Monetus
Member of DD Central
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Post by Monetus on Sept 22, 2018 8:20:10 GMT
It's good to see you back Ed.  I welcome the increased engagement (and chocolate). |
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agent69
Member of DD Central
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Post by agent69 on Sept 22, 2018 8:50:55 GMT
I'm surprised that people have forgotten the problems from 12 months ago in Plymouth.
Nothing good ever came out of free chocolate!
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hazellend
Member of DD Central
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Post by hazellend on Sept 22, 2018 9:02:35 GMT
Hi justme , Well I guess you can make the figures say what you want. My view is that if you compare defaults to a live loan book, you miss out a key figure, which is all the repaid loans. If you compare the remaining defaults with the total originated, remaining capital outstanding is 7.75% as things stand today. The slow loan origination this year has also made the defaults seem magnified as the live loan book as decreased slightly as performing loans have repaid. Also just to point out that what we call ‘non-performing’ are not even reportable on other platforms. Some platforms report non-performing after 45, 90 or 180 days. We report after 14 days. On this basis, you could say that £21.6m of the £28m live are performing. The FCA include some standard definitions of a ‘default’ in their recent consultation paper. For us this is great as it would reduce our default statistics. For other platforms, I expect their published default rate would increase dramatically. That’s the issue when there is no standard definition. We’ve taken a fairly hard line in or definitions, which is not so great for marketing purposes, but we think it is more useful to lenders. Would be interesting to know if anyone has a view on this. Kind regards Sophie I see the investors here in bigger troubles. Looking into the magic triangle so we have
- risk: seems to be much higher than 1 or 2 years before. Some investors have lost money after interests. LTV is a joke.
- return: I don't know if my returns will be positiv at all at the end. To much money in defaulted loans and the none-performing don't help. Nobody knows if they will perform
- liquidity: bad. Back in the day you could sell on 2nd market, take your money whenever you needed. Don't work now for the most loans.
I know that p2p investing is no daytrade and I know about the risks too. But from my point of view MT is no success story for investors now. I never would recomend it to my friends.
Don't missunderstand my, I like the company and appreciate your team. But the problems are serious now. Some 60% of my investments are defaulted or in loans I cannot sell at all. And looking at the storage loan i.e. is hard to understand what went wrong.
It is not hard to see at all. Most Moneything investors seem to illogically prefer an illiquid fixed secondary market rather than one that allows variable bids and offers. Moneything are just giving their investors what they want. ABLrate have set the gold standard for P2P loan secondary market. Some may not like it, but is still the best way to retain liquidity
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Post by Ace on Sept 22, 2018 9:38:49 GMT
Beware geeks bearing gifts!!!  If Lendy were to cotton on to this idea of obtaining real names and addresses of trust pilot posters by offering chocolate they could send the boys round to deliver. They might be tempted to 'accidentally' tap some fingers in doors as they left. Ok, in truth I'm just jealous of missing out on the chocky bars and hoping to dissuade others from any future rounds  |
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james21
Member of DD Central
Posts: 651
Likes: 669
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Post by james21 on Sept 22, 2018 12:23:51 GMT
Hi justme , Well I guess you can make the figures say what you want. My view is that if you compare defaults to a live loan book, you miss out a key figure, which is all the repaid loans. If you compare the remaining defaults with the total originated, remaining capital outstanding is 7.75% as things stand today. The slow loan origination this year has also made the defaults seem magnified as the live loan book as decreased slightly as performing loans have repaid. Also just to point out that what we call ‘non-performing’ are not even reportable on other platforms. Some platforms report non-performing after 45, 90 or 180 days. We report after 14 days. On this basis, you could say that £21.6m of the £28m live are performing. The FCA include some standard definitions of a ‘default’ in their recent consultation paper. For us this is great as it would reduce our default statistics. For other platforms, I expect their published default rate would increase dramatically. That’s the issue when there is no standard definition. We’ve taken a fairly hard line in or definitions, which is not so great for marketing purposes, but we think it is more useful to lenders. Would be interesting to know if anyone has a view on this. Kind regards Sophie I see the investors here in bigger troubles. Looking into the magic triangle so we have
- risk: seems to be much higher than 1 or 2 years before. Some investors have lost money after interests. LTV is a joke.
- return: I don't know if my returns will be positiv at all at the end. To much money in defaulted loans and the none-performing don't help. Nobody knows if they will perform
- liquidity: bad. Back in the day you could sell on 2nd market, take your money whenever you needed. Don't work now for the most loans.
I know that p2p investing is no daytrade and I know about the risks too. But from my point of view MT is no success story for investors now. I never would recomend it to my friends.
Don't missunderstand my, I like the company and appreciate your team. But the problems are serious now. Some 60% of my investments are defaulted or in loans I cannot sell at all. And looking at the storage loan i.e. is hard to understand what went wrong.
Agree all; my situation is very similar, all of mine are on the SM, none have sold, dont think they will, wont be adding funds
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justme
Member of DD Central
Posts: 203 
Likes: 89
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Post by justme on Sept 22, 2018 12:25:56 GMT
I'm surprised that people have forgotten the problems from 12 months ago in Plymouth.
