gerei
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Post by gerei on Feb 17, 2017 0:37:50 GMT
So two weeks ago I decided to invest 5k€ in Bondora after a friend who has been 8 months in this platform showed me a 10% gains in only that time. Tonight I discovered this forum and Im not longer that cknfident with this and im thinking of selling everything. I have a few overdue payments as its been a few weeks since I started.
How is your experience in selling all loans? Am I going to loose money?
Thanks in advance.
Gerard
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 17, 2017 10:53:17 GMT
Bondora has it's own thread under 'EUR p2x sites' you may find information there or get a better response by posting there.
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miso
Posts: 25
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Post by miso on Feb 17, 2017 13:24:56 GMT
Bondora now offers 60 days money back guarantee so why not wait those 2 months? However I don't know if it also applies to you...
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gerei
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Post by gerei on Feb 17, 2017 15:46:53 GMT
Thanks miso. I checked that 2 months return condition but I think it is only in the case of having registered using that banner. I registered through the 'refere a friend'.
I think I will wait a few weeks, see if my friend received the 250€ (5% of the 5k invested) and then refund. Too many problems regarding defaulted loans and fake interest rates..
By the way, do u think Id loose money? Not sure about that..what would it depend on?
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kulerucket
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Post by kulerucket on Feb 17, 2017 19:22:25 GMT
I'm my view it could go either way. Historically people have slowly built up an increasing proportion of defaulted loans with very slow recovery so all of their profit ends up trapped in these loans with an unclear future. I haven't seen any complaints from people loosing significant money, only that they have broken even.
It really depends on whether Bondora's default recovery/risk profiling has improved as they want everyone to believe or whether everything is still just the same as it always was.
I have a much smaller sum in there that I consider play money just to see how things pan out. If you can't get a refund, you could try to sell everything, but I suspect your best loans will sell easily and your worst loans will not sell unless you sell them discounted for a loss. Then you lose profits where it would have been made and keep the dross. If you wait the situation could get worse because your overdue loans will not sell as easily.
My exit strategy will be just to stop the Portfolio Manager and transfer out slowly. Currently, my repaying loans are covering the costs of the non paying ones. For instance I have a couple of 250% HR ones that are are consistently paying and covering the losses of the other HR ones not paying. As you would expect from HR loans. Personally I'm happy to stay with it for now and risk only breaking even, but I would not add more funds until I see how things look in the longer term.
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invester
P2P Blogger
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Post by invester on Feb 18, 2017 13:07:59 GMT
Had the same last year albeit for a slightly lower sum of cash.
Put everything up for sale, the good stuff sold, the toxic ones didn't, even at discount.
Total return was about 75% of capital, the defaults have returned nothing after this time. The recovery efforts seem to be limited to sending a letter or text message every so often.
Ridiculously Bondora don't write these things off and hence on my account statement these monies are still showing as pending payment when calculating the overall account value.
IMO it may well be better to let it play out naturally and withdraw as you get the payments back. Holding some of the good loans to maturity would offset the losses.
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Post by gmaxkenny on Feb 18, 2017 14:40:05 GMT
I would agree with invester you should hold on to your Estonian loans as historically they are least likely to default. Try selling some of the high risk ones at a discount and see what happens you might get lucky otherwise it might be best to let your portfolio run its course. Dont believe what your dashboard says and make sure your portfolio manager is OFF.
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jay
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Post by jay on Feb 19, 2017 0:31:30 GMT
. I haven't seen any complaints from people loosing significant money, only that they have broken even. Thats not true several people dont break even. After 3 years on 5000 invested i get 4200 back only. Some of the borrowers never repaid anything,courts rules in our favor but bailifs are not recovering anything 3 year later. Bondora is certainly worth 5 star reviews on the borrower side, looking on my list i see several people borrowing amounts around 8K and not repaying a cent from it. If they repay just a few cents, they are granted reschedule, ad vitam eternam. To the original poster i can only advise to get rid of everything non-estonian, even at a discount before you lose more. Defaulted loans wont go without a huge discount, so dont wait for that.
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Post by rahafoorum on Feb 19, 2017 20:50:28 GMT
Since you just started, then most loans are fresh and haven't reached their first payment date. This means that if you put them on sale for 0% mark-up, they should have a chance of being picked up by Portfolio Managers. Once they mature and start going overdue, it'll become way more difficult.
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gerei
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Post by gerei on Feb 19, 2017 22:20:37 GMT
Thanks for all your replies. I have decided to sell it all and just 75€ remain to be sold. That is 4 overdue loans + 1 that is fine and probably will be sold in the next hours.
Tomorrow Ill try to put those overdue ones with a small discount. Regarding withdrawing the money now I am having some problems as a message pops up and tells me to complete my identification in 'Account Settings' and then when I go to my settings I only see this message together with my personal id 'You have successfully verified your identity. No further actions are required.'
Already sent them an email and should be fixed soon.
Thanks again for everything.
G
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