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Post by Butch Cassidy on Feb 23, 2018 7:51:13 GMT
Friday 7.30am UPDATE: I now have over 90% of my new money invested within 3 days of assignment, which is a pretty good lending speed IMO & have now received 10 completed loans with full capital & interest payments also my FIRST PROVISION FUND DEFAULT REIMBIRSEMENT accompanied by explanatory e-mail, for those interested I have reproduced the text below;
"We write to confirm that we didn't receive the repayment for the loan reference number 5206****5949 within 7 days of its due, and we will be reimbursing your investment 7469****945 of £10.00 excluding any interest that may have been accrued. Please allow for 3 days for this amount to be added to your Welendus account.
To help ensure that missed repayments are kept to the lowest level possible we deploy carefully considered, rigorous and advanced analytical checks so that we only lend to people that can demonstrate repayment."
So far everything is working as intended as far as I can tell & it does what it says on the tin - the real test will be should the default rate rise to a much higher level than anticipated how will the PF cope? we shall have to see.
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marka
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Post by marka on Feb 23, 2018 8:24:30 GMT
Friday 7.30am UPDATE: I now have over 90% of my new money invested within 3 days of assignment, which is a pretty good lending speed IMO & have now received 10 completed loans with full capital & interest payments also my FIRST PROVISION FUND DEFAULT REIMBIRSEMENT accompanied by explanatory e-mail, for those interested I have reproduced the text below;
"We write to confirm that we didn't receive the repayment for the loan reference number 5206****5949 within 7 days of its due, and we will be reimbursing your investment 7469****945 of £10.00 excluding any interest that may have been accrued. Please allow for 3 days for this amount to be added to your Welendus account.
To help ensure that missed repayments are kept to the lowest level possible we deploy carefully considered, rigorous and advanced analytical checks so that we only lend to people that can demonstrate repayment."
So far everything is working as intended as far as I can tell & it does what it says on the tin - the real test will be should the default rate rise to a much higher level than anticipated how will the PF cope? we shall have to see. You may well have had more than that one provision fund reimbursement. I contacted welendus a few days ago to query why the amount in my queues had gone up and on loan had gone down even though no loans had completed, and it transpired that I had rec'd a couple of these. I raised a concern that there was no way to know this, and that as the defualt rate still showed zero on the stats page it was a little misleading to (potential) investors as it implied every loan was currently performing normally, although I accepted that the loans hadn't technically defaulted at that stage. Nadeem said that they inteded to add a couple of new stats, namely loans currently < 7 days late with a repayment & loans currently > 7 days late (which is when the provision fund kicks in). I also got the email about this latest one so it seems the email is another new addition.
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Post by nsiam on Mar 5, 2018 19:35:48 GMT
Friday 7.30am UPDATE: I now have over 90% of my new money invested within 3 days of assignment, which is a pretty good lending speed IMO & have now received 10 completed loans with full capital & interest payments also my FIRST PROVISION FUND DEFAULT REIMBIRSEMENT accompanied by explanatory e-mail, for those interested I have reproduced the text below;
"We write to confirm that we didn't receive the repayment for the loan reference number 5206****5949 within 7 days of its due, and we will be reimbursing your investment 7469****945 of £10.00 excluding any interest that may have been accrued. Please allow for 3 days for this amount to be added to your Welendus account.
To help ensure that missed repayments are kept to the lowest level possible we deploy carefully considered, rigorous and advanced analytical checks so that we only lend to people that can demonstrate repayment."
So far everything is working as intended as far as I can tell & it does what it says on the tin - the real test will be should the default rate rise to a much higher level than anticipated how will the PF cope? we shall have to see. You may well have had more than that one provision fund reimbursement. I contacted welendus a few days ago to query why the amount in my queues had gone up and on loan had gone down even though no loans had completed, and it transpired that I had rec'd a couple of these. I raised a concern that there was no way to know this, and that as the defualt rate still showed zero on the stats page it was a little misleading to (potential) investors as it implied every loan was currently performing normally, although I accepted that the loans hadn't technically defaulted at that stage. Nadeem said that they inteded to add a couple of new stats, namely loans currently < 7 days late with a repayment & loans currently > 7 days late (which is when the provision fund kicks in). I also got the email about this latest one so it seems the email is another new addition. Hi marka, As promised, the repayment stats are now available on the statistics page. This is also updated live. Best, Nadeem
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marka
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Post by marka on Mar 6, 2018 9:42:49 GMT
Thanks for that nsiam. Is there a way to see these loans in my "Loan Summary" page (or is that still to be done)? All I seem to have is ones with a status of either Live or Completed. As I have some "Live" ones that are over a month old and yet have no earnings I assume that these are ones that have been reassigned to the provisional fund, but if that's the case then I don't think they should be showing as "Live" for me.
