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Post by Ace on Feb 17, 2024 9:03:24 GMT
last loan in my standard account has finally repaid.full capital partial interest. so overall a good result.it took just over 3.5 years to run down my standard account with CP as at my age now i am trying to tidy things up a bit and relax/enjoy some of the fruits of my retirement.i find p2p can be very stressful and do not want my executors having to put up with all that when the time finally comes. Hi rocky1, thanks for reporting. Would you mind telling us what your final annualised return figure is? If you don't measure it yourself the Realised Average Return figure on your Standard account dashboard should be a fairly close estimate (I think it ignores cash drag, but would otherwise be correct). Due to CP's lack of openness, I wasn't aware of projects that had repaid full capital but not full interest. Did CP point this out to you and give a reasonable explanation? I expect that they would, but just wanted to check. I don't usually try to check that full interest has been paid, so I wouldn't necessarily be aware if I was a bit short on some unless they declared it.
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rocky1
Member of DD Central
Posts: 1,120
Likes: 1,940
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Post by rocky1 on Feb 17, 2024 9:44:50 GMT
final annualised figure was 8.01.very long message asking for confidentiality in the best interests off all lenders so basically length of recovery was slow,need to recoup some of their costs,out of pocket expenses,loss on late protection fee,company time hours on recovery,loss on security agent fee,quoted clause 15.8,a few other things.so a portion taken from lenders interest.i dont think i have breached their confidentiality as to say more would show how the wheels are really turning when a loan is defaulted and the process kicks in.
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Post by overthehill on Feb 17, 2024 12:53:23 GMT
last loan in my standard account has finally repaid.full capital partial interest. so overall a good result.it took just over 3.5 years to run down my standard account with CP as at my age now i am trying to tidy things up a bit and relax/enjoy some of the fruits of my retirement.i find p2p can be very stressful and do not want my executors having to put up with all that when the time finally comes. Hi rocky1 , thanks for reporting. Would you mind telling us what your final annualised return figure is? If you don't measure it yourself the Realised Average Return figure on your Standard account dashboard should be a fairly close estimate (I think it ignores cash drag, but would otherwise be correct). Due to CP's lack of openness, I wasn't aware of projects that had repaid full capital but not full interest. Did CP point this out to you and give a reasonable explanation? I expect that they would, but just wanted to check. I don't usually try to check that full interest has been paid, so I wouldn't necessarily be aware if I was a bit short on some unless they declared it.
So does that mean 'paid back in full' loans could mean all capital repaid but a shortfall in interest ?
We now know that 'paid back' loans could mean not all capital repaid.
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Post by overthehill on Feb 17, 2024 13:06:15 GMT
All my loans are now officially late.
3 screw-ups, over 2->2.5 years late, no mention of losses yet, miracles required.
4 uncertainties which somehow have no funds to complete the project as agreed. 4 look like they should be fine, projects completed, up for sale but nothing selling.
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Post by Ace on Feb 17, 2024 14:57:45 GMT
Hi rocky1 , thanks for reporting. Would you mind telling us what your final annualised return figure is? If you don't measure it yourself the Realised Average Return figure on your Standard account dashboard should be a fairly close estimate (I think it ignores cash drag, but would otherwise be correct). Due to CP's lack of openness, I wasn't aware of projects that had repaid full capital but not full interest. Did CP point this out to you and give a reasonable explanation? I expect that they would, but just wanted to check. I don't usually try to check that full interest has been paid, so I wouldn't necessarily be aware if I was a bit short on some unless they declared it.
So does that mean 'paid back in full' loans could mean all capital repaid but a shortfall in interest ?
