mrsb
Posts: 196
Likes: 102
|
Post by mrsb on Aug 15, 2018 21:04:09 GMT
Don't think it's right for me to identify the loans on public forum. Both that I'm aware of appear to remain well secured, and both borrowers are said to be in the process of re-financing elsewhere.
My view is that borrowers should adhere to their terms - unless they make timely (and financially wholesome) proposals to extend .... with Relendex keeping lenders updated in real time.
In the case of one loan, lenders were told nothing until the day before repayment was originally due. Not good, as I think it's reasonable to expect your money back 'tomorrow' if there's been no indication up to 'today' that there's a problem.
All this on top of delayed draw-downs which also attract poor updates from Relendex. There's a loan just now that is almost 3 months since auction close ... no drawdown, and no (nothing!) info from Relendex.
I've stopped adding money, and won't re-lend what's repaid (if it ever is!). Lack of info, a sense of being treated with contempt and my increasing moodiness toward property in general -- all push me away from Relendex.
I note also that on the current loan auction, the usual and biggest lender ("Incoms") is absent from the bids. Perhaps on holiday?
|
|
hantsowl
Member of DD Central
Posts: 672
Likes: 546
|
Post by hantsowl on Aug 15, 2018 21:56:33 GMT
Where do you find the info about borrowers refinancing? Apart from the original documents I am struggling to find updates on any of the loans. It may be that updates on a loan are only sent to investors in the loan. That causes a problem when considering a purchase on the SM. How do we determine if a loan is performing as expected before buying on the SM? This is why I asked the question about which loans you felt were underperforming.
|
|
mrsb
Posts: 196
Likes: 102
|
Post by mrsb on Aug 16, 2018 7:03:24 GMT
I'm still of the view that it's wrong to identify the loans on here.
The reality of being involved with Relendex is that you will be starved of information. And yes, making SM investments is a leap into the unknown. One of the 'not to plan' loans has parts listed in the SM - an extension has now been formally granted to the borrower; but investors have no idea they're buying parts of a loan that has not repaid when it should, and therefore (in my view) has a heightened risk of doing the same at the expiry of the extension.
There was talk of monthly updates for all loans - which I think implied that loans with no 'news' would get an update saying so .... Clearly it's trivial to generate this in the form of an email sent to every lender, so the fact that this has not happened is down to the will rather than the ability of Relendex.
|
|
|
Post by p2psavvy on Aug 22, 2018 13:54:30 GMT
I have noticed that the repayment date on the Greater Manchester loan has been pushed forward by a further week again, one day before due. This is now the third 'new' repayment date. I am really glad that I sold out all of my loans with Relendex last November.
I understand that p2p is a leap of faith but Relendex's clear choice to be secretive is just unacceptable imho.
|
|
mrsb
Posts: 196
Likes: 102
|
Post by mrsb on Aug 23, 2018 1:49:31 GMT
p2psavvy .... Can you tell me how you get to see the expiry date changing when you don't own any loan parts .... i'd like to keep an eye on how the expiry date changes.
Cheers!
|
|
|
Post by p2psavvy on Aug 23, 2018 16:51:54 GMT
p2psavvy .... Can you tell me how you get to see the expiry date changing when you don't own any loan parts .... i'd like to keep an eye on how the expiry date changes. Cheers! I am still invested in the Greater Manchester Loan as it had already got locked from sale about November last year. I sold all of my other loan parts having lost all confidence in the platform, only about £20k, when I failed to get a response from my enquiries to Relendex regarding this loan and all other enquires I made to them. The reason I created this thread in the first place! The loan repayment date went from 15/08 to 22/08 on the 14th, then to 29/08 on the 21st. I think that the 15/08 date was probably set about the 13th. Can't wait for the 28th!
|
|
|
Post by p2psavvy on Aug 29, 2018 15:59:27 GMT
Surprise surprise! Repayment date moved on a week again.
Do Relendex actually have any idea when this will repay or are they just guessing, one week at a time?
|
|
Nomad
Member of DD Central
Posts: 727
Likes: 494
|
Post by Nomad on Aug 29, 2018 16:17:26 GMT
I think that the relendex rep needs to come here quick, and explain what is going on. As well as this loan, I’m aware of at least two others that are not going to plan, and interest accruing after the planned loan expiry date is not building up correctly. Poor communication is becoming the hallmark of Relendex, and it’s starting to go-off and smell somewhat. There is far more on the Relendex SM than is usually the case... But loan parts are selling steadily and I have only a couple left to sell before I am out of the platform for good.
|
|
maotw
*
Posts: 60
Likes: 29
|
Post by maotw on Aug 30, 2018 8:35:01 GMT
I am testing that - by listing some of mine last night. No takers just yet!
|
|
|
Post by peterst on Aug 30, 2018 9:14:23 GMT
Surprise surprise! Repayment date moved on a week again. Do Relendex actually have any idea when this will repay or are they just guessing, one week at a time? I think it is just moved forward steadily (currently shown as 5th September). Presumably they can't put "unknown" in a date column. At least the interest accrued, at 294 days, looks correct. The sale of the residential element of the security was supposed to complete on 16th August. It looks as if it hasn't happened yet.
|
|
|
Post by pennyrelendex on Sept 5, 2018 13:24:10 GMT
Hi All,
An update relating Greater Manchester will be issued to you shortly.
Thanks Penny
|
|
|
Post by p2psavvy on Jan 4, 2019 12:31:40 GMT
It is now four months since I last heard anything about this loan pennyrelendex . I notice that the expiry date of today has been moved forwarded again, now to 28th February. Also the accrued interest, some 465 days worth last time I checked, has been reset to 1 day. In October a I received a distribution of £250 and, at the same time, the accrued interest was reduced proportionately. I understand that this a complex case as the original valuation was nonsense but it is now 14 months since the original expiry date. When, if ever will this be resolved?
|
|
|
Post by pennyrelendex on Jan 4, 2019 12:51:15 GMT
As you rightly say this is a very complex case involving not only the valuers' insurance company but also our own insurers as we carry a fraud protection policy.
In the meantime, we are marketing the commercial property & will be making a further repayment of capital from the proceeds once it's been sold.
As soon as we have any firm information we will update all our Lenders.
Please be assured we are doing the best we can to recover not only your capital but also your accrued interest.
-Penny
|
|
|
Post by p2psavvy on Jan 4, 2019 18:03:12 GMT
Thanks pennyrelendex , and the reason behind the accrued interest showing only 1 day?
|
|
|
Post by p2psavvy on Jun 10, 2019 16:13:42 GMT
Six months since my last enquiry on this loan and still no sign of repayment. Are you getting anywhere near a resolution of this loan pennyrelendex ?
|
|