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Post by Ace on Jul 3, 2024 13:12:40 GMT
I checked my account by chance. Interestingly, I receive partial payment from CP Project 8235 today. 40% capital remain outstanding and received 10.16% interest and 60% partial capital repayment after project went live 729 days. NAR is about 4.53% Could someone please explain I don't receive notification for partial payment from CP?I suspect that you've calculated the interest based on the whole amount lent, but you will only have been paid interest on the capital repayment. I received a 59% capital repayment with an interest payment of 17.2% of that amount, an annualised 8.6%. CP do seem to be a little behind with their repayment notices.
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benaj
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Post by benaj on Jul 3, 2024 13:20:05 GMT
I checked my account by chance. Interestingly, I receive partial payment from CP Project 8235 today. 40% capital remain outstanding and received 10.16% interest and 60% partial capital repayment after project went live 729 days. NAR is about 4.53% Could someone please explain I don't receive notification for partial payment from CP?I suspect that you've calculated the interest based on the whole amount lent, but you will only have been paid interest on the capital repayment. I received a 59% capital repayment with an interest payment of 17.2% of that amount, an annualised 8.6%. CP do seem to be a little behind with their repayment notices. Thanks Ace. What about the additional interest 2%? When will that paid out?
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Post by Ace on Jul 3, 2024 13:26:43 GMT
I suspect that you've calculated the interest based on the whole amount lent, but you will only have been paid interest on the capital repayment. I received a 59% capital repayment with an interest payment of 17.2% of that amount, an annualised 8.6%. CP do seem to be a little behind with their repayment notices. Thanks Ace . What about the additional interest 2%? When will that paid out? You're welcome. The 2% penalty interest has already been paid for the returned capital. The loan rate was 7.5% until its due date then an extra 2% until repaid, giving a blended rate of 8.6% for the repaid capital. Interest and penalty interest for the rest will be paid when that capital gets repaid.
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benaj
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Post by benaj on Jul 4, 2024 13:35:52 GMT
Thanks Ace . What about the additional interest 2%? When will that paid out? You're welcome. The 2% penalty interest has already been paid for the returned capital. The loan rate was 7.5% until its due date then an extra 2% until repaid, giving a blended rate of 8.6% for the repaid capital. Interest and penalty interest for the rest will be paid when that capital gets repaid. Finally, I receive an email from CP regarding the partial repayment, titled "you have a new message". Prior to this, it was an email titled "CrowdProperty - Project Updates" recevied in March.
Do all lenders receive "you have a new message" every time when borrower makes a repayment?
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Post by Ace on Jul 4, 2024 14:21:44 GMT
You're welcome. The 2% penalty interest has already been paid for the returned capital. The loan rate was 7.5% until its due date then an extra 2% until repaid, giving a blended rate of 8.6% for the repaid capital. Interest and penalty interest for the rest will be paid when that capital gets repaid. Finally, I receive an email from CP regarding the partial repayment, titled "you have a new message". Prior to this, it was an email titled "CrowdProperty - Project Updates" recevied in March.
Do all lenders receive "you have a new message" every time when borrower makes a repayment?
I can't speak for all lenders, but yes, I do get a message (a platform message and an email notification) each time a repayment is made. I think that the message title does seem to vary. I delete mine when read so can't look back at the emails. I've had lots of repayments from overdue loans recently, which is very good news. So many that I've had to make some flexible ISA withdrawals for now, especially as there's only been a single auto loan this week, so can't get the funds redeployed. I'll return the funds when/if the unallocated cash dries up. My platform XIRR is back on the rise again due to the received interest and penalty interest payments; now 5.12%. The platform calculated annualised return from my repaid loans is now 8.31%, which I believe to be accurate. I'm a little concerned about the massive reduction in new loans curated this calendar year so far compared to the previous 2 years.
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Post by Ace on Jul 17, 2024 7:06:10 GMT
Another project is now in default, so now 38 in default (70 defaulted, of which 32 have since repaid/settled, 1 of which had a capital loss).
