starfished
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Post by starfished on May 31, 2017 22:48:17 GMT
for those of you who lost money on Bondora, how many A, B , C , D etc loans did you have each, in percentage of your total portfolio? As James says, when many people invested it was under the old system of 1000, 900 etc, where the expectation was that 1000 was low risk. As the table below shows from my book, when I had planned for c. 90% to be in "lower risk". In practice it was closer to c. 50% more worryingly c. 10% turned out to be very high risk loans indeed. Most UK investors on Bondora I would suggest had had experience of Zopa Listings, so had a reasonable view of default risk if information had been communicated appropriately. I cannot recall if this came from Bondora itself or from a forum member but apparently it later transpired that 1000 meant both "lower risk" OR "insufficient information to determine what level of risk they represented i.e. no evidence of anything bad". This obviously undermined trust when they moved to the new rating approach. Headline rates of 25% of Returns of course come with a certain level of risk...
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starfished
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Post by starfished on Apr 17, 2017 22:26:06 GMT
Just totalled my collection fees and they come to 161.46 Euros, can't say I'm pleased For the last 12 Months I have recovered €839.70, had principal write off €30.34, Interest write off €185.37 and collection costs €314.82. A poor result for a defaulted total now €8,672.68. The year before I recovered €942.12 with collection costs €37.64 and no write offs. Not good. Ouch! Avoided looking at collection costs to date, thought it would be too depressing.
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starfished
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Post by starfished on Apr 17, 2017 22:15:39 GMT
Being a rep on these boards is not too dissimilar to online dating... Every now and again you need to have a break for your own sanity For what it is worth, I will probably be closing my account (I am very much a small fish) but understand your motivation, especially after the last few days.
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starfished
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Post by starfished on Apr 9, 2017 18:25:09 GMT
I delayed dealing with Bondora tax relief for a year but now have to do something. I have decided to follow the approach mentioned by others of no activity for 12 months in the absence of any other real information from Bondora (but not claiming on those that have had no activity prior to 2015).
It doesn’t impact me for the 2016/2017 tax year but may well next year. I was wondering if anyone had raised the July 2016 date cut-off point made by James below with HMRC or with Bondora?
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starfished
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Post by starfished on Apr 6, 2017 22:34:33 GMT
What were the problems transferring from Abundance? Bank didnt know what P2P was or understand it Didnt know about IFISA Couldnt find Abundance on their system as allowed provider/permitted to accept transfers from (November 16) Expected to receive funds by cheque which P2P lenders cant to provide Once persuaded to provide details to allow electronic transfer, couldnt find the cash Head office ISA dept clueless and had to keep chasing them Took 6 weeks to final get cash into account, fotunately interest payable from application date. No problems from Abundance end, kept me informed throughout Hmmm, I had been planning to pull some money from Abundance in June... Are you comfortable saying which Bank struggled?
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starfished
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Post by starfished on Apr 5, 2017 18:09:12 GMT
They are not a close friend and just wanted to be the source...
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starfished
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Post by starfished on Mar 14, 2017 10:35:41 GMT
Raise sounds good.
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starfished
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Post by starfished on Feb 7, 2017 11:52:30 GMT
I don't know. Can't most businesses refuse to trade with whoever they want as long as the reason is not (legally) discriminatory? I have certainly in the past had an organisation refuse to open a savings account for me and refuse to say why. I know of others unable to open current accounts because they don't earn enough.
Operationally speaking, I agree I cannot see them maintaining a blacklist for long.
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starfished
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Post by starfished on Feb 6, 2017 8:31:47 GMT
You can increasingly see why Zopa thought it would be easier to just get a banking licence...
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starfished
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Post by starfished on Jan 31, 2017 23:22:09 GMT
I like the current system, but mostly for the drama of it all but appreciate not sustainable. I was in the middle of a conversation 10 mins before go live and all I could think of, rather than listen attentively, was polite ways to end the conversation!
What system to move onto depends on what problem is trying to be solved by Ed and co. More people invested in a loan? Less load on the servers at a particular time?
Looking at the data Ed shared previously on Wandsworth, 264 people out 770 put in the maximum (£1,600), taking 65% of the loan available. Those putting in £1,000 and more, took 83% of the loan available.
If the aim is to manage load on server wouldn't a minimum bid, earlier in the day help minimise that? This would divert some of the traffic while keeping things close to how they are now. Obviously only for larger loans. For example:
From 12pm to 2pm, 25% of the loan reserved for those putting a minimum of £1000 (max £1,500) From 2pm to 4pm, 25% of the loan reserved for those putting a minimum of £500 (max £1,000) From 4pm the rest reserved for those putting a minimum of £0 (max £500) Anything left at 4am then goes on the Secondary Market
Using Wandsworth as an example, that would have suggested that c. 28% of the loan would have still been left at 5pm.
I say this with no agenda as I am very very small fry. Enough big hitters have said they don't want shrapnel and for MT to grow, I suspect they need the big hitters, as well as the rest of us happy. That means they still get involved in enough loans at the right amount to not lose interest with MT entirely.
*edited to add estimated share of wandsworth left
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starfished
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Post by starfished on Jan 27, 2017 22:01:04 GMT
I can't unwatch that
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starfished
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Post by starfished on Jan 3, 2017 19:55:11 GMT
These are the 9 linked loans that I am aware of. I don't know how fp gets to 17 loans: MTAG554 - B*** Football Club - Tranche 1 of 5 MTAG555 - B*** Football Club - Tranche 2 of 5 MTAG306 - Development in B******* MTAG563 - B******* Land with Planning for Student Accommodation MTAG575 - B******* Land with Planning for Student Accommodation - Additional Advance DFL006 - Student Accommodation C****** DFL003 - Student accommodation block B, H*********** PBL135 - Student Accommodation Block A, H*********** PBL085 - Student accommodation block C, H*********** On Moneything I go by the initial letters which aim to show the borrower, and on SS I go by the borrower linking that ilmoro maintains in his useful indexMTAH loans are connected, so thats another 8 (principal on MTAG is/has been a director in several of the companies) Out of interest, do you know if the loans beginning MTAI, MTAC and MTAF also connected to MTAH/MTAG in some way?
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starfished
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Post by starfished on Nov 24, 2016 22:26:44 GMT
The usual @bobo pessimistic, negative and extreme view of the world. There's always a quick way out, you know! I truly hope what is implied was not intentional.
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starfished
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Post by starfished on Nov 16, 2016 13:12:11 GMT
I wonder if this is an indirect consequence of increased regulatory scrutiny. Jumping through the additional hoops might mean it is now worth it doing a few more hoops to get to being a bank?
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starfished
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Post by starfished on Nov 2, 2016 17:36:45 GMT
... However, opting out of customer comms is usually not a good idea - it either leaves a void for uninformed chatter (which on a respected forum like this can be damaging) or creates an opportunity for deliberate misinformation.... Playing devils advocate, are we the customer or the supplier? What type of relationship do most business have with their suppliers? On the customer front, is this even true nowadays? Most companies seem to have average to poor customer comms. The view being it is too expensive / time consuming to do well with little evidence that is valued sufficiently when done well. The fact seems to be that (most) people are not willing to pay more. On this forum specifically, Zopa/FC have minimal engagement but their position in the top 3 seems fairly secure...
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