Mucho P2P
Member of DD Central
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Post by Mucho P2P on Jan 24, 2019 17:11:01 GMT
There's a trading update posted on Seedrs a few hours back, posted by Nadeem. He makes a significant call to action for more lenders. So my earlier 'suspicions' of WLU being oversubscribed may be inaccurate. Interesting ... I'm interested in how these borrowers are different to those at Z, LW and RS. Any knowledge anyone? Are WL filling the short term loan market whereas the others won't loan for such short periods? I know on Z, when I've looked, the less you want to borrow for a shorter time, relatively understandably, the higher the interest rate gets (on the visible scale before registering). I am not sure about Z or LW, but I know that RS they are seeking better quality borrowers to lend to. I suspect that WLU is aiming for a less prime part of the available borrowers.
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benaj
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Post by benaj on Jan 24, 2019 17:16:01 GMT
I've just checked the stats, new default rate for 2018 today increases 0.5% from yesterday, PF coverage for 2018 is 119%.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 24, 2019 17:48:17 GMT
Typical Payday loans are 30 days and a lot higher intrest. Welendus fills the gap for those with sufficient credit worthiness for slightly longer loans. At £500 max default recovery would be nearly 100% as most would have assets well above this.
However that does not matter to investors as PF buys long before default criteria are met.
I imagine most defaults are probably written-off. The costs of pursuing sub £500 debts through the courts wouldn't make much economic sense in a lot of cases. At present, about a third of my return is from defaulted loan interest paid by the PF on buy back. Once they stop paying interest on defaulted loans (I understand this is temporary) returns will look a lot less attractive. It will be interesting to see if default rates rise over Jan-Feb as this is typically the time most households are under financial strain paying for debts built-up in the run up to the Christmas period. Small claim only £60 then another £70 if sheriffs needed. As most borrowers are employed they will probably have a TV worth more than the remaining debt and furniture/car to cover costs. Harsh but necessary.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jan 24, 2019 17:50:26 GMT
I'm interested in how these borrowers are different to those at Z, LW and RS. Any knowledge anyone? Are WL filling the short term loan market whereas the others won't loan for such short periods? I know on Z, when I've looked, the less you want to borrow for a shorter time, relatively understandably, the higher the interest rate gets (on the visible scale before registering). I am not sure about Z or LW, but I know that RS they are seeking better quality borrowers to lend to. I suspect that WLU is aiming for a less prime part of the available borrowers. I would doubt many of the borrowers in loans paying 5% similar to the sites you mentioned would default as their credit would be the best.
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Post by gravitykillz on Jan 26, 2019 6:31:00 GMT
Is there any reinvestment options ? I could not see any.
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Post by Ace on Jan 26, 2019 8:27:56 GMT
Is there any reinvestment options ? I could not see any. Nope, capital and interest are auto reinvested. The only exception is the "additional earnings" (the compensation for lost interest on loans acquired by the PF) which you can manually assign to an investment or withdraw. Bit of an anomaly IMO.
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Ukmikk
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Post by Ukmikk on Jan 26, 2019 15:13:36 GMT
Is there any reinvestment options ? I could not see any. One of the promised improvements which seem to be a very long time coming. For a company that heralds itself as a tech company it's very slow on the tech front.
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dh1
Member of DD Central
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Post by dh1 on Jul 10, 2019 21:40:02 GMT
I've been investing in Welendus/Fundourselves since October 2018 and watching this forum closely. The conclusion I've reached is that the platform isn't for me.
It really isn't possible for a lender to determine to any reasonable degree what is going on and there really isn't any merit in trying to do so, I'm afraid. If you look at the sterling efforts made by lenders with this goal in mind, you'll see what I mean.
The comments made on behalf of the platform (eg the recently received monthly report) really just confirm that it is a true "black box" in which lenders invest with no idea of what returns can be expected or when. The "loan decisioning engine" talk just reinforces this.
Of course, my returns from the platform have tanked (like the majority I suspect) and that bottom line failure clinches it as far as I am concerned.
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Post by sayyestocress on Jul 11, 2019 7:42:01 GMT
The comments made on behalf of the platform (eg the recently received monthly report) really just confirm that it is a true "black box" in which lenders invest with no idea of what returns can be expected or when. The "loan decisioning engine" talk just reinforces this.
Of course, my returns from the platform have tanked (like the majority I suspect) and that bottom line failure clinches it as far as I am concerned.
I disagree with this. The loans pay back on time and those that haven't paid have been bought by the provision fund and the interest that would have been earned if the loan had paid back on time gets paid in a monthly chunk. The platform has not failed this once as far as I know. The problem they have is the pause on lending for the tech update (yes, decisioning engine is a stupid name) that's caused monumental cash drag. Lending has started up again on my account. If the tech update means that borrowers are less likely to default, then this short term blip should be beneficial for the long term for them and us.
