markr
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Post by markr on Jun 1, 2017 12:34:56 GMT
Another one - £250, 8 week, 0.4% paid on time returned £286.40.
I'm also fully lent out again now, although all £500 loans now. They're all 12 weeks so I'm not expecting another repayment until mid-July.
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hendragon
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Post by hendragon on Jun 2, 2017 7:51:19 GMT
Currently have 4 loans out. One of them is now marked as late. It was due for repayment on the bank holiday so fingers crossed. Should it default it would put me into a net loss position, the only p2p platform to have done so. As much as I like the idea behind MTP, without the ability to diversify and the small number of loans, I will probably sit this one out for a while.
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david42
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Post by david42 on Jun 2, 2017 12:38:50 GMT
Currently have 4 loans out. One of them is now marked as late. It was due for repayment on the bank holiday so fingers crossed. Should it default it would put me into a net loss position, the only p2p platform to have done so. As much as I like the idea behind MTP, without the ability to diversify and the small number of loans, I will probably sit this one out for a while. Don't lose any sleep just yet. My loans have been repaid an average of 8 days late. In the worst case a loan was repaid 42 days late.
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hendragon
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Post by hendragon on Jun 2, 2017 18:58:00 GMT
thanks for the encouragement David. Hopefully my loan will have the same result.
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Post by WestonKevTMP on Jul 13, 2017 11:19:27 GMT
Hello Comrades,
Feel free to report here how your loans are performing. We have tried to give estimated returns taking into the downtime waiting for loan matches, and think we are delivering. On the one had we are slowly increasing volume prudently, but on the other hand we have sufficient liquidity from lenders (which we are very thankful for, and hopefully will prove the right to have earned this trust). I personally lend on The Money Platform with my own cash, and I know how frustrating it can be to be waiting, but I can also see the exceptional lender returns when my money is active and lent (and hopefully paid back, 100% of capital is at risk on each loan).
We are planning to start reporting performance statistics on the web page, but our focus to date has been on getting the products right (both lenders and borrowers), especially the borrower acceptance credit policy. Eventually we will provide the reporting statistics, although first we will be announcing a change to the borrower loan product. This will make it safer and more industry standard. In the longer term, we are planning to launch a more traditional "fractionalisation" of loans type product or "pool" but this is q significant IT change and so will take time.
So thank you for your patience, this is a long-term project...
Kevin.
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hendragon
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Post by hendragon on Jul 13, 2017 11:27:27 GMT
sorry to report I still have a late loan due on 29/05. It does seem a little alienating when there has been no communication or update from TMP.
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david42
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Post by david42 on Jul 13, 2017 12:59:01 GMT
sorry to report I still have a late loan due on 29/05. It does seem a little alienating when there has been no communication or update from TMP. Unfortunately I have a late loan that was due on 28/03, still with no communication or update from TMP. The large number of overdue loans are a big unknown risk for me on this platform. After investing here for 7 months I still don't know whether I am making a profit or a loss. More communication around what is going on with the late loans would definitely be appreciated.
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hendragon
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Post by hendragon on Jul 14, 2017 12:44:09 GMT
well my overdue loan was paid today . Given how TMP is working at the moment this is not for the faint-hearted or for those who pay regular attention to their investment accounts.
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hendragon
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Post by hendragon on Jul 14, 2017 13:41:28 GMT
As a update I have received an e-mail from TMP. They have both apologised, and explained why there were no updates on the progress of loan recovery. In all honesty I am not sure I entirely agree with their reasoning but I do very much appreciate the communication and explanation. It would be fair to say I have some reservations about TMP but, what I do not have any reservations about is their communication and willingness to explain to investors like myself when questions are asked. It bodes well for the future.
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Greenwood2
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Post by Greenwood2 on Jul 14, 2017 15:51:17 GMT
well my overdue loan was paid today . Given how TMP is working at the moment this is not for the faint-hearted or for those who pay regular attention to their investment accounts. Did you get interest up to the repayment date?
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david42
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Post by david42 on Jul 14, 2017 20:42:42 GMT
Did you get interest up to the repayment date? I have always received extra interest for the loans that repaid late.
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hendragon
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Post by hendragon on Jul 15, 2017 11:23:14 GMT
yes I did get the extra interest
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panda
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Post by panda on Aug 29, 2017 15:51:29 GMT
Having been investing on this platform for 6 months my repayment statics are now: 10 loans repaid early, average 44 days early. 17 loans repaid within 2 days of the correct time. 14 loans repaid late. Average 8 days late. Maximum 21 days late 15 loans overdue. Average 16 days overdue. Maximum 50 days overdue. Oh dear! So 6 months into using the platform I am still no clearer whether my return will be nearer +40% pa or -60% pa. My results will be dominated by the outcome of the 15 overdue loans. Has anything happened with the overdue loans?
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david42
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Post by david42 on Aug 31, 2017 13:57:44 GMT
Having been investing on this platform for 6 months my repayment statics are now: 10 loans repaid early, average 44 days early. 17 loans repaid within 2 days of the correct time. 14 loans repaid late. Average 8 days late. Maximum 21 days late 15 loans overdue. Average 16 days overdue. Maximum 50 days overdue. Oh dear! So 6 months into using the platform I am still no clearer whether my return will be nearer +40% pa or -60% pa. My results will be dominated by the outcome of the 15 overdue loans. Has anything happened with the overdue loans? Yes. Prompted by your question I just logged in to discover my first defaulted loan. It has finally defaulted after being late for 5 months. My statistics after 9 months are now: 29 loans repaid early, average 42 days early. 23 loans repaid within 2 days of the correct time. 26 loans repaid late. Average 16 days late. Maximum 48 days late 14 loans overdue. Average 52 days overdue. Maximum 118 days overdue. 1 loan has finally defaulted after being overdue for 5 months So after 9 months of using the platform my overdue loans still exceed my interest and I am still no clearer whether I am making a profit or a loss. My performance will be determined by the outcome of the 14 overdue loans.
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TheDriver
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Slightly bonkers
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Post by TheDriver on Oct 28, 2017 8:35:29 GMT
Hi david42; But statistically it doesn't look promising: No loan had repaid when more than 48 days late, and average of overdue loans in your latest summary is 52, suggesting at least half will default (I realise your 52 is probably the mean rather than median average which I have implied). That would result in ~10% defaults, which appears to come close to wiping out the surplus. So much for conjecture, another 2 months on it would be interesting to know how are things actually going?
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