JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317 
Likes: 893
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Post by JamesFrance on Oct 9, 2015 14:49:37 GMT
Bondora has now removed information relating to the level of defaults from the statistics shown on their website. They used to show the graph below which showed the defaulted loans in red and current loans in green. Of course recent loans have not had time to default. This has been removed and been replaced by a table called Portfolio Profitability, which subtracts overdue principal from interest received and calls the balance Gross Profit. What they fail to explain is that overdue principal is only the amount of repayments which should have been paid to date and does not show the full defaulted amount. The total of defaults is no longer shown on the site but was closing in on the interest received.  |
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jo
Member of DD Central
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Post by jo on Oct 9, 2015 15:40:19 GMT
What's the navigation to that stats page you mentioned please james?
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Oct 9, 2015 15:53:31 GMT
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jo
Member of DD Central
Posts: 727
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Post by jo on Oct 9, 2015 16:23:25 GMT
Thanks.
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Oct 12, 2015 12:54:55 GMT
There is not personal graph either... They removed both...
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Nov 4, 2015 19:16:09 GMT
Today's newsletter tells us that more changes are on the way to change the default details
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Nov 5, 2015 8:12:30 GMT
Well today they have made the changes to further disguise the defaults, you really need to know your way around the site to see how much of your loan book has defaulted. For me this is about 25%.
Yesterday my dashboard showed:
Current loans at 14200€, Overdue loans 2752€ and defaulted 5397€.
Today miraculously everything has changed so now:
Current loans at 21530€, Overdue loans 825€ and the amount in default has gone.
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Post by Butch Cassidy on Nov 5, 2015 8:27:23 GMT
In the latest weekly e-mail it compares 4 Euro platforms & implies Bondora is FCA regulated, I simply can't imagine that the FCA would allow/be happy with the way Bondora presents it's information. To simply hide bad news & only display favourable statistics & charts must fall foul of some FCA rules, that bastion of fiscal probity, or am I being just too naïve???
I decided a few months ago to allow my portfolio to naturally run down & withdraw funds periodically (taking the exchange rate hit on the chin!) as I no longer trust the senior management after their treatment of investors over the past 12 months+. I now get a begging e-mail every couple of weeks telling me the benefits of the new PM etc so I guess I am not the only one & the flood of new institutional money that they had hoped would fill the active investor gap has failed to materialise - well they get what they deserve & as long as they can stay solvent until my portfolio finally pays out I will not shed any tears.
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Post by xyon100 on Nov 5, 2015 12:23:37 GMT
I've come to pretty much the same conclusion. That, and it's just so darn fiddly to try and maximise returns. I'm selling up, but even that is a PITA with all those five Euro loans!
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starfished
Member of DD Central
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Post by starfished on Nov 5, 2015 21:59:32 GMT
Always good to see they continue with their outrageous behaviour!
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Nov 6, 2015 10:12:44 GMT
My trust of Bondora has dropped below zero... The level of untransparency and push for hiding, masking and disguising negative stats (mainly overdues and defaults) is unseen in p2p field I think. And when somebody raises its voice to ask - he gets reply with ridiculous PR bullshit... See here: www.bondora.com/blog/4-major-benefits-new-portfolio-manager/#comment-1067After that I must think that 1) they are stupid or 2) they think that we are so stupid that they can tell us total lies... |
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duck
Member of DD Central
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Post by duck on Nov 6, 2015 17:54:47 GMT
[sarcastic mode on] ahhh my statistics pie chart looks so much better now that the large red segment has been removed, now I can concentrate contentedly on the 85% green - current and the 15% orange - overdue. Vast improvement. [/sarcastic mode off]
Whilst none of this comes (or should come) as a surprise to seasoned Bondora investors, I wonder how those that have joined in the past 2 years see these changes and their implication for their long term financial health ....
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nick
Member of DD Central
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Post by nick on Nov 14, 2015 11:35:41 GMT
I've completely written-off Bondara. I started investing in Bondora over 18 months ago, attracted by the returns and a perception that I could to enhance returns by trading loan parts/flipping on to the secondary market. How wrong I was. Bondara is by far the worst performing platform in my portfolio, well the only one where I've suffered a loss, and a significant one at that! I started winding down my portfolio about 8 months ago and I will be happy to get back 50% of my original investment!!
I'm an active investor and consider myself fairly sophisticated. I didn't rely on bots and scrutinised every loan I invested in and was very well diversified. My mistake was investing in any borrower outside Estonia and believing that I could actively manage my portfolio without investing a completely disproportionate amount of time. But even this doesn't manage to explain how I managed to lose half my money. The real default rate is outrageous. Even more outrageous is the proportion of lenders that default on the first payment - whiffs of outright fraud. I totally agree the way they present the returns and losses is completely misleading and disingenuous. On a positive note, it has made me a lot more sceptical and diligent when looking at new platforms and I now run much longer trial periods than the 3 months I experimented with Bondora........lesson learnt
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james
Posts: 2,205
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Post by james on Nov 14, 2015 12:17:08 GMT
The Financial Conduct Authority has a form and email address for reporting misleading financial promotions that you might consider using. It isn't just limited to ads, it covers web sites and other material that may encourage investors to lend. Given the trend of Bondora removing negative information from ready sight in several steps over time you could probably make a good case for deliberate deceptive intent.
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shimself
Member of DD Central
Posts: 2,560
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Post by shimself on Nov 15, 2015 22:42:25 GMT
The Financial Conduct Authority has a form and email address for reporting misleading financial promotions that you might consider using. It isn't just limited to ads, it covers web sites and other material that may encourage investors to lend. Given the trend of Bondora removing negative information from ready sight in several steps over time you could probably make a good case for deliberate deceptive intent. Only not yet - I've just seen some progress in recoveries, get paid first then revenge.
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