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Post by mike1963 on Feb 20, 2018 23:42:32 GMT
Last year, I thought I would give it a whirl and these are my results:
4 Loans..1 Repaid the same day (no interest paid)...1 Repaid at end of Term...2 Defaulted.
So my experience is terrible. My XIRR is -67%.
My defaults do not show in Platform Stats as they were initiated before the fairly random Statistic reset date of 21st Sept 2017.
On the basis of my very small sample, I find it hard to see what/how MP has done to improve their default stats to Zero on their more recent loans but I would love to know.
How do you find Money Platform? Good or Bad experiences welcome.
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Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
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Post by Greenwood2 on Feb 21, 2018 7:52:20 GMT
Currently:
7% Default
16% Late
With a small overall profit, but another loan is about to move from late to default which will turn that to a small loss. Most likely outcome looks like close to break even one way or the other, but I'm Hoping the newer loans will perform better, so I'm giving it a bit longer before bailing out.
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Post by george on Feb 21, 2018 22:05:33 GMT
On the basis of my very small sample, I find it hard to see what/how MP has done to improve their default stats to Zero on their more recent loans but I would love to know. I don't think enough time has passed since the launch of the new loan product yet for any loans to have been defaulted.
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Post by george on Feb 21, 2018 22:12:45 GMT
My results after ~8 months. 6 loans made. 1 repaid on time. 1 repaid a few days early. 1 repaid more than a month late. 2 defaulted 1 very late (presumably about to default) Total invested £1,000 Total interest received £147.73 Total defaulted £500 Total very late & defaulted £750 So an expected total loss of £602.27 on an investment of £1,000. Not a great return if I'm honest  It could be that I'm just one of the "unlucky ones", but I'm staying away until there's a bit more transparency around the performance of the loan book as a whole, as who knows what a "typical" result looks like. |
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Post by holmes on Feb 22, 2018 10:04:19 GMT
Since Sep'17
Total loans: 34
Fully repaid: 21
In payment: 4
Very Late: 9
Defaulted: 0
Total investment: £14500.00
Interest received: £1112.34
Capital in payment: £875.00
Capital very late: £3750.00
Forecast total return: -£1762.66 (loss)
Return/capital: -12.2%
Earliest date of installment missed: 20/11/17
Earliest date of final repayment missed: 18/12/17
Communication from platform regarding any late, probably defaulted loans: 0 (zero!)
I now withdraw my money when/if an installment received
Spreadsheet available of my full loanbook if anyone interested
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ozaz
Posts: 36 
Likes: 15
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Post by ozaz on Mar 3, 2018 15:24:06 GMT
I've only made two loans on TMP. Payday lending's a bit high risk for my liking but I was curious enough to try it out with a small amount... 1 Repaid at end of term 1 Defaulted I was totally prepared for 100% loss so the investment performance is not really a concern for me. But I've come to dislike the platform for another reason already mentioned by holmes - inadequate communication. I would have expected notifications when repayment was late as well as when the loan defaulted. I would have also expected notifications informing me of progress with re-collection attempts. Instead, no notifications or information were forthcoming. It's also concerning that TMP's stats page hasn't been updated since Sept 2017. This is in contrast to other platforms which provide regular, specific updates on the status of defaulted loans and recovery progress (Lendy is an example that I have experience with). My conclusion - The Money Platform seems a bit of a shoddy operation, with either insufficient resources or insufficient competence to provide a good service to lenders. |
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Post by mike1963 on Mar 3, 2018 18:37:27 GMT
Since Sep'17 Total loans: 34 Fully repaid: 21 In payment: 4 Very Late: 9 Defaulted: 0 Total investment: £14500.00 Interest received: £1112.34 Capital in payment: £875.00 Capital very late: £3750.00 Forecast total return: -£1762.66 (loss) Return/capital: -12.2% Earliest date of installment missed: 20/11/17 Earliest date of final repayment missed: 18/12/17 Communication from platform regarding any late, probably defaulted loans: 0 (zero!) I now withdraw my money when/if an installment received Spreadsheet available of my full loanbook if anyone interested Hi holmes , Thanks for providing the biggest sample so far. Maybe we haven’t given it enough time...🤨As I was told by TMP, (acknowledging my small number of loans)...”looking at the lender’s for the loans issued today nearly all of them have invested £10,000+ and the majority have invested £25,000+. We have very few lenders investing in a small number of loans due to the inherent risks of investing in this way on our platform.”...it would be great to hear from someone from the “majority” who has stumped up £25,000+ At this point I am not brave/rich enough for that.
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Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
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Post by Greenwood2 on Mar 4, 2018 10:07:41 GMT
It's also concerning that TMP's stats page hasn't been updated since Sept 2017. The stats page is updated, but it's useless (and misleading) at the minute because it only started from September, it doesn't show late loans and loans are not defaulted until four months after failure to pay, so too soon for practically any loans made since the upgrade in September to be shown as defaulted. And defaults on loans made prior to September are not included in the stats.
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Post by holmes on Mar 24, 2018 10:32:08 GMT
The Stats page has finally been updated - 1 default of £750
That's funny because I have 11 loans that are months overdue which according to their policy (more than 45 days late) should be defaulted
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Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
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Post by Greenwood2 on Mar 28, 2018 19:44:58 GMT
Where do you see the 45 days? I thought TMP use four months. But I agree, I have a number of loans that I consider in default , whatever TMP say, and many unpaid instalment payments that are not even flagged on the site.
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Post by holmes on Mar 29, 2018 22:16:58 GMT
This is quoted from an email from TMP in response to my question about when a loan is officially defaulted
As they never actually mention the word 'default' it is open for interpretation
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Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
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Post by Greenwood2 on Apr 1, 2018 11:27:14 GMT
The Stats page has finally been updated - 1 default of £750 That's funny because I have 11 loans that are months overdue which according to their policy (more than 45 days late) should be defaulted 2 defaults now £1250. It will be interesting to see how fast defaults rise as bad loans, initiated since 21st September, start being classed as defaults.
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Post by holmes on Apr 2, 2018 14:16:24 GMT
From the blurb at the bottom of the Stats page:
I think there will be huge amount hitting the page soon - my contribution alone will be 11 loans and £4,000!
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