duck
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Post by duck on Jul 28, 2014 15:01:09 GMT
Is it possible for a defaulted loan to disappear?
One of my loans defaulted on 20th April this year. His last payment was on the 16th January. The last payment was a 'standard' repayment and nothing appears in the account log for this loan since the payment on the 16th Jan.
On checking my '60+ days overdue' this loan doesn't appear. I do a regular cross check of defaulters and I know the loan previously appeared.
Checking all loans by name I get the usual 'No active investments were found' message. The loan is not in 'Overdue' The loan is not in 'Repaid' The loan is not in 'Charged Off'
Anybody got any ideas?
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duck
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Post by duck on Jul 28, 2014 15:19:18 GMT
For me personally it appears to be a larger 'problem' since I have found another 6 loans to be 'missing' - others that defaulted on the same day are appearing fine ............
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Post by wiseclerk on Jul 28, 2014 15:24:23 GMT
According to users in my German forum, Bondora changed those 60+ borrower names that still had individual names to now anonymous (BO...) user names.
Also during the past week many 60+ days overdue loans were rescheduled and are now in the status current
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duck
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Post by duck on Jul 28, 2014 15:49:04 GMT
wiseclerk I have to thank you yet again!
I had noticed the re-scheduled loans and the fact that all the 'missing' loans had individual names but never thought that Bondora would re-name them. I suppose a download of my defaults will have to be made and some cross referencing to be done ....... 10/10 certainly that my automated spreadsheet isn't going to like this 
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duck
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Post by duck on Jul 28, 2014 17:15:42 GMT
For me this has turned into a real mess.
Loans that were previously named and defaulted have been renamed as BO..... That is OK if you can cross reference them and they remain defaulted - I have all countries, ages etc stored for all my loans.
but ..... as wiseclerk stated earlier some previously defaulted loans have been rescheduled and are now 'current' and as far as I can see there is no easy way of finding out what the new BO reference is without checking every live loan in your book .................. and with @1500 my will to live would desert me before I got to the end! I've counted 37 loans in my book that no longer appear as 60+ days late so I can only assume that they are now 'current' but it is not possible to check if this is the case for the personalised loans.
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james
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Post by james on Jul 28, 2014 17:48:23 GMT
Rescheduled loans will normally have 1/ as the first part of their next payment due information. A search for current loans with a loan issued date range that ends a few months ago can reduce the number of loans that you need to check. Browser search may let you find 1/ fairly quickly.
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JamesFrance
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Post by JamesFrance on Jul 29, 2014 15:34:48 GMT
I do think they should be notifying lenders when they agree to reschedule a loan. Even more so if they rename a borrower.
They are making so many changes without any advance warning or consultation that I am beginning to lose confidence so have stopped adding funds to the platform. This saddens me as I really liked isePankur.
I do hope things soon improve, as the system doesn't seem to be working now, with many unfilled applications and the secondary market full of defaulted loans at 40% premiums as they appear to be up to date and offer a good return.
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duck
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Post by duck on Jul 29, 2014 16:31:53 GMT
I do think they should be notifying lenders when they agree to reschedule a loan. Even more so if they rename a borrower. .......... or at least publish a list that you could sort through, yesterday was a real pain that took several hours to sort when it should have taken a couple of minutes. My 'saving grace' was that I keep extensive details of every loan and payment but without that it would have been a lost cause trying to sort out the new loan/borrower 'names'.
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duck
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Post by duck on Jul 30, 2014 7:45:18 GMT
Well from what I can see I only initially hit on the tip of the iceberg.
Checking 'lates' it appears that a lot of those have had their names changed as well.
On downloading my 'capital lates' there was only ten personally named loans, which compared with the 28 shown 10 days ago looked worrying. A search for the missing lates under 'all loans' dragged up the usual 'No active investments were found' message. So they have had their names changed as well!
Which begs the question why have some individually named loans with capital arrears been renamed and others not?
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JamesFrance
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Post by JamesFrance on Jul 30, 2014 12:10:03 GMT
Taavi gave a reason for this on the Bondora forum.
Most of us seem to believe that the true reason is so that we cannot easily identify the overdues and defaulters who have been rescheduled. If they continue to fail to pay they will only default again just before Christmas as their next scheduled payment is not until September.
If you look at your list of loans over two months old and examine those still due for their first payment you will find all the recently rescheduled loans there. I seem to have many of them and even at least one not due a payment again until December. Because of this rescheduling my amount of late loans appears to be lower this month, whereas it is really much higher.
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duck
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Post by duck on Jul 30, 2014 13:58:46 GMT
Thank you very much for that James, I was coming to similar thoughts but was trying to be open. I've identified a fair number of re-scheduled loans but suspect I have missed a few.
'Strangely' I have held onto a number of rescheduled loans and the payment record has been good. Whilst I will keep a close eye on the rescheduled loans (all colour coded on my spreadsheet) I will not be rushing to put them on the aftermarket.
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JamesFrance
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Post by JamesFrance on Jul 30, 2014 14:50:26 GMT
Lots of them appearing on the resale market with up to 40% premium, so I feel sorry for anyone who doesn't understand and buys one. They said investors asked for 40% premiums to be allowed, but nobody seems to understand it and the resale market has over 17000 loans available now, so is quite dysfunctional with so many unrealistic offers imho.
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JamesFrance
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Post by JamesFrance on Aug 1, 2014 15:26:18 GMT
Most of the renamed loans have now reverted to their original names, apparently someone made a mistake.
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duck
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Post by duck on Aug 1, 2014 16:16:23 GMT
Well that was a big whoopsie somebody dropped!
I have just been trawling my lates (that I downloaded yesterday) and had no luck finding some of them in my records but judicious searching found them under their original names - then when I looked for the 'BO late' on the site it and the name had gone but the originals were back. Deep sighs!
I have a feeling my 'will to live' has taken up residence with my long lost marbles.
One thing that I did notice was that I appear to have 16 new B loans that have failed to make their first payment (dates around 04/07 so not just a day or two late) ..... this is a fair bit higher than I would normally see but with the aftermarket in its current position I have no confidence that I will be able to move anything along.
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Post by batchoy on Aug 1, 2014 20:07:53 GMT
One thing that I did notice was that I appear to have 16 new B loans that have failed to make their first payment (dates around 04/07 so not just a day or two late) ..... this is a fair bit higher than I would normally see but with the aftermarket in its current position I have no confidence that I will be able to move anything along.
It is possible to dispose of the them but it takes time, I have managed to get my overdues down from over €1000 to just over €300 over the past few weeks after they spiked from a more typical €600 and I also got a sudden spike in my over 60days overdues.
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