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Post by dodgeydave on May 18, 2017 1:57:58 GMT
Thank you for your reply.
10 years ago i could of told you the 13th of May would fall on a Saturday. In reality the first payment should of been collected on the 12th.
You already allow a 2 day cushion for the weekend which i do understand.
It still does not explain the decision to alter the payment date to the 17th for all future payments
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Post by dodgeydave on May 17, 2017 12:01:05 GMT
According to the terms and conditions on the sitemap the first repayment must be within 30 days.
16. Interest and repayments
16.1. Interest on the Loan will be deemed to accrue from the second business day following the end of the loan auction, and the first repayment to Lenders must be made within 30 days of the completion of the online loan acceptance.
We have a loan that completed on the 13th of April 2017 . The payment is late , should be received today.
What do Rebs do. Change the repayment date to the 17th of May , and the 17th thereafter.
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Post by dodgeydave on May 15, 2017 2:03:45 GMT
I would read each platform's individual forum page before committing any funds to any platform.
Some are more tolerant to letting borrowers not paying than others. Bad debt is something you should become aware of.
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Post by dodgeydave on May 11, 2017 2:55:53 GMT
The latest website comedy is the security offered on the golfers loan. Guy going through a divorce. None of his assets can be guaranteed to be available in the event of a bad debt, sorry, I forgot the redefinition by danraj , default. As for all asset debenture - no assets exist. A single contract with a ruthlessly run by a company that could terminate at will. How desperate can a platform get? And they have the cheek to classify such rubbish as a b class loan. stub8535 I do think you are missing the point. Its what Rebs call Transparency. So when you receive your much mentioned 30% of a recovered defaulted/Bad debt loan . Less recovery costs. And you get paid exactly nothing. You cant say you were not warned. I would like to know how an exwife / ex director gets a unexpected tax bill of 52k
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Post by dodgeydave on May 2, 2017 0:10:24 GMT
A default by ReBS is typically classified as having missed 3 months payments. But no one is really sure see the great mystery on p2pindependentforum.com/thread/8495/rebs-seek-update-12-monthsPrevious years can be found listed p2pindependentforum.com/post/148407January 2017P***Y K*T borrowed 25 k @ 17.36 % for a term of 60 months and made 23 full payments and 1 interest only P*******n p******ies borrowed 25k @ 13.66% for a term of 24 months and made 16 full and 1 interest only February 2017Cr*****e B******g borrowed 70k at 19.59 % for a term of 48 months and made 7 full payments. ReBS defaulted this loan R****n t/a Fr****on B***i Ltd borrowed 30K at 17.93% for a term of 36 months and made 16 full payments. K*****y G******on borrowed 81K at 15.24% for a term of 48 months made 13 full and 1 interest only payments. March 2017G* F***s borrowed 295k @ 18.92% for a term of 60 months and made 4 full payments Bus****s T********y Group ltd borrowed 50k over 60 months and made 14 payments April 2017M & * C****s borrowed 25k @ 12.84% for a term of 60 months and made 33 full payments E****st Fac****y Man*****nt borrowed 50k @ 16.25 % for 48 months and has made 23 full payments May 2017A**x So******rs Ltd ( A***m So******rs ) borrowed 35k @ 19.7% for 60 months and made 19 full payments
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Post by dodgeydave on Apr 28, 2017 0:00:44 GMT
It is not only about when a loan is actually classed as bad debt.
What about some clarity on recoveries . I do believe last year we had one loan that was recovered.
The collections and recovery team even suggest to Rebs that they call in the security on several loans , and it looks like this advice is ignored .
A certain person keeps mentioning the word trust . Trust is a two way thing . How can a platform be trusted when it hides behind facts or refuses to answers questions.
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Post by dodgeydave on Apr 9, 2017 4:15:57 GMT
@magenta14 But the stats for micro loan trading for the rest of the year look 100 % accurate
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Post by dodgeydave on Apr 1, 2017 1:45:59 GMT
A default by ReBS is typically classified as having missed 3 months payments. Previous years can be found listed p2pindependentforum.com/post/148407January 2017P***Y K*T borrowed 25 k @ 17.36 % for a term of 60 months and made 23 full payments and 1 interest only P*******n p******ies borrowed 25k @ 13.66% for a term of 24 months and made 16 full and 1 interest only February 2017Cr*****e B******g borrowed 70k at 19.59 % for a term of 48 months and made 7 full payments. ReBS defaulted this loan R****n t/a Fr****on B***i Ltd borrowed 30K at 17.93% for a term of 36 months and made 16 full payments. K*****y G******on borrowed 81K at 15.24% for a term of 48 months made 13 full and 1 interest only payments. March 2017G* F***s borrowed 295k @ 18.92% for a term of 60 months and made 4 full payments Bus****s T********y Group ltd borrowed 50k over 60 months and made 14 payments April 2017M & * C****s borrowed 25k @ 12.84% for a term of 60 months and made 33 full payments E****st Fac****y Man*****nt borrowed 50k @ 16.25 % for 48 months and has made 23 full payments
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Post by dodgeydave on Mar 18, 2017 1:48:53 GMT
...... This Probable Recoveries Estimate has thus far been proven to be 'somewhat' misleading as the Actual and Historical Platform and lender specific recovery statistics on defaulted loans are quite simply appalling. Estimates IMO do not make for a reliability when comes down to one really making a 'rose tinted specs off' view of one's Actual Return on Investment. Do you have any comparisons estimate vs actual? Estimates imo are a more reliable than instant absolute despair In my case the estimated recovery overall is ~55%; if I instead assumed there would be no recovery at all it would bring my overall return down to 11% more or less. Which is still my best platform. I know it sounds like I'm a stooge for REBS, I'm not, but I think they get unfairly pilloried. I actually think their recovery operation (or at least the communications thereof) is best in class now. There are no figures posted on actual recoveries. This is confidential according to Rebs . Why ? If you look at another thread . ( Link below ) which Rebs are refusing to answer. The estimates are not correct either. p2pindependentforum.com/thread/7265/rubbish-distribution-after-default .