Nothing good ever came out of free chocolate!
Haha that was the first thing that came to my mind. Then I thought it was a bet on building being complete last time while this time it is just innocuous tenth poster goodie for lifting morale so I thought I am not going to mention it.
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Post by Badly Drawn Stickman on Sept 22, 2018 18:24:08 GMT
I feel an acceptance speech should be offered in the style of the Oscars, raising sensitive political topics and pushing the fight for Idiot rights. However it is Saturday night my football team won, and all is well in my World so I won't. As the competition was so simple maybe the prize giving should be the tricky bit. You should know who I am (Memory test for SophieThing ) Worst case scenario is somebody gets a surprise bar of chocolate, and feels you are wonderful. Just as a precaution I will increase the size of my letterbox tomorrow, I assume its a big bar?
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Post by Please turn me over on Sept 22, 2018 18:39:00 GMT
It was Green & Black's last year.   |
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Sept 22, 2018 19:32:53 GMT
Hi Timmy.
Please can I have some of your chocolate for giving you the 1500 th "like post" badge?
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Post by Badly Drawn Stickman on Sept 22, 2018 21:22:49 GMT
It was Green & Black's last year. I have a strange feeling somebody is currently thinking Novichok is what I should get.
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Post by df on Sept 22, 2018 22:40:26 GMT
Interesting that performing live loans are for 15 millions while nonperforming and defaulted are just above 10 millions - more than 40% of loan book is in trouble. Hi justme , Well I guess you can make the figures say what you want. My view is that if you compare defaults to a live loan book, you miss out a key figure, which is all the repaid loans. If you compare the remaining defaults with the total originated, remaining capital outstanding is 7.75% as things stand today. The slow loan origination this year has also made the defaults seem magnified as the live loan book as decreased slightly as performing loans have repaid. Also just to point out that what we call ‘non-performing’ are not even reportable on other platforms. Some platforms report non-performing after 45, 90 or 180 days. We report after 14 days. On this basis, you could say that £21.6m of the £28m live are performing. The FCA include some standard definitions of a ‘default’ in their recent consultation paper. For us this is great as it would reduce our default statistics. For other platforms, I expect their published default rate would increase dramatically. That’s the issue when there is no standard definition. We’ve taken a fairly hard line in or definitions, which is not so great for marketing purposes, but we think it is more useful to lenders. Would be interesting to know if anyone has a view on this. Kind regards Sophie "One platform" deleted the nasty word from their vocabulary and received full FCA authorisation soon after.
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derbyfella
Member of DD Central
Posts: 70
Likes: 45
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Post by derbyfella on Sept 23, 2018 22:11:15 GMT
Forgive me for following and then leading this thread further off topic. one of the broadsheets today (I think Sunday times)in the business section had a piece on P2P lenders which included a small section regarding one of the main three companies, who rather than putting a loan into default had bought the failing company.
also mentioned were not communicating status of loans.
please can a mod move this to a relevant thread....and if possible if anyone can find the article in question to link to it or quote it would be good.
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gt94sss2
Member of DD Central
Posts: 281
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Post by gt94sss2 on Sept 23, 2018 22:25:28 GMT
Forgive me for following and then leading this thread further off topic. one of the broadsheets today (I think Sunday times)in the business section had a piece on P2P lenders which included a small section regarding one of the main three companies, who rather than putting a loan into default had bought the failing company. also mentioned were not communicating status of loans. please can a mod move this to a relevant thread....and if possible if anyone can find the article in question to link to it or quote it would be good. The article is at www.thetimes.co.uk/edition/business/peer-to-peer-lenders-await-ultimate-test-2n2kqv3cv and the firm you refer to is/was RateSetter not MT. I'm sure it was covered on the RS forum at the time.
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robski
Member of DD Central
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Post by robski on Sept 24, 2018 8:03:24 GMT
Forgive me for following and then leading this thread further off topic. one of the broadsheets today (I think Sunday times)in the business section had a piece on P2P lenders which included a small section regarding one of the main three companies, who rather than putting a loan into default had bought the failing company. also mentioned were not communicating status of loans. please can a mod move this to a relevant thread....and if possible if anyone can find the article in question to link to it or quote it would be good. The article is at www.thetimes.co.uk/edition/business/peer-to-peer-lenders-await-ultimate-test-2n2kqv3cv and the firm you refer to is/was RateSetter not MT. I'm sure it was covered on the RS forum at the time. It was indeed RS, and it made a lot of sense at the time. I am fairly sure they said it was a one off, and for all the lenders it was a result. Back to the main topic however, I liked the newsletter. What always marks out good service/companies is how they deal with the bad things, not the good things The problem with defaults is that these things grind for ages, usually because the law is slooooow, sometimes well into years. Whats the famous inheritance case from the US (name escapes me), has that managed to chalk up 100 years yet.
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derbyfella
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Post by derbyfella on Sept 26, 2018 19:51:42 GMT
thank you. Yes perhaps remiss of me not to clarify that it wasn't MT, however, that being said some of the points MT had started to fall down on Imho recently anyway.
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