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Post by funktabulous on Oct 16, 2019 6:33:45 GMT
Just to report - I've had a good experience with LP so far.
Made a withdrawal which was timely, and had a LP+ referral I made that didn't get credited properly because of a timing technicality/semantics understanding on terms, and they were prompt and understanding.
Safely in my top three, I hope they make progress on the loan diversification issues/transparency mentioned above, as I think the platform has a lot of promise.
As with all platforms, I'd be interested in what they need to get to profitability/how progress is - not because I want to come up with my own cockamamie P2P platform but simply be nice to know platform risk.
If it hasn't been mentioned prior, one tip I have is the data feed page in the my loanbook section. They've definitely grown user numbers over the last 3 months. Long may it continue.
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littleoldlady
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Post by littleoldlady on Oct 16, 2019 10:01:02 GMT
What I would love to know, but doubt that we will be told, is data on non-performing loans and the losses suffered by the lending partner.
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Post by nooneere on Oct 16, 2019 19:22:07 GMT
What I would love to know, but doubt that we will be told, is data on non-performing loans and the losses suffered by the lending partner. This information can be found on your account page -> My Loanbook -> Live Data Feed
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littleoldlady
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Post by littleoldlady on Oct 16, 2019 20:55:11 GMT
What I would love to know, but doubt that we will be told, is data on non-performing loans and the losses suffered by the lending partner. This information can be found on your account page -> My Loanbook -> Live Data Feed I don't think so. The only data given is for the LP share not the lending partner who ranks behind us and whose LTVs will be much higher.
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Post by nooneere on Oct 17, 2019 6:56:32 GMT
This information can be found on your account page -> My Loanbook -> Live Data Feed I don't think so. The only data given is for the LP share not the lending partner who ranks behind us and whose LTVs will be much higher. The number of late loans will be the same for both - and so will the losses, until some occur. If it is the historical performance of the lending partner you want, their accounts going back to 1980 can be viewed at Companies House.
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benaj
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Post by benaj on Oct 17, 2019 7:09:24 GMT
I am happy with Loanpad track record so far for such a young platform.
Total money lent since launched: £7.9 Mil
Total money capital repaid: £2.6 Mil (12 loans)
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littleoldlady
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Post by littleoldlady on Oct 17, 2019 7:38:48 GMT
I don't think so. The only data given is for the LP share not the lending partner who ranks behind us and whose LTVs will be much higher. The number of late loans will be the same for both - and so will the losses, until some occur.
If it is the historical performance of the lending partner you want, their accounts going back to 1980 can be viewed at Companies House. You have assumed that the loss figure includes any by the partner, whereas I have assumed that it only refers to losses by Loanpad lenders. Perhaps Loanpad would clarify. If you are right then we would have been much better off (so far) investing on the partner's terms. Also the number of late loans only shows the current position, not how many loans have been late to date.
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Post by nooneere on Oct 17, 2019 18:09:01 GMT
The number of late loans will be the same for both - and so will the losses, until some occur.
If it is the historical performance of the lending partner you want, their accounts going back to 1980 can be viewed at Companies House. You have assumed that the loss figure includes any by the partner, whereas I have assumed that it only refers to losses by Loanpad lenders. Perhaps Loanpad would clarify. If you are right then we would have been much better off (so far) investing on the partner's terms. Also the number of late loans only shows the current position, not how many loans have been late to date. Are we talking at cross purposes? The 'Live Data Feed' surely shows only losses by LP lenders, but there are NO overdue loans - so the figure of zero losses for LP lenders must also apply to the lending partners. Loanpad has only been up and running since the end of January, so why are you thinking there must be hidden losses for the partners already?
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littleoldlady
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Post by littleoldlady on Oct 18, 2019 8:35:22 GMT
You have assumed that the loss figure includes any by the partner, whereas I have assumed that it only refers to losses by Loanpad lenders. Perhaps Loanpad would clarify. If you are right then we would have been much better off (so far) investing on the partner's terms. Also the number of late loans only shows the current position, not how many loans have been late to date. Are we talking at cross purposes? The 'Live Data Feed' surely shows only losses by LP lenders, but there are NO overdue loans - so the figure of zero losses for LP lenders must also apply to the lending partners. Loanpad has only been up and running since the end of January, so why are you thinking there must be hidden losses for the partners already? This discussion shows that there is insufficient transparency on the site (which LP have said they intend to improve). If you and I are right that the losses shown on the data fed relate only to LP lenders then it is logically possible that loans have defaulted but repaid enough to cover LP lenders. These loans may have been running for longer than LP has been operating as the lending partner has been going longer. Anyone choosing to invest on LP at c4% when the lending partner is getting far more must surely suppose that the partner has or will suffer losses that (s)he will avoid else why settle for so little?
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Post by stevepn on Oct 18, 2019 15:43:44 GMT
Please pardon my ignorance but where on Live Data Feed does it make mention of any losses?
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Post by nooneere on Oct 20, 2019 18:33:01 GMT
Please pardon my ignorance but where on Live Data Feed does it make mention of any losses? 3rd column-3rd row is 'All Time Losses' (currently £0.00). I don't agree there is an issue here, because to the left of this cell is 'Overdue Loans' (also 0). Based on my understanding of how LP loans are structured, I think overdue loans would be highly likely to be overdue for both LP investors and the lending partner - in other words, from the 'Overdue Loans' report we WOULD (very likely) know if the latter had problems with a given loan, because we would too. I would imagine that in this event a new column 'Overdue Loans' would appear alongside 'Live Loans', 'Upcoming Loans' and 'Repaid Loans'(!) For LP to report any lending partner losses directly in the 'Live Data Feed' would be fiendishly complicated (see the Lendy and Collateral threads!) - however, one could get a general insight from the lending partner's accounts in Company House.
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littleoldlady
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Post by littleoldlady on Oct 21, 2019 11:20:22 GMT
I generally agree, but the fact there there are currently no overdue loans does not mean that there never have been, nor that there have never been any defaults which have resulted in a loss to the partner. If in fact there have not then it can only be in LP's interest to publish the facts.
I have not bothered to check the partners accounts as I think it most unlikely that they would reveal that level of detail.
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Greenwood2
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Post by Greenwood2 on Oct 21, 2019 20:10:11 GMT
I decided to get out of LP, partly because of the, 'sign people up and get a higher rate' thing. I thought we all got that message on Col and Ly do not put your friends and family in a problem if something you are into goes down.
And the thread removed by request of loanpad bit didn't help!
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Loanpad
Oct 22, 2019 5:04:42 GMT
via mobile
Post by gravitykillz on Oct 22, 2019 5:04:42 GMT
I am out of lp as well. Have to admit though my experience with loanpad while I was with them went well apart from the report saga on this forum a few weeks back.
However they are emailing me every week about not using my account.
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Post by Badly Drawn Stickman on Oct 22, 2019 16:59:09 GMT
I am out of lp as well. Have to admit though my experience with loanpad while I was with them went well apart from the report saga on this forum a few weeks back. However they are emailing me every week about not using my account. Did you find the withdrawal time fairly quick? I am hearing reports of several days being the current standard. If that is the case, it seems to have become quite a bit slower.
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