JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Dec 20, 2013 9:04:34 GMT
I posted on the isePankur forum about high rate manual bids getting full rate quick loans before the profile bids were completed. forum.isepankur.ee/f_postst5284_Strange-things-occurring-during-profile-bidding.aspxThis seems to me to destroy the whole point of profile bidding which is designed to put the lowest offers first. You then have to accept any loans fitting the profile down to the rate you offer. Is there something I am missing here? I cannot see how this present system will bring the extra money to the site needed to fuel their expansion into new countries. |
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duck
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Post by duck on Dec 20, 2013 13:58:10 GMT
I can't say I have noticed a marked change recently, as an example I picked up 6 loans this morning 25%, 26%, 26%, 28%, 28% & 30% all A1000 all from a profile.
That said I'm still trying to get used to the recent changes and haven't had much spare time to do my usual 'digging' and sorting through the manual bids.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Dec 20, 2013 15:51:59 GMT
If you look at the bidding on recent loans you will see it. One loan today for 4500€ has a maximum profile bid of 17% but about 1500€ has gone to people bidding 28% and getting in before the profile bidding completes.
This means that anyone with a profile bid of over 17% is excluded, but manual bidders spending all day watching their screen can only buy top price loans without risking lower rate ones because they need to bid low to get in.
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duck
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Post by duck on Dec 20, 2013 16:38:16 GMT
Interesting, I will take a look.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Dec 21, 2013 8:42:33 GMT
I sent an email to Partel Tomberg about this this morning. He has replied saying that they are on to it and sorting out technical blocks to prevent this sort of thing from happening in future.
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duck
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Post by duck on Dec 21, 2013 14:25:48 GMT
Excellent feedback, thanks.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Jan 1, 2014 16:01:21 GMT
This should now be resolved. There is a newsletter from isePankur today saying:
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duck
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Post by duck on Jan 1, 2014 18:09:10 GMT
Yes I read that earlier today and was going to post it but you beat me to it James 
I found the 3.22% default rate interesting bearing in mind the 'debate' that is being carried on elsewhere regarding the Finnish Loans ...... will the 'Finnish effect' increase the overall rate? I have currently a 2.8% default rate on Finnish loans, not too encouraging when you take into account the time they have been running. I've paused my Finnish profile now while I wait for a couple of months.
First Spanish loan payments now in, 100% and all on time ..... long may that continue!
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james
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Post by james on Jan 1, 2014 18:18:47 GMT
Thanks. Good work!
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Jan 1, 2014 20:24:37 GMT
I too have a poor experience of the Finnish loans, so I am avoiding them until I see some evidence of successful recovery. It seems that the law in Finland does not allow overdue penalties and also they expect lower interest rates, so not too attractive anyway. I have 2 defaults without any attempt at any payment, so not good news.
I have my sailboat in Spain and am there on a campsite further south in a motorhome enjoying the sunshine just now, so am keen to help the Spanish borrowers who have had a bad time recently.
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Post by batchoy on Jan 1, 2014 22:08:40 GMT
This makes interesting reading particularly with regard to the recovery of Finnish loans: Debt Collection Guide |
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Jan 2, 2014 8:21:16 GMT
I had another Finnish default this morning, which makes it 20% of them already, including those a third of the total are overdue, so not looking good.
Fortunately I have far more Estonian loans where my default rate is 0.55%. I have only been investing on the site since August, so time will tell, but looking at the debt collection process you supplied for Finland I shall be avoiding them in future.
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Post by batchoy on Jan 2, 2014 9:24:42 GMT
The process does not look that brilliant in Slovakia either particularly if costs are not being awarded if it goes to court, so I will probably giving those a miss when they come along, but Poland and Ireland don't look too bad so it will depend on the cultural attitude toward borrowing. |
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Jan 3, 2014 11:46:26 GMT
This should now be resolved. There is a newsletter from isePankur today saying: Rather a premature announcement as this has not been done. As of now it is still happening, with only very low offers getting 28% quick loans and half being taken by manual bids at 28% while the profiles are running. Several loans filling at 10% as people have to set profile offers lower and lower to get anything at all.
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james
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Post by james on Jan 3, 2014 11:57:33 GMT
As jamesfrance wrote, look at this application from today: A1000 48 months 28%. Most obvious with the Roc* bids. I see many of these because I have some quite low offers but it's still possible that "manual" bidding is completely filling some applications before my or other profiles make even one bid and I wouldn't see those. There was a C1000 33% on 31 December 2013 where very few profile bids were made. In that one the bidding pattern suggests that at least one account was using an automated tool to make the bids. |
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