sapphire
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Post by sapphire on May 1, 2020 13:59:58 GMT
Expect the PL platform statistics page ( link ) to reflect this default in the next update. ( Last updated 7 Apr 20) Current Default count is shown as 1. I think this relates to S**** S****** Mixed Residential? Per the statistics page, the Lender losses on this one are still "TBD – Pending formal resolution of the recovery process for the loan currently in “Default”. For info, any idea what steps are currently being taken? Are any personal guarantee(s) being pursued? Any other steps being taken? In their communications, have PL been transparent to the (first default) loan holders on the status and the steps they are taking?
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Post by overthehill on May 1, 2020 16:46:19 GMT
Expect the PL platform statistics page ( link ) to reflect this default in the next update. ( Last updated 7 Apr 20) Current Default count is shown as 1. I think this relates to S**** S****** Mixed Residential? Per the statistics page, the Lender losses on this one are still "TBD – Pending formal resolution of the recovery process for the loan currently in “Default”. For info, any idea what steps are currently being taken? Are any personal guarantee(s) being pursued? Any other steps being taken? In their communications, have PL been transparent to the (first default) loan holders on the status and the steps they are taking?
AFAIK, the default refers to H******* H**** , it has been the only default until a few days ago and the recovery only applies to tranche B. The loan you are referring to I think is in London, right?, that was never in default and is currently up to date with interest payments.
I don't know what is happening with the tranche B recovery, hopefully it will prove successful. Nothing worse than losing your 100% record at anything...
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sapphire
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Post by sapphire on May 2, 2020 6:24:30 GMT
AFAIK, the default refers to H******* H**** , it has been the only default until a few days ago and the recovery only applies to tranche B. The loan you are referring to I think is in London, right?, that was never in default and is currently up to date with interest payments.
I don't know what is happening with the tranche B recovery, hopefully it will prove successful. Nothing worse than losing your 100% record at anything...
Yes the one I was referring to is in London N15. Thanks.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 2, 2020 8:17:56 GMT
They say they had to default another (ie a second) loan in April under FCA 180 day rules. I have not received an email about any of my loans so I assume the loan is not S**** S****** Mixed Residential mentioned by sapphire above as I hold that one. They have not yet updated their stats to show 2 defaults.
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Post by skidrow on May 2, 2020 8:23:49 GMT
Look back at Scooter's latest post. I'm sure that's the one.
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scooter
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Post by scooter on Sept 14, 2020 16:58:52 GMT
H******s H***** Retail final tranche B money returned today. About £300 per thousand loss recorded. Still well handled by Proplend I think. I will still invest.
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sapphire
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Post by sapphire on Sept 14, 2020 17:09:36 GMT
H******s H***** Retail final tranche B money returned today. About £300 per thousand loss recorded. Still well handled by Proplend I think. I will still invest. Any idea of the source of this distribution? (sale of assets/ another source)? Are any other avenues still being pursued to recoup the shortfall (any personal guarantees, valuers professional indemnity etc.)?
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scooter
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Post by scooter on Sept 14, 2020 18:02:46 GMT
Final settlement from borrower. Investors were asked to vote. 100% voted. Not sure what percentage were in favour, I was.
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Post by overthehill on Oct 25, 2021 20:44:10 GMT
Two loans passed onto the Receivers today, making only 3 that I have been in. The drag coefficent was obviously getting too high. Decisive action and slightly concerning for tranche B and C. I don't expect any losses, they just need some focus and shifted, interest payments have never been late.
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Post by overthehill on Nov 1, 2021 18:35:52 GMT
Someone has been a very naughty boy!
Interestingly, Proplend highlighted the fact that some lenders (not sure if it meant to say borrowers) were irate because information about two recent defaults had been posted on forums. I couldn't find anything direct or indirect in this forum so I wonder where ? I would have thought social media was more likely.
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easynow
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Popcorn anyone?
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Post by easynow on Nov 1, 2021 19:14:17 GMT
Someone has been a very naughty boy!
Based on what i've seen, and what I know about PL, your post from the 25th fits the bill.
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alibaba
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Post by alibaba on Nov 2, 2021 8:43:58 GMT
Someone has been a very naughty boy!
Interestingly, Proplend highlighted the fact that some lenders (not sure if it meant to say borrowers) were irate because information about two recent defaults had been posted on forums. I couldn't find anything direct or indirect in this forum so I wonder where ? I would have thought social media was more likely.
