Account rundown example (CP)

I've added a "Total profit to date" figure to the OP.

The table in the OP has been updated.

XIRR is finally heading in the right direction again due to some more substantial repayments.

1 loan repaid ahead of time and one late loan repaid this month. 3 more loans passed their scheduled repayment date and are now late.

4 loans are scheduled to repay in November.

The XIRR on my larger, active, ISA account dropped slightly to 5.02%.

I'm still confident that both accounts will end up around 7.5%.

The table in the OP has been updated.

XIRR has increased a bit.

3 loans repaid in total this month, all 3 were already late. 5 more loans passed their scheduled repayment date and are now late.

3 loans are scheduled to repay in January.

The XIRR on my larger, active, ISA account remained at 5.13%.

I'm still confident that both accounts will end up around 7.5%.

Thanks. Yes, my overdue loans have crept up to 47.5% of my total portfolios, with another 11.7% due within 30 days. The bulk of these are in my larger active account, which is a bit surprising. I would expect it to happen to the account I'm running down, as that's highly likely to end up with just overdue loans near the end. 

I had quite a few go overdue over the Xmas/NY break, I'm expecting/hoping that they will be catching up with a few of these this week now things are back to normal. 

I still think they are a decent platform, so I'm still adding occasionally to my active ISA account. It's a shame they don't have the will (or sufficient staff) to keep us updated before loans run late, like other platforms seem to manage. And even worse that there's often no update after loans go late. 

Also recently been running down my account and now nearly 80% is overdue. In fairness I don't have a major problem with loans not always being paid on time, it comes with the territory and the penalty interest always sweetens the pill. 

However like Ace, what really disappoints me is the lack of updates on late loans. As a bare minimum, I expect (as far as is practicable) an update on the day a loan falls late. We are not even getting that now.

I haven't done so. To be honest, I don't really understand the regulations well enough to determine exactly what is required. I think the relevant clause from COBS would be:
The "whether a default has occurred" bit could probably be covered by the fact that the platform clearly shows how much of our funds are overdue repayment. If you use the "more than 180 days late" definition of a default (rather than just overdue), it can easily be determined by ordering one's loans by end-date and seeing which are beyond the particular date. 

The phrase "information to that effect" is sufficiently ambiguous that it could be determined that no further info is required. 

The real problem is that CP seem to feel that their platform and procedures are good enough. Just read their highfaluting, self-congratulatory company statements. It shouldn't need a COBS rule to tell them that their lenders should be kept informed about the status of their loans in a timely manner. They don't appear to put much effort into correcting the problems and annoyances, or seek to improve their lenders' experience. For instance, they've been fully aware that lender access to any information on loans beyond the initial prospectus has been atrocious for years, well below their peers. If you point it out you will be told its a matter of priority. Of course is a matter of priority, but using that as an excuse to never address their issues is a cop-out.

Despite their issues, I'm of the opinion that CP is a solid investment. They are currently my 3rd largest P2P holding, and I'm still increasing my investment with them. I would greatly miss them if they went institutional only. When creating a portfolio for a new P2Per I would invariably include CP as essential base component. 

I hope its clear that I didn't start this thread to bash CP. It was simply an attempt to illustrate and verify that the stated returns are indeed being achieved. Given that many loans on CP don't pay any profit until the end, the only way to do that was to run an account down and see what the final XIRR is. Since I was moving my standard account funds into the ISA wrapper, it was a perfect chance to show this. I would suggest to CP that they include better individual statistics, like current return including accrued interest, but it would just fall on deaf ears.