criston
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Post by criston on Apr 22, 2019 14:50:45 GMT
Proplend say no losses ever.
They appear to have an exemplary record.
However, once the loan is filled, no other information is added as far as I can see.
Surely at least a few have had the odd problem.
Contrast that with Assetz Capital who provide an amazing amount of updates, even if it is just to say no problems.
Has anyone ever been made aware of any problems with any loans ?
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bababill
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Post by bababill on Apr 24, 2019 6:57:51 GMT
I currently have loans thats are 3 months past their due date; I have been notified as to the reasons why and planned/hoped for outcomes.
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eeyore
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Post by eeyore on Apr 24, 2019 10:04:09 GMT
However, once the loan is filled, no other information is added as far as I can see. As I understand it, any news of a drawn-down loan is sent by email exclusively to lenders for the loan. This will work provided that a) the emails reach the right mailbox and b) the lender files those emails. However, this is an approach geared for lenders who invest in loans when first offered and hold the loan until it is repaid. But this doesn't work so well for the secondary market - as you have identified, there's nothing on the web-site which tracks any specific issues with a loan offered on the secondary market; all you have is the status comment, such as "Active - Good Standing". If you want the excitement of watching loans getting into difficulties, paying interest late, borrowers defaulting, assets being sold-off, etc, then I suggest you invest on another platform!
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p2pfan
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Post by p2pfan on Jul 15, 2019 0:00:40 GMT
I currently have loans thats are 3 months past their due date; I have been notified as to the reasons why and planned/hoped for outcomes. Thank you for the insights. That's worrying that you have three loans overdue. Since your post of 24 April, what's their current status if you don't mind me asking bababill? I'm curious to know that while there is supposedly a 0% default rate, what the current rate is for delays of payments? The statistics page on Proplend claims this is "0.00%" for arrears of more than 45 days but surely that can't be accurate?
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Post by uksoul on Jul 15, 2019 9:16:19 GMT
I have had 2 loans repaid past their due date. Reasons were given and they were routine property transaction delays, nothing alarming. You do get a penalty rate of interest so you do not lose out and in fact gain. Proplend do keep you informed and if you have any questions they do reply promptly. Depends on the exact definiton of default, it can vary among lender. They have always repaid the interest on loans as promised unlike 3 other p2p platforms i use. You don't see a heap of complaints on Proplend which speaks for itself and its' repayment of loans. .
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eeyore
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Post by eeyore on Jul 15, 2019 9:55:54 GMT
I'm curious to know that while there is supposedly a 0% default rate, what the current rate is for delays of payments? The statistics page on Proplend claims this is "0.00%" for arrears of more than 45 days but surely that can't be accurate?Why not? According to my understanding, Proplend retain at least 3 months of interest payments from all loans drawn-down by the borrowers, so it would be 90days before lenders would cease to receive interest payments in the event of a borrower defaulting on the interest payments. I have one overdue loan (Sp**** Offices) which was due to repay three weeks ago. The update last week from Proplend said that the borrower continues to make the interest payments and expects to redeem the loan at the end of July. We should receive " penalty interest of 150% of the original rate paid on redemption of the loan".
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bababill
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Post by bababill on Jul 15, 2019 23:22:31 GMT
I currently have loans thats are 3 months past their due date; I have been notified as to the reasons why and planned/hoped for outcomes. Thank you for the insights. That's worrying that you have three loans overdue. Since your post of 24 April, what's their current status if you don't mind me asking bababill ? I'm curious to know that while there is supposedly a 0% default rate, what the current rate is for delays of payments? The statistics page on Proplend claims this is "0.00%" for arrears of more than 45 days but surely that can't be accurate? All three loans were redeemed. Currently I have no late loans. I don't know if any interest payments are late and if Proplend just use the their buffer to fill any gaps. It is a good question though.
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Post by Deleted on Jul 17, 2019 19:08:06 GMT
Email received today:
"yesterday we took the decision to formally put the H******* H**** loan into default, and as such have today appointed an LPA receiver to recover the outstanding loan balance plus interest and fees“
Should have paid back in March. Have been kept regularly informed. 2 months interest reserve left.
Still going to invest with them though.
