michaelc
Member of DD Central
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Post by michaelc on Aug 11, 2020 18:00:30 GMT
Yes, so far they're pretty good and so far I've been very happy with the returns. And yes that is the main thing,
However, I'm becoming increasingly annoyed about the lack of updates. One of my loans was extended a few months ago and I decided not to sell on the SM. Its now expired again a couple of weeks ago but there is nothing in the updates. Its a low LTV and probably as safe as can be but I don't consider the lack of communication acceptable. I don't believe if it was a single investor, providing the cash they would put up with such a wall of silence.
Of course BC can easily get away with such a blase attitude as there is not much competition. You'd think there was but when you really look into it, most of the platforms are poor (IMO).
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iRobot
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Post by iRobot on Aug 11, 2020 18:45:30 GMT
IME, loans which freshly go 'end of term' can can experience a couple of reporting cycles before an update is given. I've always assumed this is BC and the Borrower dancing the dance whilst a way forward is agreed. When that understanding has been reached, then an update is issued - and one which usually outlines a fairly well detailed plan of action.
When an extended loan goes end of term for the second time, the delay is usually quicker before an update is given. I've always presumed this is because the route to repayment in the event of default has already been outlined / accepted prior to the extension being given.
Now we have CV-19 and borrowers know that platforms are under mandate not to get heavy with repossessions - at least not until November, IIRC. I suspect the dancing has resumed.
Personally, I've always been happy to let BC get on with it. I'm comfortable with periods of silence on the basis that:
a) I got thoroughly cheesed off with non-Updates from the likes of Ly and FS - generating them wasted their time; reading them wasted mine
b) When I have felt justified in contacting them, they've always provided substantive responses within an acceptable time frame - typically within a week
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Aug 11, 2020 20:08:02 GMT
Yes, so far they're pretty good and so far I've been very happy with the returns. And yes that is the main thing, However, I'm becoming increasingly annoyed about the lack of updates. One of my loans was extended a few months ago and I decided not to sell on the SM. Its now expired again a couple of weeks ago but there is nothing in the updates. Its a low LTV and probably as safe as can be but I don't consider the lack of communication acceptable. I don't believe if it was a single investor, providing the cash they would put up with such a wall of silence. Of course BC can easily get away with such a blase attitude as there is not much competition. You'd think there was but when you really look into it, most of the platforms are poor (IMO). A couple of weeks ago is not long, updates are usually monthly, and possibly the first month 'expired' may not warrant an update. Also this month loan updates are probably not all in yet, I've had a couple early this month but I am expecting a few more.
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tomp
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Post by tomp on Aug 12, 2020 13:48:02 GMT
More updates available now.
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