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Post by WestonKevTMP on Aug 19, 2019 10:54:15 GMT
Comrades, Thought you might be interested to know we've just hit out £2m milestone;  Lending has been growing steadily as we've refined our credit policies and partners to source loans. With the recent acceleration, any lender monies deployed currently is lent very quickly (and so less of a loss from inactivity). This comes shortly after reporting our latest IRR of 10.7% per annum as @ 1 July 2019 on loans written from July 2018 to March 2019. This is a number we update monthly. Remember that Capital is at Risk and there is no FSCS protection when lending with The Money Platform. The full risk statement can be found here, www.themoneyplatform.com/lender-risks . Kevin. |
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panda
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Post by panda on Aug 19, 2019 13:18:08 GMT
Comrades, Thought you might be interested to know we've just hit out £2m milestone; Lending has been growing steadily as we've refined our credit policies and partners to source loans. With the recent acceleration, any lender monies deployed currently is lent very quickly (and so less of a loss from inactivity). This comes shortly after reporting our latest IRR of 10.7% per annum as @ 1 July 2019 on loans written from July 2018 to March 2019. This is a number we update monthly. Remember that Capital is at Risk and there is no FSCS protection when lending with The Money Platform. The full risk statement can be found here, www.themoneyplatform.com/lender-risks . Kevin. Can we get some statistics on late loans, ie, numbers or % 1 month late, 3 months late, 6 months late, more than a year late.
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Post by WestonKevTMP on Sept 10, 2019 16:30:04 GMT
pandaInternally we have been discussing how we can improve portfolio reporting, not only for individuals on their loans but the platform as a whole. The thing is, very broadly put detailed delinquency rates or buckets of arrears aren't important. Within the world of HCSTC some level of arrears is to be expected (much more than prime lending sites like Zopa or RateSetter), and reporting live arrears could be quite off-putting. For example, the majority of our customers who did not meet the original scheduled repayment dates are on rescheduled arrangements that are affordable to the customer. We are trying to be a transparent, fair and prudent lender doing the right thing in this maligned sector, and this is demonstrated by how we deal with arrears. A fair, affordable and reasonable payment schedule is arranged without question usually with the interest frozen at 0% and no fees applied. We feel this is the right approach to forbearance and building customer trust. It also means we get few few complaints, quite a miracle in this sector, which we take as positive feedback on how we treat customers. Therefore, what's important is interest income and capital payments made over a longer period than the maximum 3-month term, and critically what the final IRR is. This is why we report IRR for 12-month cohorts, with an average maturity 6-months after the final scheduled date. This gives time for rescheduled plans to perform and customers in short-term difficulty to get back on their feet. That said, how we report defaults and IRR will be changing. As I said, this is something we've wanted to do and have been designing the interface, but also driven by the FCA PS19/14 Credit Policy paper ( see HERE). So this is going to regulatory mandated anyway for 2020. Kevin.
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Greenwood2
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Post by Greenwood2 on Sept 11, 2019 14:10:40 GMT
panda Internally we have been discussing how we can improve portfolio reporting, not only for individuals on their loans but the platform as a whole. The thing is, very broadly put detailed delinquency rates or buckets of arrears aren't important. Within the world of HCSTC some level of arrears is to be expected (much more than prime lending sites like Zopa or RateSetter), and reporting live arrears could be quite off-putting. For example, the majority of our customers who did not meet the original scheduled repayment dates are on rescheduled arrangements that are affordable to the customer. We are trying to be a transparent, fair and prudent lender doing the right thing in this maligned sector, and this is demonstrated by how we deal with arrears. A fair, affordable and reasonable payment schedule is arranged without question usually with the interest frozen at 0% and no fees applied. We feel this is the right approach to forbearance and building customer trust. It also means we get few few complaints, quite a miracle in this sector, which we take as positive feedback on how we treat customers. Therefore, what's important is interest income and capital payments made over a longer period than the maximum 3-month term, and critically what the final IRR is. This is why we report IRR for 12-month cohorts, with an average maturity 6-months after the final scheduled date. This gives time for rescheduled plans to perform and customers in short-term difficulty to get back on their feet. That said, how we report defaults and IRR will be changing. As I said, this is something we've wanted to do and have been designing the interface, but also driven by the FCA PS19/14 Credit Policy paper ( see HERE). So this is going to regulatory mandated anyway for 2020. Kevin. Sounds like a cracking deal for borrowers. My remaining dozen or so, not yet defaulted loans, were all due to be repaid between Nov'17 and May'18, very nice, cheap, long-term loans for those borrowers, no complaints there I'm sure. Whereas my overall interest rate is still below 0% (ie, losses greater than interest paid) hoping to get to break-even if the rest repay (which I rather doubt). I can see how reporting buckets of arrears would be 'off-putting' to lenders, the actuality of them has certainly put me off. 
