ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 22, 2020 18:03:42 GMT
Kicked into oblivion again! If they keep paying the interest, I can live with a further delay. Having said that, it is I think due today. I'm delighted for them to continue paying me interest at 16% for as long as they like.
Interest was paid today as due.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 31, 2019 11:25:21 GMT
What in the current climate, I would class as a promising update on the platform this evening. News on the actual sale would have been appreciated seeing as the previous update mentioned it falling through. Interest payment could merely be papering over the cracks.
They are still behind on interest so I wouldn't call it promising.
I would call it very promising. The borrower has paid back just over 3% of the principal. That suggests to me that they have confidence that the property will sell for more than the loan value. It doesn't guarantee that they are right, of course, but they are probably best placed to know.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jun 28, 2019 11:24:55 GMT
19th Jan by my reckoning. So we're due about 6%ish. which by my reckoning means village idiot either has quite a lot in this loan or very cheap holidays Or, like me, bought quite a bit at 90-92½ % and is looking forward to the profit (I did sell some at 97½ to reduce my exposure).
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jun 28, 2019 11:18:02 GMT
Well the rotund lady may have entered stage right, but to date has not sang. Hopefully completes today would certainly restore a bit of faith, and pay for my next holiday with the interest. Speaking of which when did this last pay interest? 19th Jan by my reckoning.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jun 5, 2019 18:02:30 GMT
Reply from customer services.
Ludicrous but I expect nothing less from RS. I now remember why I stopped investing there.
Thinking outside the box, can you change your email address registered with them to one you don't read on a regular basis (Account Settings→Contact Details→Change Email)?
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Apr 18, 2019 10:14:11 GMT
I was pretty happy with this one but confidence seems to be ebbing away... Not sure whether to worry - either there's a spot of bother or the 95.5% capital offers are the best value bis on MT and I should buy them... At the risk of being accused of trying to manipulate the market...
There's clearly a spot of bother (the loans are non-performing after all) but to my mind the security looks sound. I've been buying at 94.5% although I'd now need a larger discount to make it sensible to increase my holdings any further.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Mar 30, 2019 6:57:19 GMT
Update just made on the website despite the late hour.
Mixed news.
Mixed news yes. Disappointing that the original deal is not going ahead but a constructive solution. It looks like we need to hold collective breaths a little longer. The fact that interest has been received by MT is them putting some money where their mouth is at least. Yes, I'm happy to hold. If they'd paid down the £1m that they''d originally discussed I would have been buying up the loan big time. 'Twas too good to be true.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Feb 7, 2019 18:15:18 GMT
It certainly is and a much better solution (IMHO) to banning people. A lot of people bookmark threads so they stay up to date with latest information I doubt the above stops the update firing for quite frankly the complete rubbish being posted here from people with nothing better to do than troll forums, even if you are able to hide it when you get here True. I still get emails telling me that somebody I don't care to read has commented. It's not ideal and I'd certainly be delighted if ProBoards improved their implementation. However, I still maintain that banning people for annoying me is the wrong approach. It just creates bad feeling, is open to abuse and is prone to giving the perception that people have been treated unfairly.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Feb 7, 2019 17:24:20 GMT
/mod hat on
Actually, for those who haven't found it yet, this forum does have a filter facility. Just select/click the member you don't want, drop down the cog icon, and 'block member' .. I assume that is available to mere mortals, as well as admin staff ...
It certainly is and a much better solution (IMHO) to banning people.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Nov 3, 2018 0:16:51 GMT
Without wishing to divert such a learned discussion I'm going to turn to something that I know about, motorcycles! I ride/build/renovate motorcycles. I buy 2nd hand parts that I might/will/definitely do need.... or just fancy. Occasionally I have a turn out and sell on bits that I don't need/want. I sell to the highest bidder or at a price I want. When I sell I might make a profit, or if the parts are difficult to sell a loss. I don't like making a loss but sometimes the space in my workshop is more valuable to me. If I make a profit on the part(s) I don't feel that I have cheated the purchaser since he/she was willing to pay that price. I understand this way of working so you can guess which way I voted ...... Thanks duck. That's a very useful analogy. Clearly you understand motorcycle parts very well and I presume you are mainly buying them from and selling them to other people who also have a good understanding of them. However, not everyone has your depth of knowledge. That does not mean that there is anything wrong with you setting your own prices and I certainly don't agree with any concept that buying from or selling to an unsophisticated buyer/seller who chooses to do so can in any sense be exploitation. However, I do think there is also a place for motorcycle part shops which sell parts at a fixed price which the unsophisticated buyer/seller can use with confidence that they are paying/receiving a reasonable price.
