scooter
Member of DD Central
Posts: 403
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Post by scooter on Nov 8, 2024 13:08:56 GMT
No need to be sorry, or to shut up. All views are very welcome. As I said, in this case I completely agree with you that CP's autolend is not fit for purpose. I think that we only disagree on the likelihood of losses across a diversified portfolio. Of your 40 remaining loans, have many of them actually got more than your set maximum invested in them? I ask because it's not the case for me. Those loans where I have only auto investments across multiple tranches generally sum to much less that my set maximum. Typically, my maximum was set to £1k per loan (tranche as it happens), but I was generally only allocated between £50 to £100 in each tranche, so it would have taken a very high number of tranches to get a total allocation of more than £1k. In fact I often deliberately set my maximum to much higher than I wanted to try to get a higher allocation (which may come to bite me if those loans suffer losses). I can see that it would have been likely to get far more allocated if one's maximum was set lower, £50 say, as a £50 minimum per tranche often applied. In that case one would very likely have been allocated more than one's desired £50 per loan maximum across multiple tranches. If this is the case for you I can understand your grievance. Yeah, mine was set at £100. CP say that they email every time you purchase and you can opt out... All true, but the email only tells you what you are being allocated, not whether you already have any of that project. Also, i too got allocated £50 or less so I would get more than one allocation regularly. It is supposed to be a "hands free" system. I am over invested by over £2k on a £20k investment. It's not like I had every other loan on offer. They could have allocated loans "correctly" . Of course I am not the only one and that in my opinion is where the ombudsman get nervous about finding in investors favour. No one will be amazed to know that the Ombudsman found in CPs favour. It is OK to mislead in the advertising as long as investor got a good return. It is not ok to trust CP to do what they said they would do in the misleading advertising because they send you an email every time you invest (which doesn't tell you anything about how much of the previous tranches you may have, infact only a spreadsheet of your own will tell you that) If you have ever cancelled a pledge, then you have proved that you knew how it worked... Even though i only cancelled one after I decided to stop investing. The Ombusdman does not give you the chance to dispute the false extra information provided.
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eeyore
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Post by eeyore on Nov 9, 2024 13:14:36 GMT
It is OK to mislead in the advertising as long as investor got a good return. It is not ok to trust CP to do what they said they would do in the misleading advertising because they send you an email every time you invest (which doesn't tell you anything about how much of the previous tranches you may have, in fact only a spreadsheet of your own will tell you that) If you have ever cancelled a pledge, then you have proved that you knew how it worked... Even though i only cancelled one after I decided to stop investing. The Ombusdman does not give you the chance to dispute the false extra information provided. I agree that a spreadsheet seems the obvious solution - I download CP's pledge summary list as a CSV file every month or so, open it with Excel and sort it on Project. Every time I want to check for previous loan tranches, I can see at a glance if I've reached my arbitrary maximum of four tranches. Expecting CP to develop a new facility to allow lenders to place an upper limit on the total cash pledged per project is likely to lead to disappointment - it's not in CP's commercial interests to offer a facility which reduces the volume of cash being pledged!
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Post by scrumper on Nov 9, 2024 15:00:49 GMT
It is OK to mislead in the advertising as long as investor got a good return. It is not ok to trust CP to do what they said they would do in the misleading advertising because they send you an email every time you invest (which doesn't tell you anything about how much of the previous tranches you may have, in fact only a spreadsheet of your own will tell you that) If you have ever cancelled a pledge, then you have proved that you knew how it worked... Even though i only cancelled one after I decided to stop investing. The Ombusdman does not give you the chance to dispute the false extra information provided. I agree that a spreadsheet seems the obvious solution - I download CP's pledge summary list as a CSV file every month or so, open it with Excel and sort it on Project. Every time I want to check for previous loan tranches, I can see at a glance if I've reached my arbitrary maximum of four tranches. Expecting CP to develop a new facility to allow lenders to place an upper limit on the total cash pledged per project is likely to lead to disappointment - it's not in CP's commercial interests to offer a facility which reduces the volume of cash being pledged! They may be reducing the volume of cash available for auto-investing by not having this facility. It's what stops me from leaving auto-invest to operate fully automatically on my behalf.
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Post by Ace on Nov 9, 2024 16:05:26 GMT
I agree that a spreadsheet seems the obvious solution - I download CP's pledge summary list as a CSV file every month or so, open it with Excel and sort it on Project. Every time I want to check for previous loan tranches, I can see at a glance if I've reached my arbitrary maximum of four tranches. Expecting CP to develop a new facility to allow lenders to place an upper limit on the total cash pledged per project is likely to lead to disappointment - it's not in CP's commercial interests to offer a facility which reduces the volume of cash being pledged! They may be reducing the volume of cash available for auto-investing by not having this facility. It's what stops me from leaving auto-invest to operate fully automatically on my behalf. I completely agree that they are unlikely to fix it. They've been aware that their autoinvest had this major design flaw since it was introduced over 5 years ago. However, I think it's through lack of manpower or lack of will rather than a deliberate attempt to trick lenders into over committing. The fact is that their autoinvest offerings are massively oversubscribed. A quick look back at my last 15 autoinvest tranches shows that I've been allocated between 2% and 12% of my maximum requested amount, suggesting that they've all been somewhere between 8 and 50 times oversubscribed.
