r00lish67
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Post by r00lish67 on Aug 16, 2019 8:01:42 GMT
I'm sure you don't really think the platform offers a way to offload your already-defaulted loans .
danraj is just taking advantage of this thread to introduce a bit of promotional spin for his platform, by mentioning a new feature which is pretty-much irrelevant to the points being made about poor recovery performance. Have to say, having read "Lenders who do not want to hold defaulted microloans can now choose to to use the BuyBack Guarantee provided by other lenders who are willing to take the risk and hold non-performing assets through to enforcement and recovery".. ..I thought 'really?' too, as it does sound like danraj is saying that you can sell off your defaulted loans. So out of curiosity, what is this new feature then, if not that? Whatever it is, I think it could probably be described more clearly!
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keystone
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Post by keystone on Aug 16, 2019 9:57:39 GMT
NO Rebs and danraj are not improving, in fact they have appointed a separate company to send SPAM emails to investors. If you are thinking of signing up to Re-Building Society then be prepared to be spammed to death by their SPAMMERS Sourced Capital without permission. WARNING SOURCED CAPITAL SPAMMERS
Sourced is a trading name of Jark-1 Limited and its subsidiaries. Jark-1 Limited is registered in England and Wales (Company No. 10852300), having its registered office address at Unit 5, Turnstone Business Park, Mulberry Avenue, Widnes, Cheshire, WA8 0WN. Jark-1 Limited is an Appointed Representative (ref. no. 826510) of rebuildingsociety.com Ltd, a firm authorised and regulated by the Financial Conduct Authority (FCA) under registration number 656344. Jark-1 Limited is not covered by the Financial Services Compensation Scheme (FSCS). I never signed up to these spammers at any time. I have repeatedly opted out of their emails but they continue to send spam emails. I have received yet another SPAM email from Sourced Capital today. If they wish to ignore the law regarding spamming and illegally obtain peoples emails to spam and think they are going to get away with it then this is going to be a costly exercise for them.
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seb8072
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Post by seb8072 on Aug 16, 2019 10:31:33 GMT
NO Rebs and danraj are not improving, in fact they have appointed a separate company to send SPAM emails to investors. If you are thinking of signing up to Re-Building Society then be prepared to be spammed to death by their SPAMMERS Sourced Capital without permission. WARNING SOURCED CAPITAL SPAMMERS
Sourced is a trading name of Jark-1 Limited and its subsidiaries. Jark-1 Limited is registered in England and Wales (Company No. 10852300), having its registered office address at Unit 5, Turnstone Business Park, Mulberry Avenue, Widnes, Cheshire, WA8 0WN. Jark-1 Limited is an Appointed Representative (ref. no. 826510) of rebuildingsociety.com Ltd, a firm authorised and regulated by the Financial Conduct Authority (FCA) under registration number 656344. Jark-1 Limited is not covered by the Financial Services Compensation Scheme (FSCS). I never signed up to these spammers at any time. I have repeatedly opted out of their emails but they continue to send spam emails. I have received yet another SPAM email from Sourced Capital today. If they wish to ignore the law regarding spamming and illegally obtain peoples emails to spam and think they are going to get away with it then this is going to be a costly exercise for them. Must admit, I haven't received any of this (yet). What sort of spam are they sending out?
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Post by df on Aug 16, 2019 13:10:53 GMT
oppsididitagain We are working to improve our service, communication and lending performance. Lenders who do not want to hold defaulted microloans can now choose to to use the BuyBack Guarantee provided by other lenders who are willing to take the risk and hold non-performing assets through to enforecement and recovery. We have kept our fee structure very thin, thereby passing more margin onto our lenders. We aim to treat all our customers fairly and professionally and welcome you to give us a(nother) try. Hi danraj , Is it possible to notify lenders by e-mail when new loans go live on the platform?
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Post by oppsididitagain on Aug 18, 2019 6:36:08 GMT
Thanks for opening this thread kaya , I feel that we deserve another look, especially since various lender portfolios have 'normalised'... Historically, we have recovered 20% of defaults, this recovery rate climbs as recoveries come in and new defaults fall below the 14% average. Not every loan will repay in full, but we are one of the few platforms that haven't applied downwards pressure on the interest rates. Many other platforms have increased lending volumes by being more competitive on their interest rate. Would you kindly share what your overall Net Return is? I'm interested to know if it is above or below the platform average. If it is below, then please email support and we review your portfolio to let you know what can be done to improve your overall performance. Thanks Some of the loans that have been active for over 2 years STILL do not pay by DD or SO. This is a breach of the T&C's the lenders signed up for Ive been burnt too much on this site, l*s J*l*s. loan paid 1 instalment and nothing more ! The loan brokers you have used don't take any responsibility and yet you still pay their commsiion and encourage them to bring more loans to the platform good luck but this platform is not for me until all loans set up DD/SO and you put the lenders 1st
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brush
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Post by brush on Aug 18, 2019 10:00:19 GMT
We are working to improve our service, communication and lending performance.
None of these have improved especially communication.
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zlb
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Post by zlb on Aug 21, 2019 21:26:43 GMT
There's a loan in c2f which is also raising on rebs. On rebs it says the security is a debenture over the company. C2f don't take this kind of security. As it's a newish company, would a debenture amount to much...I'm not a rebs lender, so I don't know what the interest rate is for this company, or whether lenders get to see the debenture valuation.
Would you lend to this company through rebs or c2f?
