nairda
Member of DD Central
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Post by nairda on Jan 24, 2019 13:42:23 GMT
I am in the process of withdrawing from BondMason and now only have loans in recovery and on the watch list. I have just a few pounds showing in "Cash in bank" but very day or so this sum reduces by a few pence despite no changes to the recovery and watch list loans. How can this happen?
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Post by stevefindlay on Jan 24, 2019 16:27:50 GMT
Please send through your account details to invest@bondmason.com and cc me stephen.findlay@bondmason.com and we will investigate.
Thanks
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nairda
Member of DD Central
Posts: 112
Likes: 43
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Post by nairda on Jan 28, 2019 11:47:09 GMT
Steve has explained what is happening with the "Cash in bank" but I am very curious about other events. As I said I want to sell out of BondMason and all the loans that can be sold have been sold as far as I can tell. However, today, the number of loans on the watchlist has increased from three to six while the number of loans in recovery has increased by one.
Also, if I look at "Live Loans" There are dozens which are either sold or repaid, but in which I have no holding (holding = £0). I would love to know what is going on here as how can a loan be live while I don't have any money invested in it.
It's all very confusing!
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alibaba
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Post by alibaba on Jan 28, 2019 13:12:48 GMT
Relieved to read that I am not the only one that finds the site confusing, I had six figures invested in the account which I have now reduced by half, the positive aspect was that the money was in my bank within 24 hours (very impressed) the communication is excellent and Steven and his team are very professional, also I consider my net return (plus 6%) to be fair.
The big downside for me is understanding the workings of outstanding loans, the Bondmason team have explained this to me but I am still none the wiser ( not very quick on the uptake). If at sometime in the future the site was simplified I would consider increasing my investment.
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Post by stevefindlay on Jan 29, 2019 12:42:06 GMT
Steve has explained what is happening with the "Cash in bank" but I am very curious about other events. As I said I want to sell out of BondMason and all the loans that can be sold have been sold as far as I can tell. However, today, the number of loans on the watchlist has increased from three to six while the number of loans in recovery has increased by one.
Also, if I look at "Live Loans" There are dozens which are either sold or repaid, but in which I have no holding (holding = £0). I would love to know what is going on here as how can a loan be live while I don't have any money invested in it.
It's all very confusing!
Live loans with no holding: you may have held a larger position previously e.g. £100; which was then partially sold down to increase your diversification. The way it is sold down is that you sell your full position - £100 (lets call it number 1001) - and the repurchase a new, smaller position against the same underlying loan - £60 (lets call it number 1002); at the same time as buying a brand new position for £40 (lets call it 1003) (or more - e.g. £60 if you have cash available in your account. To ensure a full audit trail; both the original position and your existing position will be shown on your account: - Number 1001; status = Live; amount held = £0; underlying loan ABC (amount sold = £100) - Number 1002; status = Live; amount held = £60; underlying loan ABC - Number 1003; status = Live; amount held = £40; underlying loan DEF. Granted, this is not simple; but it enables good diversification with full legal and accounting audit trail.
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Post by stevefindlay on Jan 29, 2019 12:42:30 GMT
Simplification is coming. Soon, very soon...
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zlb
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Post by zlb on Feb 19, 2019 19:11:36 GMT
Simplification is coming. Soon, very soon... Hi, how soon? I'd like to see more realistic info on "earnings" given that mine are approx £400 more than is actually featured in my account total. I've already written to you about this but I didn't understand your reply. I can see that listing 'sold' loans is transparent, but the overall effect is to cause a blur or info without filters, online, which conveys a sense of not being that trustable.
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Post by stevefindlay on Feb 19, 2019 20:01:06 GMT
A few weeks, all going well. Ideally in this tax year (before April 5). But a couple of things are out of our hands timing-wise.
More updates to follow as they are able to be publicised...
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zlb
Member of DD Central
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Post by zlb on Feb 20, 2019 18:46:44 GMT
I've got at least 30% of my £ in default/admin.
What do others find?
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nairda
Member of DD Central
Posts: 112
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Post by nairda on Feb 20, 2019 21:10:00 GMT
I've got at least 30% of my £ in default/admin. What do others find? I have around 10% stuck, having withdrawn everything else. A lot of this stuck money is in now defunct C***teral loans. Total interest to date nearly covers the potential losses, not good.
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Post by stevefindlay on Feb 22, 2019 8:21:08 GMT
I've got at least 30% of my £ in default/admin. What do others find? Dear zlb - please refer to this blog post which sets out the route to repayment: www.bondmason.com/blog/life-loan-watchlist-recovery-and-defaultsUnder our definitions, it is normal to have 20% on Watchlist or Default, but these typically still repay in full, and full interest. No client has lost anything against any property loan to date, and total losses are less than 20bp (0.2%).
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Post by roberti on Feb 25, 2019 8:37:38 GMT
I've got at least 30% of my £ in default/admin. What do others find? I have around 10% stuck, having withdrawn everything else. A lot of this stuck money is in now defunct C***teral loans. Total interest to date nearly covers the potential losses, not good. Similar scenario here too.... Approximately 14% stuck mostly C***teral as well. No idea whats happening..... No meaningful updates / No information on progress.... SO decided to cash -out. Very Disappointed.....
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alibaba
Member of DD Central
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Post by alibaba on Feb 25, 2019 10:17:33 GMT
I have been with BM for three years, at one time I had 250k invested, I became concerned about the money stuck in default and on the watchlist, I decided to run down my investment and withdrew 150k which was in my bank within 24 hrs, since then I have regained most of my initial confidence in the site, given that my return (before fees ) has always been above 8% and that my total write off to date is less than £100, I think that it is a fair return for the risk involved, I intend to run down my AC account and move the funds to BM, My main reason being that AC allocated 20% of my money into one loan on the GBBA1 and the same on the GEA account.
I am also with Proplend, Growth street, HNW, BC and to my everlasting regret TC.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 25, 2019 11:16:40 GMT
I have around 10% stuck, having withdrawn everything else. A lot of this stuck money is in now defunct C***teral loans. Total interest to date nearly covers the potential losses, not good. Similar scenario here too.... Approximately 14% stuck mostly C***teral as well. No idea whats happening..... No meaningful updates / No information on progress.... SO decided to cash -out. Very Disappointed..... Ditto 0.6% default and 10% stuck.
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Post by stevefindlay on Feb 25, 2019 13:21:05 GMT
I have around 10% stuck, having withdrawn everything else. A lot of this stuck money is in now defunct C***teral loans. Total interest to date nearly covers the potential losses, not good. Similar scenario here too.... Approximately 14% stuck mostly C***teral as well. No idea whats happening..... No meaningful updates / No information on progress.... SO decided to cash -out. Very Disappointed..... - sadly, we are bound by the terms of a confidentiality agreement in our capacity on the Creditors Committee of Coll. I'm sure you'll understand that this restricts what we are able to say about the process. Although it doesn't restrict our involvement and desire to get the best possible outcome. Across the platform, the exposure to Coll is less than 2%, all secured against Property loans (no chattels); and we are liaising closely with Administrator to get as full as possible recovery on those loans. The process will be slow - as the Administrator has duty of care to many different stakeholders - the objective for us is to get to the best possible outcome on those positions for our clients. We will provide further updates as soon as we are able to.
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