pikestaff
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Post by pikestaff on Jan 22, 2015 9:49:32 GMT
The TC system does not accrue interest, and receipts are processed (manually) only after they have cleared the bank. Most processing takes place 2-3 working days after the 12th each month but a few loans are on a different cycle and there are occasional delays.
To track your current payments, you can look at cash transactions in your Dashboard (see the manual for details). Also there is a very useful thread each month on the old forum, which pools collective payment information for the month.
If you want to know the cumulative position for any loan that you have made, you can access the loan financials via the Dashboard (again, see the manual). Be aware, however, that most "debtors" are not arrears, and most arrears are simply not shown (although you can work them out, with difficulty, from noting what's missing). Also the loan financials are not available to prospective SM buyers.
For defaults and problem loans generally: -TC maintain a secondary market status report in the Dropbox (look in the Secondary Market Information folder). This seems to be updated monthly or whenever the status of a loan changes. If a loan is in default or there is some other problem preventing its sale it will be graded D or E and there will be a narrative comment about it. - The same folder also contains folders with reports on the majority of defaulted or problem loans. TC are not very good at filing and one or two such reports are hidden elsewhere. - The Progress Reports folder contains the BLN Default List and BLN Default Calculations. Unfortunately these are not up to date and I would take the default calculations with a large pinch of salt.
In addition there are folders at the top level of the Dropbox with periodic reports from some of the sponsors, covering their loan books as a whole.
More generally just keep an eye on both forums as there may be additional updates there.
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shimself
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Post by shimself on Jan 22, 2015 10:53:28 GMT
When you have invested your first £1000 you then will get access to the old forum which has lots of information about what is going on with the loans and they keep each other informed about alot of these things. Not actually invested, it's when you have put £1000 into the holding account I advise £1050ish in case you want to buy something from the secondary market which is selling at a premium
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Post by valueinvestor123 on Jan 23, 2015 0:20:30 GMT
Thanks a lot pikestaff, you really know your stuff I managed to finally get invested with thincats (technically only 9k out of 26k is invested, the rest is in 'suspense'). I transferred the funds at the beginning of the month in january. I wonder if I did it too quickly. I haven't really studied any of the loans in much detail...I trust the sponsors Other platforms seem much slower in getting invested...so perhaps some 'credit' should be given to thincats even though things could be significantly easier/clearer on the website. Or perhaps it just takes some getting used to. Still many things to learn though..
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pikestaff
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Post by pikestaff on Jan 23, 2015 17:27:35 GMT
You've certainly been quicker than me! My first three investments were in TLCs while I learned my way around and got used to things. When I started investing directly I decided that I would always read the info. If you don't feel up to this, I would encourage you to make sure you are well-diversified and avoid anything paying really high rates because they will be high for a reason.
One further point. I said in an earlier post that loans with known problems cannot be traded on SM. That's not entirely true. TLCs can be bought and sold even if they hold problem loans, and there's currently a discussion about that on the old forum. A reason not to buy second-hand TLCs unless you really know your way around.
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agent69
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Post by agent69 on Jan 24, 2015 10:00:02 GMT
TLCs can be bought and sold even if they hold problem loans, and there's currently a discussion about that on the old forum. A reason not to buy second-hand TLCs unless you really know your way around. On the other hand you can sometimes pick up TLC's at PAR, which contain significant amounts of retained interest (say the TLC has been making 11% but only paying 7%).
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Post by valueinvestor123 on Jan 24, 2015 10:45:04 GMT
You've certainly been quicker than me! My first three investments were in TLCs while I learned my way around and got used to things. When I started investing directly I decided that I would always read the info. If you don't feel up to this, I would encourage you to make sure you are well-diversified and avoid anything paying really high rates because they will be high for a reason. One further point. I said in an earlier post that loans with known problems cannot be traded on SM. That's not entirely true. TLCs can be bought and sold even if they hold problem loans, and there's currently a discussion about that on the old forum. A reason not to buy second-hand TLCs unless you really know your way around. I would like to read about the loans a bit more in future now that I will be buying less at a time. It's just 4 platforms for me at the moment, trying to get invested within a month is much too rushed. I also worried once I started reading, I would find the situation either too risky or annoying and not invest in anything (I did read the problem loans on Assetz Capital just to get a feel for what can happen and it is in many cases clear that the borrower is just stalling and actually doesn't have the money to pay and decisive action needs to be taken sometimes...). I did prefer the short texts and clear LTV guidelines of funding secure but now I am beginning to feel that some of the LTVs are blown up a bit to make the the loans more attractive to lenders... So not sure. Just not a lot of time for studying in detail, so as you say diversification should help. I read somewhere that around 47k in 1k lots is the 'right' amount to have with thincats. And as I mentioned in another thread, due to limited number of new loans on all the p2p platforms coming in, there may well be a limit to how much can be held with anyone platform at a time (some platforms obviously can tolerate larger amounts) before the rates or diversification can be sacrificed. I am aiming for 9% pa across all platforms (including some funds with ratesetter which will drag the average down). So preferably 11-12%pa with the p2b platforms. I am not sure this is achievable also due to dead time but will see.
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Post by valueinvestor123 on Jan 24, 2015 10:50:18 GMT
Btw what are 'high rates' on thincats? I haven't seen anything much above 13% which is about maximum? Around 11-12% is surely average? Average loans on AC are around 10-11% but liquidity is valuable to me. Fudning secure, 12-13% seems average, or slightly more, due to occasional cashback. RebSoc the average is 16% but net average should be much lower due to defaults or dead time, around 12% perhaps. This is one of the places where it seems impossible to have more that about 15-20k with a platform if your average purchase is around £400 per loan or thereabouts. Just not enough new loans.
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agent69
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Post by agent69 on Jan 24, 2015 13:24:34 GMT
Btw what are 'high rates' on thincats? I haven't seen anything much above 13% which is about maximum? You can currently have the gunslinger for 15% fixed. I think Oddy tranche 3 was 16%
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Post by marek63 on Jan 25, 2015 16:15:02 GMT
There is a lot on the TC secondary market currently which is worth having. Looks like many investors having a January liquidity moment; I know the feeling.
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agent69
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Post by agent69 on Jan 25, 2015 19:20:23 GMT
There is a lot on the TC secondary market currently which is worth having. Looks like many investors having a January liquidity moment; I know the feeling. If somebody could persuade TC to ditch the minimum £25 selling fee there would probably be a lot more.
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shimself
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Post by shimself on Jan 26, 2015 15:23:55 GMT
There is a lot on the TC secondary market currently which is worth having. Looks like many investors having a January liquidity moment; I know the feeling. If somebody could persuade TC to ditch the minimum £25 selling fee there would probably be a lot more. If they take some leaves out of REBS's book with the new software it might become a lot more flexible
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