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Post by brummiefred on Sept 19, 2023 15:20:29 GMT
Some movement at last on the overdue Wind......Road, B.......ford loan And today the first part repayment, now we await refinancing!
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Post by Ace on Sept 19, 2023 17:31:34 GMT
Some movement at last on the overdue Wind......Road, B.......ford loan And today the first part repayment, now we await refinancing! Just under half of the original capital has now been repaid (over half including paid interest). This should have significantly reduced the LTV for the remaining outstanding capital, which should make any potential refinance easier.
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Post by overthehill on Sept 20, 2023 17:11:37 GMT
"We want to hear from you" says Crowdproperty almost on a daily basis.
I want to hear from Crowdproperty regarding my 12 default/late loans. Looking at the loan updates which dribble in not frequently enough, I've no regrets about freezing my investing. Hopefully I'm wrong.
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jcb208
Member of DD Central
Posts: 820
Likes: 606
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Post by jcb208 on Sept 25, 2023 14:57:06 GMT
Looking at my portfolio I have 40% of my money that is over 12 months overdue and another 23% up to a year overdue. Glad I have been running the loan book down ,crowd property has lost my trust
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Post by Ace on Sept 25, 2023 15:48:56 GMT
Looking at my portfolio I have 40% of my money that is over 12 months overdue and another 23% up to a year overdue. Glad I have been running the loan book down ,crowd property has lost my trust It's inevitable that the proportion of your funds that are overdue will rise when you're running down your loanbook. Roughly half the loans repay before their due date and the other half after. So, as the loans that repay early are removed from your calculations the percentage of overdue loans rises. I've been running down my standard account since May 2022. 96% of the remaining funds are now overdue. In my active ISA account 36% of the funds are overdue.
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Post by Ace on Nov 3, 2023 13:25:43 GMT
Another project is in default, so now 30 (51 defaulted, of which 21 have since repaid).
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Post by Ace on Nov 7, 2023 8:30:00 GMT
Another project is in default, so now 31 (52 defaulted, of which 21 have since repaid).
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 742
Likes: 835
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Post by p2pfan on Nov 7, 2023 14:25:29 GMT
Another project is in default, so now 31 (52 defaulted, of which 21 have since repaid). This is becoming worrying? Experience with previous P2P platforms that have run aground suggests that little more than blind faith that they will eventually turn things around on ever-increasing numbers of loans in default can be misguided? I do appreciate that CP's staff have got vested interests to have as many new loans launching as possible, but I wish their priority would be to resolve defaulted projects from years gone by. For instance, there are two from 2016, three from 2018 and eight from 2019.
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Post by Ace on Nov 7, 2023 14:31:53 GMT
Another project is in default, so now 31 (52 defaulted, of which 21 have since repaid). This is becoming worrying? Experience with previous P2P platforms that have run aground suggests that little more than blind faith that they will eventually turn things around on ever-increasing numbers of loans in default can be misguided? I do appreciate that CP's staff have got vested interests to have as many new loans launching as possible, but I wish their priority would be to resolve defaulted projects from years gone by. For instance, there are two from 2016, three from 2018 and eight from 2019. I take the point, but I think you may have misread the statistics page. The two from 2016 have already fully repaid. Two of the three from 2018 have already fully repaid. Six of the eight from 2019 have already fully repaid. So, only 3 out of the 13 mentioned are still outstanding.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 742
Likes: 835
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Post by p2pfan on Nov 7, 2023 14:44:44 GMT
Thank you very much. That's reassuring.
You mentioned 31 loans were in default, which is my main concern.
I fully appreciate the number will increase as the volume of lending CP does increases.
But 31 is an awfully large number of loans to be in default, especially considering how a loan has to be an extremely long time overdue (over 180 days) before it is eventually classified as being in default.
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Post by Ace on Nov 7, 2023 15:56:26 GMT
Thank you very much. That's reassuring. You mentioned 31 loans were in default, which is my main concern. I fully appreciate the number will increase as the volume of lending CP does increases. But 31 is an awfully large number of loans to be in default, especially considering how a loan has to be an extremely long time overdue (over 180 days) before it is eventually classified as being in default. Agreed, 31 currently in default does sound too high, though that's out of a large pool of loans (446 was quoted in a CP promo email last weekend). It felt like quite a long time since the last defaulted loan repaid, so I checked. It was back in August. There was also: 1 in June, 1 in May, 3 in April, and 2 in March (that's as far as I've recorded). So, roughly 1 defaulted loan per month gets settled (8 in the last 8 months). Given that we've had a couple of months without any defaults repaying, perhaps they'll be a glut along soon! Of the 14 currently defaulted loans that I'm in, 4 have already made partial capital repayments, and 9 have made some interest payments. It's also worth noting that all 21 of the defaulted loans that have since repaid have done so in full.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on Nov 7, 2023 20:56:49 GMT
I am not making any more investments in CP, but if I were it would not be the loans in default that would concern me, it would be the torrent of new loans, roughly one a day. I question whether CP are expanding their staff in proportion to be able to monitor the projects properly.
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Post by Ace on Nov 7, 2023 21:53:46 GMT
I am not making any more investments in CP, but if I were it would not be the loans in default that would concern me, it would be the torrent of new loans, roughly one a day. I question whether CP are expanding their staff in proportion to be able to monitor the projects properly. According to accounts at Companies House: they had an average number of employees of 45 in 2022, up from 31 in 2021. They raised another £483k in equity funding in April 2023 to fund further growth.
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Post by Ace on Nov 9, 2023 8:17:13 GMT
Another 2 projects are in default, so now 33 (54 defaulted, of which 21 have since repaid).
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Post by brummiefred on Nov 9, 2023 13:31:03 GMT
One less defaulted now N** R****y paid
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