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Post by dodgeydave on Mar 14, 2017 1:04:37 GMT
Go to your homepage . Look at the top , just under your available balance , and it says MARKETPLACE , then click it will say SECONDARY MARKET.
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Post by dodgeydave on Mar 1, 2017 7:31:51 GMT
A default by ReBS is typically classified as having missed 3 months payments.
Previous years can be found listed p2pindependentforum.com/thread/5333/more-defaults-facts?page=5
January 2017
P***Y K*T borrowed 25 k @ 17.36 % for a term of 60 months and made 23 full payments and 1 interest only
P*******n p******ies borrowed 25k @ 13.66% for a term of 24 months and made 16 full and 1 interest only
February 2017
Cr*****e B******g borrowed 70k at 19.59 % for a term of 48 months and made 7 full payments. ReBS defaulted this loan
R****n t/a Fr****on B***i Ltd borrowed 30K at 17.93% for a term of 36 months and made 16 full payments.
K*****y G******on borrowed 81K at 15.24% for a term of 48 months made 13 full and 1 interest only payments.
March 2017
G* F***s borrowed 295k @ 18.92% for a term of 60 months and made 4 full payments Bus****s T********y Group ltd borrowed 50k over 60 months and made 14 payments
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Post by dodgeydave on Feb 24, 2017 0:24:12 GMT
You need to speak fluent asterisk to keep track of your ReBs loans. Yes, , news filtering back during the course of today has been truly awful with respect to the prospect of Any dividend being received by lenders on many of our defaulted loans, Catastrophic news has been delivered to the in boxes of thousands of Former and Current ReBS lenders. To be quite honest there isn't much point in me updating to this thread such is the extent of the awful news. To add to this grim situation and profound sense of loss it has also come to my attention today that G* F**** (*o**) L** has just been placed into receivership representing a further £295,000 of lender funds entering default. At this point I'd like to seek dodgeydave 's meticulous statistical help to provide an update as to the current state of the ReBS loan book, Dave if you're willing/able please could I ask you to provide the total £X,XXX,XXX default/bad debt figure for the Platform then express this as a % of total lent funds? Thanks. @magenta14 If you use ReBS own figures . There loan book is 11.2 million and defaults are 14.8% . So thats about 1.6 million in default . Registered users: 7074 Applications this week: 1 Live loan auctions: 3 Total funds lent: £11.2 m Average gross yield: 17.0% Default rate: 14.8%
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Post by dodgeydave on Feb 15, 2017 9:04:33 GMT
I did drop Paul64 an email about this (with a link to this thread)
His response
I guess it's still on the to do list.
Given the upcoming changes which have provided focus on SS actually doing deposits and withdrawals more reliably, have decided to test to see if this is being implemented yet and made a withdrawal request at 0745 today. Will report back (opportunity for positive feedback savingstream ). You can safely ignore that email from Paul. I had a withdrawal request paid out at 7.45 am last week.
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Post by dodgeydave on Feb 3, 2017 0:21:26 GMT
dodgydave, your listing these loans in this way is, I assume, to give the impression that Rebuildingsociety is a bad place to invest. Would you consider listing the loans that default on Funding Circle? I stopped investing there when bidding changed to fixed rate and still headline 12.6% gross but my 7.4% actual is way lower than my net interest last year and this on Rebs. Of course there are too many to do on FC but because Rebs has a smaller portfolio you find them an easy target. I make no such suggestion. We have already been informed that approx 50% of defaults will be recovered. Defaults should be listed. I invest on other platforms some bigger and some smaller then Rebs. When they get a default i will be highlighting on the relevant forum page. If not all ready highlighted by others. Could you tell me what the default rate is on Funding Circle. It must be very high if you stopped investing ?
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Post by dodgeydave on Feb 2, 2017 13:20:11 GMT
A default by ReBS is typically classified as having missed 3 months payments. Previous years can be found listed p2pindependentforum.com/thread/5333/more-defaults-facts?page=5January 2017 P***Y K*T borrowed 25 k @ 17.36 % for a term of 60 months and made 23 full payments and 1 interest only P*******n p******ies borrowed 25k @ 13.66% for a term of 24 months and made 16 full and 1 interest only 3 more to be added this month ( February ) Cr*****e B******g borrowed 70k at 19.59 % for a term of 48 months and made 7 full payments. ReBS defaulted this loan R****n t/a Fr****on B***i Ltd borrowed 30K at 17.93% for a term of 36 months and made 16 full payments. K*****y G******on borrowed 81K at 15.24% for a term of 48 months made 13 full and 1 interest only payments.
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