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Post by multiaccountmanager on Jul 16, 2021 12:41:30 GMT
I haven't seen any as yet?
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p2pfan
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Post by p2pfan on Jul 16, 2021 19:49:06 GMT
You're right, they are late.
I read a message from them a while back saying the July updates would be a bit late, so at least they forewarned us and therefore we should (hopefully) not be worried.
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Post by multiaccountmanager on Jul 17, 2021 11:48:59 GMT
You're right, they are late. I read a message from them a while back saying the July updates would be a bit late, so at least they forewarned us and therefore we should (hopefully) not be worried. I have been back though the emails to 1 July and can't see such a message.
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p2pfan
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Post by p2pfan on Jul 17, 2021 20:16:00 GMT
You're right, they are late. I read a message from them a while back saying the July updates would be a bit late, so at least they forewarned us and therefore we should (hopefully) not be worried. I have been back though the emails to 1 July and can't see such a message. To be honest, I can't remember where I read or heard it. But I was definitely informed a while back. Maybe it was in a conversation with their staff. Let's hope the updates are provided soon.
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iRobot
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Post by iRobot on Jul 18, 2021 11:24:32 GMT
I have an 'New Loan Opportunities' email dated 29/06 which includes: " Please Note: Our monthly loan updates will be posted to the platform a little later than usual this month on 12th July 2021." Not sure about the ' little later than usual' comment, though. A quick survey of the oldest loans suggest 'updates day' can often be later than the 12th of the month: 29/12/20 ; 13/01/21 ; 09/02/21 ; 11/03/21 ; 08/04/21 ; 13/05/21 ; 14/06/21 Maybe the 12th July day was a typo and they meant 19th. As a bit of a side note, this is the first time I've looked at BC's Live Loans list for quite a while. CV-19 and the now treacle-like nature of the court system over the last 18m or so have really taken their toll with now one-third of the 'Live' loans past their term date. No wonder the 'updates day' is slipping with (technically) now almost 100 loans to provide an update on!
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tony9239
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Post by tony9239 on Jul 18, 2021 12:26:35 GMT
I have an 'New Loan Opportunities' email dated 29/06 which includes: " Please Note: Our monthly loan updates will be posted to the platform a little later than usual this month on 12th July 2021." Not sure about the ' little later than usual' comment, though. A quick survey of the oldest loans suggest 'updates day' can often be later than the 12th of the month: 29/12/20 ; 13/01/21 ; 09/02/21 ; 11/03/21 ; 08/04/21 ; 13/05/21 ; 14/06/21 Maybe the 12th July day was a typo and they meant 19th. As a bit of a side note, this is the first time I've looked at BC's Live Loans list for quite a while. CV-19 and the now treacle-like nature of the court system over the last 18m or so have really taken their toll with now one-third of the 'Live' loans past their term date. No wonder the 'updates day' is slipping with (technically) now almost 100 loans to provide an update on! I think you're spot on with the effect of court system delays. Somo's strategy seems to have been to take on some of the more "challenging" loans, often on a second charge basis, as the founders have a strong legal background. In the past, they have very swiftly come down hard on non-redeemers and used the legal system effectively to push them into settling the loan - including all outstanding interest etc. Now that the courts are log-jammed a lot more borrowers are getting away with very long delays and the collections/recoveries chap has his hands very full. I have one that is over 3 years late and counting...
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dave4
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Post by dave4 on Jul 18, 2021 14:13:39 GMT
What is the typical penalty for default and lenders / platform cut ?
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Greenwood2
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Post by Greenwood2 on Jul 18, 2021 17:25:07 GMT
What is the typical penalty for default and lenders / platform cut ? Lenders default interest is 1.1%/month, I don't know what Somo get extra. Late loans, by definition running late, tend to increase in percentage of current loans, the ones that repay on time disappear into repaid loans. Over time the number of late loans is going to look worse, even without the current court delays. But it must increase the burden on Somo.
