agent69
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Post by agent69 on Nov 5, 2017 14:01:02 GMT
"Average net return of 0%*" !!!!!? And even that might be optimistic!
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Post by bluechip on Nov 5, 2017 14:22:29 GMT
I trust a Vietnamese taxi driver more than I trust the BS written on my defaulted loans. Just like the OP, I hate my monthly logon to the ReBS website to see nothing has happened with each and every loan that defaulted long, long long ago. Just because ReBS were clearly naive (maybe being too kind) in letting many of these companies use their platform to fleece people like me, it doesn't mean we are mugs. Most of us are just guilty or believing what we read and assuming there was some actual due diligence carried out. A tip for free - stop treating people with hard earned money to invest, like they were born yesterday. We aren't the same caliber of people that have lied and cheated to borrow, take a big step back and learn to empathise and understand that you are dealing with two different markets! 99% of the negative PR could have been avoided with a bit of candor. Not simply transferring the BS you seemingly lap up from debtors onto the people that funded this debacle in the first place. Most of us can accept that we were chancing our arm investing in this sector (especially this platform) and have paid the price, what I and I assume others are so angry about is the manner in which it is being dealt with now the SHTF. It doesn't matter now really, you could offer me all of my money back, plus 100% on top for the agro and I would tell you to take a running jump if I had to invest 1 penny of my capital in your platform again - just looking at your website heightens my blood pressure! "I understand that you are upset by seeing verbatim quotes from borrowers struggling to make repayments. REBS isn't for you. Try platforms which protect you from such unpleasantness. Also bear in mind REBS are lending at huge interest rates 15-20% - ie an expectation of high levels of default needs to be built in." Yes I worked out ReBS isn't for me. I can take defaults, it's part of playing the game - but frankly I'd expect this type of result with 25-35%. My issue isn't necessarily the deafults it's the craftiness and lack of respect that I take issue with. Not sure how to work this quote thing.
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Post by Deleted on Nov 5, 2017 14:39:46 GMT
And with these words the entrapment of many, their funds, their trust and their ambitions...
*"Why are we safe to lend to?"
* Rebuilding Society.com used these precise words on the profile page of every single loan request made to lenders up until April 2016 at which point their use was discontinued.
Definition of 'Safe' Oxford English Dictionary:
ADJECTIVE
1.0) Predicative Protected from or not exposed to danger or risk; not likely to be harmed or lost.
Another example sentence Synonym:
1.1) Not likely to cause or lead to harm or injury; not involving danger or risk.
‘a safe investment that produced regular income’
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Post by df on Nov 6, 2017 4:59:33 GMT
The same happens on Thincats, they project a good recovery rate, yet in the end recoveries are or are likely to be close to zero. If you lend to such high risk SME businesses, then if they default, there will be very few assets left in the business and any such recoveries will go to paying the solicitors and administrators! Leaving nothing. Left for us. Hence why I bailed out SME due to the risk vs reward being so poor. And we are in benign times, a recession could cause defaults to sky rocket and sink some of these p2p SME sites, leaving investors with heavy loses. I don't ever expect any defaulted SME loans to be recovered, makes it easier to assess the risk. I invest in SME loans across many platforms and have no plans to discontinue. Overall, risk vs reward ratio seems reasonable to me. With ReBS, I have 2.5% loss (I ignore stated 90% recovery probability in my assessment, anything that might return will be a bonus) which makes my average net return from this platform 16.5%. I anticipate more loss, but it won't be a tragedy if more loans collapse, ReBS has a very small proportion in my p2p portfolio.
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binkle
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Post by binkle on Nov 25, 2017 23:19:46 GMT
Am also still happy to drip small amounts into about 1 in 3 of loans, but i do completely ignore recovery rates for tax or for personal hope reasons, once it has gone, it's gone.
Rebs is now just a small diversification option on the edge of what I invest.
Only exception is C***dy H**o whom I have a soft spot for... But we all have our favourites.
