bigfoot12
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Post by bigfoot12 on Mar 3, 2018 12:13:07 GMT
Seems to be much more information now. This is an improvement. I would like it if it this information had a little more detail, such as the size of the original loan, and a date when the problem first presented itself.
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greatmarko
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Post by greatmarko on Mar 4, 2018 13:17:39 GMT
Seems to be much more information now. This is an improvement. I would like it if it this information had a little more detail, such as the size of the original loan, and a date when the problem first presented itself. Indeed. It would be useful to know by how many days each loan that is either late paying/overterm is.
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james21
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Post by james21 on Mar 21, 2018 19:18:18 GMT
Looking at the stats page on their web site I cant see any information on defaults. I have an account and I have a default
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macq
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Post by macq on Mar 21, 2018 20:10:27 GMT
Looking at the stats page on their web site I cant see any information on defaults. I have an account and I have a default you should from the main account/dashboard page be able to select either the normal or ISA account which should show the account in more detail.At the bottom it shows performing loans followed by late/default etc that's how i can see my late loan.But its not a massive amount of detail
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zlb
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Post by zlb on Apr 25, 2018 9:58:37 GMT
I'm only looking at this for diversification of platform and I need more 'fire and forget'. It looks good on the one hand, but the model of being really invested in individual loans with a fairly low interest seems odd.
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james21
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Post by james21 on Apr 25, 2018 10:23:29 GMT
I would really like to see more details about the current situation with overdue/defaulted loans. I have a family member who decided to exit OC and cashed in all loans besides one late loan. No interest has been added for the last 3 months so I assume the borrower has failed to make any payments since going late. This doesn't instil confidence but having no information about what is happening with the loan for 3 months is really frustrating. Even a indicator of how many days late the loan is and any action taken by OC would give a bit more reassurance. We also withdrew all we could in our accounts leaving only the defaulted loan in postcode TQ8 (they dont like the D word, call it late paying instead) There has been no information forthcoming to investors and its been months now. We wont be putting any more money in this platform simply not worth the risk for not much more than 4% interest
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macq
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Post by macq on Apr 25, 2018 10:57:59 GMT
the new layout with more details done a few months back was welcome but would agree with others that there needs to be updates or the info is out of date very quick. Was looking at the C2F SM (or exchange as they call it) and if you click on the details of a loan in arrears they show a timeline with 5 steps arrears,statutory demand,petition,court order,recovered.Not sure how well it works in practice but seems a good idea in principal and perhaps even others not just OC could consider
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littleoldlady
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Post by littleoldlady on Apr 25, 2018 11:20:01 GMT
I'm only looking at this for diversification of platform and I need more 'fire and forget'. It looks good on the one hand, but the model of being really invested in individual loans with a fairly low interest seems odd. Yes. I am assuming, and hoping, that the low rate to lenders is reflected in a low rate to borrowers because the loan quality is high. Platforms that pay a higher rate are lending to borrowers who cannot get credit from mainstream lenders and so a high level of defaults is to be expected. Add to this that the platform is part of a large financial institution and so is much less likely to fail and the parent company would not want any other form of embarrassment. OC is my biggest platform and getting bigger as I move out of the riskier ones.
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liso
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Post by liso on Apr 25, 2018 11:38:17 GMT
Also, OC have skin in the game, which means they have something to lose if defaults are not dealt with adequately. IIRC they stated previously that they would take 5% first loss. I cannot now find any reference to the 5%, but their FAQ says "we invest with you on every loan and would lose our money first".
Either way, it's in their interests financially as well as to their reputation, to manage defaults well.
