Post by rahafoorum on May 13, 2016 8:10:38 GMT
So I think I finally figured out how this new DCA system works...or doesn't.
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When a loan is sent to DCA, the description of DCA1 arrives with the comment "Started". Now when borrower makes the repayment, then the description is changed to "Finished". That makes very little sense, considering that the date is when the DCA started, but description says it finished, but that's the least of it.
Bigger problem is that not only do you pay DCA fees for this stupid thing, your loan is also still shown as overdue even when it's not anymore (see the image above). In short, if you now attempt to sell this loan, it won't sell even close to the price it should as a current loan, because it's shown as overdue.
On a positive note, we can now calculate the actual DCA cost for specific loans if you have the time and willingness to do this. For this specific loan it's roughly 19%, so my estimate that it's higher than 15% for EST loans seems to be holding true at least for this one.
In short, same sh*t different day with Bondora. Can't wait until I'm fully out. Unfortunately it's now made even more difficult due to this idiotic (and I wouldn't be surprised if it's illegal) DCA support project...
Edit: Unfortunately it seems the situation isn't as simple as it seemed. It looks like DCA stops working also if only principal payments are recovered OR perhaps the fees for 47142-274150 really were around 70%... Also noticed an even weirder case 38773-252807 where loan was sent to DCA, without any payments the DCA situation finished and loan got a new schedule after being 2 months overdue without any payments, made 0 payments on the first payment date of the new schedule and is now in "cure period" for almost a week. In short, 0 payments for 3 months and cure period started again
Bigger problem is that not only do you pay DCA fees for this stupid thing, your loan is also still shown as overdue even when it's not anymore (see the image above). In short, if you now attempt to sell this loan, it won't sell even close to the price it should as a current loan, because it's shown as overdue.
On a positive note, we can now calculate the actual DCA cost for specific loans if you have the time and willingness to do this. For this specific loan it's roughly 19%, so my estimate that it's higher than 15% for EST loans seems to be holding true at least for this one.
In short, same sh*t different day with Bondora. Can't wait until I'm fully out. Unfortunately it's now made even more difficult due to this idiotic (and I wouldn't be surprised if it's illegal) DCA support project...
Edit: Unfortunately it seems the situation isn't as simple as it seemed. It looks like DCA stops working also if only principal payments are recovered OR perhaps the fees for 47142-274150 really were around 70%... Also noticed an even weirder case 38773-252807 where loan was sent to DCA, without any payments the DCA situation finished and loan got a new schedule after being 2 months overdue without any payments, made 0 payments on the first payment date of the new schedule and is now in "cure period" for almost a week. In short, 0 payments for 3 months and cure period started again
