rick24
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Post by rick24 on Sept 6, 2018 14:21:14 GMT
And depends WHAT is insured - and whether it covers possible fraud (as opposed to just invoice non-payment).. These types of Insurance look great until you try to claim, then they can be a minefield. It seems to be the income stream for the company that is insured against non-payment (would be glad to be told differently), but at what percentage? And there may be a lot owed to the company that is covered, or not. And then there will be the Administrators cut. I believe you are right. We are insured against non-payment by the creditors of the borrower.
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Post by dharm999 on Sept 6, 2018 16:37:05 GMT
For me, its another nail in the Archover coffin, so to speak. I have started reducing my exposure to them, as the problem loans are mounting up, and I have serious concerns over Archover's DD process. This, along with U***B******* recently, just bring it in to sharper focus.
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Steerpike
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Post by Steerpike on Sept 6, 2018 18:33:05 GMT
Certainly different and interesting times for Archover after years of no NPL.
I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans.
The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive.
I have stopped investing more but will resume and probably increase if there are positive outcomes.
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elliotn
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Post by elliotn on Sept 7, 2018 4:06:21 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. Comprehensive and clear although I note the loan addendum made back in April that I don't think was communicated to lenders?
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Post by captainb on Sept 7, 2018 8:16:28 GMT
Along with my loss in V**********, this will mean l have lost nearly £4000 and so all l have gained on my platforms in 14 months. Devastated!
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IFISAcava
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Post by IFISAcava on Sept 7, 2018 8:42:13 GMT
Along with my loss in V**********, this will mean l have lost nearly £4000 and so all l have gained on my platforms in 14 months. Devastated! Sorry to hear you've lost out (and I am in both of these too), but a) if just two loan losses wipes out all your p2p gains you probably weren't diversified enough; but in any case b) there may yet be significant recoveries in both loans - we don't know they are a total wipeout.
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Post by captainb on Sept 7, 2018 12:12:36 GMT
Along with my loss in V**********, this will mean l have lost nearly £4000 and so all l have gained on my platforms in 14 months. Devastated! Sorry to hear you've lost out (and I am in both of these too), but a) if just two loan losses wipes out all your p2p gains you probably weren't diversified enough; but in any case b) there may yet be significant recoveries in both loans - we don't know they are a total wipeout. Thankyou for the ray of hope. It was one of my 1st loans with Archover and l put £3000 in it. Later I learned to split it with 1000 in each. On the renewal l was thinking to split it into 3 separate companies, but thought as the rate was fairly low and had been paying without fault then it was probably ok to continue. I,m going to hold off further deposits until an encouraging return of some invested money happens.
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Post by stevepn on Sept 7, 2018 14:50:08 GMT
Along with my loss in V**********, this will mean l have lost nearly £4000 and so all l have gained on my platforms in 14 months. Devastated! Sorry to hear you've lost out (and I am in both of these too), but a) if just two loan losses wipes out all your p2p gains you probably weren't diversified enough; but in any case b) there may yet be significant recoveries in both loans - we don't know they are a total wipeout. The trouble with Archover is that the minimum loan is in steps of £1,000 which is quite a big sum of money. If you spread your money over 10 different investments it would take quite a while as the same old companies keep coming up. Most I wouldn't touch with a barge pole. Most of these companies couldn't get bank loans because of the high risk but put the loans out to P2P and people will jump at it. I invested heavily in Archover mainly because they hadn't lost a penny so I put my money in all and sundry that came along, fortunately most were less than 12 months and as yet I haven't lost any money.
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IFISAcava
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Post by IFISAcava on Sept 7, 2018 17:53:13 GMT
Sorry to hear you've lost out (and I am in both of these too), but a) if just two loan losses wipes out all your p2p gains you probably weren't diversified enough; but in any case b) there may yet be significant recoveries in both loans - we don't know they are a total wipeout. The trouble with Archover is that the minimum loan is in steps of £1,000 which is quite a big sum of money. If you spread your money over 10 different investments it would take quite a while as the same old companies keep coming up. Most I wouldn't touch with a barge pole. Most of these companies couldn't get bank loans because of the high risk but put the loans out to P2P and people will jump at it. I invested heavily in Archover mainly because they hadn't lost a penny so I put my money in all and sundry that came along, fortunately most were less than 12 months and as yet I haven't lost any money.
