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Post by tomujain on Feb 1, 2021 16:11:21 GMT
I have been looking through their backlog of defaulted loans (worst one is going back all the way to 2016 and still going) and reading through the updates. I've noticed they have slowed down a lot on posting updates, some loans are well overdue and have no updates at all.
Should we be worried? Ever since the shift to SOMO they seem to be less in touch with the investors. I have also heard several people say they outright ignore emails and can take months (sometimes years) to post a single update.
Interested to know what you all think because i'm starting to have flashbacks to Funding Secure, they went down a very similar road.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 1, 2021 17:40:42 GMT
I have been looking through their backlog of defaulted loans (worst one is going back all the way to 2016 and still going) and reading through the updates. I've noticed they have slowed down a lot on posting updates, some loans are well overdue and have no updates at all. Should we be worried? Ever since the shift to SOMO they seem to be less in touch with the investors. I have also heard several people say they outright ignore emails and can take months (sometimes years) to post a single update. Interested to know what you all think because i'm starting to have flashbacks to Funding Secure, they went down a very similar road. I'm not concerned at all. Most loans in arrears get updates monthly, I don't have any with no updates. One loan long in arrears now looks set to repay, house on the market for sale after extreme procrastination from the borrower. I don't see any comparison at all to Funding Secure, but if you are worried it's fairly easy to sell performing loans on the SM if you want to get out, obviously you would have to wait for any loans in arrears. In my experience Somo/Bridgecrowd take a very strong line on recoveries and never give up, pursuing recalcitrant borrowers through the courts to the bitter end.
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rozentas
Suck it and see
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Post by rozentas on Feb 1, 2021 17:41:32 GMT
The 2016 loan no longer has updates on the forum, you have to call them and they will give an update if you are an investor in that loan. I did that myself last week.
Re other updates, I find they only update when there is new information. They don’t tend to publish the type of updates Lendy and FS used to where there was no substance
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michaelc
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Post by michaelc on Feb 1, 2021 18:19:55 GMT
Part of the problem with replies to this is that those who are invested have an incentive to talk up the platform. Note, I am not blaming anyone specifically of this but be aware that incentive exists. And its true for all platforms of course.
Cards on the table for me, I have been trying to get out for around a year - I'd need to check exactly how long but it feels like 9-12 months ago. I have one loan left and even if that fails I'll still have made significantly more profit to cover it. I'm not expecting it to fail though just to drag on.... My reasons for getting out are due to Somo's communication and a general desire to escape "p2p". I still think it is one of the best "p2p" platforms around.
I don't know if communication is getting worse or not. I've never found it great. I agree sometimes emails are not answered.
The updates are much better than funding secure but that really is a very low bar considering FS not only went belly up but they did so in a cloud of fraud that is yet to settle.
Do you have any example loans (id or link that works when logged in) without updates?
If it's true they removed a loan from 2016 that's not a great sign as presumably it was done not to put off investors looking at the "loan book" (which would only actually be part of the whole loan book if some are hidden). I don't know if thats true.
Edit: In fact, looking at the loan book it may just be that some update have essentially been redacted to non-investors in the loan. Not great but not as bad as hiding the loans themselves.
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iRobot
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Post by iRobot on Feb 1, 2021 19:54:13 GMT
My 10¢ worth... BC (sorry, gonna take me a while to get used to 'SoMo') don't dick around when it comes to enforcement, and probably have a higher percentage of overdue loans going through legals than FS ever had; prior to them (FS) going into administration, of course. Factor in that legal processes are pretty slow moving at the best of times but are especially treacly just now, and it's not exactly an environment which lends itself to frequent updates at the moment. With regard to the "Ever since the shift to SOMO they seem to be less in touch with the investors" comment, BC have never been the most 'connected' of platforms when it comes to lenders, but I've not noticed any reduction in responses to phone calls or emails in the three months since they officially changes their branding. Lastly, wrt to michaelc 's 'an incentive to talk up the platform' then, for the sake of balance, it is perhaps worth postulating that some may have an incentive to talk down the platform; maybe in the hopes of generating some discounted SM activity. So that does cut both ways, although I'd like to think that type of activity is more prevalent somewhere like Reddit than this forum.  Personally, I think the bigger concern is the risk of a collapsing housing market affecting disposal returns rather than a missed update or two when there's nothing substantive to report. Then again, that could just be me talking down the platform in the hopes of generating some discounted SM activity.  |
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 1, 2021 20:11:45 GMT
Part of the problem with replies to this is that those who are invested have an incentive to talk up the platform. Note, I am not blaming anyone specifically of this but be aware that incentive exists. And its true for all platforms of course. Cards on the table for me, I have been trying to get out for around a year - I'd need to check exactly how long but it feels like 9-12 months ago. I have one loan left and even if that fails I'll still have made significantly more profit to cover it. I'm not expecting it to fail though just to drag on.... My reasons for getting out are due to Somo's communication and a general desire to escape "p2p". I still think it is one of the best "p2p" platforms around. I don't know if communication is getting worse or not. I've never found it great. I agree sometimes emails are not answered. The updates are much better than funding secure but that really is a very low bar considering FS not only went belly up but they did so in a cloud of fraud that is yet to settle. Do you have any example loans (id or link that works when logged in) without updates? If it's true they removed a loan from 2016 that's not a great sign as presumably it was done not to put off investors looking at the "loan book" (which would only actually be part of the whole loan book if some are hidden). I don't know if thats true. Edit: In fact, looking at the loan book it may just be that some update have essentially been redacted to non-investors in the loan. Not great but not as bad as hiding the loans themselves. Why? If I was worried I would sell off fast and not post anything. You seem to be implying that lenders are desperately trying to escape and need to talk up to be able sell? Total rubbish the SM sells very quickly and new loans also fill fast. Sorry you have one whole loan not yet paid back, I suspect it will come good. It would be nice if the IP posted the IDs of the loans they are complaining about. Edit: Crossed with above.
