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Post by jono75 on Feb 10, 2024 20:19:57 GMT
I was thinking the same thing. Another confirmation that not re-investing with them was the right decision. If they had embraced the loss and been up front about it then posts and reviews would be much more positive about them, rather than negative. It would be interesting to know how much the average investor lost in that loan.
They should also not be launching as many new loans if they don't have the resources to update existing loans to a satisfactory level. Too often there are updates that promise action by certain dates that either doesn't happen or we are not told about in a timely manner. Trust is being eroded.
Guess I'll just got to wait the many years to find out if my many overdue loans will pay up.
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Post by overthehill on Feb 10, 2024 21:10:14 GMT
I was thinking the same thing. Another confirmation that not re-investing with them was the right decision. If they had embraced the loss and been up front about it then posts and reviews would be much more positive about them, rather than negative. It would be interesting to know how much the average investor lost in that loan.
They should also not be launching as many new loans if they don't have the resources to update existing loans to a satisfactory level. Too often there are updates that promise action by certain dates that either doesn't happen or we are not told about in a timely manner. Trust is being eroded.
Guess I'll just got to wait the many years to find out if my many overdue loans will pay up.
The capital loss with probably zero interest has been stated above, 15% in my head.
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Post by Ace on Feb 13, 2024 8:00:47 GMT
Another 2 projects in default have repaid, so now 32 in default (58 defaulted, of which 26 have since repaid/settled, 1 of which had a capital loss).
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littleoldlady
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Post by littleoldlady on Feb 13, 2024 15:26:04 GMT
Loan (L**d o** C****h S****t H******s) is the first to declare a capital loss. It was a £273k loan, that lost £40,043 according to the stats page. It was from the 2019 cohort. It was scheduled to be phase 1 of 3 for a total loan of £1m. It's not clear to me whether the other phases went into funding. I'm not in the loan, so don't know the details. . Is anyone here in this loan? I am interested in why it is different from all the other loans which appear to be defaulting. What forced them to crystallise the loss on this one but not the others?
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jcb208
Member of DD Central
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Post by jcb208 on Feb 14, 2024 12:34:34 GMT
All my remaining loans are now late with 60% 12 months plus late
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Post by Ace on Feb 15, 2024 8:22:17 GMT
Another project is in default, so now 33 in default (59 defaulted, of which 26 have since repaid/settled, 1 of which had a capital loss).
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Post by overthehill on Feb 15, 2024 9:12:46 GMT
Another project is in default, so now 33 in default (59 defaulted, of which 26 have since repaid/settled, 1 of which had a capital loss).
I propose that Crowdproperty adopt the LandlordInvest dashboard for full disclosure of how many loans are between 0-6 months late.
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Post by filip on Feb 15, 2024 10:26:31 GMT
Another project is in default, so now 33 in default (59 defaulted, of which 26 have since repaid/settled, 1 of which had a capital loss).
I propose that Crowdproperty adopt the LandlordInvest dashboard for full disclosure of how many loans are between 0-6 months late.
Although I cannot say anything specifically to this, our general position is that we're always happy to help other platforms on a cost basis, including tech. We actually did offer it to a platform some time ago, as our secondary market has a functionality which theirs do not, but nothing came out of it. We've also offered our services to couple large bridging lenders, with their CRM systems and to improve their operational efficiency. Everything that enhances lenders experience is of benefit to the industry and we're more than happy to help with what we can. Filip
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Post by Ace on Feb 20, 2024 8:14:59 GMT
Another defaulted project has repaid, so now 32 in default (59 defaulted, of which 27 have since repaid/settled, 1 of which had a capital loss).
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Post by brummiefred on Feb 21, 2024 17:47:46 GMT
Six month loan due to repay 11 November '23 now repaid
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p2pfan
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Full-Time Investor
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Post by p2pfan on Feb 22, 2024 13:01:09 GMT
The ratio of my loans that are significantly overdue / in default (i.e. 12+ Months Overdue) on CP has been growing. We get an insight into this state of affairs in the "Cumulative Paid Back' chart on the CP statistics page where the redeemed amounts have plateaud in recent times despite a huge increase in loans launched. You may have noticed in the CP weekly emails in the last several weeks that they announce the usual several new loans launching the following week but sometimes without a single pay back the previous week. Is this sizeable ratio of loans in long-term default a cause of concern? |
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Feb 22, 2024 13:45:34 GMT
The ratio of my loans that are significantly overdue / in default (i.e. 12+ Months Overdue) on CP has been growing. We get an insight into this state of affairs in the "Cumulative Paid Back' chart on the CP statistics page where the redeemed amounts have plateaud in recent times despite a huge increase in loans launched. You may have noticed in the CP weekly emails in the last several weeks that they announce the usual several new loans launching the following week but sometimes without a single pay back the previous week. Is this sizeable ratio of loans in long-term default a cause of concern?It is to me. It reminds me of one or two past favourites.