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michaelc
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Post by michaelc on Sept 13, 2019 13:17:37 GMT
panda Internally we have been discussing how we can improve portfolio reporting, not only for individuals on their loans but the platform as a whole. The thing is, very broadly put detailed delinquency rates or buckets of arrears aren't important. Within the world of HCSTC some level of arrears is to be expected (much more than prime lending sites like Zopa or RateSetter), and reporting live arrears could be quite off-putting. For example, the majority of our customers who did not meet the original scheduled repayment dates are on rescheduled arrangements that are affordable to the customer. We are trying to be a transparent, fair and prudent lender doing the right thing in this maligned sector, and this is demonstrated by how we deal with arrears. A fair, affordable and reasonable payment schedule is arranged without question usually with the interest frozen at 0% and no fees applied. We feel this is the right approach to forbearance and building customer trust. It also means we get few few complaints, quite a miracle in this sector, which we take as positive feedback on how we treat customers. Therefore, what's important is interest income and capital payments made over a longer period than the maximum 3-month term, and critically what the final IRR is. This is why we report IRR for 12-month cohorts, with an average maturity 6-months after the final scheduled date. This gives time for rescheduled plans to perform and customers in short-term difficulty to get back on their feet. That said, how we report defaults and IRR will be changing. As I said, this is something we've wanted to do and have been designing the interface, but also driven by the FCA PS19/14 Credit Policy paper ( see HERE). So this is going to regulatory mandated anyway for 2020. Kevin. Sounds like a cracking deal for borrowers. My remaining dozen or so, not yet defaulted loans, were all due to be repaid between Nov'17 and May'18, very nice, cheap, long-term loans for those borrowers, no complaints there I'm sure. Whereas my overall interest rate is still below 0% (ie, losses greater than interest paid) hoping to get to break-even if the rest repay (which I rather doubt). I can see how reporting buckets of arrears would be 'off-putting' to lenders, the actuality of them has certainly put me off. Are you close to breaking even now ? As you know I've decided to have a last throw of the dice back in July but couldn't bring myself to put in a statistically significant sum so have around 8 loans. I decided that if they all repaid even if a bit late I'd increase to around 20 loans but sadly two are now a week or so late. I've left everything ticking over and re-investing so will see what happens. Edit: HOw do you manage the interface? I only seem to be able to list 5 loans per page and then once I've shrunk the detail I can't get it back again. I didn't see an option to export to excel/csv either ?
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Greenwood2
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Post by Greenwood2 on Sept 13, 2019 14:59:11 GMT
Sounds like a cracking deal for borrowers. My remaining dozen or so, not yet defaulted loans, were all due to be repaid between Nov'17 and May'18, very nice, cheap, long-term loans for those borrowers, no complaints there I'm sure. Whereas my overall interest rate is still below 0% (ie, losses greater than interest paid) hoping to get to break-even if the rest repay (which I rather doubt). I can see how reporting buckets of arrears would be 'off-putting' to lenders, the actuality of them has certainly put me off. Are you close to breaking even now ? As you know I've decided to have a last throw of the dice back in July but couldn't bring myself to put in a statistically significant sum so have around 8 loans. I decided that if they all repaid even if a bit late I'd increase to around 20 loans but sadly two are now a week or so late. I've left everything ticking over and re-investing so will see what happens. Edit: HOw do you manage the interface? I only seem to be able to list 5 loans per page and then once I've shrunk the detail I can't get it back again. I didn't see an option to export to excel/csv either ? I don't think it's likely I'll get to break-even, but in terms of £s it's not a big loss. It wasn't one of my best ideas to have a punt on TMP, and a worse idea to give them a second chance when they did the last update that was going to make it all so much better. Good luck with mark 3, maybe they've got it right this time although it doesn't sound too promising so far, keep posting how it's going. I don't use the site very much any more, just check in once in a while to see if there are any 'settlement' payments, they were trickling in but even these seem to have dried up recently. The interface is a pain, you can't sort by the state of the loan, so have to trawl through pages of repaid and defaulted to find the extremely overdue. I've not seen any way to download anything. I did keep a spreadsheet to keep track but rather given up on that, just looking at the bottom line now.
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