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Post by Ace on Jul 20, 2024 6:56:58 GMT
Another loan in default has repaid in full with penalty interest (A***t R****g, R******s, D*****s L**e, E****n). It was 1 year and 2 months beyond its due date. There are now 37 in default (70 defaulted, of which 33 have since repaid/settled, 1 of which had a small capital loss).
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Jul 26, 2024 18:38:02 GMT
On one of my loans they are now saying they intend to dispose of the property on terms considerably worse than those they turned down over 2 years ago, despite my urging them at the time to accept, on the grounds that they could not accept any loss. Once they have lost their precious "never had a loss" claim maybe they will be more pragmatic in lenders' interests. In my experience once a loan goes bad it is best to bite the bullet straight away, avoiding Administration if possible, and if Administration needs to be involved the shorter the time in Administration the better.
Edit: To clarify, "going bad" does not mean just running late. This is to be expected. It is the job of the platform to distinguish a good loan running late from a loan going bad. Lenders can't do it.
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Post by overthehill on Aug 19, 2024 15:01:06 GMT
Have they stopped updating the statistic, nearly a month and no change ? The most favourable time of the year for transactions. All going to plan?
I have 3 long overdue loans with no update for over 3 months. My interest is racking up, it's just I'll probably never see it.
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Post by Ace on Sept 5, 2024 6:54:05 GMT
Another 2 projects are now in default, so now 39 in default (72 defaulted, of which 33 have since repaid/settled, 1 of which had a capital loss).
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Post by honeybadger on Sept 5, 2024 9:45:13 GMT
I was about to top up my autolend wallet (i hadn't for a couple of years, just let it accumulate) and then I saw the spread of overdue loans. Bit of a surprise it was that bad.
Crowd property would do well to update the web interface for better information around the portfolio components, digging through 100's of emails for a crumb isn't too sexy.
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Post by overthehill on Sept 5, 2024 19:23:26 GMT
So is everyone still bullish ? It's now a statistics facade of no losses. How long are they going to keep these loans on life support? I've one already overdue 3 years and another two will be 3 years overdue in december. I doubt the big picture available by investing £50 in every loan is looking healthy.
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Post by Ace on Sept 5, 2024 21:19:24 GMT
So is everyone still bullish ? It's now a statistics facade of no losses. How long are they going to keep these loans on life support? I've one already overdue 3 years and another two will be 3 years overdue in december. I doubt the big picture available by investing £50 in every loan is looking healthy.
There's no "facade of no losses". They declared their first loss, via the stats page, in Feb 2024. In addition to this the updates on 4 of my loans have declared that there will be losses on those projects. There are probably other declarations as I'm not in all loans; I'm aware of at least one other. I'm irked that some of the long defaulted loans haven't been brought to a conclusion. With the benefit of hindsight, there are some where they might have achieved a smaller loss by offloading sooner, but I haven't seen any where the situation was clear without the hindsight. There are currently 39 loans in default out of 462 loans initiated. 1 out of 33 concluded defaults has suffered a small loss. There will definitely be larger losses amongst the 39 currently in default, but the majority of mine look like they will repay in full. I would expect that £50 invested in each of the projects would return a very healthy profit, commensurate with the risk taken. My biggest concern for the platform is their massive reduction in new projects. They originated 89 projects in 2020, 94 in 2021, 86 in 2022, 70 in 2023, but just 17 so far in 2024. Also, the average size of projects had been increasing each year, but has massively dropped this year. It's a good sign that they are not just accepting lower quality projects to keep the numbers up, but they need to find a way to arrest the decline in number and size of new projects.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Sept 6, 2024 13:59:01 GMT
So is everyone still bullish ? It's now a statistics facade of no losses. How long are they going to keep these loans on life support? I've one already overdue 3 years and another two will be 3 years overdue in december. I doubt the big picture available by investing £50 in every loan is looking healthy.
I'm irked that some of the long defaulted loans haven't been brought to a conclusion. With the benefit of hindsight, there are some where they might have achieved a smaller loss by offloading sooner, but I haven't seen any where the situation was clear without the hindsight.
