Default(s)

The platform is quite new. A few loans have repaid (4 of mine IIRC), but it is too early to establish a record on defaults. Hopefully there will be none or very few

Now that we are seeing several loans redeeming or renewing could we expect figures to be available soon, Gordon, showing the value by collection stages as they arise please? I am assuming that lenders have the risk and return until final redemption here. Is that the case or do the platform take on lates themselves?

Why do people keep mentioning defaults when surely it is not possible for a default to occur on the vast majority of loans as Collateral purchase the goods as per the extract from a typical loan detail below.

This loan is via a Buy Back Agreement (COLBB) whereby Collateral agrees to buy the goods from the client at a set price and gives the client the option to ‘buy back’ the goods within a set period of time, (in this case 6 months) at an agreed ‘buy back’ price.

Am I misunderstanding the extract or are people simply interested in the number of clients that do not take up the option?  In which case it's all about how quickly that Collateral can sell the goods onto their trade partners.

My quetions were directed to Gordon  for clarrification purposes. They were not intended to start another discussion on defaults.
As C is talking about offering property loans, hopefully alongside their pawn ones, they are moving in the direction of fs hence the questions about defaults. Take a look at fs defaults/late book, which contains both pawn and propetty, if you think  its unimportant. Before someone jumps in and says I am comparing apples with orangutans   look at fs drop downs to see how they still market themselves as pawn loans.