Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 1, 2020 7:10:57 GMT
I assume most of my remaining loans (administrators) are with Collateral so no movement likely until/if that is sorted out. I have mentally written them off. Fortunately only a small amount left in BM.
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Post by stevefindlay on Sept 1, 2020 21:34:19 GMT
I assume most of my remaining loans (administrators) are with Collateral so no movement likely until/if that is sorted out. I have mentally written them off. Fortunately only a small amount left in BM. When Col went into administration, there was about 3% of total BM funds invested with them. Difficult to predict when the payouts from Col will start to arrive. But yes, 3% in Col vs. 25% remaining, so about 1/8th of remaining BM positions are now Col. And this will continue to increase as a proportion of funds remaining (stay the same in £ note terms) as other positions repay, and until Col starts to move...
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Post by stevefindlay on Sept 1, 2020 21:42:26 GMT
Steve, the estimated future “write downs” on my account balance are now increasing by several pounds daily. Currently representing 15% of my remaining balance which is still several thousand. With this months return looking to be only 1.5% of my remaining balance this would suggest that BM actually estimate a final “write down” of over 80% of the current balance, given your completed return timeline. Obviously very concerning if my assumption is correct ? The writedown estimates are reviewed every week or so, so they shouldn't be moving day to day (unless you are looking as a % of funds remaining). They are our best estimate at any given time based on the info available. So if your account shows 15% of your remaining positions to be written off, then that is our best estimate today. But it is just an estimate, not an exact science.
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Post by stevefindlay on Sept 2, 2020 13:52:15 GMT
We've just made payments for August. A lower figure this month due to (1) summer hols (not us!) (2) we've pretty much exhausted secondary market sales, so are just awaiting natural repayment of remaining loans (3) extensions of loans due to COVID.
- Total paid 1st/2nd September 2020 = £267k
- Total paid to clients since wind down = £16.1M
- Loan book outstanding as at end of August 2020 = £4.7M (vs £22M in May 2019).
We're getting there and doing our best. Please be patient for the last loans to come in - there is very little we can do to speed up the process, but we continue to monitor the book and underlying platforms closely.
Thanks
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Post by portlandbill on Oct 2, 2020 16:50:41 GMT
From today's monthly email:
"The total estimated write-downs for the entire book by the end of the wind-down period is c.5% (which we feel is best expressed as a percentage of client balances in May 2019, and ignoring the interest that may have been received already on those loans)."
Does this mean that the originally targeted return of 8% before taxes and costs is now expected to be only 3% (and then costs and taxes will be deducted from that) ?
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Post by stevefindlay on Oct 2, 2020 20:48:36 GMT
From today's monthly email: "The total estimated write-downs for the entire book by the end of the wind-down period is c.5% (which we feel is best expressed as a percentage of client balances in May 2019, and ignoring the interest that may have been received already on those loans)." Does this mean that the originally targeted return of 8% before taxes and costs is now expected to be only 3% (and then costs and taxes will be deducted from that) ? Not quite. The gross 7-8% return on invested capital was targeted (and achieved) each year while the service was running. Whereas the 5% is the total write off/down (there was a negligible amount written off before 2019). If you apply the losses (estimated and actual) over the 5 years, then the net amount would be c.6-7%. But that is also not quite right, as the amount deployed increased over time, and the losses (estimated and actual), mostly related to loans from 2017 onwards. Net-net, the 'actual' gross interest less losses is probably c5-6% pa for each of the 2017, 2018, 2019 (to May) cohorts. And this is one of the key reasons we ceased the service in May 2019 - the rates were coming down in the market and we expected the losses to go up. We didn't foresee Coronavirus, clearly. But our decision has somewhat validated by the economic reality of 2020.
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zlb
Member of DD Central
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Post by zlb on Jan 20, 2021 15:50:13 GMT
Will the final GS repayment make a difference here? If yes, when?
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Post by stevefindlay on Jan 21, 2021 15:45:12 GMT
Will the final GS repayment make a difference here? If yes, when? GS?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 21, 2021 16:14:52 GMT
Will the final GS repayment make a difference here? If yes, when? GS? Growth Street
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Post by stevefindlay on Jan 21, 2021 16:30:15 GMT
We were fully out of GS some time ago - I think in 2019 from memory (would need to check exact dates, maybe Q1 2020) - with full funds returned. So no, any GS redemption / payment now doesn't make a difference to us / our clients.
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Post by stevefindlay on Apr 13, 2021 11:46:49 GMT
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Post by stevefindlay on Oct 11, 2021 9:55:24 GMT
Quick update: we've now repaid over 100% of invested balances from May 2019. It's been a slog, and thank you for your patience.
More details to come in the monthly client email update shortly.
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adrianc
Member of DD Central
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Post by adrianc on Oct 20, 2021 11:50:52 GMT
Quick update: we've now repaid over 100% of invested balances from May 2019. It's been a slog, and thank you for your patience. More details to come in the monthly client email update shortly. If I don't see another penny of the remaining balance, I'll have come out of BM with an annualised return of ~2.5%. Wish I could say the same about the rest of my P2P adventures...
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alibaba
Member of DD Central
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Post by alibaba on Jan 11, 2022 12:22:32 GMT
Having problems getting a reply from Bondmason regarding remaining funds and write offs anyone else had recent communication with them ?
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Post by df on Jan 11, 2022 22:42:28 GMT
Quick update: we've now repaid over 100% of invested balances from May 2019. It's been a slog, and thank you for your patience. More details to come in the monthly client email update shortly. If I don't see another penny of the remaining balance, I'll have come out of BM with an annualised return of ~2.5%. Wish I could say the same about the rest of my P2P adventures... It was very long time ago when I received last recovery repayment. I'm likely to come out with a small capital loss. I had two goes on BM. Came out of the first one with profit as projected (no loss). After a break decided to do it again and that's where my losses come from. As with most of "adventures" finishing at the right time is an advantage.
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