|
|
Post by Proptechfish on May 24, 2019 13:48:59 GMT
It popped up about a week ago. First time I have seen a non-performing in nearly 3 years of being with Landbay. It's a very small amount of my balance and I'm assuming it's a missed payment right now, rather than a full default. However, one step closer to Landbay losing it's 'zero default' claim. Maybe even one of the (perceived) safest bands in p2p is far from insulated from the current economic headwinds.
|
|
|
|
Post by gravitykillz on May 24, 2019 17:59:17 GMT
Good.Maybe they will increase their interest rates as a result.
|
|
kaya
Member of DD Central
Posts: 1,150 
Likes: 718
|
Post by kaya on May 27, 2019 14:32:05 GMT
Its about 7% of my balance, which I do not consider insignificant. Just when I was considering increasing my investment. I think they have lost that.
An explanation would be in order methinks.
|
|
|
|
Post by gravitykillz on May 27, 2019 16:39:43 GMT
One has to wonder if this risk is worth 3%.
|
|
|
|
Post by westcountryfunder on May 27, 2019 16:46:29 GMT
Its about 7% of my balance, which I do not consider insignificant. Just when I was considering increasing my investment. I think they have lost that.
An explanation would be in order methinks.
I can see how to download the entire loan book from which I can see that three loans (same borrower) have missed a payment, but how do you get to to your personal loan book?
|
|
|
|
Post by df on May 27, 2019 17:05:46 GMT
It popped up about a week ago. First time I have seen a non-performing in nearly 3 years of being with Landbay. It's a very small amount of my balance and I'm assuming it's a missed payment right now, rather than a full default. However, one step closer to Landbay losing it's 'zero default' claim. Maybe even one of the (perceived) safest bands in p2p is far from insulated from the current economic headwinds. I got out a while ago (when my bonus term expired) because of low interest rates, but always considered LB as a safest p2p platform... I believe "The Reserve Fund" will kick in.
|
|
|
|
Post by landbayceo on May 28, 2019 12:20:55 GMT
Hi all, In relation to this loan - it is calssified as late as it is more than 45 days in arrears. It is not in default yet - ie we are not yet at a stage where we would considering enforcing security/ie repossessing the property. Out of just under 1400 mortgages that we have lent on it it is the first one that has reached this stage. Our collections team are working on it and interest payments for investors are being covered by our Reserve Fund.
|
|
|
|
Post by gravitykillz on May 28, 2019 15:09:32 GMT
Got to give it to landbay. They do make investors feel positive and confident.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on May 28, 2019 15:23:47 GMT
Its about 7% of my balance, which I do not consider insignificant. Just when I was considering increasing my investment. I think they have lost that.
An explanation would be in order methinks.
I can see how to download the entire loan book from which I can see that three loans (same borrower) have missed a payment, but how do you get to to your personal loan book? You can't. The info I was referring to is simply my 'non-performing loans' amount.
|
|
|
|
Post by Undecided on Jun 11, 2019 20:54:13 GMT
Hi all, In relation to this loan - it is calssified as late as it is more than 45 days in arrears. It is not in default yet - ie we are not yet at a stage where we would considering enforcing security/ie repossessing the property. Out of just under 1400 mortgages that we have lent on it it is the first one that has reached this stage. Our collections team are working on it and interest payments for investors are being covered by our Reserve Fund. Amazing that out of 1400 loans I must have this one and it is 6.4% of my portfolio (so much for a fully diversified portfolio). It wouldn’t be an issue on most other platforms with reserve funds as you could still liquidate your entire portfolio and if the fund ran out the losses would be shared amongst lenders. I had assumed this was the case with LB but apparently not! The risk/reward ratio of this platform does not seem worthwhile anymore.
|
|
|
|
Post by landbayceo on Jun 13, 2019 12:54:09 GMT
Hi Undecided we do operate a reserve fund and that has covered the last couple of interest payments. This mortgage is in arrears and we hold a first charge on the property that we will enforce if necessary. We do not anticipate losses on this mortgage as we have good security and we would expect the reserve fund to cover any losses in this instance. Regarding liquidity we do not allow new investors to invest in non-performing loans and that is why you are unable to sell your parts in this loan to another lender. |
|
|
|
Post by Undecided on Jun 13, 2019 20:52:49 GMT
It's all very well saying you "do not anticipate losses on this mortgage" but you cannot expect all your mortgages to be problem free. 6.4% of my portfolio seems to be invested in this mortgage and there could be even higher percentages in other mortgages (I don't know because you don't allow us to have that information). This being the situation the risks far outweigh the rewards and I will have to think about moving my funds elsewhere. The problem with that is you charge £50 to transfer out an ISA; none of the other P2P platforms I use charge for transferring out ISAs nor do any of the cash ISA providers I've ever used. I'm starting to feel duped. If I had known I couldn't liquidate all loans (under normal conditions) before I invested with LandBay I would not have invested. The "how it works" section of your website needs to be clarified with respect to this.
|
|
|
|
Post by landbayceo on Jul 3, 2019 10:52:35 GMT
Just to let you know that this loan has no cleared its missed payments and June's interest payment was also recieved and so this loan is now marked as performing and thus unlocked.
|
|
Ukmikk
Member of DD Central
Posts: 452
Likes: 306
|
Post by Ukmikk on Jul 12, 2019 18:20:58 GMT
Hi all, In relation to this loan - it is calssified as late as it is more than 45 days in arrears. It is not in default yet - ie we are not yet at a stage where we would considering enforcing security/ie repossessing the property. Out of just under 1400 mortgages that we have lent on it it is the first one that has reached this stage. Our collections team are working on it and interest payments for investors are being covered by our Reserve Fund. If this is the first how come you have a collections team? What have they been doing all this time? Online shopping all day? Watching cricket? Any suggestions for what the Landbay Collections team could do to fill those long hours in the office? Any vacancy's? I'd be interested.
|
|
macq
Member of DD Central
Posts: 1,934
Likes: 1,199
|
Post by macq on Jul 12, 2019 20:13:27 GMT
Hi all, In relation to this loan - it is calssified as late as it is more than 45 days in arrears. It is not in default yet - ie we are not yet at a stage where we would considering enforcing security/ie repossessing the property. Out of just under 1400 mortgages that we have lent on it it is the first one that has reached this stage. Our collections team are working on it and interest payments for investors are being covered by our Reserve Fund. If this is the first how come you have a collections team? What have they been doing all this time? Online shopping all day? Watching cricket? Any suggestions for what the Landbay Collections team could do to fill those long hours in the office? Any vacancy's? I'd be interested. while there batting a 1000 they can do what they like!
|
|
