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Post by Ace on Aug 9, 2023 14:08:31 GMT
Well done to CP for once again paying the full penalty interest due to their lenders. A stark contrast to other P2P networks like Kuflink which almost always (despite what they claim they will do) pocket all the late payment penalty interest for themselves. That's why those other platforms have a vested interest in loans not paying back on time.
Is CP paying the full penalty interest to lenders i.e. is 2% the borrower's penalty interest rate ?
CP update:
"We appreciate the frustration caused by this delay, and you will continue to earn an additional 2% p.a. until the loan repays"
No. The Borrower is contacted to pay an extra 5% when repayment is late; 3% for CP and 2% for lenders. Lenders did receive the extra 2%. We have no way of knowing whether CP charged and received its 3%. I would assume that they did.
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morris
Member of DD Central
Posts: 261
Likes: 149
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Post by morris on Aug 10, 2023 11:18:24 GMT
The repayment sent my realised average return up by 0.07%. It had been falling as older loans repaid.
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Post by Ace on Aug 30, 2023 6:52:05 GMT
Another 2 projects are in default, so now 29 (50 defaulted, of which 21 have since repaid).
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Post by lotus_eater on Aug 30, 2023 9:41:16 GMT
Another 2 projects are in default, so now 29 (50 defaulted, of which 21 have since repaid). Still not seeing that 8% Ace :-D Still think it will come? I'd be willing to take an 8% haircut to get my money back now. I still have a bad feeling about this platform..... Let's see if the 2k due "within 1 month" will come in (as all loans are in default, I'm thinking "no").
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Post by Ace on Aug 30, 2023 13:05:37 GMT
Another 2 projects are in default, so now 29 (50 defaulted, of which 21 have since repaid). Still not seeing that 8% Ace :-D It takes time. You've had around £1,585 repaid in the past month, including around £867 of late loans. Is your XIRR increasing? Still think it will come? I'd be willing to take an 8% haircut to get my money back now. I still have a bad feeling about this platform..... It's a shame that there's no SM. I'd gladly take them off your hands for an 8% discount. Let's see if the 2k due "within 1 month" will come in ( as all loans are in default, I'm thinking "no"). I don't understand why you think that all loans are in default.
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Post by lotus_eater on Aug 31, 2023 11:53:29 GMT
Still not seeing that 8% Ace :-D It takes time. You've had around £1,585 repaid in the past month, including around £867 of late loans. Is your XIRR increasing? - Probably a little bit. There are still loans 2 years in default, I would hope to get some of the capital not in default back as I have been, but we'll see. As I've said several times before, if I get the money back, I'll gladly post here the exact XIRR at that time. For now, it's close to 5% and my defaulted loans slip further and further into default. Still think it will come? I'd be willing to take an 8% haircut to get my money back now. I still have a bad feeling about this platform..... It's a shame that there's no SM. I'd gladly take them off your hands for an 8% discount. - And I would gladly sell them to you and put the capital in NS&I at risk free 6.2% today :-) Let's see if the 2k due "within 1 month" will come in ( as all loans are in default, I'm thinking "no"). I don't understand why you think that all loans are in default. - Because almost all of my loans are in default (I was referring to my loans, not all loans on the platform, sorry if that wasn't clear).
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a0010402
Member of DD Central
Posts: 111
Likes: 64
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Post by a0010402 on Aug 31, 2023 21:11:49 GMT
Watch that insertion point.
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Post by brummiefred on Sept 1, 2023 9:29:18 GMT
Some movement at last on the overdue Wind......Road, B.......ford loan
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Post by Ace on Sept 1, 2023 9:40:52 GMT
Some movement at last on the overdue Wind......Road, B.......ford loan Yes, good news indeed. It's one of my largest loans on CP. We've already received 23.6% of the capital back plus some interest.
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Post by snowflake on Sept 2, 2023 0:47:02 GMT
Ive been in rundown for a while now and my late loans has grown to 65% of the portfolio.
Frustrating to read about them injecting more equity on development loans that ended in 2021 when I really rather they refinance and get the capital back.
Due 12+ Months £0.00 6-12 Months £5,399.32 3-6 Months £1,878.33 1-3 Months £938.64 Within 1 Month £977.44
Overdue < 1 Month £0.00 1-3 Months £837.77 3-6 Months £1,897.09 6-12 Months £8,627.49 12+ Months £5,791.99 Total Active Loans £26,348.07
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morris
Member of DD Central
Posts: 261
Likes: 149
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Post by morris on Sept 6, 2023 9:26:49 GMT
I was in a town on the Yorkshire coast at the weekend and took an external look at the project for the conversion of a former college into apartments. In short the property looked derelict. Every window that I could see either had broken panes or was boarded up or covered in plastic sheeting. There was an issue with the money not reaching the contractor recently so that tranche was repaid to investors, and a report of the contractor having left site earlier this year.
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Post by overthehill on Sept 6, 2023 9:36:23 GMT
I was in a town on the Yorkshire coast at the weekend and took an external look at the project for the conversion of a former college into apartments. In short the property looked derelict. Every window that I could see either had broken panes or was boarded up or covered in plastic sheeting. There was an issue with the money not reaching the contractor recently so that tranche was repaid to investors, and a report of the contractor having left site earlier this year. I know someone near a development. Not seeing much progress in photos, waiting to see what the next tranche has to say.
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Post by overthehill on Sept 7, 2023 14:39:22 GMT
There are always signs of impending issues like workload positive feedback or tipping points or worse collapse usually highlighted in retrospect in this forum.
One of them is not even being to provide quarterly updates for late loans !
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Post by brummiefred on Sept 7, 2023 17:37:27 GMT
With regard to progress, or actually lack of progress, I passed by the local Water Tower which I remember being touted some time ago and can confirm that absolutely nothing has changed since I last reported.
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Post by overthehill on Sept 7, 2023 19:13:34 GMT
With regard to progress, or actually lack of progress, I passed by the local Water Tower which I remember being touted some time ago and can confirm that absolutely nothing has changed since I last reported.
I was happy to see that funded by CP as I think I had it in Fundingsecure. I wasn't so lucky with the welsh super estate which consumed by weight more money than bricks.
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