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Post by overthehill on Aug 12, 2021 13:23:05 GMT
Are all those loans with status ENDED in the LIVE tab either late or in default ? Really... Yes I think so. I applaud SM for being transparent but are the loans still paying interest, are investors getting regular updates and are non-investors getting general updates on the state of the late/default loans. They appear dormant if you're not invested in the loans. At least with other platforms you can see some external form of life and activity.
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Greenwood2
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Post by Greenwood2 on Aug 12, 2021 14:00:01 GMT
I applaud SM for being transparent but are the loans still paying interest, are investors getting regular updates and are non-investors getting general updates on the state of the late/default loans. They appear dormant if you're not invested in the loans. At least with other platforms you can see some external form of life and activity.
Lenders (in the loan) get monthly updates on most 'Ended' loans, they appear on your dashboard usually about the middle of the month. If you have two or more loans you can read updates on every loan by clicking on the loan in the live loan list. A few you could write a soap opera about! A fair number of late loans are still paying interest, for the ones that aren't paying interest it is rolled until (hopefully) successful redemption. Quite a few repossessions have been stalled by the Covid moratorium and backlogs in the courts, so things are running slower than usual.
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aj
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Post by aj on Aug 12, 2021 14:44:17 GMT
Fully repaid loans are in the 'redeemed loans' section. Details are removed from view for these.
Overdue loans are still visible in the 'all live' section; As an active investor I can see updates on all loans. Updates on overdue loans were usually monthly but have been getting more sporadic as of late.
Some borrowers continue to make interest and/or partial capital repayments on overdue loans. These stay as 'live/term ended' until fully repaid.
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michaelc
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Post by michaelc on Aug 12, 2021 15:30:08 GMT
I applaud SM for being transparent but are the loans still paying interest, are investors getting regular updates and are non-investors getting general updates on the state of the late/default loans. They appear dormant if you're not invested in the loans. At least with other platforms you can see some external form of life and activity.
Lenders (in the loan) get monthly updates on most 'Ended' loans, they appear on your dashboard usually about the middle of the month. If you have two or more loans you can read updates on every loan by clicking on the loan in the live loan list. A few you could write a soap opera about! A fair number of late loans are still paying interest, for the ones that aren't paying interest it is rolled until (hopefully) successful redemption. Quite a few repossessions have been stalled by the Covid moratorium and backlogs in the courts, so things are running slower than usual. They don't always update every month. I didn't know about the 2 loan rule. I now have only one loan left and can read all the other updates although I did in the past have many, many more. Covid I agree hasn't helped. I would like to see clear totals of how many loans are live, how many are late (and how late) and how many have been repaid before I consider to re-invest. I don't want to have to write software to produce that information.
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Greenwood2
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Post by Greenwood2 on Jan 13, 2022 20:35:47 GMT
Another late loan now nearly fully repaid 1462, low LTV.
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michaelc
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Post by michaelc on Jan 19, 2022 19:37:22 GMT
Another late loan now nearly fully repaid 1462, low LTV. How many are currently late ?
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Post by zak on Feb 2, 2022 9:11:22 GMT
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Greenwood2
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Post by Greenwood2 on Feb 2, 2022 9:56:43 GMT
I've been with them since 2016 and no capital or interest lost (yet), one of my very late loans just repaid. Somo are pretty robust with recoveries, a few borrowers seem determined not to repay but get pursued through the courts. I have one very late that I think might not repay in full, due to the amount of accumulated interest being very high, but Somo are still very much on it. The rest of my late loans look good to repay.
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p2pfan
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Post by p2pfan on Feb 2, 2022 10:07:18 GMT
I've been with them since 2016 and no capital or interest lost (yet), one of my very late loans just repaid. Somo are pretty robust with recoveries, a few borrowers seem determined not to repay but get pursued through the courts. I have one very late that I think might not repay in full, due to the amount of accumulated interest being very high, but Somo are still very much on it. The rest of my late loans look good to repay. I've also been lending with BridgeCrowd/SoMo for many years and have not suffered any capital or interest losses thusfar. As zak says, SoMo are highly skilled, robust and tenacious at pursuing debtors for every penny they owe, whereas I feel that most P2P platforms give up too easily with problematic payers as they're not that bothered. They remain one of my very favourite platforms.
