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Post by petebutt43 on Jan 9, 2017 4:50:33 GMT
Has anybody else opened their dashboard to see that their estimated losses were slashed, but opening the breakdown reveals the same sad story?
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Post by oppsididitagain on Jan 9, 2017 11:56:12 GMT
Mine changed about 2 month ago, the clue is in the description. ' ESTIMATE' They change based on the updates from Michael and his legal/recoveries team
Personally I think this is misleading.
In my experience my 2 recent losses have not recovered at the estimated loss.
M***** and S**S we were expecting 90-100% recovery this turned out to be 64%
Ho*r** De****pm*** we were expecting 50-60% (i think) this turned out to be no where near this return on capital. (please see another thread for the actual return, it was quoted as 50% yet the return on capital was nearer 13.5% ) very confusing and misleading..
I expect the estimated losses number to change in accordance with the updates..
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Post by danraj on Jan 11, 2017 7:29:35 GMT
The estimate is not a forecast and may not be accurate, some recoverirles will be higher and some lower. They are updated as we receive information and most people are appreciative to get some indication of what they can expect to recover.
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baldpate
Member of DD Central
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Post by baldpate on Jan 11, 2017 14:34:43 GMT
The estimate is not a forecast and may not be accurate, some recoverirles will be higher and some lower. They are updated as we receive information and most people are appreciative to get some indication of what they can expect to recover. Are the estimates inclusive of recovery costs? I imagine these can be quite substantial in some cases. It is only fair to lenders that the figure should give an estimate of what lenders might hope to receive, rather than an estimate of the lower figure which ignores recovery costs and is based solely on what can be clawed back from the borrower.
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Post by danraj on Jan 11, 2017 14:47:30 GMT
Currently the estimate is inclusive of accrued compounded interest, but not recovery costs.
I take your point and will flag it for review.
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Post by oppsididitagain on Jan 12, 2017 10:42:46 GMT
Hi Dan, Thanks for taking the time to monitor and interact on this forum. Can you please give us a break down of how the H*lr**d Dev***ment default was worked out on the below thread. p2pindependentforum.com/thread/7265/rubbish-distribution-after-defaultThe E mails that had been sent to lenders directly doesn't seem to 'add up ' can we please just have some clarity. When we voted on the settlement payment, the amount of outstanding debt was quoted, I believe , as just the capital. Yet when we receive the settlement amount repayment, some of this goes to pay off the accrued interest, hence the default % numbers are very misleading. Can you please update the loan updates on your site as there are still a few unanswered questions from confused people. Thanks in advance |
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Post by kylierebsoc on Jan 12, 2017 11:34:13 GMT
Thanks for your question.
I have asked the team to look into this for you and provide you with a detailed response.
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09dolphin
Member of DD Central
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Likes: 856
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Post by 09dolphin on Jan 12, 2017 23:53:29 GMT
Given up on this site.
Not funding anyone else who decides they can't afford the repayments or have inadequate fund to make a payment - and this seems to be the norm
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Post by kylierebsoc on Jan 13, 2017 14:30:34 GMT
Hi Dan, Thanks for taking the time to monitor and interact on this forum. Can you please give us a break down of how the H*lr**d Dev***ment default was worked out on the below thread. p2pindependentforum.com/thread/7265/rubbish-distribution-after-defaultThe E mails that had been sent to lenders directly doesn't seem to 'add up ' can we please just have some clarity. When we voted on the settlement payment, the amount of outstanding debt was quoted, I believe , as just the capital. Yet when we receive the settlement amount repayment, some of this goes to pay off the accrued interest, hence the default % numbers are very misleading. Can you please update the loan updates on your site as there are still a few unanswered questions from confused people. Thanks in advance Hi oppsididitagain, Please see the below response regarding H*lr**d Dev***ment from the recoveries team. "None of the monies received was distributed as accrued interest. All funds received were distributed to lenders holding Micro Loans as a capital-only payment. No monies were distributed as interest as the total capital outstanding balance was not received.
