fp
Posts: 1,008 
Likes: 853
|
Post by fp on Jul 29, 2016 13:45:10 GMT
I sold part of the same loan a couple of days ago, my interest to date for this moth was credited to my account yesterday for it which was a pleasant surprise.
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 29, 2016 14:58:11 GMT
And my first loan has just repaid both capital and interest without any drama, which is encouraging. Although it is an early repayment, so tells us nothing about how a recalcitrant borrower would be dealt with. I only fund loans secured against an item locked up in a vault. That being so, if the borrower defaults, I assume the security is sold or its monetary value is otherwise released to lenders. That being so, chasing recalcitrant borrowers should hopefully not be necessary - but I agree this is probably something of an oversimplification. Presumably a defaulting borrower will be given notice and a short period of grace before their items are sold?
|
|
n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
|
Post by n on Jul 29, 2016 15:44:26 GMT
Although it is an early repayment, so tells us nothing about how a recalcitrant borrower would be dealt with. I only fund loans secured against an item locked up in a vault. That being so, if the borrower defaults, I assume the security is sold or its monetary value is otherwise released to lenders. That being so, chasing recalcitrant borrowers should hopefully not be necessary - but I agree this is probably something of an oversimplification. Presumably a defaulting borrower will be given notice and a short period of grace before their items are sold?That is what I would like to know also, by seeing it in practice (rather than just knowing the theory). FS are frequently harangued for the way they deal with late and defaulted loans. Unfortunately we will have to wait at least 85 days for there to be a possibility of a loan not being paid back.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jul 29, 2016 17:43:18 GMT
That is the main reason why my investment so far has been relatively modest, although diversified over 50 loans. The platform's success will depend on repayments and default handling.
|
|
|
|
Post by Collateral Rep on Aug 4, 2016 13:28:43 GMT
Hi hoy, We'll be updating the T&C's and FAQs as soon as we get them back from legals. We've had lots of updates and fixes over the past week, so we will get round to doing something with borrower ID's ASAP. Thanks, Gordon |
|
n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
|
Post by n on Aug 20, 2016 6:52:48 GMT
I have upped my vote to £1001 - £10000 as I have recently come accross a bit more loot to stash, and I find that I am now less nervous about breaching my £1000 limit than in the early days.
However, I will not be going all out until those concerns others have raised are satisfactorily addressed, and loans start coming to term.
|
|
|
|
Post by Collateral Rep on Aug 24, 2016 11:55:45 GMT
Hi,
We are on with this, but with holidays we're a little behind. We have a meeting with legals planned for next week so will update ASAP.
Thanks,
Gordon
|
|
MONEY
Posts: 63
Likes: 831
|
Post by MONEY on Aug 24, 2016 12:15:42 GMT
... We'll be updating the T&C's and FAQs as soon as we get them back from legals. ... Gordon, to be clear. The issue is not with the current T&C's requiring an update. The current security structure for stated COLBB (Buy Back) items does not fall in line with the site's stated T&C's, hence, Collateral are potentially in breach of their own terms. If Collateral intend to update their T&C's, the new terms will only apply from the date they've been updated and agreed with thereon, meaning that they do not apply to any loan or use of the platform up until such time. So, whilst it is appreciated that this is the holiday season, the length of time this situation has remained unclarified/unchanged, it is not so apparent that Collateral appreciate how serious the underlying issue is.
|
|
jhma
Member of DD Central
Posts: 82
Likes: 53
|
Post by jhma on Aug 24, 2016 12:32:03 GMT
Gordon,
Good news, thanks, and fully understand the holiday season delays.
But I'm not sure why implementing a borrower (number) ID in the loan descriptions as noted in previous correspondence should be waiting on legals.
Several posters have alluded to the 'hidden correlation' risk and without knowing in the near future whether my money is allocated across perhaps only a handful of borrowers depositing multiple items I won't be looking to move into the next '10K plus' investor category any time soon. I am aware of the 'buyback at loan amount' promise from trade partners but equally aware that this is not a guarantee!
Looking forward to borrower IDs ASAP!
|
|
|
|
Post by Collateral Rep on Aug 24, 2016 14:11:57 GMT
Hi,
We will update ASAP.
Thanks,
Gordon
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Aug 24, 2016 20:46:13 GMT
I am not so sure that borrower IDs is as simple as it sounds. Or if it is implemented simply then how effective it will be. Loans may have different borrowers who are connected in all sorts of ways eg spouses, parent company, different companies with same directors etc.
|
|
jhma
Member of DD Central
Posts: 82
Likes: 53
|
Post by jhma on Aug 25, 2016 9:14:43 GMT
I am not so sure that borrower IDs is as simple as it sounds. Or if it is implemented simply then how effective it will be. Loans may have different borrowers who are connected in all sorts of ways eg spouses, parent company, different companies with same directors etc. Fair point, littleoldlady!
All I expect is that the Loan ID code corresponds to the name on the loan agreement with Collateral, which should, I trust, be the legal owner of the asset, whether that be an entity or individual(s).
I'd prefer something pragmatic which is an 80% solution and easy for Collateral to implement rather than requiring something more onerous taking into account company or personal affiliations and which might be 95% effective if we were lucky.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Aug 25, 2016 13:51:47 GMT
I am not so sure that borrower IDs is as simple as it sounds. Or if it is implemented simply then how effective it will be. Loans may have different borrowers who are connected in all sorts of ways eg spouses, parent company, different companies with same directors etc. Fair point, littleoldlady!
All I expect is that the Loan ID code corresponds to the name on the loan agreement with Collateral, which should, I trust, be the legal owner of the asset, whether that be an entity or individual(s).
I'd prefer something pragmatic which is an 80% solution and easy for Collateral to implement rather than requiring something more onerous taking into account company or personal affiliations and which might be 95% effective if we were lucky.
The snag is that the 80% are not going to be a problem anyway. On the odd instance when a borrower is overstretched or actually planning to default it would be all too easy to arrange a different ID.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Aug 25, 2016 19:02:41 GMT
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Aug 25, 2016 20:01:14 GMT
There are a couple on 58 days, which look to be the first.
|
|
