michaelc
Member of DD Central
Posts: 4,785
Likes: 2,733
|
Post by michaelc on Mar 20, 2019 13:41:25 GMT
Received a strange offer from them about saving £20 from energy companies via a referral link. Maybe its aimed at the borrowers?
Also had a repayment after a very long time.
Are we at last going to get some competition to W ? TMP website is cleaner and thats a start I suppose....
|
|
Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
|
Post by Greenwood2 on Mar 22, 2019 16:36:39 GMT
Received a strange offer from them about saving £20 from energy companies via a referral link. Maybe its aimed at the borrowers? Also had a repayment after a very long time. Are we at last going to get some competition to W ? TMP website is cleaner and thats a start I suppose.... My first thought on the email was that I would never use a company recommended by TMP. And TMP should be concentrating on getting our money back! I haven't had any repayments for months.
|
|
Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
|
Post by Greenwood2 on Apr 3, 2019 9:06:26 GMT
New account item description, 'Settlement' with a small payment, I assume this is a final payment for a loan (now written off?). I didn't get any notification, so check your accounts.
Edit: Hopefully this means we will be able to write off some (long outstanding) loans this coming tax year!
|
|
romy
Member of DD Central
Posts: 78
Likes: 41
|
Post by romy on Apr 13, 2019 13:36:56 GMT
I've had 3 modest payments on my 2 outstanding loans in the last couple of months.( outstanding for over 18 months from memory). So someone seems to have stirred some action!
|
|
michaelc
Member of DD Central
Posts: 4,785
Likes: 2,733
|
Post by michaelc on Apr 13, 2019 15:06:03 GMT
I've had 3 modest payments on my 2 outstanding loans in the last couple of months.( outstanding for over 18 months from memory). So someone seems to have stirred some action! That's pretty much what happened to me I think. Anyway, maybe I'm stupid but I decided to take out a bit and invest in one loan just to see. I'm still convinced there is some mileage in the business models of both Welendus and this one but someone needs to be improved on both to provide better visibility to lenders where their cash is.
|
|
Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
|
Post by Greenwood2 on Apr 13, 2019 16:24:51 GMT
I've had 3 modest payments on my 2 outstanding loans in the last couple of months.( outstanding for over 18 months from memory). So someone seems to have stirred some action! That's pretty much what happened to me I think. Anyway, maybe I'm stupid but I decided to take out a bit and invest in one loan just to see. I'm still convinced there is some mileage in the business models of both Welendus and this one but someone needs to be improved on both to provide better visibility to lenders where their cash is. I have far too many defaulted/unpaid loans on TMP, did I get all the duds? Is anyone in profit?
|
|
michaelc
Member of DD Central
Posts: 4,785
Likes: 2,733
|
Post by michaelc on Apr 21, 2019 14:40:14 GMT
That's pretty much what happened to me I think. Anyway, maybe I'm stupid but I decided to take out a bit and invest in one loan just to see. I'm still convinced there is some mileage in the business models of both Welendus and this one but someone needs to be improved on both to provide better visibility to lenders where their cash is. I have far too many defaulted/unpaid loans on TMP, did I get all the duds? Is anyone in profit? Greenwood out of interest do they all show "payment plan" against the loan? I suspect that my unexpected funds came back to me due to a "payment plan" completing. I'm guessing some of these plans could be over a year or two. Anyway (meaningless statistic) I got news my latest single loan made part repayment on the right date. Should I add 9 more toes to the dip or would that be foolhardy I wonder. What % would you say you've lost if there are no more repayments ?
|
|
Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
|
Post by Greenwood2 on Apr 21, 2019 20:29:29 GMT
I have far too many defaulted/unpaid loans on TMP, did I get all the duds? Is anyone in profit? Greenwood out of interest do they all show "payment plan" against the loan? I suspect that my unexpected funds came back to me due to a "payment plan" completing. I'm guessing some of these plans could be over a year or two. Anyway (meaningless statistic) I got news my latest single loan made part repayment on the right date. Should I add 9 more toes to the dip or would that be foolhardy I wonder. What % would you say you've lost if there are no more repayments ? I don't see payment plan anywhere, where would I see that? I just see Late, Collection, Default and now Settlement sometimes on payments (which I assume is a final payment). Lost about twice as much as interest earned and all loans now extremely late (more like a year than days, but many still not officially defaulted) not expecting much more back. I would say foolhardy to try again, I did give it another go which was more disastrous than the first shot. But who knows what it's like now.