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Post by df on Aug 21, 2019 22:08:40 GMT
There's a loan in c2f which is also raising on rebs. On rebs it says the security is a debenture over the company. C2f don't take this kind of security. As it's a newish company, would a debenture amount to much... I'm not a rebs lender, so I don't know what the interest rate is for this company, or whether lenders get to see the debenture valuation. Would you lend to this company through rebs or c2f? I don't think you have to be registered to see Rebs marketplace. www.rebuildingsociety.com/investment-opportunities/
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zlb
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Post by zlb on Aug 21, 2019 23:37:19 GMT
There's a loan in c2f which is also raising on rebs. On rebs it says the security is a debenture over the company. C2f don't take this kind of security. As it's a newish company, would a debenture amount to much...I'm not a rebs lender, so I don't know what the interest rate is for this company, or whether lenders get to see the debenture valuation. Would you lend to this company through rebs or c2f? am I allowed to post a link to the loan page? It's not listed as new. (In fact it looks like they took the loan, which means they have raised two loans at the same time which changes the risk?). Curious about this borrower behaviour, poss not unique.
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Post by danraj on Aug 26, 2019 17:18:54 GMT
FYI the loan on C2F was cancelled before ours was formalised. We collaborated with C2F asking the borrower to choose between us.
Thanks to everyone who participated on the loan, it completed at 16.97%.
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seb8072
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Post by seb8072 on Feb 8, 2021 13:16:20 GMT
danraj in answer to the title of this thread it would, sadly, seem not. Having dipped my toe back into the waters again, I am deeply regretting the decision. Despite Danraj's statement: "I'll ask for these to be updated." of Sun Dec 20 2020 12:32:30 in response to a post on the thread: "Laughable ReBs recovery projections"; there has been no updates on the loans listed: S***** S*** F******* Ltd O****** F****** & L****** Ltd F****** E******** H*** Ltd L******* S***** S***** I******* D***** Ltd
We now also have the following additional loans with no updates for over 12 months:
E****** F********* M********* Ltd O**** E****** LTD S****** W****** Ltd
S******* E********** (I************) Ltd A**** R********** S******** LTD L**J*** LTD I** P******* LTD
Furthermore, one of my recent loans O*** E****** (B***) Ltd has had no updates since Jan 12 despite the calls from other lenders requesting updates. This loan has now disappeared from my listings on the website.
The comments by baldpate sum up my thoughts precisely which I quote here:
It is perfectly clear that it is deliberate policy on ReBS part ...
(a) to put no positive effort whatever into recoveries;
(b) to provide updates to lenders as infrequently as they possibly can (and then usually to say either that nothing has changed. or that some legal action has been acheived in a year which most platforms manage to accomplish in a month or two); (c) to delay as long as possibly the writing-off what are clearly basket-case loans (this I can only assume is done in order to 'massage' the loan book so that crystalised losses don't swamp their statistics).
The Covid pandemic is no excuse - the same pattern was quite apparent a year ago.
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Post by captainconfident on Feb 8, 2021 19:04:20 GMT
I don't think you quite get it, Seb. I've invested in all of those, took the losses and the platform still returns about 12% p.a., better than any of the tens of platforms I've used. These are small vulnerable borrowers paying interest rates over 20% meaning the assets cover for the loans was never much. Chances of a recovery from most of them, years after they defaulted is minimal and almost all not worth pursuing. If you put more than one egg in any of these baskets then you misunderstood the nature of this sort of lending. Try to move on.
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seb8072
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Post by seb8072 on Feb 9, 2021 12:08:13 GMT
Yes, you are quite right captainconfident, I don't get it. What I don't get is this: 1. Why the MD, Danraj, states he'll ask for the loans to be updated and nothing happens? 2. Why there are several requests for information on defaulted loans on the internal ReBs loans discussion boards and nothing happens? 3. Why I continually email ReBs for information on defaulted loans and nothing happens? 4. Why the defaulted loans are classified as in "Recovery" on the ReBs loan book if they are not worth pursuing? If ReBs believes they are not worth pursuing why are they not written off and their estimated recovery values removed from my "Net Worth"? As for the remainder of your post, I couldn't agree more. However, I find it difficult to move on when there are a large number of loans in a state of limbo and "My Dashboard" showing a possible recovery value.
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Post by df on Feb 9, 2021 17:20:55 GMT
Yes, you are quite right captainconfident, I don't get it. What I don't get is this: 1. Why the MD, Danraj, states he'll ask for the loans to be updated and nothing happens? 2. Why there are several requests for information on defaulted loans on the internal ReBs loans discussion boards and nothing happens? 3. Why I continually email ReBs for information on defaulted loans and nothing happens? 4. Why the defaulted loans are classified as in "Recovery" on the ReBs loan book if they are not worth pursuing? If ReBs believes they are not worth pursuing why are they not written off and their estimated recovery values removed from my "Net Worth"? As for the remainder of your post, I couldn't agree more. However, I find it difficult to move on when there are a large number of loans in a state of limbo and "My Dashboard" showing a possible recovery value. The lack of updates could be a result of no progress in recoveries.... but I share your concern about the silence in general. The last loan was filled nearly 2 months ago, but it is still sitting on marketplace. Silence is not a good sign. Apart from that Rebs worked well for me so far. I have a very small portfolio there, but despite 30% of defaults 'net return' is still 11.92%.
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Post by danraj on Feb 19, 2021 19:36:21 GMT
Thank you for your posts and apologies for the delay in providing a response.
We can confirm that action to recover debts has continued throughout the Covid crisis but the speed of the process and potential for recoveries has been badly affected. Clearly we have been also been affected and our efforts have been directed towards trying to ensure the best outcomes for Lenders. We accept that our communication needs to improve and resource has now been directed to getting updates out to Lenders for every project as soon as we can.
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