Moving on to p2p, it's great that ABL/FS etc have variable priced markets, but I think it would be a shame if all platforms moved that way. I remember when I first started p2p. There was a huge learning curve and I just had to leave the ABL and FS SMs alone until I learned much more about what was going on. MT's SM was much easier to understand. That's not because I didn't understand what premiums and discounts were, but because I didn't know how to value a particular loan part.
Having said all that, if MT could decide the price automatically rather than always using par, then that might be worthy of consideration. It keeps the simplicity for the unsophisticated investor while hopefully reducing the effect of the market price deviating from the true value. No idea how it could be done, however, so I suspect this is pipe dream territory.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Nov 1, 2018 13:11:24 GMT
[snip]
One of the issues regarding p2p SMs vs a stockmarket (or even a used car supermarket to pick up on the earlier anology) is the relatively low volume of transactions makes establishing what is a fair market value very difficult. Most p2p lenders are relatively small retail investors without the knowledge and experience to determine for themsleves what a fair price is. If p2p is to remain fully open to retail investors as it is currently, some thought should be given to protecting them from exploitative pricing. I don't know what the answer is, just that retail investors interests must be protected.
And this is why I voted no. Yes, it will help liquidity, but at the cost of creating a market that the smart guys can exploit which must mean that "retail investors" (to use MRC's term) lose out overall.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Oct 30, 2018 18:28:41 GMT
I live locally and have investigated this site quite carefully when it was put up for auction. I can confirm that one party wall was damaged and repaired at considerable cost to the insurer of the adjoining property and that it was claimed that at least one other party wall was damaged with the possibility of several others also being damaged.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jun 25, 2018 10:44:34 GMT
Okay, a follow up to this. I have several emails like the following example below from 16th February. When a renewal occurred was the interest credited to the cash balance on the renewal date or credited to the account to be paid "at the end of the month"? " We are pleased to confirm that COLPL00005 Diamond Earrings and 4 Diamond Rings will soon be renewing.
As you have chosen to renew your investment in this loan, any outstanding interest will be credited to your Collateral account and your capital will be transferred into the new loan". The former.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Mar 17, 2018 11:10:50 GMT
We'll have to agree to differ then. 10% seems to me far too low. 60% LTV isn't really low, 2nd charge without any stated agreement with the 1st charge over priority of our capital against their interest (so the effective LTV might be much larger than presented), owner-occupied (so repossession can be very difficult), unproven SM, platform with no property experience. The only real plus I'm aware of is that it is 5yr amortising. To be honest, I'm not sure I'd take this on at any rate and certainly not for 10%. I didn't say it isn't too low, I said it's about right for what's available the market at the moment! [snip] etc etc. The 12% FS one you linked is an exceptionally good deal, was limited to £500 per person, and (unsurprisingly) sold out v quickly. Fair point. I tend to go for the higher risk, higher reward end of the property market so I haven't looked at any of those loans. I do know that both AC and BC have very good reputations for dealing with defaults. I snipped the links, by the way, because the first appeared to identify the borrower.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Mar 17, 2018 9:46:05 GMT
Yes, a few do pop up on FS, albeit for much shorter terms (and therefore potential total return) than this one on UB. And sometimes at 10% rather than 12%! But there are plenty at lower rates too on other platforms. I don't think 10% here for a 5 year 60% LTV loan with a SM is off the mark. The issue is whether you want to invest in property via UB. We'll have to agree to differ then. 10% seems to me far too low. 60% LTV isn't really low, 2nd charge without any stated agreement with the 1st charge over priority of our capital against their interest (so the effective LTV might be much larger than presented), owner-occupied (so repossession can be very difficult), unproven SM, platform with no property experience. The only real plus I'm aware of is that it is 5yr amortising. To be honest, I'm not sure I'd take this on at any rate and certainly not for 10%.
|
|