zlb
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Post by zlb on May 30, 2019 14:19:57 GMT
Thanks zlb and dermot - I will discuss with the tech team, and look into this as an option. Would you prefer a download, or just for this to be added to your tax statement? Bear in mind: (1) we can't give tax advice (but will try to be as helpful as possible) (2) any losses are already displayed on your tax statement (3) the point of default, may not always be helpful, as if (when, as we usually do) get full recovery of those loans, you would need to consider a corresponding write-up, which may be in a different tax period. In short - it could get a bit messy... Either would be fine, whichever is easiest to implement - thanks! it would be useful, thanks.
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Brainer
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Post by Brainer on May 30, 2019 15:16:43 GMT
just checked account after seeing cash drag of 8-10% for a long time 23 May had 8 new loans clearing out the cash i see the chart is now gone well BM made up my mind for me about withdrawing Same scenario here, several months of cash drag then 24 'new' loans since May 21.
Looking at the loan reference numbers, 15 of these likely weren't genuinely new loans but rather purchases of other investors' loans, which suggests to me some people got advanced warning of the wind-down and were given time to liquidate their portfolios? stevefindlay
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Post by spareapennyor2 on May 30, 2019 15:45:26 GMT
buying started 20 May 13 total loans
does seem to be some tiding up going on
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Post by stevefindlay on May 30, 2019 15:51:16 GMT
just checked account after seeing cash drag of 8-10% for a long time 23 May had 8 new loans clearing out the cash i see the chart is now gone well BM made up my mind for me about withdrawing Same scenario here, several months of cash drag then 24 'new' loans since May 21.
Looking at the loan reference numbers, 15 of these likely weren't genuinely new loans but rather purchases of other investors' loans, which suggests to me some people got advanced warning of the wind-down and were given time to liquidate their portfolios? stevefindlay _ There were a number of loans that we had committed to over the past few weeks, which we requested that the lending partners involved to complete with their borrowers prior to ceasing investments as of 23 May 2019. Which is why there we are few new loans put on the system on the 22nd and 23rd (as the lending partners met this deadline). There were a few loans that missed the deadline, which we withdrew from. Those clients that were fully invested at the time of the new loans going live, were still able to benefit from the diversification optimisation algorithm; which means that some of their positions were partially sold down (to be purchased by other clients - hence what you may have seen) to enable new positions to be taken (for both the selling and buying client). Thereby increasing the number of positions held for both clients, and decreasing the average investment amount per position. No clients were given advance notice, and no clients have been able to liquidate positions in advance of the wind down. For the avoidance of doubt: the Directors on the board who were aware of the decision from May 15th, and the team here, also did not liquidate any positions over that time.
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zlb
Member of DD Central
Posts: 1,422
Likes: 333
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Post by zlb on May 30, 2019 17:57:19 GMT
Same scenario here, several months of cash drag then 24 'new' loans since May 21.
Looking at the loan reference numbers, 15 of these likely weren't genuinely new loans but rather purchases of other investors' loans, which suggests to me some people got advanced warning of the wind-down and were given time to liquidate their portfolios? stevefindlay _ There were a number of loans that we had committed to over the past few weeks, which we requested that the lending partners involved to complete with their borrowers prior to ceasing investments as of 23 May 2019. Which is why there we are few new loans put on the system on the 22nd and 23rd (as the lending partners met this deadline). There were a few loans that missed the deadline, which we withdrew from. Those clients that were fully invested at the time of the new loans going live, were still able to benefit from the diversification optimisation algorithm; which means that some of their positions were partially sold down (to be purchased by other clients - hence what you may have seen) to enable new positions to be taken (for both the selling and buying client). Thereby increasing the number of positions held for both clients, and decreasing the average investment amount per position. No clients were given advance notice, and no clients have been able to liquidate positions in advance of the wind down. For the avoidance of doubt: the Directors on the board who were aware of the decision from May 15th, and the team here, also did not liquidate any positions over that time. I did close my account, based entirely on twitchy intuition and no real facts apart from worry about the property sector, a short several weeks before now. I just want to say for the benefit of others who think that they would have gained full liquidation, that I haven't gained full liquidation, and that, two months after closing my account, I have approx 21% of my investment which looks like it might take about 12 months to come back. That's a rough approximation based on the current 9% of the remainder that's being paid into my bank account for two months after the initial repayment. I look forward to seeing the new product. I personally didn't view the bond products in the light of lc&f although that did make me more worried about another platform which issues bonds.
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Brainer
Member of DD Central
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Post by Brainer on May 30, 2019 19:56:35 GMT
Same scenario here, several months of cash drag then 24 'new' loans since May 21.
Looking at the loan reference numbers, 15 of these likely weren't genuinely new loans but rather purchases of other investors' loans, which suggests to me some people got advanced warning of the wind-down and were given time to liquidate their portfolios? stevefindlay _ There were a number of loans that we had committed to over the past few weeks, which we requested that the lending partners involved to complete with their borrowers prior to ceasing investments as of 23 May 2019. Which is why there we are few new loans put on the system on the 22nd and 23rd (as the lending partners met this deadline). There were a few loans that missed the deadline, which we withdrew from. Those clients that were fully invested at the time of the new loans going live, were still able to benefit from the diversification optimisation algorithm; which means that some of their positions were partially sold down (to be purchased by other clients - hence what you may have seen) to enable new positions to be taken (for both the selling and buying client). Thereby increasing the number of positions held for both clients, and decreasing the average investment amount per position. No clients were given advance notice, and no clients have been able to liquidate positions in advance of the wind down. For the avoidance of doubt: the Directors on the board who were aware of the decision from May 15th, and the team here, also did not liquidate any positions over that time. Thanks, Steve. Perfectly plausible.
