TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Mar 16, 2017 8:39:06 GMT
. . . . . No more unsecured SME for me... I don't think they're inherently bad, just that LC seem to accept some very dubious proposals - shame, as I liked their philosophy.
|
|
|
Post by hartshay on Mar 16, 2017 20:44:02 GMT
At last I am pretty well sold out now. One bad loan of about 20 quid left. Net +£243 on just a tad over 1K of investments.
Good return I guess in the end not really my cup of tea
I got involved on a wave of excitement based on the 150 quid incentive for year 1. I liked their website in general but that was soon countered by the way their bid system worked with some very odd looking bids near the end of auctions. I also didn't much like their fee structure, 'obscure' secondary market and quite a lot of their loan offers ... too many of which seemed to fail pretty quickly which suggested that their DD was a little off IMHO
|
|
adrianc
Member of DD Central
Posts: 8,967
Likes: 4,800
|
Post by adrianc on Mar 17, 2017 9:18:47 GMT
At last I am pretty well sold out now. One bad loan of about 20 quid left. Net +£243 on just a tad over 1K of investments. Good return I guess in the end not really my cup of tea I got involved on a wave of excitement based on the 150 quid incentive for year 1. I liked their website in general but that was soon countered by the way their bid system worked with some very odd looking bids near the end of auctions. I also didn't much like their fee structure, 'obscure' secondary market and quite a lot of their loan offers ... too many of which seemed to fail pretty quickly which suggested that their DD was a little off IMHO You were lucky without being dinged - and ignoring the bribe incentive means you were still £93 up - 9.3%... None too shabby.
|
|
adrianc
Member of DD Central
Posts: 8,967
Likes: 4,800
|
Post by adrianc on Mar 20, 2017 17:20:53 GMT
WOOHOO!
My last live part has sold. One shrapnel-payout tomorrow, and then a second on 1st April, and I'm withdrawing the cash. I'll be down to just a default and a will-they-ever-default which equal my bonuses. Just under 8.8% all in, with both those regarded as total losses.
Party central.
|
|
|
Post by lionelrichtea on Mar 20, 2017 19:20:50 GMT
Let's go out for a meal to celebrate! I know a really mice Italian.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Mar 21, 2017 10:16:49 GMT
Assuming my sole remaining LC loan part doesn't come back from the dead, my final "profit" on £1000 invested was £293.79, although £250 of this was new lender / referral bonuses (XIRR 28.3%). Whilst a good result in isolation, it's a great shame that LC's hoped-for potential to succeed FC in my platform portfolio was never realised.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Mar 21, 2017 18:58:22 GMT
I am going to end up with £171.55 profit on a bit more than £1k for well over a year. This if the loans in difficulty do not recover anything. It includes the £100 bonus. (No tax deducted)
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Mar 30, 2017 8:37:11 GMT
Another borrower in administration, and I'm assuming it won't recover (their recovery performance has been dire to date), so my XIRR is now negative, ignoring incentive payments. I'm struggling to correlate my experience with the quoted returns on their "Statistics" (damned lies and all) page, so will spend a little time analysing their loan book at some point to work out how I've ended up being so unlucky...
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Mar 30, 2017 19:18:10 GMT
Hi arbster , Having been concerned about the extent of defaulting loans I did an analysis of my initial £1k investments after 10 months, which showed a potential overall negative return due to one declared loss and one long- term non-payer; I needed 50% recovery from one to get into a marginal gain! The current recovery rate of (I believe still) zero didn't look promising. Additionally, it is apparent that defaults are generally among the smaller loans, which means typical retail investors diversifying equally across a wide range of proposals will shoulder a disproportionately larger ratio of losses to their portfolio, hence returns will be less than the average. Another significant factor is that the statistics don't recognise defaults until declared a loss - even if it's 12 months in arrears! - so realisable sales inherently result in returns well below headline rates.
|
|
adrianc
Member of DD Central
Posts: 8,967
Likes: 4,800
|
Post by adrianc on Apr 3, 2017 10:42:21 GMT
That's it. My last "real" money is out with this morning's payment from GH. All I'm left with now is £53.98 of L****a G***e and £102.08 of A****o. I'm not holding my breath.
£1,000 in on 8/10/15, total of £1,096.45 now withdrawn. 8.75% XIRR.
Except, of course, for that £150 in bonuses...
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on May 24, 2017 14:41:38 GMT
I'm finally OUT!
I can't be bothered doing the maths, but overall return over 2 years or so is about 8%. Without the new lender incentives I would have made a loss, as bad debts exceed interest received. I am writing off all the garbage of course.
|
|
muh3
Posts: 52
Likes: 13
|
Post by muh3 on May 24, 2017 15:42:04 GMT
did LC actually ever managed to get money out of a defaulted loan?
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on May 24, 2017 15:59:49 GMT
I'm yet to receive my first 1p in recovery. Once a loan defaults, they just bin it, apparently. But really looking forward to the day when that SAC property sells...!
|
|
pip
Posts: 542
Likes: 725
|
Post by pip on May 24, 2017 16:24:40 GMT
I'm yet to receive my first 1p in recovery. Once a loan defaults, they just bin it, apparently. But really looking forward to the day when that SAC property sells...! Why would he sell it what incentive does he have? Look at his other business, advising in shaking off creditors and your personal liability for debts! He will drag this out as long as he possibly can, at some point LC will give up and try to press for bankruptcy at which his new book of tricks will be used. In short I am not expecting this to ever be recovered and think he is taking everybody for a ride.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on May 24, 2017 16:36:38 GMT
I'm yet to receive my first 1p in recovery. Once a loan defaults, they just bin it, apparently. But really looking forward to the day when that SAC property sells...! Why would he sell it what incentive does he have? Look at his other business, advising in shaking off creditors and your personal liability for debts! He will drag this out as long as he possibly can, at some point LC will give up and try to press for bankruptcy at which his new book of tricks will be used. In short I am not expecting this to ever be recovered and think he is taking everybody for a ride. Always amazes me how long these utterly shameless people carry on inflicting their misery, before they eventually get "sorted" by someone.
|
|