|
|
michaelc
Member of DD Central
Posts: 4,785
Likes: 2,733
|
Post by michaelc on Apr 22, 2019 13:43:44 GMT
Greenwood out of interest do they all show "payment plan" against the loan? I suspect that my unexpected funds came back to me due to a "payment plan" completing. I'm guessing some of these plans could be over a year or two. Anyway (meaningless statistic) I got news my latest single loan made part repayment on the right date. Should I add 9 more toes to the dip or would that be foolhardy I wonder. What % would you say you've lost if there are no more repayments ? I don't see payment plan anywhere, where would I see that? I just see Late, Collection, Default and now Settlement sometimes on payments (which I assume is a final payment). Lost about twice as much as interest earned and all loans now extremely late (more like a year than days, but many still not officially defaulted) not expecting much more back. I would say foolhardy to try again, I did give it another go which was more disastrous than the first shot. But who knows what it's like now. I see it on a loans within the loans area next to "State: overdue" as per below. What would you say (roughly) is your loss as a percentage of your capitol ? If I remember rightly I think you went in for a good dozen or two loans so your results are definitely more statistically significant than mine. I'm still half tempted due to the high headline rate !
|
|
Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
|
Post by Greenwood2 on Apr 23, 2019 8:16:18 GMT
I don't see payment plan anywhere, where would I see that? I just see Late, Collection, Default and now Settlement sometimes on payments (which I assume is a final payment). Lost about twice as much as interest earned and all loans now extremely late (more like a year than days, but many still not officially defaulted) not expecting much more back. I would say foolhardy to try again, I did give it another go which was more disastrous than the first shot. But who knows what it's like now. I see it on a loans within the loans area next to "State: overdue" as per below. What would you say (roughly) is your loss as a percentage of your capitol ? If I remember rightly I think you went in for a good dozen or two loans so your results are definitely more statistically significant than mine. I'm still half tempted due to the high headline rate ! Thanks I hadn't noticed that, it's a pain to trawl through the loans and I don't look very often these days. I had about 30 loans in total and I do have some 'Repayment Plans' and some 'External Plans', I believe these are not paid until complete, so I have a bit more to come back eventually. Currently If I just look at ('Paid In' - 'Withdrawn') I have an overall loss of 10% (I have withdrawn all capital and interest paid). If the ones with payment plans do pay back I might just break even (in another few years). One problem with the interest rate is that if loans are late or very late paying back (with no extra interest payable) the high headline rate quickly changes from high to abysmal. I hope they declare some losses this year so at least I'll get the tax relief!
|
|
kevinkelly
Member of DD Central
Posts: 96
Likes: 37
|
Post by kevinkelly on Apr 30, 2019 7:46:19 GMT
I have far too many defaulted/unpaid loans on TMP, did I get all the duds? Is anyone in profit?
This year's tax statement...
Income £3,329.83 Bad Debt £2,916.67
So yes, it appears that I profit. Marginally.
|
|
|
Post by The Money Platform on May 17, 2019 9:24:42 GMT
New account item description, 'Settlement' with a small payment, I assume this is a final payment for a loan (now written off?). I didn't get any notification, so check your accounts. Edit: Hopefully this means we will be able to write off some (long outstanding) loans this coming tax year! Hi there: worth pointing out a 'Settlement' does not mean this loan has received its final payment. If you go to the 'Loans' section of your Dashboard you will be able to find loan specific information but it is likely to be a payment from an external repayment plan which we have recently (following some new tech functionality) been able to send back to lenders as they get processed on our system.
|
|