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scooter
Member of DD Central
Posts: 403
Likes: 379
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Post by scooter on Nov 9, 2024 19:49:41 GMT
Yeah, mine was set at £100. CP say that they email every time you purchase and you can opt out... All true, but the email only tells you what you are being allocated, not whether you already have any of that project. Also, i too got allocated £50 or less so I would get more than one allocation regularly. It is supposed to be a "hands free" system. I am over invested by over £2k on a £20k investment. It's not like I had every other loan on offer. They could have allocated loans "correctly" . Of course I am not the only one and that in my opinion is where the ombudsman get nervous about finding in investors favour. No one will be amazed to know that the Ombudsman found in CPs favour. It is OK to mislead in the advertising as long as investor got a good return. It is not ok to trust CP to do what they said they would do in the misleading advertising because they send you an email every time you invest (which doesn't tell you anything about how much of the previous tranches you may have, infact only a spreadsheet of your own will tell you that) If you have ever cancelled a pledge, then you have proved that you knew how it worked... Even though i only cancelled one after I decided to stop investing. The Ombusdman does not give you the chance to dispute the false extra information provided. I am simply staggered by the FO. They don't have to find in my favour, but they do have to be fair. Put it another way, what if Barclays had used misleading marketing (which the FO agree CP did do) to encourage investors? I hope the FO enjoyed their Taylor Swift tickets.
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dave2
Member of DD Central
Posts: 177
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Post by dave2 on Nov 10, 2024 10:33:48 GMT
I agree that a spreadsheet seems the obvious solution - I download CP's pledge summary list as a CSV file every month or so, open it with Excel and sort it on Project. Every time I want to check for previous loan tranches, I can see at a glance if I've reached my arbitrary maximum of four tranches. Expecting CP to develop a new facility to allow lenders to place an upper limit on the total cash pledged per project is likely to lead to disappointment - it's not in CP's commercial interests to offer a facility which reduces the volume of cash being pledged! I maintain a spreadsheet recording all my loans and repayments. I update this manually from a download of the CP Transaction history. A loan "row" might eventually be followed by several partial repayment "rows" each with a negative lending amount till the loan is fully repaid. When new loans are announced one day in advance, I manually check to see what holding I already have of that project in both my normal and MLIA accounts and note down how much I want to manually lend out in the new loan. I always allow auto-lending to run its course and take as much as I am allocated.
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easylender
Member of DD Central
Posts: 249
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Post by easylender on Nov 15, 2024 23:32:19 GMT
I agree that a spreadsheet seems the obvious solution - I download CP's pledge summary list as a CSV file every month or so, open it with Excel and sort it on Project. Every time I want to check for previous loan tranches, I can see at a glance if I've reached my arbitrary maximum of four tranches. Expecting CP to develop a new facility to allow lenders to place an upper limit on the total cash pledged per project is likely to lead to disappointment - it's not in CP's commercial interests to offer a facility which reduces the volume of cash being pledged!
What you are suggesting is good, but not enough to protect you properly as there can be multiple projects per borrower. If you want to protect yourself adequately the spreadsheet needs to include the names of the borrowers, which in most cases means the names of the directors of the borrowing company. This information is in the loan descriptions provided by CP. Add that to the spreadsheet and then you have the information required to limit the amount lent to each individual borrower, or group of linked borrowers. What I mean by group of linked borrowers is, for example, the situation where one loan has borrowers A & B, another loan has borrowers A & C, and a third loan has borrowers B & C. In this situation they will most likely all default and so exposure to them should be limited appropriately.
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Post by scrumper on Nov 18, 2024 18:19:04 GMT
Full payback received in my account today on a loan two and a half years overdue.
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Post by brummiefred on Nov 18, 2024 18:59:47 GMT
My oldest bar one, good to see it gone!
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 781 
Likes: 889
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Post by p2pfan on Nov 18, 2024 21:43:35 GMT
My oldest bar one, good to see it gone! Congratulations. I'm glad you got your funds back. I've got many that are much older than that one. The sum I am owed that is 12+ months in default keeps growing and growing and growing. It's a lot of money and worries me sick every single day. What is disappointing with CP is that the updates on loans in default are typically very pithy and it's not unusual to just get a two or three sentences long update once every few months for loans that are years overdue. It typically says something along the lines of "nothing has happened". By comparison, other platforms I invest through provide much more information on loans and that can help reassure people in our anxious positions. For example, Shojin had a one hour webinar regarding a loan in default on Friday - something they do fairly often - and its not unusual that their updates documents come to a few pages long. But, investors have been complaining about CP vis-à-vis their updates for years. With their haughtiness that makes Donald Trump look humble, they don't care the slightest. Due to how dismissive they are of investors' concerns and how incapable they have proven to be time and again to get money back from borrowers, the number of one star reviews and people saying the platform is not up to scratch has become an avalanche.
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Post by Ace on Nov 19, 2024 8:53:18 GMT
As discussed above, the stats page has been updated to show that another loan in default has repaid in full with penalty interest (L**d at l*w st, E**t D*****n, R*****d). It was 2.5 years beyond its due date. There are now 43 in default (79 defaulted, of which 36 have since repaid/settled, 1 of which had a small capital loss).
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