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Post by Ace on Jul 11, 2019 9:17:19 GMT
The comments made on behalf of the platform (eg the recently received monthly report) really just confirm that it is a true "black box" in which lenders invest with no idea of what returns can be expected or when. The "loan decisioning engine" talk just reinforces this.
Of course, my returns from the platform have tanked (like the majority I suspect) and that bottom line failure clinches it as far as I am concerned.
I disagree with this. The loans pay back on time and those that haven't paid have been bought by the provision fund and the interest that would have been earned if the loan had paid back on time gets paid in a monthly chunk. The platform has not failed this once as far as I know. The problem they have is the pause on lending for the tech update (yes, decisioning engine is a stupid name) that's caused monumental cash drag. Lending has started up again on my account. If the tech update means that borrowers are less likely to default, then this short term blip should be beneficial for the long term for them and us. I agree with both of you. On the micro level (individual loans) we know exactly what we are getting, with payments and buybacks happening like clockwork. On the macro (platform) level we haven't a clue. The promised increase in loans appeared to have started then stalled again, with not much sign of an increase in the stats. Of course we don't want lending increases until the poor default rate issue is fixed. I have to wonder whether any increase in loans is actually due to other investors pulling out. If I wasn't busy with other issues at the moment I might well join them. My planned increases for this platform have certainly gone elsewhere.
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Post by df on Jul 11, 2019 16:56:59 GMT
I've been investing in Welendus/Fundourselves since October 2018 and watching this forum closely. The conclusion I've reached is that the platform isn't for me.
It really isn't possible for a lender to determine to any reasonable degree what is going on and there really isn't any merit in trying to do so, I'm afraid. If you look at the sterling efforts made by lenders with this goal in mind, you'll see what I mean.
The comments made on behalf of the platform (eg the recently received monthly report) really just confirm that it is a true "black box" in which lenders invest with no idea of what returns can be expected or when. The "loan decisioning engine" talk just reinforces this.
Of course, my returns from the platform have tanked (like the majority I suspect) and that bottom line failure clinches it as far as I am concerned.
I'm in different position because I've been investing since the beginning (December 2017). The age of investments certainly makes a big difference - all my up to May 2018 investments are performing without any queue issues. If I was in your (and many others who started with Welendus later) position, I would withdraw and keep an eye on future development and if/when the lending is back to normal, I'd reinvest.
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Post by Badly Drawn Stickman on Nov 2, 2019 11:57:51 GMT
I quite like the changes to the user interface, nice clean lines. Also the rather unloved pool is no longer visible straight away.
I only have a fairly token presence as it seems that the platform is not really taking off. It probably has just enough of a pulse to keep alive, but does appear to be in a coma.
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Post by Ace on Nov 2, 2019 15:48:45 GMT
I quite like the changes to the user interface, nice clean lines. Also the rather unloved pool is no longer visible straight away. I only have a fairly token presence as it seems that the platform is not really taking off. It probably has just enough of a pulse to keep alive, but does appear to be in a coma. I don't dislike the changes, but it does seem to me to be yet another pointless cosmetic change when there are far more important issues that should be addressed first. I've recently initiated some withdrawals and trying to determine their exact state is completely incomprehensible. This includes blatantly incorrect information as to how much has been transferred out (eventually corrected 10 days after notifying them), and utterly confusing info as to why some loans haven't been sold on. All in all, could do much better.
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trium
Member of DD Central
Posts: 384
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Post by trium on Nov 3, 2019 7:30:27 GMT
I've recently initiated some withdrawals and trying to determine their exact state is completely incomprehensible. This includes blatantly incorrect information as to how much has been transferred out (eventually corrected 10 days after notifying them), and utterly confusing info as to why some loans haven't been sold on. All in all, could do much better. They said they'd sent money to my bank account on 25 October. It has yet to arrive and the balance of the investment is seemingly stuck.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
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Post by jonno on Nov 3, 2019 10:06:11 GMT
I've recently initiated some withdrawals and trying to determine their exact state is completely incomprehensible. This includes blatantly incorrect information as to how much has been transferred out (eventually corrected 10 days after notifying them), and utterly confusing info as to why some loans haven't been sold on. All in all, could do much better. They said they'd sent money to my bank account on 25 October. It has yet to arrive and the balance of the investment is seemingly stuck. Not sure what's going on here. I requested a withdrawal on 27th October, and they are estimating completion by Sept 2024.........! 
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