That's why you diversify across platforms as well as loans/borrowers. 1% max per loan, so I reckon Archover not a good idea unless you have, or aim to have soon, £100K in P2P overall. Others of course go for the "fewer loans with excellent DD" strategy, but few of us have the means for the sort of detailed DD that would really be needed for that strategy.
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Post by captainb on Sept 7, 2018 23:00:03 GMT
The trouble with Archover is that the minimum loan is in steps of £1,000 which is quite a big sum of money. If you spread your money over 10 different investments it would take quite a while as the same old companies keep coming up. Most I wouldn't touch with a barge pole. Most of these companies couldn't get bank loans because of the high risk but put the loans out to P2P and people will jump at it. I invested heavily in Archover mainly because they hadn't lost a penny so I put my money in all and sundry that came along, fortunately most were less than 12 months and as yet I haven't lost any money.
That's why you diversify across platforms as well as loans/borrowers. 1% max per loan, so I reckon Archover not a good idea unless you have, or aim to have soon, £100K in P2P overall. Others of course go for the "fewer loans with excellent DD" strategy, but few of us have the means for the sort of detailed DD that would really be needed for that strategy. Yes l have diversified over platforms as well. Funding Circle , loans defaulting regularly, Lending Crowd 4 in arrears and looking like lost money+ 4 late.. Kuflink OK so far Relendex Ok so far. Archover £2100 interest but £4000 looks like gone. Ratesetter OK but low rate. Octopus Choice £2500 inaccessible out of 20K. LCF Doing OK for now. Over 200K in all but no profit now overall. Well, l tried???
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archie
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Post by archie on Sept 8, 2018 6:23:33 GMT
Along with my loss in Ve********n, this will mean l have lost nearly £4000 and so all l have gained on my platforms in 14 months. Devastated! £174.42 per £1000 was repaid in April 2018 for Ve********n. The 'My Investments' page still hasn't been corrected to reflect this.
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m2btj
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Post by m2btj on Sept 8, 2018 11:48:42 GMT
That's why you diversify across platforms as well as loans/borrowers. 1% max per loan, so I reckon Archover not a good idea unless you have, or aim to have soon, £100K in P2P overall. Others of course go for the "fewer loans with excellent DD" strategy, but few of us have the means for the sort of detailed DD that would really be needed for that strategy. Yes l have diversified over platforms as well. Funding Circle , loans defaulting regularly, Lending Crowd 4 in arrears and looking like lost money+ 4 late.. Kuflink OK so far Relendex Ok so far. Archover £2100 interest but £4000 looks like gone. Ratesetter OK but low rate. Octopus Choice £2500 inaccessible out of 20K. LCF Doing OK for now. Over 200K in all but no profit now overall. Well, l tried??? I'm well diversified across 9 platforms but I suspect that between Col & Archover I'm going to see my gains completely wiped out. The U* E*** loan looked like a good investment & there was no reason to believe we would be duped with fraudulent investor information. The whole of the finance & banking sector works on trust. What chance has any investor got when a borrower deliberately misrepresents!
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puddleduck
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Post by puddleduck on Sept 18, 2018 8:21:02 GMT
One of my first ever posts on this forum I think mentioned that Archover loans mainly seemed to be be lending to the same companies over and over, just refinancing the previous loan, which to me was fairly obvious kicking the can down the road. You can only play that game for so long.
I doubt anyone is surprised by this - what does surprise me is how a company with seemingly no tangible asset base was able to borrow so much from Archover and Assetz, seemingly on interest only, and just keep reborrowing over and over and over... least surprising collapse ever surely?
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Post by stevepn on Sept 19, 2018 16:37:30 GMT
Along with my loss in V**********, this will mean l have lost nearly £4000 and so all l have gained on my platforms in 14 months. Devastated! Just found this on the net.
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Post by captainb on Sept 20, 2018 1:23:51 GMT
Bugger, I had another £1000 in a separate loan, so thats 5k down in total. It will take 9 months to get back in the black assuming no further losses. Its criminal how they have acted.
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