Unrelatedly, now there is not a competitive disadvantage in doing so, would you be willing to reveal which platforms you used? And potentially which loans within those platforms? It might be interesting/insightful to get an idea of what loans I'm in, especially those in recovery. For instance, I'm fairly sure I'm in the Prestbury loan on MoneyThing, for which further recovery looks unlikely at this stage so I can discount the residual balance and accrued interest from my projected return.
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Post by rookyone on May 30, 2019 20:00:51 GMT
I started to pull my money out of BM when a double whammy became clear with my probably losses with Collateral going into administration being extended into BM platform. Still have over £1k stuck unable to withdraw in BM, not looking to rosy me thinks...  |
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Post by stevefindlay on May 31, 2019 6:01:15 GMT
I started to pull my money out of BM when a double whammy became clear with my probably losses with Collateral going into administration being extended into BM platform. Still have over £1k stuck unable to withdraw in BM, not looking to rosy me thinks... We had 2-2.5% in COL (depending on whether you take it as a fraction of the current loan book, or the time it went into administration).
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Post by stevefindlay on May 31, 2019 6:02:09 GMT
There were a number of loans that we had committed to over the past few weeks, which we requested that the lending partners involved to complete with their borrowers prior to ceasing investments as of 23 May 2019. Which is why there we are few new loans put on the system on the 22nd and 23rd (as the lending partners met this deadline). There were a few loans that missed the deadline, which we withdrew from. Those clients that were fully invested at the time of the new loans going live, were still able to benefit from the diversification optimisation algorithm; which means that some of their positions were partially sold down (to be purchased by other clients - hence what you may have seen) to enable new positions to be taken (for both the selling and buying client). Thereby increasing the number of positions held for both clients, and decreasing the average investment amount per position. No clients were given advance notice, and no clients have been able to liquidate positions in advance of the wind down. For the avoidance of doubt: the Directors on the board who were aware of the decision from May 15th, and the team here, also did not liquidate any positions over that time. Thanks, Steve. Perfectly plausible.
Unrelatedly, now there is not a competitive disadvantage in doing so, would you be willing to reveal which platforms you used? And potentially which loans within those platforms? It might be interesting/insightful to get an idea of what loans I'm in, especially those in recovery. For instance, I'm fairly sure I'm in the Prestbury loan on MoneyThing, for which further recovery looks unlikely at this stage so I can discount the residual balance and accrued interest from my projected return.
A number of clients have asked us for info on some of the top platforms and lending partners we used. We will send out an email in the coming weeks.
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Post by stevefindlay on May 31, 2019 7:42:05 GMT
You might want to pin this thread! There are so many pinned threads here it might actually get lost there, I'm thinking of leaving it floating so that it catches Users eye, we'll play it by ear... but defo pin it soon. Dear Ton ⓉⓞⓃ - please can you pin this thread to the top of the BondMason board, and un-pin all the others? Many thanks, Steve.
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Post by rookyone on May 31, 2019 9:44:23 GMT
I started to pull my money out of BM when a double whammy became clear with my probably losses with Collateral going into administration being extended into BM platform. Still have over £1k stuck unable to withdraw in BM, not looking to rosy me thinks... We had 2-2.5% in COL (depending on whether you take it as a fraction of the current loan book, or the time it went into administration). 2-2.5% stuck in COL does not equate to anywhere near the amount I have not been able to withdraw for around a year, so clearly there are other investment loans gone bad. Maybe a few years before I actually know if BM returned me a loss...
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Post by stevefindlay on May 31, 2019 9:48:09 GMT
We had 2-2.5% in COL (depending on whether you take it as a fraction of the current loan book, or the time it went into administration). 2-2.5% stuck in COL does not equate to anywhere near the amount I have not been able to withdraw for around a year, so clearly there are other investment loans gone bad. Maybe a few years before I actually know if BM returned me a loss... We are hoping to have everything wrapped up over the next 12 months. In the mean time, you may like to look at this post: p2pindependentforum.com/thread/12820/life-bondmason-watchlist-recovery-default
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Post by rookyone on May 31, 2019 17:41:38 GMT
2-2.5% stuck in COL does not equate to anywhere near the amount I have not been able to withdraw for around a year, so clearly there are other investment loans gone bad. Maybe a few years before I actually know if BM returned me a loss... We are hoping to have everything wrapped up over the next 12 months. In the mean time, you may like to look at this post: p2pindependentforum.com/thread/12820/life-bondmason-watchlist-recovery-default Steve, you remind me of one of those spin doctors, always able to put a positive point forward, even as Rome burns one might argue... 
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Post by stevefindlay on May 31, 2019 19:27:57 GMT
Steve, you remind me of one of those spin doctors, always able to put a positive point forward, even as Rome burns one might argue... I'm not a classicist or historian, but I'd suggest a better analogy using the fire of Rome is that we are seeking to arrange an organised evacuation, prior to any fires starting on the horizon...
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Post by rookyone on Jun 1, 2019 19:07:21 GMT
Steve, you remind me of one of those spin doctors, always able to put a positive point forward, even as Rome burns one might argue... I'm not a classicist or historian, but I'd suggest a better analogy using the fire of Rome is that we are seeking to arrange an organised evacuation, prior to any fires starting on the horizon... My thought is the fires will start burning brightly in a few days time, when investors get a measure of just how much of their investment is stuck waiting for recovery... Fire extinguishers at the ready
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