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alibaba
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Post by alibaba on Jul 19, 2021 11:53:51 GMT
updates 19/07/2021 now online
First time that I have seen the following statement regarding a loan on Somo :-
"In order to avoid a lengthy and costly trial, that serves no one but solicitors, we have provided an offer of debt forgiveness to the borrower and we await a response"
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michaelc
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Post by michaelc on Jul 19, 2021 13:03:14 GMT
updates 19/07/2021 now online First time that I have seen the following statement regarding a loan on Somo :- "In order to avoid a lengthy and costly trial, that serves no one but solicitors, we have provided an offer of debt forgiveness to the borrower and we await a response"Better than the update on my remaining loan which is an exact copy of last months namely that possession proceedings have been listed for mid-July. Which is of course around now. To be fair to Somo, I guess its not their fault that the court system is becoming so slow its barely fit for purpose (if it ever was). It will be interesting to see in your loan if Somo make good any loss to maintain their 100% track record.
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alibaba
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Post by alibaba on Jul 19, 2021 14:40:23 GMT
To be fair we have had a good run up until now. I have five outstanding loans all of which have now been moved to updates in August.
The last time that I looked there was a backlog of 58,000 outstanding cases in the courts waiting to be processed.
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Post by multiaccountmanager on Jul 21, 2021 8:31:50 GMT
At least there are now updates for July - but not very pretty reading. As others comment above, one potential offer of some debt forgiveness, and a lot of work for solicitors, barristers and judges - but little sign of any immediate repayments. That's fine with me as long as they do repay, 13.2% or thereabouts is good.
I have some loans that are very late, not paying interest and NOT defaulted. No doubt there are good legal reasons for that, but they stick in my throat.
Also 1 loan that has repaid 93.6% of capital, but has built up the equivalent of 5% of the original loan in rolled interest. Since rolled interest attracts no interest on itself, the effective rate we are getting on the current total of capital and rolled interest is reduced from 13.2% to 7.4% on my figures !!
EDIT BUT I see this is one of the loans that has not been defaulted, so the effective interest rate is only 5.4%
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Greenwood2
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Post by Greenwood2 on Jul 21, 2021 9:04:35 GMT
At least there are now updates for July - but not very pretty reading. As others comment above, one potential offer of some debt forgiveness, and a lot of work for solicitors, barristers and judges - but little sign of any immediate repayments. That's fine with me as long as they do repay, 13.2% or thereabouts is good. I have some loans that are very late, not paying interest and NOT defaulted. No doubt there are good legal reasons for that, but they stick in my throat. Also 1 loan that has repaid 93.6% of capital, but has built up the equivalent of 5% of the original loan in rolled interest. Since rolled interest attracts no interest on itself, the effective rate we are getting on the current total of capital and rolled interest is reduced from 13.2% to 7.4% on my figures !! I have a couple of late loans now re-possessed and being prepared to market so there is some movement going on.
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p2pfan
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Post by p2pfan on Jul 21, 2021 10:32:18 GMT
At least there are now updates for July - but not very pretty reading. As others comment above, one potential offer of some debt forgiveness, and a lot of work for solicitors, barristers and judges - but little sign of any immediate repayments. That's fine with me as long as they do repay, 13.2% or thereabouts is good. I have some loans that are very late, not paying interest and NOT defaulted. No doubt there are good legal reasons for that, but they stick in my throat. Also 1 loan that has repaid 93.6% of capital, but has built up the equivalent of 5% of the original loan in rolled interest. Since rolled interest attracts no interest on itself, the effective rate we are getting on the current total of capital and rolled interest is reduced from 13.2% to 7.4% on my figures !! EDIT BUT I see this is one of the loans that has not been defaulted, so the effective interest rate is only 5.4% Yes, it's incredibly frustrating that the loans keep getting delayed and delayed and delayed. The updates each month for those loans simply state, in layman's terms, "there is bugger all progress". In all fairness to SoMo, they seem to be more on the ball than other platforms, but the courts have severely curtailed their ability to get these borrowers to pay up or for SoMo to be able to repossess the properties to then sell and redeem lenders. I sincerely hope that SoMo don't begin to slip into the patterns of P2P platforms who specialise in giving one excuse after another about why they can't recover loans or why they keep being "extended".
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tony9239
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Post by tony9239 on Oct 6, 2021 9:48:12 GMT
Am I alone here, but I had no updates in September for my loans (6 of which are way way overdue) except for one dated 6 sept which was word-for-word repeat of the August update. I have emailed the Collections/Lender relations guy 2 or 3 times and received no reply. Is it just my loans? Be interested to hear ifanyone received updates in September. Thanks
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