We now know that 'paid back' loans could mean not all capital repaid. Yes, I believe it does. I note that this week we have the usual weekly summary email back (it went missing last week to avoid having to mention the repayment of the project that had a shortfall; at least that's my assumption of why it went missing). This week's email only reported the repayment of one project (K***s f**m), which did make a full payment of capital and interest. No mention of a project repaying with a shortfall of interest. Perhaps that one repaid sometime earlier, but if it did I haven't noticed any mention of it (did anyone else?). I feel that CP do themselves no favours my not being open and honest about losses. Keeping quiet about losses of interest just because they aren't obliged to declare this to all lenders is not my definition of "open and honest". It just makes me wonder what else is being hidden. The solution is very simple and would go a long way to engender trust. Perhaps they will eventually come clean in the yearly outcomes statement, but that wouldn't exactly be timely. This is not risk free investing. I expect some losses, but I also expect to be kept fully informed about losses of capital and interest across the loanbook so that I can make an informed decision about whether to continue to invest.
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Post by overthehill on Feb 17, 2024 16:31:14 GMT
So does that mean 'paid back in full' loans could mean all capital repaid but a shortfall in interest ?
We now know that 'paid back' loans could mean not all capital repaid. Yes, I believe it does. I note that this week we have the usual weekly summary email back (it went missing last week to avoid having to mention the repayment of the project that had a shortfall; at least that's my assumption of why it went missing). This week's email only reported the repayment of one project (K***s f**m), which did make a full payment of capital and interest. No mention of a project repaying with a shortfall of interest. Perhaps that one repaid sometime earlier, but if it did I haven't noticed any mention of it (did anyone else?). I feel that CP do themselves no favours my not being open and honest about losses. Keeping quiet about losses of interest just because they aren't obliged to declare this to all lenders is not my definition of "open and honest". It just makes me wonder what else is being hidden. The solution is very simple and would go a long way to engender trust. Perhaps they will eventually come clean in the yearly outcomes statement, but that wouldn't exactly be timely. This is not risk free investing. I expect some losses, but I also expect to be kept fully informed about losses of capital and interest across the loanbook so that I can make an informed decision about whether to continue to invest. I hadn't planned to do a complete account rundown !
Mysterious weekly emails with selectively omitted loans, misleading historical loan completion statuses and an obvious preference for the better optics of high level statistics.
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Post by Ace on Feb 17, 2024 16:49:56 GMT
Yes, I believe it does. I note that this week we have the usual weekly summary email back (it went missing last week to avoid having to mention the repayment of the project that had a shortfall; at least that's my assumption of why it went missing). This week's email only reported the repayment of one project (K***s f**m), which did make a full payment of capital and interest. No mention of a project repaying with a shortfall of interest. Perhaps that one repaid sometime earlier, but if it did I haven't noticed any mention of it (did anyone else?). I feel that CP do themselves no favours my not being open and honest about losses. Keeping quiet about losses of interest just because they aren't obliged to declare this to all lenders is not my definition of "open and honest". It just makes me wonder what else is being hidden. The solution is very simple and would go a long way to engender trust. Perhaps they will eventually come clean in the yearly outcomes statement, but that wouldn't exactly be timely. This is not risk free investing. I expect some losses, but I also expect to be kept fully informed about losses of capital and interest across the loanbook so that I can make an informed decision about whether to continue to invest. I hadn't planned to do a complete account rundown !
Mysterious weekly emails with selectively omitted loans, misleading historical loan completion statuses and an obvious preference for the better optics of high level statistics. I see the red flags as relatively minor, though intensely annoying, compared to the bigger picture shown by the high level statistics. I'm still planning to increase my investment.
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Post by Ace on Mar 1, 2024 20:19:49 GMT
The table in the OP has been updated. A defaulted loan repaid this month. It was 10 months late, but 85% of the capital and associated interest and penalty interest had already been repaid previously, and it was a very small loan, so it didn't have much impact on the XIRR. There were no other capital or interest payments this month. The XIRR dropped slightly to 4.44%.
1 of my loans repaid this month. It was in default.
1 more of my loans became late this month. It was the last one that wasn't late.
