duck
Member of DD Central
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Post by duck on Jan 10, 2016 7:48:24 GMT
Just checking my defaults I noticed something I haven't seen before
nothing unusual until you look at the next entry
OK this is an Estonian loan but even so to go from Stage 1 to 5 with no intervening stages all in one month is 'unusual'.
A total of 1.51 Euro written off (so it is not as if full repayment has been made)
Principal overdue 0.5€
Interest 0.52€
Late charge 0.49€
Nothing unusual that I can see about the loan, just stopped making payments back in October 2015.
Not exercised about the loan (Total 5.39 paid for a 5.0 investment) but wondered if anybody else had noticed similar.
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p2pmaster
investment is life.
Posts: 128
Likes: 54
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Post by p2pmaster on Jan 10, 2016 8:19:42 GMT
It does not make me wonder. Their blog post of the higest net returns and low defaults and "improvements" to the platform makes me think of them as the next trustbuddy  |
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Post by coolrunning on Jan 10, 2016 8:53:03 GMT
Why not ask Bondora support?
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duck
Member of DD Central
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Post by duck on Jan 10, 2016 9:04:21 GMT
...... might well do that, just wondered if this is an 'isolated case' or if this is a new approach.
The other thing that sprang to mind is this is the first of my loans to go to stage 5 'closed' with a write off since the new 'pay for recovery' system came into place (excluding a couple that paid up fully) .......... now where do you spot the fees?
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Jan 10, 2016 9:32:01 GMT
I have not seen one like this, only 2.5% of my loans with DCAs has been recovered so far after 6 months of this system and several of those were making occasional payments anyway before DCAs were given a share in our recoveries. Presumably the written off portions have been donated to the DCA and maybe the borrower has been able to get help from a family member or has replaced the loan elsewhere.
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james
Posts: 2,205
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Post by james on Jan 10, 2016 12:26:34 GMT
Have a look at what the secondary market listings for the loan say, they quite often have more information. If nothing there now, just offer your piece at 40% markup.
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Post by rahafoorum on Jan 10, 2016 14:31:27 GMT
It's probably DCA collection fees. Bondora still doesn't show these anywhere for investors.
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duck
Member of DD Central
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Post by duck on Jan 10, 2016 16:57:28 GMT
Have a look at what the secondary market listings for the loan say, they quite often have more information. If nothing there now, just offer your piece at 40% markup. good idea .....
hmm not much use
I note also against the 'Stage 1' that the debt collectors are named, in this case castovanni.ee/en/
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Post by kissmyjazz on Jan 11, 2016 4:42:28 GMT
Can you still put this loan on sale? If this is a true stage 5 case, then loan should not be sellable. Looks like some mistake somewhere in Bondora system.
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duck
Member of DD Central
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Post by duck on Jan 11, 2016 6:08:45 GMT
Can you still put this loan on sale? If this is a true stage 5 case, then loan should not be sellable. Looks like some mistake somewhere in Bondora system. Just listed the loan with no problem.
So to see if it was just that loan I have taken another long standing Stage 5 (declared 18/03/2015) ..... and I have listed that as well. That loan had a long 'history'. For example before Stage 5 I preserved the comment (which is no longer showing)
Regarding user xxxxxx - this is a criminal case, when someone else used the ID of the client and got the loan. We have court decision to claim the debt from this criminal person, but unfortunately, he is in prison for now. We do not consider it as a loss yet, further actions are taken from bailiff, but unfortunately, we can not predict when the debt will be repayed.
all (of relevance to the removed comment) now showing is Judgment of the indebtedness of the sentenced person to the other, turning to debt recovery of a bailiff.
It appears that selling of Stage 5's is OK since there are 10 other loan parts for this loan up for sale!
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Post by kissmyjazz on Jan 11, 2016 6:16:16 GMT
Hm, so I guess Bondora still expects some additional recovery for that loan. I know that I cannot list loans on sale that were paid more or less in full by the court decision and have passed into stage 5 as a result. Maybe of course it was paid in full but Bondora's interface is not handling DCA fees correctly, if at all. You better ask CS for clarification.
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Post by rahafoorum on Jan 11, 2016 9:11:15 GMT
The collection fees are not shown in UI anywhere. So the loan could be fully paid, but the UI shows as if something is still there (that's the part that DCA took for success fee for example). And you can still sell and buy those as if they existed.
I guess 7 months hasn't been enough time to fix that issue. Someone can buy a non-existing claim off you there. Free money...
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duck
Member of DD Central
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Post by duck on Jan 11, 2016 10:23:58 GMT
The collection fees are not shown in UI anywhere. So the loan could be fully paid, but the UI shows as if something is still there (that's the part that DCA took for success fee for example). And you can still sell and buy those as if they existed. I guess 7 months hasn't been enough time to fix that issue. Someone can buy a non-existing claim off you there. Free money... Frightening!
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Jan 11, 2016 13:29:51 GMT
There seems to have been considerable editing of the Bondora blog now, for instance I cannot see the many replies made when the new collection procedure was explained. However what I can find is this: www.bondora.com/blog/collection-process-overview/There is no mention of any intention to charge lenders with the DCA fees and I think we made it very clear at the time that to try to do that for existing loans would be completely unacceptable. |
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Post by wiseclerk on Jan 11, 2016 15:20:59 GMT
It is charged to the borrower. However my I took it, that this means, that an incoming payment by a defaulted borrower now will first (partly) be used to cover DCA costs.
My understanding is
- if they borrower pays ALL outstanding amounts, it makes no difference to the investor (compared to the old process)
- if the borrower pays only PART of the outstanding amounts, investors will (temporarily) have recovered less than under the old process
But I may have understood it wrong.
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