In terms of simplified figures, total funds loaned to H*lr** were £35000. Total funds (capital and interest) received back were £22676.39. £17,542.14 of the original capital loaned was converted to bad debt.
While normally our legal expenses and recovery costs are recovered from the borrower, in this instance ReBS has paid all legal and court fees on behalf of the lenders. 100% of all monies received by ReBS from H*lr** have been distributed to lenders."
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Post by oppsididitagain on Jan 20, 2017 12:48:49 GMT
Hi kylie Thanks for the response, however either I'm going mad or these numbers still don't make sense. Mi5ke asks on another thread Is anyone else astonished at only recovering ~13% of capital? I put in £1000 and have got back £132.91, a cracking 13% of *my* capital!OK, so "your capital is at risk", but really, after 40% recovery implied and maintained through the voting process, to end up with 13% (87% loss) of capital is a joke!So why do us lenders think we are seeing only a 13% return when you state its was going to be a much higher return ?? On the original E mail you asked us to vote was the following : As the debt (as of 10th May 2016) was £22,465. They ended up paying paid £10,000 to settle this. Yet you are stating in terms of simplified figures, total funds loaned to H*lr** were £35000. Total funds (capital and interest) received back were £22676.39. £17,542.14 of the original capital loaned was converted to bad debt. Why was £17k conversed to bad debt, when you said the outstanding was £22K and they offered 10K to settle this. So I will ask again, please with very simple terms, why do we see a 13% recovery (87% write off) in our portfolios  |
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Post by danraj on Jan 30, 2017 17:08:34 GMT
You're not going mad, you just don't have all the information necessary to reconcile your calculations...
When a loan defaults, there is a default fee added to the debt, which also accrues interest, along with any legal fees, which can be substantial. The recovery percentage is low in your calculation, relative to the total claim because we failed to recover accrued, compounded interest and fees.
I would be willing to answer with more specific information, if you reference a specific support ticket ID.
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ablender
Member of DD Central
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Post by ablender on Jan 30, 2017 18:42:13 GMT
You're not going mad, you just don't have all the information necessary to reconcile your calculations... When a loan defaults, there is a default fee added to the debt, which also accrues interest, along with any legal fees, which can be substantial. The recovery percentage is low in your calculation, relative to the total claim because we failed to recover accrued, compounded interest and fees. I would be willing to answer with more specific information, if you reference a specific support ticket ID. Well default fees should go to the lenders not the platform.
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Post by oppsididitagain on Jan 31, 2017 16:23:34 GMT
Hi Dan
I have already submitted a support ticket on dec 6th its #417962 I did receive a response from Michael, but it has conflicting info to whats being said on this forum and its not a simple explanation. One correspondence states all the micro loans Ive sold and accrued interest, yet the other conversation doesn't so its so hard to understand how we get to this final %recovery of 13%
That is why I have E mailed and called twice for an explanation on a very simple break down of why we have received 13% recovery when it was stated 40%
I spoke to you 10 days ago on the phone about the matter and Michael was going to call me back, but hasn't yet.
Please just publish why its been put on everyones account as 13% recovery when the company paid back 10K of the total outstanding of approx 22.5K
P.S - On this recovery , we were told that ReBS absorbed the fee's
FYI - this is what I think has happened.
We were asked to vote based on the E mail which stated this : As the debt (as of 10th May 2016) was £22,465.
10K was proposed/accepted to the lenders and ReBS stated This figure would represent an approximate default return of around 40%.
So the TOTAL debt we were lead to believe was £22,465. I don't think this is correct - Does this take into account any outstanding interest?
When 10K was accepted, you processed all the outstanding accrued interest, NO FEE's as per ReBS statement as you guys absorbed these and the rest of the money was used to pay down the outstanding capital - which in turn meant approx 13% capital return.
IF this is the case, you should have said in the original E mail of outstanding debt quoting EVERYTHING. AS I don't think people would have voted yes and would have tried to get more money from the borrower.
Again all i want is a simple explanation based on why we were told the outstanding debt was 22,465 and we would be getting approx 40% recovery, yet on the statements its only 13%
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