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Post by Ace on Feb 22, 2024 15:31:45 GMT
The ratio of my loans that are significantly overdue / in default (i.e. 12+ Months Overdue) on CP has been growing. We get an insight into this state of affairs in the "Cumulative Paid Back' chart on the CP statistics page where the redeemed amounts have plateaud in recent times despite a huge increase in loans launched. You may have noticed in the CP weekly emails in the last several weeks that they announce the usual several new loans launching the following week but sometimes without a single pay back the previous week. Is this sizeable ratio of loans in long-term default a cause of concern? I'm currently at 27.5% of my portfolio over 12 months late. I haven't got any record of previous values, so can't quantify whether it's increasing or by how much. My gut feeling is that it probably is slowly increasing. I agree that this is too high, so it does concern me. However, I only have 6.1% between 6 and 12 months late, so it shouldn't increase too much in the next 6 months, and may well reduce if a couple of my larger loans conclude. Now I've recorded those levels it will be interesting to look back in 6 months to see how it's progressed. With regards to your comment on the graph on the stats page, it doesn't indicate that repayments have plateaued. I think there is probably some misunderstanding of what the columns represent. Your comment seems to indicate that you may be thinking that a year's column indicates the amount repaid up to and including that year, but it does not. A year's column indicates how much has been repaid from loans that commenced up to and including that year. I'm not sure that I've explained that very well, and the difference is quite stubble but important. Hopefully an example will help: if a loan that started in 2022 repaid today, the value of that repayment would be added to columns 2022, 2023 and 2024. For this reason, at this point in time (Feb 2024), columns for 2023 and 2024 are identical because there are no loans that started in 2024 that have repaid yet. It doesn't mean that no loans have repaid in 2024, many have. HTH.
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Feb 22, 2024 17:17:38 GMT
Thank you for the useful insights, as always, Ace. The ratio of my loans more than 12 months overdue and 6-12 months overdue is similar to yours. I sincerely hope that CP can get on top of this high ratio of loans in long-term default. Perhaps they should cool down on launching new so many new loans and reallocate some of their staff time and resource to getting redemptions from the very many loans in default. But I appreciate that won't happen as getting prompt payments from loans in long-term default doesn't give one the same bragging rights as constantly advertising the increased value of new loans launched. |
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Post by Gisele on Feb 24, 2024 11:58:53 GMT
The ratio of my loans that are significantly overdue / in default (i.e. 12+ Months Overdue) on CP has been growing. We get an insight into this state of affairs in the "Cumulative Paid Back' chart on the CP statistics page where the redeemed amounts have plateaud in recent times despite a huge increase in loans launched. You may have noticed in the CP weekly emails in the last several weeks that they announce the usual several new loans launching the following week but sometimes without a single pay back the previous week. Is this sizeable ratio of loans in long-term default a cause of concern? It is a worrying (and inevitable) statistic that the longer a loan remains overdue, the less likely it is to be redeemed in full (the accumulating loan interest progressively kills the financial motivation to complete a project when the profit margins erode and eventually disappear). I also have an alarming number of loans more that 12 months overdue. I obviously understand that many (if not all) loans that were made immediately before (and during the early days of) the Covid period were inevitably going to overrun due to lockdowns, slowdowns, material supply, et cetera, but they should have ALL worked their way through the project catchup & complete cycle by now so I am really becoming anxious about why the CrowdProperty loan book is still carrying so many overdue projects. I am becoming suspicious that many of these long overdue projects are "lost causes" that CrowdProperty don't want to declare as "investor losses" for the damage it will do to their ability to attract continued investment ... pretending to pursue recovery to keep the loan "active" rather than post investor losses.
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