There are currently 39 loans in default out of 462 loans initiated. 1 out of 33 concluded defaults has suffered a small loss. There will definitely be larger losses amongst the 39 currently in default, but the majority of mine look like they will repay in full. I would expect that £50 invested in each of the projects would return a very healthy profit, commensurate with the risk taken.
My biggest concern for the platform is their massive reduction in new projects. They originated 89 projects in 2020, 94 in 2021, 86 in 2022, 70 in 2023, but just 17 so far in 2024. Also, the average size of projects had been increasing each year, but has massively dropped this year. It's a good sign that they are not just accepting lower quality projects to keep the numbers up, but they need to find a way to arrest the decline in number and size of new projects. I have one where hindsight was required by us lenders, but should not have been needed by the platform if it had done even the minimum amount of DD. The crucial facts were known to the CP person responsible, but not, according to him, by the owner, at the time of the launch. Then after the loan had defaulted they had opportunities to offload and the only reason that I can imagine why not was to preserve the "no losses" claim which they were making at the time.
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p2pfan
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Post by p2pfan on Sept 6, 2024 15:29:09 GMT
There's no "facade of no losses". They declared their first loss, via the stats page, in Feb 2024. In addition to this the updates on 4 of my loans have declared that there will be losses on those projects. There are probably other declarations as I'm not in all loans; I'm aware of at least one other.
I'm irked that some of the long defaulted loans haven't been brought to a conclusion. With the benefit of hindsight, there are some where they might have achieved a smaller loss by offloading sooner, but I haven't seen any where the situation was clear without the hindsight.
There are currently 39 loans in default out of 462 loans initiated. 1 out of 33 concluded defaults has suffered a small loss. There will definitely be larger losses amongst the 39 currently in default, but the majority of mine look like they will repay in full. I would expect that £50 invested in each of the projects would return a very healthy profit, commensurate with the risk taken.
My biggest concern for the platform is their massive reduction in new projects. They originated 89 projects in 2020, 94 in 2021, 86 in 2022, 70 in 2023, but just 17 so far in 2024. Also, the average size of projects had been increasing each year, but has massively dropped this year. It's a good sign that they are not just accepting lower quality projects to keep the numbers up, but they need to find a way to arrest the decline in number and size of new projects. I have one where hindsight was required by us lenders, but should not have been needed by the platform if it had done even the minimum amount of DD. The crucial facts were known to the CP person responsible, but not, according to him, by the owner, at the time of the launch. Then after the loan had defaulted they had opportunities to offload and the only reason that I can imagine why not was to preserve the "no losses" claim which they were making at the time. I am in agreement with littleoldlady . CP have tried to keep up this façade of no capital losses and, subsequently, minimal losses for a very long time as a Public Relations exercise. It has been to the significant detriment of existing lenders. As for the comment about the discontent with CP reducing the number of new projects, I am in alignment with the unhappiness regarding that: as far as I am concerned, CP should not be reducing the number of new project launches but killing them off altogether. CP obviously have a very substandard vetting process in terms of the borrowers they bring on board. Just under 50% of my CP loans are more than 12 months in default, with many an incredibly long 24+ months overdue!
It's an enormous amount of my life savings that is now stuck. It causes me untold daily, and nightly, distress. Capital redemptions are very thin on the ground. The avalanche of 1 star Trustpilot reviews from disgruntled CP lenders demonstrates my situation is very common. Such a massive long-term default ratio proves that CP's processes have been very inadequate thusfar. If a car manufacturer was releasing motor vehicles of which 50% of their engines burst into flames when on the road, they would immediately stop selling new cars until the causes of the problems were resolved. CP need to do the same. Stop all new loan launches. Dramatically overhaul processes. Bring in new staff who perform. And not launch a single new loan until they get on top of the growing mountainful of loans in long-term default. CP's staff and resources need to be focused on getting existing borrowers to pay back lenders' capital and accrued interest, not making the problem even worse by launching new loans that are also likely not to pay back as advertised to lenders.
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