Greenwood2
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Post by Greenwood2 on Feb 19, 2023 10:12:22 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. My loan book by percentage (2016 - to date): 79.9% fully repaid capital and interest; 16.8% Live and on schedule; 1.1% re-possessed for sale; 1.6% Somo seeking possession, normal default protocol; 0.5% over 18 months late Somo pursuing through the courts. No idea how that compares to the whole Somo loan book, and as usual past performance etc, etc.
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bababill
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Post by bababill on Feb 19, 2023 23:56:13 GMT
Another long term late repaid with full interest. What is the purpose of a post like that ? You are absolutely correct. It would have been more helpful if Greenwood2 gave the loan number. Greenwood2 can you provide the loan number as it might jog my memory about the particulars if I see the loan address. Thanks in advance.
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Greenwood2
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Post by Greenwood2 on Feb 20, 2023 6:39:41 GMT
What is the purpose of a post like that ? You are absolutely correct. It would have been more helpful if Greenwood2 gave the loan number. Greenwood2 can you provide the loan number as it might jog my memory about the particulars if I see the loan address. Thanks in advance. 1367 W***F****
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Post by c64 on Feb 21, 2023 14:49:10 GMT
Greenwood2's data point is interesting, so here's mine. Since 2019: 56% repaid in full nicely (either within weeks of the scheduled date or after an agreed extension, with interest serviced throughout) 21% repaid in full with distress (mostly default interest then recovery process, a couple rolled interest briefly then paid up) 15% live, paying nicely 8% live, in distress 0% written off I also sold a further 6% before term, and didn’t always follow up to see how they turned out so I have excluded those. My investment has been quite lumpy over time. I haven't been adding lately because I'm watching swap rates and twiddling my thumbs, so most of my "live" book actually falls due in April-May, and I might update this when those have crystallised as stick twist or fold. Noteworthy among the defaulters are seven loans from 2019 which took full advantage of the Covid eviction moratorium in 2020-2021. Five of those are repaid in full now, two are outstanding almost four years later but progress is tangible and implacable and I will be surprised if they do not at least get the capital back. Past performance etc., but I too am impressed. They don't stick their (our) necks out and just cross their fingers. They enforce through the courts for a living. That's what they are good at and that is where the value lies. I have to stomach a third of the loans going into recovery, on the basis that the eventual recovery rate is very high. There is a platform risk that they sell out to new management who think they are cleverer, go for growth at the expense of pursuit and pull a Funding Circle. I still don't like the size of the cut they are taking from the borrower rates, but they seem to be earning it so far.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 16, 2023 17:33:04 GMT
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rob3583
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Post by rob3583 on Oct 22, 2023 17:02:05 GMT
Not great for me, 2 loans defaulted each for £10,000 took about 5 years to settle and received only capital back. About £20,000 in interest lost.
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Greenwood2
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Post by Greenwood2 on Oct 22, 2023 17:18:19 GMT
Not great for me, 2 loans defaulted each for £10,000 took about 5 years to settle and received only capital back. About £20,000 in interest lost. Can you give the loan numbers? Were they the only two loans you had?
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dh1
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Post by dh1 on Jan 1, 2024 14:30:00 GMT
Another bit of point scoring for SoMo: loan interest credited today - New Year's Day, in case it is all passing in a blur; withdrawal request made and amazingly, money in my bank account.
Not only has SoMo sorted out the interest on a Bank Holiday but has also managed to wake up my bank which hitherto has taken "Bank" and "Holiday" extremely seriously...
Good performance by SoMo!
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mah
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Post by mah on Jan 5, 2024 19:19:04 GMT
Yes, they paid the remaining Principal on Arif Loan (topping up the shortfall from their oen funds) just b4 the Xmas, which again was great.
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