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Post by Ace on Nov 19, 2019 23:52:13 GMT
I'm not sure if this is a new feature, but I've not noticed it before. It has some interesting info on it.
However, I'm confused by the "current post-due loans (by value)" figure, which is currently set to 4.35%. This seems to be at odds with the "overdue loans" figure on the Live Data Fed tab, which is currently set to zero.
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Ukmikk
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Post by Ukmikk on Nov 20, 2019 16:00:54 GMT
Where can you see this tab Ace ? I don't appear to have it. |
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Post by Ace on Nov 20, 2019 16:52:40 GMT
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Post by nooneere on Nov 20, 2019 18:29:04 GMT
Go to 'Live Loans' in 'My Loanbook' and you will see two loans in the 'Loan Category' of "extended".
So they are presumably not classing these as overdue because there is an agreed extension.
The positive take is that this makes it unlikely they could follow RS by cutting rates.
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littleoldlady
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Post by littleoldlady on Nov 20, 2019 18:37:29 GMT
The numbers make no sense to me. It says IIUC that £20k would cover the interest on the whole loan book for 17 days. Taking average interest as 5% this infers a loan book of c£8.5m but it is only £5.7m. Am I missing something?
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Ukmikk
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Post by Ukmikk on Nov 20, 2019 18:54:14 GMT
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littleoldlady
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Post by littleoldlady on Nov 20, 2019 19:53:33 GMT
Go to 'Live Loans' in 'My Loanbook' and you will see two loans in the 'Loan Category' of "extended". So they are presumably not classing these as overdue because there is an agreed extension. The positive take is that this makes it unlikely they could follow RS by cutting rates. Just to clarify what nooneere probably realised, those two loans are the 4.3% of the loan book mentioned on the Interest Cover Fund tab. So they have different definitions for "overdue" in the two places.
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Post by Ace on Nov 20, 2019 20:09:26 GMT
The numbers make no sense to me. It says IIUC that £20k would cover the interest on the whole loan book for 17 days. Taking average interest as 5% this infers a loan book of c£8.5m but it is only £5.7m. Am I missing something? They do need to pay interest on the unallocated funds too, so nearer £6.2m in total. But, that still equates to an interest rate of 6.9%! I seem to remember some interest rate boosts at launch, which may be still active for early birds, and they do offer boosts for those recommending friends, but 6.9% still seems too high. Perhaps I just have way fewer than the average number of friends 😔. Can you help us out with the numbers please Loanpad ?
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Post by Loanpad on Nov 21, 2019 12:36:14 GMT
Hi all
We are in the process of updating some areas of the platform to bring our definitions/disclosure into line with the new regulations coming in. There will be some further updates to the ICF page and live data feed over the coming weeks as well as an updated list of loan status definitions.
On loan status, the difference currently is that “past-due” is simply in reference to the original maturity date whereas “overdue” would be where we have not agreed to an extension (although this will be changing to any loans > 45 days beyond term). We do appreciate that this needs to be made clear and it will be very shortly with all loan statuses clearly explained.
As for the numbers. The table currently uses the total interest payable under the loans as opposed to the interest payable to investors but is being updated. It also shows the % of all loans past due (i.e. simply past their original maturity date) but is being updated to only take into account loans where ICF is actually in use. The table does not take into account any payments recovered.
All in all fair to say we were probably a little trigger happy in putting the ICF page live – but it will be fully updated shortly and hopefully very clear with additional explanation.
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Post by nooneere on Dec 3, 2019 20:56:51 GMT
Go to 'Live Loans' in 'My Loanbook' and you will see two loans in the 'Loan Category' of "extended". So they are presumably not classing these as overdue because there is an agreed extension. The positive take is that this makes it unlikely they could follow RS by cutting rates. And one of the two 'extended' loans discussed above has now been reclassified as 'overdue' (see 'Live Loans'), so this is a first for LP. The ICF has been invoked for both loans, and they account for 4% of LP's total loans (see 'Live Data Feed').
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Post by Loanpad on Dec 4, 2019 10:10:34 GMT
Go to 'Live Loans' in 'My Loanbook' and you will see two loans in the 'Loan Category' of "extended". So they are presumably not classing these as overdue because there is an agreed extension. The positive take is that this makes it unlikely they could follow RS by cutting rates. And one of the two 'extended' loans discussed above has now been reclassified as 'overdue' (see 'Live Loans'), so this is a first for LP. The ICF has been invoked for both loans, and they account for 4% of LP's total loans (see 'Live Data Feed'). hi nooneere Any loan that is 45 days past its original maturity date will now be shown as “overdue” (even where we have agreed to an extension), and anything over 180 days as ‘defaulted’. This is to fall into line with the FCAs required definitions on P2P property loans. Hopefully this will help investors when comparing loan performance across different platforms.
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Post by Loanpad on Dec 4, 2019 10:13:33 GMT
Just by way of update, the new Loan Status definitions are live – they can be viewed in our FAQs under “How do you define the status of each loan?”
The most important thing to emphasise is that the only difference you would notice functionality-wise is if/when a loan is ever “suspended” – which would result in funds in that loan being frozen pending recovery. This would only be done if there was a realistic prospect of a capital loss on our senior part of any loan and so hopefully will be a very rare occurrence.
The Interest Cover Fund tab has also been updated with some definitions. We hope things are clear and easy to understand but any feedback or suggested improvements will be gratefully received.
There will be more data fields/charts etc added over the coming months.
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Post by nooneere on Dec 4, 2019 18:48:56 GMT
Many thanks Loanpad. You will appreciate you are dealing with a very nervous website at this juncture in P2P history. |
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littleoldlady
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Post by littleoldlady on Dec 6, 2019 17:10:34 GMT
Just by way of update, the new Loan Status definitions are live – they can be viewed in our FAQs under “How do you define the status of each loan?” The most important thing to emphasise is that the only difference you would notice functionality-wise is if/when a loan is ever “suspended” – which would result in funds in that loan being frozen pending recovery. This would only be done if there was a realistic prospect of a capital loss on our senior part of any loan and so hopefully will be a very rare occurrence. The Interest Cover Fund tab has also been updated with some definitions. We hope things are clear and easy to understand but any feedback or suggested improvements will be gratefully received. There will be more data fields/charts etc added over the coming months. I can't make any sense of this, assuming that I have a share in every loan. The only loan which does not have status "Live" represents about 2.3% of the loan book but the ICF is paying interest on 3.99%.
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Post by Loanpad on Dec 10, 2019 15:17:44 GMT
Just by way of update, the new Loan Status definitions are live – they can be viewed in our FAQs under “How do you define the status of each loan?” The most important thing to emphasise is that the only difference you would notice functionality-wise is if/when a loan is ever “suspended” – which would result in funds in that loan being frozen pending recovery. This would only be done if there was a realistic prospect of a capital loss on our senior part of any loan and so hopefully will be a very rare occurrence. The Interest Cover Fund tab has also been updated with some definitions. We hope things are clear and easy to understand but any feedback or suggested improvements will be gratefully received. There will be more data fields/charts etc added over the coming months. I can't make any sense of this, assuming that I have a share in every loan. The only loan which does not have status "Live" represents about 2.3% of the loan book but the ICF is paying interest on 3.99%. Hi littleoldlady - this has been fixed and is now displaying correctly. Apologies for any confusion.
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