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Post by webbski9 on Aug 26, 2014 12:38:48 GMT
Hi all. Is it possible to change or remove loans I have offered for sale ,or does Bondora insist on a time scale ? Many Thanks
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Post by batchoy on Aug 26, 2014 14:56:09 GMT
The short answer is yes, but the process isn't simple. First find the loan in your list of loans and note the borrower's id. Then go to the secondary markets and using the filter search for the borrower, your loan parts will be the ones with the 'x' against them. Clicking on the 'X' withdraws the loans from sale.
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Post by webbski9 on Aug 26, 2014 15:55:19 GMT
Many Thanks Batchoy. What a process !!!
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Post by webbski9 on Aug 28, 2014 7:28:44 GMT
Is it really that difficult to withdraw funds ? I notice on their site it states they require a small payment INTO your account ,along with ID copies of passport and utility bill before they will allow payments out !!! Am I reading it correctly?
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Aug 28, 2014 8:22:41 GMT
Yes this is quite recent and due to money laundering regs. Previously you could just withdraw to the account used when making your first deposit.
For now you have to send id copies insecurely by email and it will be a few weeks before they develop a secure upload system. If you don't need to withdraw now it would be better to wait for that.
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Post by webbski9 on Aug 28, 2014 8:55:12 GMT
Thanks James.
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kermie
Member of DD Central
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Post by kermie on Aug 28, 2014 22:56:57 GMT
What are people's strategies for withdrawal, given the added hop of TransferWise back to UK sterling accounts?
In particular, I'm conscious that if I were to withdraw "interest only" on a monthly basis, I'd lose a whack of it due to TW costs.
At the moment I am recycling interest into new loans, but there will come a time when I want out...
Knocks head on table - should have thought of this all first!
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duck
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Post by duck on Aug 29, 2014 3:58:24 GMT
Personally I'm not looking at withdrawal currently but the first thing I would consider (assuming it was an ordered withdrawal not a burning need for cash) is the Exchange rate. Currently in the region of 1.248 - 1.25 ) it was 1.14552222, (0.872964297) a year ago so this has a fairly large effect on your overall return. My temptation would to be to make one larger withdrawal when the rate was advantageous and then reinvest rather than withdrawing interest each month.
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kermie
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Post by kermie on Aug 29, 2014 7:47:17 GMT
Personally I'm not looking at withdrawal currently but the first thing I would consider (assuming it was an ordered withdrawal not a burning need for cash) is the Exchange rate. Currently in the region of 1.248 - 1.25 ) it was 1.14552222, (0.872964297) a year ago so this has a fairly large effect on your overall return. My temptation would to be to make one larger withdrawal when the rate was advantageous and then reinvest rather than withdrawing interest each month. Thanks, duck. So would you just turn off all profiles, let the cash accumulate via interest and principal repayments, and then when exchange rates are favourable, make a large withdrawal? I can see that working - it just irks me that I would have to wait several months with the cash being unproductive. Selling out in bulk would seem to be a bit of a non-starter - I've found the SM to be largely broken. Despite a handful of attempts, I have never managed to sell anything.
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Post by batchoy on Aug 29, 2014 8:16:13 GMT
Personally I'm not looking at withdrawal currently but the first thing I would consider (assuming it was an ordered withdrawal not a burning need for cash) is the Exchange rate. Currently in the region of 1.248 - 1.25 ) it was 1.14552222, (0.872964297) a year ago so this has a fairly large effect on your overall return. My temptation would to be to make one larger withdrawal when the rate was advantageous and then reinvest rather than withdrawing interest each month. Thanks, duck. So would you just turn off all profiles, let the cash accumulate via interest and principal repayments, and then when exchange rates are favourable, make a large withdrawal? I can see that working - it just irks me that I would have to wait several months with the cash being unproductive. Selling out in bulk would seem to be a bit of a non-starter - I've found the SM to be largely broken. Despite a handful of attempts, I have never managed to sell anything. If you put an amount, and the same amount in the 'Leave Available Funds' field on ALL your profiles Bondora will accumulate that amount of cash, recycling the remainder into new investments. Depending on how much you have invested (and how much you want to draw down), the money will accumulate fairly quickly particularly around the 10th and 15th of the month.
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james
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Post by james on Aug 29, 2014 11:31:10 GMT
Selling out in bulk would seem to be a bit of a non-starter - I've found the SM to be largely broken. Despite a handful of attempts, I have never managed to sell anything. The secondary market tends to be quite rate-sensitive. For on time loans you won't have much luck selling below 13% and even 15% can be slow. Size also matters, it's much harder to sell a two hundred Euro loan than a five Euro one. Country matters, it's easier to sell Estonian loans than others. Remaining term matters, in part due to Bondora's fee being based on capital while the interest repayable depends on remaining amount borrowed to the end of the term and eventually falls to less than the fee. Bondora or Bondora+ matters a lot, with much less trust of Bondora+. Selling a Bondora+ portfolio could be very hard.
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duck
Member of DD Central
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Post by duck on Aug 30, 2014 4:37:29 GMT
kermie my 'choice of process' would be batchoy's but I would keep an eagle eye on the daily exchange rate and transfer funds when the rate was 'right' rather than randomly set a date or just transfer funds when a certain amount has accumulated. I don't like paying fees or loosing cash through interest rates so making multiple transfers is out for me.
On the aftermarket, I've still been selling some of my loans - I agree with the summary given by james but I am still selling distressed loans below the discounts he suggested. Timing seems to also play a part, they sell better soon after the big repayment days.
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james
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Post by james on Aug 30, 2014 13:23:31 GMT
duck, 13% and 15% were projected return for the buyer, not discount levels.
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duck
Member of DD Central
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Post by duck on Aug 30, 2014 16:41:11 GMT
duck, 13% and 15% were projected return for the buyer, not discount levels. Twas early in the morning when I posted ...... must have been more asleep than I thought
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debeast
(o)(o)
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Post by debeast on Feb 17, 2015 7:41:33 GMT
Am i going mad i can no longer find the borrowers ID?
have they hidden it or do i need glasses?
/beastie
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