littonowl
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Post by littonowl on Nov 15, 2016 15:11:23 GMT
Thank you very much Peter collateral for your comprehensive reply to our various questions. It might be worthwhile you pinning this post on a separate thread for reference and for potential future lenders to view on this forum...? One quick query that's been asked before, but are you any closer being able to add a 'time remaining' column to the 'my live loans' section. Would be absolutely perfect if the various columns were sortable as well ...
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Post by Collateral Rep on Nov 15, 2016 15:14:49 GMT
Hi littonowl, I'll give the developers a nudge on the edits you would like adding to the platform. Many thanks, Gordon
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littonowl
Member of DD Central
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Post by littonowl on Nov 15, 2016 15:20:24 GMT
Thanks, Gordon, much appreciated !
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jimc99
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Post by jimc99 on Nov 15, 2016 20:21:13 GMT
Could you also clarify exactly what "This item has been underwritten by two of our jewellery trade partners in the event of default by the borrower" actually means? This sentence appears in most of your jewellery loans and to me it means that if the loan defaults the underwriter will take possession of the jewellery, reimburse Collateral and Collateral will repay the lenders thus making it a risk free investment by lenders. As I don't believe in reward without risk I'd like clarification please. Thanks. Collateral......Could you give the clarification requested.
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Post by Collateral Rep on Nov 16, 2016 8:12:32 GMT
jimc99, This was covered in detail in Peter's lengthy reply. With regards to valuations we always look at the exit on each item we list and get a true value from individuals and companies in that particular trade - retailers/wholesalers & dealers. They give us a true valuation by way of what they will pay for the goods should they not be ‘bought back’. The reason we work this way is that we always have a confirmed exit. We often see insurance valuations that are 3 and 4 times the true value and cannot be relied on.We currently have 9 jewellery outlets that are on our panel that have underwritten the value of the jewellery goods should the buy back option not be exercised. They have agreed to take the goods at the buy back value for any unexercised agreements.Many thanks, Gordon
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Post by sayyestocress on Nov 16, 2016 8:47:50 GMT
We currently have 9 jewellery outlets that are on our panel that have underwritten the value of the jewellery goods should the buy back option not be exercised. They have agreed to take the goods at the buy back value for any unexercised agreements. Can I ask if this relationship/process has been tested yet? It's almost too good to be true It's one of the main reasons the size of my investment on Collateral exceeds any of the other secured lending platforms to date. I can't imagine the underwriters would look to wriggle out of the agreement unless the market for the item plummets dramatically or the underwriter themselves are experiencing financial trouble. I assume there would be legal costs to try and get out of the agreement, too? To me it feels like (though I am no expert in the field) the probability of the agreement working outweighs the chance of it being worthless such that I'm happy to keep investing. There's always other avenues to liquidate the asset should it fail. Plus the loan has to actually default in the first place.
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Post by Collateral Rep on Nov 16, 2016 8:54:34 GMT
Hi sayyestocress, We haven't had any defaults, so no it's not been tested. Many thanks, Gordon
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stevio
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Post by stevio on Nov 16, 2016 9:03:46 GMT
Thanks for taking time for a comprehensive reply
P2P is based on trust. I think some unfortunate concerns previous have led to that trust breaking down. I think we just need Collateral to build back that trust
Some thoughts: - so far we have only seen pictures of the assets. With concerns over property loans to family members, there was concern over the assets actual existing. The only way I see round this is to give a local investor a tour of your safety deposit box to confirm existence. Extreme but I see no other way - cars - if you have glasses guide price, can this be added to loan details? Also is there a HPI report you could append to the loan? -if the loans have been underwritten, can you append a anonymous written agreement of this to the loans?
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Post by Collateral Rep on Nov 16, 2016 12:05:30 GMT
stevio , With regards to HPI docs etc, we can look to add this in the future, also a redacted written statement can also be added. Peter has all ready mentioned that he will invite investors to our office where he can take them to the safety box facility. We will continue to bring quality loans to our platform and look forward to a long relationship with our investors. Many thanks, Gordon
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Post by buttchopf23 on Nov 17, 2016 9:00:15 GMT
I don't know if that was posted somewhere, but what I really would like is when I look at the overview of my loans, I can't see the remaining days, I Need to go in each loan to get that info.
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oldtimer
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Post by oldtimer on Nov 17, 2016 9:09:22 GMT
It would be really useful to be able to export a list of my loans into a spreadsheet as you can do on other sites. Can this be added please.
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Post by Collateral Rep on Nov 17, 2016 9:14:32 GMT
Hi,
Yes were on with these edits.
Many thanks,
Gordon
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jimc99
Member of DD Central
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Post by jimc99 on Nov 19, 2016 3:24:41 GMT
jimc99 , This was covered in detail in Peter's lengthy reply. With regards to valuations we always look at the exit on each item we list and get a true value from individuals and companies in that particular trade - retailers/wholesalers & dealers. They give us a true valuation by way of what they will pay for the goods should they not be ‘bought back’. The reason we work this way is that we always have a confirmed exit. We often see insurance valuations that are 3 and 4 times the true value and cannot be relied on.We currently have 9 jewellery outlets that are on our panel that have underwritten the value of the jewellery goods should the buy back option not be exercised. They have agreed to take the goods at the buy back value for any unexercised agreements.Many thanks, Gordon Certainly nice to know that a risk free investment is earning me 12%.... thanks!
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james
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Post by james on Nov 21, 2016 1:35:36 GMT
With no survey answer appropriate for a person evaluating the platform because any of the choices would distort the results, would someone be kind enough to give the current total number of votes and what the split is between the choices? Current number of votes is to give an indication of when the split could be significantly out of date. Ideally this would be copied into the first post so those who just want to see the result can do so almost as quickly as just picking a bogus vote choice to see the answers.
A "not voting, just want to see the results" choice in such polls has significant value in keeping the other responses just to those who have reason for expressing an opinion.
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james
Posts: 2,205
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Post by james on Nov 21, 2016 7:51:40 GMT
Thanks, works for me as well.
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