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Post by jabardolas on Mar 4, 2016 18:09:38 GMT
Does anyone knows what does this means? Why are there loans that are not even overdue into a recovery process?
It looks to me as if they are simply handing money to the DCAs in some of this cases. But I would like to hear what do you guys think.
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Post by oktaeder on Mar 4, 2016 21:07:25 GMT
Tomberg in facebook:
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duck
Member of DD Central
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Post by duck on Mar 6, 2016 17:11:36 GMT
I've just been looking at my recent defaults and I don't think the response is clear.
0 is showing against what appear to be non defaulted loans but also against loans that show "Stage 1 - Loan defaulted, recovery process started" in the Collection Process.
Will just wait for this to be cleared up but as usual it doesn't inspire confidence .....
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carlos
I'm short Bondora and long p2p.
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Post by carlos on Mar 6, 2016 20:26:17 GMT
I believe that they are simply trying to finally get the database into proper consistence. In 2015 it was corrected only on monthly basis being inconsistent between these scripted adjustments. This led to ocassional spikes in default rate when loans were not properly marked as defaulted.
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duck
Member of DD Central
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Post by duck on Mar 7, 2016 6:27:48 GMT
Yes as I said I'm just sitting back and waiting for the end result.
I noticed one other 'interesting' thing when going through my defaults yesterday.
Having filtered my investments download and extracted +30 loans that had made payments since I last checked I was surprised to find that only 8 had reduced 'Outstanding Principal'. I have noticed this happen but to a lesser degree on the last couple of occasions that I have checked.
Since I only monitor Principal I cannot tell* what has been paid off - interest, penalty or fees - but if the debts are to be reduced and not continue to grow surely the Principal should be reduced first.
Anybody else noticed similar?
*Can't currently check who has paid what due to faulty account downloads.
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Post by rahafoorum on Mar 7, 2016 8:38:06 GMT
I noticed one other 'interesting' thing when going through my defaults yesterday. Having filtered my investments download and extracted +30 loans that had made payments since I last checked I was surprised to find that only 8 had reduced 'Outstanding Principal'. I have noticed this happen but to a lesser degree on the last couple of occasions that I have checked. Since I only monitor Principal I cannot tell* what has been paid off - interest, penalty or fees - but if the debts are to be reduced and not continue to grow surely the Principal should be reduced first. Anybody else noticed similar? *Can't currently check who has paid what due to faulty account downloads. Where did you see that they've made payments recently? I also noticed Stage 0 for several loans with Current status, which kind of makes me worried a bit, since Pärtel mentioned plans of getting DCAs in already prior to defaults in Investeerimisraadio interview...
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duck
Member of DD Central
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Post by duck on Mar 7, 2016 13:17:24 GMT
Where did you see that they've made payments recently? I also noticed Stage 0 for several loans with Current status, which kind of makes me worried a bit, since Pärtel mentioned plans of getting DCAs in already prior to defaults in Investeerimisraadio interview... I download an investments list then filter it to show only my defaults and then sort them by LastPaymentOn
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Mar 21, 2016 15:34:05 GMT
Looking at my overdue but not 60+ loans it seems that many of them are marked as Stage 0 and have already been sent to DCAs.
Since most of those pay up before actually defaulting I am not happy to share their repayments with third parties, especially as they get a high percentage of interest payments.
Has there been any notification about this?
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Post by rahafoorum on Mar 21, 2016 21:19:40 GMT
Looking at my overdue but not 60+ loans it seems that many of them are marked as Stage 0 and have already been sent to DCAs. Since most of those pay up before actually defaulting I am not happy to share their repayments with third parties, especially as they get a high percentage of interest payments. Has there been any notification about this? How do you know that they've been sent to DCA?
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james
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Post by james on Mar 22, 2016 6:44:06 GMT
Having filtered my investments download and extracted +30 loans that had made payments since I last checked I was surprised to find that only 8 had reduced 'Outstanding Principal'. I have noticed this happen but to a lesser degree on the last couple of occasions that I have checked. One way this can happen is where the token payment made by a borrower is too low to change the visible balance once it has been split among all of the lenders involved. The splitting is also not perfect and I have varying capital repaid for loans where I have several parts all of the same initial value.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Mar 22, 2016 7:19:38 GMT
How do you know that they've been sent to DCA? Because when I look at a loan it shows this, but some show "Cure Period" instead of DCA1 
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Post by rahafoorum on Mar 23, 2016 0:27:53 GMT
Ah, there's that thing. Well, feel free to send a question to their support. They probably won't answer to my e-mails so I won't even bother anymore.
From what I see with my loans, it looks like they're being sent to DCAs roughly a week after going overdue. Which is total BS considering that a week of overdue shows almost nothing about a potential defaulting and most of the loans recover from that on their own.
Wondering how the success fee or whatever is taken from those loans...please find out and let us know as well.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Mar 23, 2016 15:56:04 GMT
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Post by Butch Cassidy on Mar 23, 2016 17:21:05 GMT
Bondora says "We have implemented a more aggressive strategy to deal with overdue loans. One of the key strengths of this new process is that we will hand over the overdue loan to a local debt collection agency (DCA) already after a week after missing a payment. This will deliver quicker results and improve payment behaviour."
In other words; investors will become liable to pay any DCA costs from 8 days overdue, even though most of these borrowers pay up without any need for DCA intervention, also as an added bonus these payments can be counted as "recoveries" to artificially boost bondora statistics. So investors are paying to promote a platform that lost vast quantities of their money in a misjudged experiment into Slovakia & Spain that was then cynically used to develop a lending model offering lower returns for less investor choice - what's not to like about these people! The sooner I am out & finally rid of these [MOD: deleted: BB] the better - good luck to those of you who stay as I think you'll need it.
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james
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Post by james on Mar 23, 2016 18:48:12 GMT
From what I see with my loans, it looks like they're being sent to DCAs roughly a week after going overdue. Which is total BS considering that a week of overdue shows almost nothing about a potential defaulting and most of the loans recover from that on their own. Wondering how the success fee or whatever is taken from those loans...please find out and let us know as well. Yes, one week seems to be throwing money away because it's completely routine for many borrowers to be a week late. Or three weeks late. Six weeks might offer some value for money. I still expect a lot of those to pay but fewer at that stage than at the routinely reached one week point. Makes me wonder whether Bondora will make any money from "successful" debt collection work by DCAs. Maybe Bondora has reached some really cheap deal (€1?) that will make this not just a waste of lender money.
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