michaelc
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Post by michaelc on Dec 28, 2016 21:39:14 GMT
It would be great if TMT provided actual stats since it would allow for increased confidence and forecasting. What would be the downside (either to them or us lenders) of doing so? In lieu of them doing so perhaps we could keep this thread updated with as many loans as possible? I'll start: 2/2 loans 8/8 weeksThat represent two 4 week loans being repaid today. So (assuming folk think this is a good idea), if the next person has one 3 week loan repaid on time the totals would read 3/3 loans 11/11 weeks. On the other hand if he/she reported a default of a 12 week loan then it would be added to the total like this: 2/3 loans 8/20 weeks Obviously historical data would be just as valid so please let me/us have your stats !
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david42
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Post by david42 on Jan 11, 2017 19:28:12 GMT
I have had a 12 week loan repaid early after 5 weeks. Another 22 loans outstanding, none yet due to be repaid.
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michaelc
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Post by michaelc on Jan 11, 2017 22:15:10 GMT
So I guess that makes the total
3/3 loans 13/13 weeks
And wow I don't know how you managed to 22 loans ? I didn't get a single match for 2 months so decided with take my cash out. Maybe they get allocated according to unmatched cash balance?
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david42
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Post by david42 on Jan 12, 2017 16:29:20 GMT
I have kept competative offers funded on most of the amounts and periods for the last 3 months. There was more available when they first launched. Buying has been very slow recently.
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hendragon
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Post by hendragon on Jan 15, 2017 12:08:03 GMT
I have managed to get 3 loans 2 of which have repaid, both of them early. The one loan outstanding is due for repayment on 9/2. I agree with David that lending has been very slow lately
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hendragon
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Post by hendragon on Jan 21, 2017 13:04:08 GMT
I have just has a £500 loan repay after 4 days. I am happy it has repaid, but that leaves me with one loan outstanding.
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michaelc
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Post by michaelc on Jan 21, 2017 14:35:26 GMT
Is it true if the borrower repays early, the platform still get 100% of their interest in the form of a fee?
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hendragon
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Post by hendragon on Jan 21, 2017 16:48:31 GMT
there seems to have been some form of pro-rata settlement. I had £500 on loan for 4 days and received £2.92 in interest.
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michaelc
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Post by michaelc on Jan 23, 2017 21:34:16 GMT
Yes you/we get pro-rata but the platform (i.e. TMT) gets their full whack don't they?
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hendragon
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Post by hendragon on Jan 23, 2017 21:42:50 GMT
I don't see how TMP would get the "full whack" unless it was taken as an upfront fee from the borrower. TMP T&Cs (for borrowers) state that interest is charged per day including admin fees. So in fairness to TMP I think they also get a pro-rata ammount for loans that repay early. If any TMP rep could clarify it would help.
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Post by The Money Platform on Jan 24, 2017 17:33:40 GMT
Is it true if the borrower repays early, the platform still get 100% of their interest in the form of a fee? Yes this is correct - this is referenced in our Terms of Service, FAQs and also made clear before the borrower enters into the loan (though you would not see this from the lender side).
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hendragon
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Post by hendragon on Jan 24, 2017 20:45:29 GMT
I stand corrected.........
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david42
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Post by david42 on Feb 9, 2017 9:51:40 GMT
Oh dear. My 12 week loan that was due to repay on 7th Feb is now marked as late. So my statistics are now 2 loans repaid early and 1 loan overdue. I hope that is not a sign of things to come. I have been investing on an expectation of a 7% default rate, as advised by the platform but yet to be justified by any published statistics.
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sand2880
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Post by sand2880 on Feb 9, 2017 20:26:59 GMT
£250 12 week loan....Due 7th and repaid today....Now let's see if it can be re-invested. Seems lending has been very slow after the initial start.
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caesium
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Post by caesium on Feb 10, 2017 15:32:43 GMT
Thought I'd add my experiences in here as I've just had my second loan repay. Originally proposed to repay on the 6th, it has come through as full repayment today, so only a few days late.
My first 8 week loan repaid over a month early meaning I got next to no interest on it - which looking at it now, doesn't look right, maybe I'll query this..
£250, 8 weeks (28/11/16 - 23/1/17) , 0.4%, actually repaid 30/12/16, £251.30 returned £250, 12 weeks (11/11/16 - 6/2/17), 0.3%, actually repaid 10/2/17, £292.90 returned
I seem to have done a lot better out of the second one.
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