deltron
Member of DD Central
Posts: 54
Likes: 66
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Post by deltron on Sept 26, 2022 10:24:29 GMT
Receivers have just been instructed on 2 non-paying loans and I think that's the first time this has happened in the few years I've been with Kuflink. Just wondering if anyone has any experience of the recovery process on this platform and how that panned out?
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Post by uksoul on Sept 26, 2022 11:19:56 GMT
Receivers have just been instructed on 2 non-paying loans and I think that's the first time this has happened in the few years I've been with Kuflink. Just wondering if anyone has any experience of the recovery process on this platform and how that panned out? I have had a couple and they have always been repaid. Kuflink has a perfect record regarding delinquent loans. I am in one of those non paying loans and have no worries. They are very proactive when loans go into receivership.
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rscal
Posts: 909
Likes: 500
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Post by rscal on Sept 27, 2022 17:26:31 GMT
G###### W##?
6.8% ... so what's the problem with dem payments? Well 'Agreement Schedule' has it at 15% [....hmmm] KUF should 'up-front' this information b4 the loan goes live rather than in a PDF doc. Doesn't help the borrower much, but is better for being transparent I feel.
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Post by overthehill on Sept 27, 2022 18:20:35 GMT
G###### W##? 6.8% ... so what's the problem with dem payments? Well 'Agreement Schedule' has it at 15% [....hmmm] KUF should 'up-front' this information b4 the loan goes live rather than in a PDF doc. Doesn't help the borrower much, but is better for being transparent I feel.
I'm not following what this means. dem payment ? What is 6.8% and what is 15% ?
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Post by Ace on Sept 27, 2022 19:13:06 GMT
G###### W##? 6.8% ... so what's the problem with dem payments? Well 'Agreement Schedule' has it at 15% [....hmmm] KUF should 'up-front' this information b4 the loan goes live rather than in a PDF doc. Doesn't help the borrower much, but is better for being transparent I feel.
I'm not following what this means. dem payment ? What is 6.8% and what is 15% ?
I'm not in this loan, but I took it to mean that 15% is what the borrower pays and 6.8% is what the lenders get.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 739 
Likes: 829
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Post by p2pfan on Sept 27, 2022 20:01:47 GMT
I'm not following what this means. dem payment ? What is 6.8% and what is 15% ?
I'm not in this loan, but I took it to mean that 15% is what the borrower pays and 6.8% is what the lenders get. Ouch... paying lenders 6.8% on 15% they receive is unfair! The share that KUF take on loans is unbalanced. We take the very significant risk of lending our money and then they typically take half the interest - or in this case far more than half. That's why interest rates on KUF are lower than other platforms.
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Post by overthehill on Sept 27, 2022 20:50:15 GMT
I'm not in this loan, but I took it to mean that 15% is what the borrower pays and 6.8% is what the lenders get. Ouch... paying lenders 6.8% on 15% they receive is unfair! The share that KUF take on loans is unbalanced. We take the very significant risk of lending our money and then they typically take half the interest - or in this case far more than half. That's why interest rates on KUF are lower than other platforms.
My 20 odd loans appear to range from 9-13% borrower rate. It bothers me more that this information isn't available until you invest and that there is no information about exit or penalty fees just the inference we don't get a share of either. Their arrangement fee seems to be 1.5-2%, no mention of broker fee. I believe KF is fundamentally a trustworthy company trying to do the best balancing act.
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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
Posts: 10,845 
Likes: 11,072
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Post by ilmoro on Sept 27, 2022 22:32:12 GMT
Ouch... paying lenders 6.8% on 15% they receive is unfair! The share that KUF take on loans is unbalanced. We take the very significant risk of lending our money and then they typically take half the interest - or in this case far more than half. That's why interest rates on KUF are lower than other platforms.
My 20 odd loans appear to range from 9-13% borrower rate. It bothers me more that this information isn't available until you invest and that there is no information about exit or penalty fees just the inference we don't get a share of either. Their arrangement fee seems to be 1.5-2%, no mention of broker fee. I believe KF is fundamentally a trustworthy company trying to do the best balancing act.
Is it compliant with FCA disclosure rules contained in COBS 18.12 would be my question? What happens to default interest is covered in the t&cs and depends on whether Kuf covers missed interest payments or not. Bit surprised you are in Kuf, seems to have many of the elements you dislike
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Post by Ace on Sept 28, 2022 6:55:24 GMT
My 20 odd loans appear to range from 9-13% borrower rate. It bothers me more that this information isn't available until you invest and that there is no information about exit or penalty fees just the inference we don't get a share of either. Their arrangement fee seems to be 1.5-2%, no mention of broker fee. I believe KF is fundamentally a trustworthy company trying to do the best balancing act.
Is it compliant with FCA disclosure rules contained in COBS 18.12 would be my question? What happens to default interest is covered in the t&cs and depends on whether Kuf covers missed interest payments or not. Bit surprised you are in Kuf, seems to have many of the elements you dislike Yes, it's covered, but not very well in my view. The relevant bit being:
Where the Borrower is charged and pays default interest on their account, the lender may be paid a percentage of the default interest proportionately, as a cashback into their wallet, as well as any regular interest/compounded interest.I dislike the use of the word "may" here. It makes the clause as good as useless. Then there's the "a percentage", again making the clause doubly useless. It really ought to state the conditions under which lenders will be paid default interest and what percent they will receive.
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Post by overthehill on Sept 28, 2022 7:50:25 GMT
My 20 odd loans appear to range from 9-13% borrower rate. It bothers me more that this information isn't available until you invest and that there is no information about exit or penalty fees just the inference we don't get a share of either. Their arrangement fee seems to be 1.5-2%, no mention of broker fee. I believe KF is fundamentally a trustworthy company trying to do the best balancing act.
Is it compliant with FCA disclosure rules contained in COBS 18.12 would be my question? What happens to default interest is covered in the t&cs and depends on whether Kuf covers missed interest payments or not. Bit surprised you are in Kuf, seems to have many of the elements you dislike Not at all, platform diversification in shrinking pool (for me at least)
Good: No cash drag, they publish the borrower's credit score and other loans, has an SM. KUF also invest in loans. Only invest small amounts in each loan. No capital/interest losses AFAIK.
Bad: The interest rate should be 0.5% higher and I don't participate in autolending or their subordinate tranches and their ISA is non flexible (which is a mistake)
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rscal
Posts: 909
Likes: 500
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Post by rscal on Sept 28, 2022 8:56:36 GMT
They could have chosen a better descriptions for consumers really, something like a .... 'tax relief allowance product'
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