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criston
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Post by criston on Jul 17, 2019 20:02:31 GMT
Email received today: "yesterday we took the decision to formally put the H******* H**** loan into default, and as such have today appointed an LPA receiver to recover the outstanding loan balance plus interest and fees“ Should have paid back in March. Have been kept regularly informed. 2 months interest reserve left. Still going to invest with them though. When I started this thread, this was what I wanted to find out, so thanks for being honest. They obviously do have an above average reputation though. Somewhat better than a previous posters reply, who presumably thought Proplend was 'whiter than white' & said; 'If you want the excitement of watching loans getting into difficulties, paying interest late, borrowers defaulting, assets being sold-off, etc, then I suggest you invest on another platform!'
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Greenwood2
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Post by Greenwood2 on Jul 17, 2019 20:16:37 GMT
Email received today: "yesterday we took the decision to formally put the H******* H**** loan into default, and as such have today appointed an LPA receiver to recover the outstanding loan balance plus interest and fees“ Should have paid back in March. Have been kept regularly informed. 2 months interest reserve left. Still going to invest with them though. When I started this thread, this was what I wanted to find out, so thanks for being honest. They obviously do have an above average reputation though. Somewhat better than a previous posters reply, who presumably thought Proplend was 'whiter than white' & said; 'If you want the excitement of watching loans getting into difficulties, paying interest late, borrowers defaulting, assets being sold-off, etc, then I suggest you invest on another platform!'The two don't seem too contradictory to me, one default doesn't mean you have to be too worried about watching every loan with the expectation of problems like some platforms.
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criston
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Post by criston on Jul 17, 2019 20:22:44 GMT
When I started this thread, this was what I wanted to find out, so thanks for being honest. They obviously do have an above average reputation though. Somewhat better than a previous posters reply, who presumably thought Proplend was 'whiter than white' & said; 'If you want the excitement of watching loans getting into difficulties, paying interest late, borrowers defaulting, assets being sold-off, etc, then I suggest you invest on another platform!'The two don't seem too contradictory to me, one default doesn't mean you have to be too worried about watching every loan with the expectation of problems like some platforms. They have only ever had one default then ?
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Post by Deleted on Jul 17, 2019 21:29:55 GMT
I think it was said with tongue in cheek. Proplend are fab imo. I have had a few pay back late but always with higher interest and good communication. This is the first default to the best of my knowledge but I haven't invested in everything. There's definately a reason why the loans are taken in minutes.
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criston
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Post by criston on Jul 17, 2019 21:40:03 GMT
I think it was said with tongue in cheek. Proplend are fab imo. I have had a few pay back late but always with higher interest and good communication. This is the first default to the best of my knowledge but I haven't invested in everything. There's definately a reason why the loans are taken in minutes. Fair enough. I have a fair bit with them as well, but it's nice to get an insight. The only difference with other platforms is if you are not in a loan that has problems, you have no idea of the extent of defaults.
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eeyore
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Post by eeyore on Jul 18, 2019 9:38:20 GMT
....... The only difference with other platforms is if you are not in a loan that has problems, you have no idea of the extent of defaults. You've got it! I'm afraid I wasn't clear enough in my jocular comment " If you crave the excitement of watching loans getting into difficulties, try a different platform" at the end of my earlier post. I was contrasting Proplend's public communications policy (nearly totally opaque) with that of say, MoneyThing, where the discussion in this P2P forum of their Newcastle-under-Lyme Bridging loan is up to 62 pages and it's still not reached formal default! Not having a holding in the H*** H*** loan, I was completely ignorant of any default there - that would be an issue if the loan were to be offered on the secondary market. With Proplend, silence, the apparent lack of any negative information, cannot be assumed to mean the absence of problems.
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hantsowl
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Post by hantsowl on Jul 18, 2019 9:50:30 GMT
....... The only difference with other platforms is if you are not in a loan that has problems, you have no idea of the extent of defaults. You've got it! I'm afraid I wasn't clear enough in my jocular comment " If you crave the excitement of watching loans getting into difficulties, try a different platform" at the end of my earlier post. I was contrasting Proplend's public communications policy (nearly totally opaque) with that of say, MoneyThing, where the discussion in this P2P forum of their Newcastle-under-Lyme Bridging loan is up to 62 pages and it's still not reached formal default! Not having a holding in the H*** H*** loan, I was completely ignorant of any default there - that would be an issue if the loan were to be offered on the secondary market. With Proplend, silence, the apparent lack of any negative information, cannot be assumed to mean the absence of problems. Once ANY loan is within 30 days of expected completion they are disabled from any SM activity, so you would not be able to buy/sell a defaulted loan on the SM. I would also expect (although haven't experienced it personally) that any loan in trouble and likely to default would also have trading on the SM disabled. proplend -can you comment on this last point please.
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