All 16 of my loans are now overdue. 4 of these have made partial repayments. 42 loans have fully repaid since I started running this account down with no losses so far. 17 other loans repaid before I started the rundown.
13 of my remaining 16 loans are now in default (> 6 months late), 1 fewer than last month. (I was previously notified that 1 of my defaulted loans will suffer a capital loss).
It still feels like an orderly wind down, but it's taking longer than I expected.
Platform stated stats for my combined portfolios are (Note that these figures are currently only provided by the platform for combined portfolios):
Realised Average Return: 8.20% (8.19% last month). Contracted Average Return: 7.83% (no change for a few months). Current Contract Rate: 8.08% (8.07% last month).
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Post by mikec on Mar 12, 2024 12:39:07 GMT
Thanks Ace for the continuing updates. This remains a useful and informative exercise, and indeed – a real 'eye opener' as to just how long it can take to get your money out of CP (and other P2P loans). More than two years and still going on, and on ... I'm doing something similar with my CP standard account, moving it all into CP ISA for tax efficiency purposes, as well as slowly exiting from Kuflink. I think as time goes on, I'll probably move the bulk of my P2P investments to Loanpad; being happy to take a hit on the interest for the (relative) easy of access.
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firedog
Member of DD Central
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Post by firedog on Mar 12, 2024 12:55:45 GMT
Thanks Ace for the continuing updates. This remains a useful and informative exercise, and indeed – a real 'eye opener' That's exactly what it is! I've been doing something similar to Ace in winding down a CP standard account, while keeping the ISA ticking over. But the length of time that it's taken to extract myself from the standard account has started me thinking about what I'll do with the ISA account eventually – it's certainly stopped me adding fresh capital. I did transfer a small amount (sub-£1k) of free funds to Loanpad a while back and to CP's credit it was done within a day. So my exit strategy would be to do a bit more of that. I did the same Standard > ISA move with Kuflink last year. Much simpler process thanks to the secondary market.
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Post by Ace on Apr 1, 2024 19:19:13 GMT
The table in the OP has been updated. A defaulted loan repaid this month. It was 3 weeks late. There were no other capital or interest payments for this account this month. The XIRR remained steady at 4.44%.
All 15 of my remaining Standard Account loans are now overdue. 4 of these have made partial repayments. 43 loans have fully repaid since I started running this account down with no losses so far. 17 other loans repaid before I started the rundown.
14 of the remaining 15 loans are now in default (> 6 months late), 1 more than last month. 9 are over 12 months late. (I've been notified that 2 of my defaulted loans will suffer a capital loss, 1 more than last month).
It still feels like an orderly wind down, but it's taking much longer than I expected.
Platform stated stats for my combined portfolios are (Note that these figures are currently only provided by the platform for combined portfolios, so they will be dominated by my much larger ISA account):
Realised Average Return: 8.18% (8.20% last month). Contracted Average Return: 7.82% (7.83 last month). Current Contract Rate: 8.08% (same as last month).
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Post by Ace on May 1, 2024 20:56:36 GMT
The table in the OP has been updated. There were no capital or interest payments for this account this month. So, the XIRR dropped to 4.39%.
All 15 of my remaining Standard Account loans are now overdue. 4 of these have made partial repayments. 43 loans have fully repaid since I started running this account down with no losses so far. 17 other loans repaid before I started the rundown.
14 of the remaining 15 loans are now in default (> 6 months late), same as last month. 9 are over 12 months late. (I've been notified that 2 of my defaulted loans will suffer a capital loss).
It still feels like an orderly wind down, but it's taking much longer than I expected. I'm now 2 years into the wind-down. 36% of my capital is still outstanding.
Platform stated stats for my combined portfolios are (Note that these figures are currently only provided by the platform for combined portfolios, so they will be dominated by my much larger ISA account which I'm still actively investing in):
Realised Average Return: 8.19% (8.18% last month). Contracted Average Return: 7.83% (7.82% last month). Current Contract Rate: 8.09% (8.08% last month).
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