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michaelc
Member of DD Central
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Post by michaelc on Feb 1, 2021 21:48:25 GMT
Part of the problem with replies to this is that those who are invested have an incentive to talk up the platform. Note, I am not blaming anyone specifically of this but be aware that incentive exists. And its true for all platforms of course. Cards on the table for me, I have been trying to get out for around a year - I'd need to check exactly how long but it feels like 9-12 months ago. I have one loan left and even if that fails I'll still have made significantly more profit to cover it. I'm not expecting it to fail though just to drag on.... My reasons for getting out are due to Somo's communication and a general desire to escape "p2p". I still think it is one of the best "p2p" platforms around. I don't know if communication is getting worse or not. I've never found it great. I agree sometimes emails are not answered. The updates are much better than funding secure but that really is a very low bar considering FS not only went belly up but they did so in a cloud of fraud that is yet to settle. Do you have any example loans (id or link that works when logged in) without updates? If it's true they removed a loan from 2016 that's not a great sign as presumably it was done not to put off investors looking at the "loan book" (which would only actually be part of the whole loan book if some are hidden). I don't know if thats true. Edit: In fact, looking at the loan book it may just be that some update have essentially been redacted to non-investors in the loan. Not great but not as bad as hiding the loans themselves. Why? If I was worried I would sell off fast and not post anything. You seem to be implying that lenders are desperately trying to escape and need to talk up to be able sell? Total rubbish the SM sells very quickly and new loans also fill fast. Sorry you have one whole loan not yet paid back, I suspect it will come good. It would be nice if the IP posted the IDs of the loans they are complaining about. Edit: Crossed with above. Yes it is total rubbish and I certainly didn't mean to imply lenders are desperately trying to escape. Its probably the opposite. Why? If I was worried I would sell off fast and not post anything.If you were worried why would you not post anything? You might not post but you might also post largely positive comments in response to anyone showing concern. I merely stated that an incentive exists for positive comments to be made - there is an implication indeed the some lenders may be doing just that. I stand by that. Sorry you have one whole loan not yet paid back, I suspect it will come good.
You're not sorry and I'm not sorry. Its one loan and I also think because I know the loan it will come good and I already said I've made a lot more profit on the platform to cover it even if it does go belly up. On what grounds are you saying it will come good? the SM sells very quickly and new loans also fill fast.Yes the SM sells fast but who is buying them? The platform or other lenders? How has the sm performed over time ? We don't know because the information is not there. If I want to write what I consider to be my honest opinion I will and I don't expect to be attacked for it.
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Greenwood2
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Post by Greenwood2 on Feb 2, 2021 6:50:01 GMT
Why? If I was worried I would sell off fast and not post anything. You seem to be implying that lenders are desperately trying to escape and need to talk up to be able sell? Total rubbish the SM sells very quickly and new loans also fill fast. Sorry you have one whole loan not yet paid back, I suspect it will come good. It would be nice if the IP posted the IDs of the loans they are complaining about. Edit: Crossed with above. Yes it is total rubbish and I certainly didn't mean to imply lenders are desperately trying to escape. Its probably the opposite. Why? If I was worried I would sell off fast and not post anything.If you were worried why would you not post anything? You might not post but you might also post largely positive comments in response to anyone showing concern. I merely stated that an incentive exists for positive comments to be made - there is an implication indeed the some lenders may be doing just that. I stand by that. Sorry you have one whole loan not yet paid back, I suspect it will come good.
You're not sorry and I'm not sorry. Its one loan and I also think because I know the loan it will come good and I already said I've made a lot more profit on the platform to cover it even if it does go belly up. On what grounds are you saying it will come good? the SM sells very quickly and new loans also fill fast.Yes the SM sells fast but who is buying them? The platform or other lenders? How has the sm performed over time ? We don't know because the information is not there. If I want to write what I consider to be my honest opinion I will and I don't expect to be attacked for it. Sorry if you feel attacked. Like you I am just writing my honest opinion!
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Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
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Post by Greenwood2 on Feb 2, 2021 7:00:47 GMT
Part of the problem with replies to this is that those who are invested have an incentive to talk up the platform. Note, I am not blaming anyone specifically of this but be aware that incentive exists. And its true for all platforms of course. Cards on the table for me, I have been trying to get out for around a year - I'd need to check exactly how long but it feels like 9-12 months ago. I have one loan left and even if that fails I'll still have made significantly more profit to cover it. I'm not expecting it to fail though just to drag on.... My reasons for getting out are due to Somo's communication and a general desire to escape "p2p". I still think it is one of the best "p2p" platforms around. I don't know if communication is getting worse or not. I've never found it great. I agree sometimes emails are not answered. The updates are much better than funding secure but that really is a very low bar considering FS not only went belly up but they did so in a cloud of fraud that is yet to settle. Do you have any example loans (id or link that works when logged in) without updates? If it's true they removed a loan from 2016 that's not a great sign as presumably it was done not to put off investors looking at the "loan book" (which would only actually be part of the whole loan book if some are hidden). I don't know if thats true. Edit: In fact, looking at the loan book it may just be that some update have essentially been redacted to non-investors in the loan. Not great but not as bad as hiding the loans themselves. If it's the loan I'm thinking about it is still in the loan book, BC just stopped posting public updates because they had suspicions the borrower had access to them, and that was allowing the borrower to anticipate BCs next legal actions.
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