mikes1531
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Post by mikes1531 on Sept 1, 2014 15:59:02 GMT
We just wanted to clarify that a loan is never renewed unless all interest (and charges) are paid in full. We offered savers the opportunity to reinvest their interest in response to a number of requests from savers. I hope that clarifies. Yes, indeed. Thank you.
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grahamg
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Post by grahamg on Nov 2, 2015 18:52:48 GMT
Are renewals more likely to default. Does anyone have any stats on this?
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SteveT
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Post by SteveT on Nov 2, 2015 19:02:58 GMT
Are renewals more likely to default. Does anyone have any stats on this? I rather like the fact that a renewal Borrower had succeeded in stumping up the first 6 months interest, but I guess they could easily be robbing Peter to pay Paul. I've not been lending on FS long enough to have any statistical feel for it though.
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Post by mrclondon on Nov 2, 2015 19:06:28 GMT
Are renewals more likely to default. Does anyone have any stats on this? Gut feel - no. At one stage many of the smaller loans redeemed one month after renewal (i.e. when the minimum term on the new loan was up) - presumably the renweal fees acted as a sharp reminder of just how expensive an option this is for finance. But that doesn't seem to be the case at present. I do though have a suspicion that loans that are renewed late (say more than a week beyond the due date) are at a greater risk of subsequent default.
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mikes1531
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Post by mikes1531 on Nov 3, 2015 3:13:08 GMT
Are renewals more likely to default. Does anyone have any stats on this? Gut feel - no. I feel similarly. If the borrower is willing to pay out a chunk of money just to retain the option to redeem their security in the future, then they really must want to get their security back. Some of the ones who don't renew might have intended from the beginning to use FS as a quick way to 'sell' their item(s) at up to 70% of the 'value'. (They might feel the value is overstated, or they might know that the market for what they have is very limited/thin and don't want to wait until the right buyer happens to notice their item is for sale -- Can I interest you in a very nice painting by Noah Lubin?)
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ablender
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Post by ablender on Nov 3, 2015 11:03:06 GMT
It is already over in just over 1 minute.
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grahamg
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Post by grahamg on Nov 28, 2015 17:33:39 GMT
Silly question. Are there ever renewals of renewals?
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 28, 2015 17:42:13 GMT
Silly question. Are there ever renewals of renewals? Not a stupid question. There have been some. There has also been a default of a renewal.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Nov 28, 2015 17:54:25 GMT
Silly question. Are there ever renewals of renewals? Not a stupid question. There have been some. There has also been a default of a renewal. It's actually quite common, so I'd say more than 'some' although that is clearly a subjective quantity  If there's only been one default of a renewal I'm surprised, although since I haven't checked it I will bow to your greater knowledge on that.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 28, 2015 18:37:28 GMT
Not a stupid question. There have been some. There has also been a default of a renewal. It's actually quite common, so I'd say more than 'some' although that is clearly a subjective quantity If there's only been one default of a renewal I'm surprised, although since I haven't checked it I will bow to your greater knowledge on that. No, no, no, your knowledge is greater than mine, you were an established member when I joined, in fact I think you're a founder member.
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Post by mrclondon on Nov 28, 2015 19:33:19 GMT
grahamg , sqh , ramblin rose I'd say there have been quite a number of renewals of renewals. Select "All Past Loans" from the Investments menu, then sort by clicking on the 'Amount' header followed by the 'Title' header. Change the display to 100 entries, and scan down looking for similiar titles for the same value c. 6 months apart occuring in blocks of 3 or more. In terms of defaults of renewals I'm aware of three: - Camera Gear 1801318259 was a renewal of 1254118167 - Watch & Bracelet 765593596 was a renewal of 1147521807 which was a renewal of 928126675 - Lubins art 2002084876 was renewal of 644445033 (although at the time of this renewal it was already known another loan from the borrower had defaulted). Not sure there really have been enough loans for the results to be statistically significant, but it does suggest that renewals are less likely to default than 1st term loans which supports the 'gut feel' answers to your question earlier this month grahamg .
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 28, 2015 19:40:39 GMT
grahamg , sqh , ramblin rose I'd say there were quite a number of renewals of renewals. Select "All Past Loans" from the Investments menu, then sort by clicking on the 'Amount' header followed by the 'Title' header. Change the display to 100 entries, and scan down looking for similiar titles for the same value c. 6 months apart. In terms of defaults of renewals I'm aware of three: - Camera Gear 1801318259 was a renewal of 1254118167 - Watch & Bracelet 765593596 was a renewal of 1147521807 which was a renewal of 028126675 - Lubins art 2002084876 was renewal of 644445033 (although at the time of this renewal it was already known another loan from the borrower had defaulted). Not sure there really have been enough loans for the results to be statistically significant, but it does suggest that renewals are less likely to default than 1st term loans. You could also include Hublot 2384067752 which was a partial renewal of 6871130167
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SteveT
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Post by SteveT on Dec 7, 2015 13:14:36 GMT
Did anyone spot how much (if any) of the Powerboat was available on renewal? By the time I got the increasingly flakey website to refresh, it was already showing 100% filled.
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hendragon
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Post by hendragon on Dec 7, 2015 13:20:18 GMT
I managed a small ammount at around 81%. The rest went within seconds.
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Post by ravado on Dec 7, 2015 13:20:48 GMT
"Did anyone spot how much (if any) of the Powerboat was available on renewal? By the time I got the increasingly flakey website to refresh, it was already showing 100% filled."
- Me too. I transferred my funds and bid at dead on 1pm and it was 100% subscribed. This really annoys me. Thank goodness for sites like Saving Stream and pre-funding!
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If there's only been one default of a renewal I'm surprised, although since I haven't checked it I will bow to your greater knowledge on that.
