Ace
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Post by Ace on Mar 15, 2022 21:54:24 GMT
Loan 9436180 is now in default, though not suspended. Confusingly, the update says that the lending partner will continue paying the interest, but the stats page indicates that its being serviced by the ICF. I don't see much to worry about. It's a 50% LTV loan against a Feb 2020 valuation. Even if the worst was to happen, which I certainly don't expect, it only represents 0.62% of our funds, so represents less than 2 months of interest in the Premium account.
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Post by Harland Kearney on Mar 16, 2022 13:52:13 GMT
This loan is now in default, though not suspended. Confusingly, the update says that the lending partner will continue paying the interest, but the stats page indicates that its being serviced by the ICF. I don't see much to worry about. It's a 50% LTV loan against a Feb 2020 valuation. Even if the worst was to happen, which I certainly don't expect, it only represents 0.62% of our funds, so represents less than 2 months of interest in the Premium account. Perhaps the interest is being serviced by the ICF then replinished by the lending partner? Speculation entirely, maybe they will update it in the future to better represent the real situation. Will be keeping eye on developments as always, though not overly concerned, been very happy so far. We now know this isn't true, read posts below 
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Ace
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Post by Ace on Mar 16, 2022 14:27:28 GMT
The stats page has now been corrected, in that it's no longer showing as being serviced by the ICF.
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jcb208
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Post by jcb208 on Mar 19, 2022 10:26:18 GMT
Property on rightmove for sale by auction Guide price 540,000
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rocky1
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Post by rocky1 on Apr 6, 2022 11:49:42 GMT
why does the amount of my investment in this loan keep changing when the loan is in default? i would have thought every thing would have stopped at that point.i dont think many people want to put more into a defaulted loan.
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Ace
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Post by Ace on Apr 6, 2022 12:49:36 GMT
why does the amount of my investment in this loan keep changing when the loan is in default? i would have thought every thing would have stopped at that point.i dont think many people want to put more into a defaulted loan. Although it is in default, it has not been suspended. This is because LP believe there is very little chance of an actual loss (rightly in my opinion), so the loan is still redistributed between all lenders daily. It isn't even using the Interest Coverage Fund because it is still paying the monthly interest. This is in accordance with the T&Cs, I.e. loans will only be suspended if there is a material risk of loss.
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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 Apr 23, 2022 9:45:14 GMT
Sold at auction 7/4/22 for £590,000. I would expect that will be sufficient to allow full repayment despite being £100k below OMV, £40k below 90day, still a good £100k above loan and there shouldnt be that much in arrears to partner.
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Ace
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Post by Ace on Apr 23, 2022 9:57:13 GMT
Sold at auction 7/4/22 for £590,000. I would expect that will be sufficient to allow full repayment despite being £100k below OMV, £40k below 90day, still a good £100k above loan and there shouldnt be that much in arrears to partner. It was still £245k more than LP's loan, so their judgement that there was no material risk of loss to Loanpad lenders seems to have been sound.
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rocky1
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Post by rocky1 on Apr 29, 2022 16:52:48 GMT
yes 3 month extended then borrower starts messing about.loan defaulted asset sold.no can kicking no BS if you dont pay loanpad take it away.a lesson that a lot of platforms should take note of when speculating with other peoples monies.
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Ace
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Post by Ace on Jun 1, 2022 6:38:59 GMT
This loan has now repaid in full.
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a0010402
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Той доживѣваше послѣднитѣ дни на дълголѣтия си животъ тихо и просто
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Post by a0010402 on Nov 4, 2022 11:48:59 GMT
9869541 same situation.
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tomg
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Post by tomg on Nov 4, 2022 12:42:07 GMT
This was directly addressed in the Q and A last night (beginning at the 25:37 mark approx)
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a0010402
Member of DD Central
Той доживѣваше послѣднитѣ дни на дълголѣтия си животъ тихо и просто
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Post by a0010402 on Nov 4, 2022 21:31:48 GMT
This was directly addressed in the Q and A last night (beginning at the 25:37 mark approx) "Directly addressed" I'm not so sure. It barely got a mention. Anyone who cares, better head for the loan report. Watching that Q&A big waste of time.
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Ace
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Post by Ace on Nov 15, 2022 19:29:48 GMT
9869541 has been taken out of default state. Arrears have been paid and it is now back in good standing.
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ilmoro
Member of DD Central
'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 Nov 15, 2022 20:16:34 GMT
9869541 has been taken out of default state. Arrears have been paid and it is now back in good standing. That update raises as many questions as it answers, given the reason why the loan was defaulted. Who's completing the project now.? Is it now going to suddenly be completed on time without the extension being needed? Seems unlikely PS Might be worth changing the thread title to just Loanpad defaults
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