Steerpike
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Post by Steerpike on Dec 15, 2017 14:46:10 GMT
It will be interesting to watch Archover in action on what may be their first problem loans #5216 #5218
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mary
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Post by mary on Dec 15, 2017 15:00:55 GMT
It will be interesting to watch Archover in action on what may be their first problem loans #5216 #5218 Did you get an email alert, I'm not in these and can not see anything immediately on the site, although it's not the easiest to search!
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Post by hugoarchover on Dec 15, 2017 15:21:06 GMT
Hi maryOnly the lenders in this project have been informed. |
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mary
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Post by mary on Dec 15, 2017 16:22:27 GMT
Hi mary Only the lenders in this project have been informed. Many thanks. How a platform resolves default events is a key test of capability, and the swiftness and transparency (with all lenders) of the actions taken will build (or reduce) investors confidence. Therefore I hope that you have a positive outcome for all concerned.
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Post by hugoarchover on Dec 15, 2017 16:33:16 GMT
Hi mary Only the lenders in this project have been informed. Many thanks. How a platform resolves default events is a key test of capability, and the swiftness and transparency (with all lenders) of the actions taken will build (or reduce) investors confidence. Therefore I hope that you have a positive outcome for all concerned. Absolutely. Transparency is something we believe very strongly in and will be communicating at least weekly to all involved in said projects.
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DeafEater
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Post by DeafEater on Dec 16, 2017 16:39:47 GMT
It will be interesting to watch Archover in action on what may be their first problem loans #5216 #5218 Like Mary I'm not in either of these (I only started with Archover at the beginning of July) but I'd like to have a look at the details of the projects to see if given the opportunity, I'd have lent to them. However the search facility on the website leaves much to be desired. Please could you post the loan amounts and a suitably obscured representation of the borrower's name(s) to aid me finding them. I suspect that if you lent to them, I wouldn't have seen it coming either.
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Post by stevepn on Dec 16, 2017 16:58:43 GMT
I too was not in these but it is a timely reminder that things do go wrong and money could well be lost.
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savernake
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Post by savernake on Dec 16, 2017 18:29:45 GMT
I hope that anyone unfortunate enough to be in these loans will keep us updated on this forum. For those of us considering investing further on the platform it will be very useful to know how they handle defaults. This is uncharted territory for Archover so I'm not sure how much experience their staff will have in this area.
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Post by stevepn on Dec 16, 2017 19:41:44 GMT
I hope that anyone unfortunate enough to be in these loans will keep us updated on this forum. For those of us considering investing further on the platform it will be very useful to know how they handle defaults. This is uncharted territory for Archover so I'm not sure how much experience their staff will have in this area. I wonder how many of them actually know of this site. Not many looking at the replies.
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DeafEater
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Post by DeafEater on Dec 16, 2017 20:35:16 GMT
Thanks Steerpike and stevepn for PMing me the company name. Fingers crossed for everyone in these. |
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Post by danegeld on Dec 16, 2017 23:49:01 GMT
As one of the "unfortunate", I shall be watching how this one plays out with particular interest. This could undoubtedly be a big test of the lending models of the Archover platform, but at present I am quite happy to wait and see.
I have been generally impressed by the quality of the platform itself and the loans on it - so much so that, since April this year I have moved around 50% of my P2P portfolio onto Archover. I am hoping that this confidence will not be misplaced. There have been losses on all of the other platforms I use, and the way that they are handled is indeed a big factor in the confidence (or lack of it) that I have in those platforms.
So, please do keep us all formed, Hugo.
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wilja
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Post by wilja on Dec 18, 2017 18:43:42 GMT
Hi, I have a fair bit in Archover, can someone PM me the companies, will put future investments on hold until I know more about how problems are handled.
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Steerpike
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Post by Steerpike on Jan 3, 2018 18:47:08 GMT
Archover were promising "at least weekly" updates and so investors in this loan may have had a number of updates in the last three weeks.
I think that many of us not in these loans are interested to learn of progress.
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Post by hugoarchover on Jan 4, 2018 10:47:23 GMT
Archover were promising "at least weekly" updates and so investors in this loan may have had a number of updates in the last three weeks. I think that many of us not in these loans are interested to learn of progress. Hi Steerpike Noted. Lenders in the projects have been updated weekly/bi weekly. I am sure an update will be released more generally as and when it is appropriate.
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Post by peerlessperil on Jan 4, 2018 11:56:54 GMT
I think I've managed to locate the loans in question, simply because I was in loans with serial numbers either side of those listed in a post above. As yet there appears to be nothing on the loan pages themselves updating investors, and by my observation it appears that these are "bespoke" security loans, not "secured & insured"? It would be helpful if an involved party could confirm (without breaching forum borrower id policy etc.). hugoarchover - I would urge you to make some public acknowledgement on the platform (not just to those invested, as defaults can feed into broader platform risk and are therefore everyone's concern) as quickly as your lawyers permit as these things don't stay quiet for long and speculation is often more damaging to confidence than the facts. |
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