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james21
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Post by james21 on Apr 25, 2018 11:54:53 GMT
the new layout with more details done a few months back was welcome but would agree with others that there needs to be updates or the info is out of date very quick. Was looking at the C2F SM (or exchange as they call it) and if you click on the details of a loan in arrears they show a timeline with 5 steps arrears,statutory demand,petition,court order,recovered.Not sure how well it works in practice but seems a good idea in principal and perhaps even others not just OC could consider hi could you tell me where this info is? I have had a good look around and cant see any info on defaulted loans or this one in particular? Thank you
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macq
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Post by macq on Apr 25, 2018 12:14:30 GMT
the new layout with more details done a few months back was welcome but would agree with others that there needs to be updates or the info is out of date very quick. Was looking at the C2F SM (or exchange as they call it) and if you click on the details of a loan in arrears they show a timeline with 5 steps arrears,statutory demand,petition,court order,recovered.Not sure how well it works in practice but seems a good idea in principal and perhaps even others not just OC could consider hi could you tell me where this info is? I have had a good look around and cant see any info on defaulted loans or this one in particular? Thank you Sorry may have confused things by the way i used CF2 (meant Crowd2fund not a postcode - my bad ) But it was just about how they display default details so if you go to Crowd2fund homepage the link at the bottom called the exchange is where you can see all their SM loans some of which are in default when clicking you can see the info
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zlb
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Post by zlb on Apr 25, 2018 14:27:50 GMT
I'm only looking at this for diversification of platform and I need more 'fire and forget'. It looks good on the one hand, but the model of being really invested in individual loans with a fairly low interest seems odd. Yes. I am assuming, and hoping, that the low rate to lenders is reflected in a low rate to borrowers because the loan quality is high. Platforms that pay a higher rate are lending to borrowers who cannot get credit from mainstream lenders and so a high level of defaults is to be expected. Add to this that the platform is part of a large financial institution and so is much less likely to fail and the parent company would not want any other form of embarrassment. OC is my biggest platform and getting bigger as I move out of the riskier ones. Do you mind saying how long you've used for? Right now I'm OK with mostly lower rate for better borrower class, with a small amount of high DD elsewhere. However, has orchard said that's what they do, or are you assuming?
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littleoldlady
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Post by littleoldlady on Apr 25, 2018 17:56:57 GMT
Do you mind saying how long you've used for? Right now I'm OK with mostly lower rate for better borrower class, with a small amount of high DD elsewhere. However, has orchard said that's what they do, or are you assuming? 18 months. Borrowers rates are shown in Stats. They range from 4.49% up to about 9% and lenders rates usually between 4% and 5%. Mostly residential bridging loans which appear to me to be low risk - certainly compared to multimillion development loans found on the platforms paying 10%+. BTW this is the Octopus board not the Orchard one. I assume that it was a typo, anyway I am talking OCtopus and I know nothing about Orchard - is it any good?
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zlb
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Post by zlb on Apr 25, 2018 19:27:38 GMT
Do you mind saying how long you've used for? Right now I'm OK with mostly lower rate for better borrower class, with a small amount of high DD elsewhere. However, has orchard said that's what they do, or are you assuming? 18 months. Borrowers rates are shown in Stats. They range from 4.49% up to about 9% and lenders rates usually between 4% and 5%. Mostly residential bridging loans which appear to me to be low risk - certainly compared to multimillion development loans found on the platforms paying 10%+. BTW this is the Octopus board not the Orchard one. I assume that it was a typo, anyway I am talking OCtopus and I know nothing about Orchard - is it any good? Oh yes. Thank you, Octopus, not orchard. Thanks for info. Some posts here seem to imply it's not doing well, so it's good to have a different view.
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zlb
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Post by zlb on Apr 25, 2018 19:31:59 GMT
the new layout with more details done a few months back was welcome but would agree with others that there needs to be updates or the info is out of date very quick. Was looking at the C2F SM (or exchange as they call it) and if you click on the details of a loan in arrears they show a timeline with 5 steps arrears,statutory demand,petition,court order,recovered.Not sure how well it works in practice but seems a good idea in principal and perhaps even others not just OC could consider Would you say that orchard is a bit like C2F if one were to have a sort of autoinvest and not get to choose own loans? So you see all the loans invested in, but you don't get to choose them? Sounds like a timeline would be helpful or reassuring. BM have a timeline. (Except c2f aren't bridging property etc).
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