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Post by nsiam on Mar 6, 2018 9:54:04 GMT
Hi marka, you are correct. We will do this update and I will let you know once done. Best, Nadeem
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marka
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Post by marka on Mar 6, 2018 10:18:42 GMT
Thanks nsiamCan I please ask how you propose to show them on the loan summary. I hope they will have a separate status (such as "recovered", "reimbursed" or "provisioned" etc) to enable easy identification.
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Post by nsiam on Mar 6, 2018 10:22:01 GMT
Hi marka, we did not decide on the term yet but it will be something like "provisioned" or "bought by PF"
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Post by nsiam on Mar 8, 2018 10:44:36 GMT
Hi marka , we did not decide on the term yet but it will be something like "provisioned" or "bought by PF" Hi marka , provision fund acquired investments should now appear in your account as "Sold (PF)".
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marka
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Post by marka on Mar 8, 2018 14:54:20 GMT
Thanks nsiam I can see that they are now shown like that. However (and I'm sorry to keep raising issues!) I don't seem to be able to easily see all the loans that are "Sold(PF)". I'm sure that the "Sort by" combo box used to have a "Status" option didn't it?
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michaelc
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Post by michaelc on Mar 8, 2018 20:45:13 GMT
I've decided to join the party.
Apologies if this has been covered before in the past 17 or so pages but does anyone know if I can unregister my debit card? It seemed as part of the registration process I needed to provide a debit card including ccv number. I'm funding the account via bank transfer so hoping there is a way to have my card details removed/deleted from the platform?
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michaelc
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Post by michaelc on Mar 8, 2018 22:58:47 GMT
Just had it confirmed that they don't store debit card details. Good news.
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Post by nsiam on Mar 9, 2018 10:36:00 GMT
Thanks nsiam I can see that they are now shown like that. However (and I'm sorry to keep raising issues!) I don't seem to be able to easily see all the loans that are "Sold(PF)". I'm sure that the "Sort by" combo box used to have a "Status" option didn't it? Hi marka, no worries at all. We do welcome constructive feedback and as you may have noticed, we do try to implement as many as possible. Regarding the "Sort by" feature, we will be bring it back soon. It is great to see you are making good use of the features available. Best, Nadeem
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michaelc
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Post by michaelc on Mar 9, 2018 16:10:16 GMT
I'm planning to read all of this thread in case this isn't covered but I just noticed that the apr given in one of my borrower's agreement was something like 2042% but I'm getting 15%? Seems like quite a big spread...
I have a feeling I've made a school boy error and that 15% is quoted over loan period and not an apr? That would beg the question what is the apples to apples comparison - what is the spread here? Perhaps (very roughly) if it was 15% over a month then my figure would be something like 180% - spread from that to 2042 seems pretty huge?
I'm sure I'm missing something and I guess the PF counts for some it.
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michaelc
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Post by michaelc on Mar 9, 2018 17:44:26 GMT
Someone said: "Representative example Borrow£200 for 30 days Interest rate237% pa (fixed) One repaymentof £238.84 Representative 766.51% APR" Looks like we will be lending to sub-prime borrowers! <snip> With regards to the APR , it looks high because of the compounded nature of the APR formula and the short-term nature of the loan itself. Hope this answers your questions. Someone please shoot me down if I've got the wrong end of the stick here but the APR IS high whilst that money is being lent but our cut appears to be almost nothing. In this example are we saying we take 12% or 15% or whatever and the platform takes 740% ish
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rzys
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Post by rzys on Mar 9, 2018 20:32:24 GMT
You have the same end of the stick as I do.
If you scroll down in the loan agreement to section 6, you will find the distribution of interest between investor, PF and "Operational Fee and Expenses Costs".
Taking a random sample of one of my loans, the interest split is roughly 7:45:48 for investor:PF:platform.
Up to individuals to decide how reasonable or not this is in terms of risk and reward.
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