may not be representative of the overall RS loan book. Also the nature of RS is that the PF makes an interest payment even if an interest payment is a day late so the number of PF transactions must be huge. I just hope RS don't get overloaded with questions on the PF that are of little value. Has the Provision Fund made a repayment on behalf of the borrower? Yes Has the borrower defaulted? No Does RateSetter consider that the borrower will repay in full? No Security backed No Security Interest enforced No The first few I checked on my loans, there are too many to go through them all so there needs to be an easier way to see this I feel, were all marked as yes but I wonder at what point did RS make this decision. Surely we all know that any loan we make has the potential to go bad no matter what so call credit analysis is done on our behalf. Surely this stuff needs to be as a csv file available to download so one can see this data in columns its just Y/N flag data. If I have aloan go bad do I get an email that tells me this and I can then go and check its details. I can;t help thinking that whilst this info was required by the regs its not that well though out. I'm not sure I get this level of detail from Zopa data but I could be wrong they made changes detailed as Regs changes and to be honest I'm a detail person and can't find anything that was helpful to me and definitely nothing relative to the lenders ability to pay.
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star dust
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Post by star dust on Jan 4, 2020 10:37:09 GMT
Yes, I couldn’t agree more (with jlend). I think the information has been there on an individual loan basis at least since the new access accounts started. I presume we’re about to get it aggregated in some way. But it’ll be of little interest or value to me for the reasons jlend mentioned, I’d far rather see a return of early repayment emails (whatever the cause) that would be far more beneficial.
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