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Post by drg on Feb 2, 2022 10:14:44 GMT
I've been investing here for 3-4 years, here's a summary of my experience so far:
- 157 loans repaid in full with interest (unless they have sneakily repaid less than in full without mentioning it or me noticing, which is possible but seems unlikely). Might be some repeated loans in there where I bought more than one piece so real total could be a little less. - Site tells me average interest rate on those repaid loans is about 9.5% p.a. I haven't worked anything out myself but sounds plausible. - 0 loans had any principal or interest written off as bad debt. - 33 loans outstanding, of which: - 17 are not yet overdue - 16 are overdue - 3 of the overdue loans started in 2018, the rest later. - Whether they end up paying everything back isn't guaranteed but none of the overdue loans seem particularly close to having to write off any principle or interest assuming the updates are accurate (which seems very likely).
Also note:
- I have always selected loans to avoid any where I felt the security was not as good as normal. - Lending interest rates have fallen dramatically over the time that I have invested here and I have been reducing the money I have on the site as a result. Still, they are competitive compared to other p2p sites, especially when you take into account their good record. - There are 2 loans on the site from 2017 which I'm not involved in but which have stopped showing updates, which is probably not a good sign for how they are going. - I believe that all other loans that the site originated in 2017 or earlier (think they started originating loans in 2014, may have been 2015) have been repaid in full with interest.
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alibaba
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Post by alibaba on Feb 2, 2022 10:24:57 GMT
Started investing in 2014 8.77% return to date. currently have 17 live loans (9) in default £11,800 rolled interest fingers crossed that these loans are repaid if they do I will be substantially increasing my investment,
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Post by overthehill on Feb 2, 2022 10:57:33 GMT
Their 1st charge Tranche B loans are effectively 2nd charges when push comes to shove. No indication of this on the main loan page and you have to delve deep into the executive document to find the pertinent statement. It's bad communication at best and shady at worst. Apart from that I like SoMo but won't be investing in real 1st charge or 2nd charge loans at the current rates. Any business will try to capitalise on their brand reputation and record but its our money at risk not theirs.
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Greenwood2
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Post by Greenwood2 on Feb 2, 2022 11:23:31 GMT
I've been investing here for 3-4 years, here's a summary of my experience so far: - 157 loans repaid in full with interest (unless they have sneakily repaid less than in full without mentioning it or me noticing, which is possible but seems unlikely). Might be some repeated loans in there where I bought more than one piece so real total could be a little less. - Site tells me average interest rate on those repaid loans is about 9.5% p.a. I haven't worked anything out myself but sounds plausible. - 0 loans had any principal or interest written off as bad debt. - 33 loans outstanding, of which: - 17 are not yet overdue - 16 are overdue
- 3 of the overdue loans started in 2018, the rest later. - Whether they end up paying everything back isn't guaranteed but none of the overdue loans seem particularly close to having to write off any principle or interest assuming the updates are accurate (which seems very likely). Also note: - I have always selected loans to avoid any where I felt the security was not as good as normal. - Lending interest rates have fallen dramatically over the time that I have invested here and I have been reducing the money I have on the site as a result. Still, they are competitive compared to other p2p sites, especially when you take into account their good record. - There are 2 loans on the site from 2017 which I'm not involved in but which have stopped showing updates, which is probably not a good sign for how they are going. - I believe that all other loans that the site originated in 2017 or earlier (think they started originating loans in 2014, may have been 2015) have been repaid in full with interest. I have one of the 2017 loans, they stopped giving updates (routinely) because the borrower seemed to have access to them and was using them to pre-empt Somo's recovery attempts. That loan is still very much being pursued with yet another court date soon, hopefully this will be the last gasp from the borrower. Slippery as a snake that particular borrower. Don't know about the other one from 2017. I did see there was one where Somo may be after a valuer for a loan where the property seems to have been badly over valued, that will be interesting.
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Steerpike
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Post by Steerpike on Feb 2, 2022 12:16:39 GMT
I have been lending with SoMo (BridgeCrowd) since 2016 and have no reason to dispute the impressive statistics provided on their website.
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Post by overthehill on Feb 2, 2022 13:03:48 GMT
I have been lending with SoMo (BridgeCrowd) since 2016 and have no reason to dispute the impressive statistics provided on their website.
All the more impressive in terms of growth considering there is no ISA. With a minimum of 5K implying a weighted wealthy lender profile, a high proportion of the returns will be taxable.
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