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Post by captainconfident on Nov 26, 2017 10:40:08 GMT
binkle I stood well clear of C**dy H**o because I was worried about their import exposure to the sagging pound. If they soldier on for a few more months I might have a sniff. I'm big in Little***** P*** based on my critical financial analysis and extrapolation that it seems like a really nice place .
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adrian77
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Post by adrian77 on Nov 26, 2017 16:34:07 GMT
Considering the projected financial results for 2017 I have completely emptied my REbs account except for 3 problematic loans of which one , at least, has 100% chance of 0% recovery. I am just going to sit back in 2018 and hopefully get a few pennies in recovery and collect on a wager with a friend where I predicted there would be no 2019 for Rebs. Of course I may lose and a serious buyer such as Virgin would snap this company up...
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Post by captainconfident on Nov 27, 2017 10:55:00 GMT
Considering the projected financial results for 2017 I have completely emptied my REbs account except for 3 problematic loans of which one , at least, has 100% chance of 0% recovery. I am just going to sit back in 2018 and hopefully get a few pennies in recovery and collect on a wager with a friend where I predicted there would be no 2019 for Rebs. Of course I may lose and a serious buyer such as Virgin would snap this company up... So how much was this "wager" for? I see that if Rebs was taken over by another company, you would still pay out. I agree with your friend so may I also take your bet?
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Dec 1, 2017 16:23:27 GMT
I'll offer you a wager: even if ReBS do limp on for another couple of years, they still won't have recovered more than 20% of my losses as of today.
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SteveT
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Post by SteveT on Dec 21, 2017 8:25:39 GMT
So, despite being forecast a 50% recovery probability up to last month (then chopped to 10% after my prodding), the Sunderland not-so-Superstore is finally chalked up as another 100% ReBS write-off, with minimal chance of recoveries as the guarantors have done a flit, " believed to be currently overseas". On the plus side, ReBS " will shortly be conducting a full internal review of the case as part of our continued credit review process"
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kaya
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Post by kaya on Dec 21, 2017 10:36:25 GMT
Inter****** Solutions have also done a runner abroad, off to Zimbabwe, perhaps to help out with the next corrupt government. Thus the loan has finally been reclassified as a 'bad debt'. Of course even the most optimistic lender, unless entirely deluded and living in gaga land, had long ago completely written it off.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Dec 23, 2017 22:11:06 GMT
Inter****** Solutions have also done a runner abroad, off to Zimbabwe, perhaps to help out with the next corrupt government. Thus the loan has finally been reclassified as a 'bad debt'. Of course even the most optimistic lender, unless entirely deluded and living in gaga land, had long ago completely written it off. Agreed but we still have a duty to highlight the fallacy of the ReBS default tab and the associated 'Recovery Probability' guesstimate. The sooner the P2P industry introduces common definitions of defaults and bad debt etc the better. Until then, disreputable companies will continue to manipulate the figures for their own ends.
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adrian77
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Post by adrian77 on Jan 3, 2018 21:04:33 GMT
ref B****s T****y G****p Well that is looking good I don't think! This company has 2 charges of which only one is with REBS.
Also this won't be the first dissolved company with these directors.
I sold all of my REBS loans except defaulted ones - this was just one of many that have since gone pear shaped.
What worries me is whether this small company indicates what is the likely trend for the large P2P lenders...
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adrian77
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Post by adrian77 on Jan 10, 2018 20:54:11 GMT
In my inbox yet another 2 loans expected to show 100% loss- brilliant. Luckily I sold up all my loans that were not defaulted. First default - young directors who seem to have taken REBS for a ride Second default - older director past retirement age. Appears to have had a heart attack which may well be true but they were younger directors. If I were a betting man I would say all the assets have been buried within the family so possibly REBS taken for another ride...
However much are the end of year defaults going to show?
To REBS it has been : thank you and goodnight!
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groon
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Post by groon on Jan 10, 2018 21:49:48 GMT
To REBS it has been : thank you and goodnight! Thank you? Nah, just goodnight!
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