Just received this from Proplend as part of the newsletter, I would prefer it if they were less transparent, I would trust their judgement IMPORTANT LENDER NOTICE: Over the years we have attempted to be as transparent as we can with information about the loans, which we ask you to treat with respect. Some of that information could have a direct effect on the ability of a Borrower to either sell or refinace a property in order to redeem the loan and return your money. As some of you will be aware, we have recently appointed a LPA Reciever over two properties, this information was provided with a notification NOT to share this information with any third parties or post on third party forums. We have since received emails from some irate Lenders advising us that some of the information has been reposted onto online forums. If we are unable to deliver loan updates with the certainty that this information remains with the relevant Lenders, we may be forced to reduce the level of loan update transparency.
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eeyore
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Post by eeyore on Nov 2, 2021 10:44:58 GMT
Someone has been a very naughty boy!
Interestingly, Proplend highlighted the fact that some lenders (not sure if it meant to say borrowers) were irate because information about two recent defaults had been posted on forums. I couldn't find anything direct or indirect in this forum so I wonder where ? I would have thought social media was more likely. Just received this from Proplend as part of the newsletter, I would prefer it if they were less transparent, I would trust their judgement IMPORTANT LENDER NOTICE: Over the years we have attempted to be as transparent as we can with information about the loans, which we ask you to treat with respect. Some of that information could have a direct effect on the ability of a Borrower to either sell or refinace a property in order to redeem the loan and return your money. As some of you will be aware, we have recently appointed a LPA Reciever over two properties, this information was provided with a notification NOT to share this information with any third parties or post on third party forums. We have since received emails from some irate Lenders advising us that some of the information has been reposted onto online forums. If we are unable to deliver loan updates with the certainty that this information remains with the relevant Lenders, we may be forced to reduce the level of loan update transparency. Going off at a tangent.... Borrowers for P2P loans should have to pass a FCA-mandated test which shows that the borrower understands that the loan is being funded by a bunch of individuals who may have amongst their number a whole variety of indiscreet, short-tempered, misguided or egotistical mono-maniacs just like the population in general. Some of the lenders may even be pensioners who've unwisely invested some of their life-savings... Borrowers should not expect the stoic silence of a Swiss bank; if their loan gets into difficulty, then don't be surprised if one or more of the lenders publicise the borrower's short-comings. So, don't borrow in the P2P marketplace if you want guaranteed confidentiality!
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Post by overthehill on Nov 2, 2021 11:31:38 GMT
Just received this from Proplend as part of the newsletter, I would prefer it if they were less transparent, I would trust their judgement IMPORTANT LENDER NOTICE: Over the years we have attempted to be as transparent as we can with information about the loans, which we ask you to treat with respect. Some of that information could have a direct effect on the ability of a Borrower to either sell or refinace a property in order to redeem the loan and return your money. As some of you will be aware, we have recently appointed a LPA Reciever over two properties, this information was provided with a notification NOT to share this information with any third parties or post on third party forums. We have since received emails from some irate Lenders advising us that some of the information has been reposted onto online forums. If we are unable to deliver loan updates with the certainty that this information remains with the relevant Lenders, we may be forced to reduce the level of loan update transparency. Going off at a tangent.... Borrowers for P2P loans should have to pass a FCA-mandated test which shows that the borrower understands that the loan is being funded by a bunch of individuals who may have amongst their number a whole variety of indiscreet, short-tempered, misguided or egotistical mono-maniacs just like the population in general. Some of the lenders may even be pensioners who've unwisely invested some of their life-savings... Borrowers should not expect the stoic silence of a Swiss bank; if their loan gets into difficulty, then don't be surprised if one or more of the lenders publicise the borrower's short-comings. So, don't borrow in the P2P marketplace if you want guaranteed confidentiality!
If Proplend think my comment about unspecified defaulted loans breaches their lender terms and conditions or changes any outcome or damages their reputation then they should ask the moderators to remove the post. I wouldn't argue just draw down. Personally, transparency is something I like about P2P compared to many other opaque and forget about investments.
Controlling the news and lack of transparency in P2P as with other sectors and companies is the slippery slope to a messy end often predicted by companies like Muddy Waters Research.
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Post by overthehill on Nov 16, 2021 16:44:25 GMT
Two of the defaults with receivers have had the property removed by the agent, can only be a good sign. That still leaves one more for me.
On another note, I notice the 3 monthly update prior to maturity has quietly taken a back seat, not impressed with that. A lot going on but either do it or communicate you're not doing it any more.
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