Greenwood2
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Post by Greenwood2 on Feb 7, 2023 13:50:37 GMT
Well, it's still pretty impressive that only 4 loans not received full interest after email received today. What email?
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benaj
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Post by benaj on Feb 7, 2023 16:12:29 GMT
Gi**la** - Loan Update. My only ever loan with BC, still expecting some interest and have received full capital. ROI 3.6% pa
EDIT: (in my case, XIRR is still a "good" result, 2.42% for picking this pre-loved loan, the other guy who unloaded it got lucky)
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iRobot
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Post by iRobot on Feb 7, 2023 16:46:23 GMT
Gi**la** - Loan Update. My only ever loan with BC, still expecting some interest and have received full capital. ROI 3.6% pa Maybe I'm mis-reading the email but my understanding is that that's the end of this one - nothing further to come.Edit: actually, I think it's your post that I've mis-read. It's clearer now on 2nd reading. (By the by ... closing comment from BC / Somo: " Of note, this is only the 4 loan out of 1,000+ loans fully redeemed where the loan has not recovered all of the advertised interest at the default rate.")
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Greenwood2
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Post by Greenwood2 on Feb 8, 2023 10:17:56 GMT
Gi**la** - Loan Update. My only ever loan with BC, still expecting some interest and have received full capital. ROI 3.6% pa Maybe I'm mis-reading the email but my understanding is that that's the end of this one - nothing further to come.Edit: actually, I think it's your post that I've mis-read. It's clearer now on 2nd reading. (By the by ... closing comment from BC / Somo: " Of note, this is only the 4 loan out of 1,000+ loans fully redeemed where the loan has not recovered all of the advertised interest at the default rate.") Could you give the number for that loan?
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iRobot
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Post by iRobot on Feb 8, 2023 13:35:39 GMT
Could you give the number for that loan? This one is 1504. It's linked to 1505 but that wasn't disclosed at launch time, afaicr. (Although the two loans inadvertently sharing the one executive summary and VR was a little bit of a clue! )
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Greenwood2
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Post by Greenwood2 on Feb 17, 2023 14:49:04 GMT
Another long term late repaid with full interest.
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michaelc
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Post by michaelc on Feb 17, 2023 21:17:04 GMT
Another long term late repaid with full interest. What is the purpose of a post like that ?
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Greenwood2
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Post by Greenwood2 on Feb 18, 2023 7:10:22 GMT
Another long term late repaid with full interest. What is the purpose of a post like that ? Same as last time, reporting a good recovery from BC. I know you don't care...some actual lenders may be interested.
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firedog
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Post by firedog on Feb 18, 2023 8:50:01 GMT
What is the purpose of a post like that ? Same as last time, reporting a good recovery from BC. I know you don't care...some actual lenders may be interested. Not just lenders but potential investors too. So thanks for the update.
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nick
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Post by nick on Feb 18, 2023 10:12:38 GMT
It's a sad state of affairs when the repayment of a loan becomes notable.
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Greenwood2
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Post by Greenwood2 on Feb 18, 2023 10:26:48 GMT
It's a sad state of affairs when the repayment of a loan becomes notable. Repayment of a very late loan that many P2P platforms might have given up on (or wouldn't have returned full capital and interest, due to poor initial valuations), lots of routine repayments not worthy of comment. This one made a big dent in my rolled (outstanding) interest.
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michaelc
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Post by michaelc on Feb 18, 2023 14:10:31 GMT
What is the purpose of a post like that ? Same as last time, reporting a good recovery from BC. I know you don't care...some actual lenders may be interested. Not interested because if they are in that loan they get an email reminding them. Interested because they are currently invested and want to continue the good feeling. p2p* is like the wild west where community trust in a platform is everything. It should not be like that. * - waits for some (no doubt paid) person to tell me "....actually you know this isn't p2p....". Most of the sites on this site are in the p2p bucket as far as I'm concerned.
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Greenwood2
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Post by Greenwood2 on Feb 18, 2023 16:28:09 GMT
Same as last time, reporting a good recovery from BC. I know you don't care...some actual lenders may be interested. Not interested because if they are in that loan they get an email reminding them. Interested because they are currently invested and want to continue the good feeling. p2p* is like the wild west where community trust in a platform is everything. It should not be like that. * - waits for some (no doubt paid) person to tell me "....actually you know this isn't p2p....". Most of the sites on this site are in the p2p bucket as far as I'm concerned. I don't understand why you do not think it's relevant to talk about loan recoveries on a thread titled 'Bridgecrowd Record'. Is this thread reserved for Bad News only? Obviously trust in a platform is important, I wouldn't invest on a platform if I didn't have trust in it (to some extent). But you do not blindly lend on any platform because you trust them. On BC I look at the property details and valuations, cross check with Zoopla or similar to see if the valuation stacks up, decide if I'm happy with the LTV, think about the type of property, the area it's in, the likely direction of house values, etc and make a decision based on the information available and my own preferences in choosing properties to lend against. I keep records of my current loans, re-paid loans, late loans, etc, and currently I'm happy with the condition of my loan book. No defaults or losses to keep records of yet, long may that last. When one of my long term late loans repays I think that is a good thing, particularly when it pays back a big chunk of interest that has been accumulating for ages. I've been with BC since 2016 and invested in a large number of loans with no losses, what should I be complaining about?
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benaj
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Post by benaj on Feb 18, 2023 22:38:52 GMT
Another long term late repaid with full interest. Fantastic recovery no doubt. So, could you tell us how many late loans you have in your portfolio at the moment? and how many are already 18 months behind expected redemption? It’s not helpful when Somo not fully up to date with the numbers.
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p2pfan
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Post by p2pfan on Feb 19, 2023 0:53:07 GMT
Agreed. Well done to SoMo for managing to recover loans from some very tricky and devious borrowers.
Some SoMo borrowers have been uncooperative and conflictual to ridiculous extents e.g. one trashed the entire house from top to bottom because the courts eventually, after a very long wait, allowed repossession of the property as he wasn't paying the SoMo debt.
From my experience, SoMo are at the very top of the game when it comes to pursuing uncooperative borrowers. They are more tenacious and skilled than any other platform. It may take a while - years in some cases - but SoMo eventually get *our* money back.
Most other P2P platforms seem to be a soft touch by comparison. They turn into wibbly-wobbly jellies the minute any of their beloved borrowers uses any of the following magic words: Brexit, Coronavirus, Cost of Building Materials, and allow those borrowers to get away with skullduggery.
Of all the P2P platforms I lend through, SoMo have the highest rate of recoveries.
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