JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Mar 16, 2015 14:21:52 GMT
Because I will not invest in Bondora's Spanish or Slovakian loans because of the awful default rate experienced, I am trying to invest manually.
After checking out the loans available I invest in those which seem decent genuine and honest.
Within a few days about half of them are cancelled and repaid with no interest. This means that I have to start over again investing the dead money this creates.
Why do I bother?
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starfished
Member of DD Central
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Post by starfished on Mar 16, 2015 16:48:52 GMT
This seems to have jumped up in the last two weeks, 4 out of 5 loans coming to me via my portfolio (set to just aa or a) are now being cancelled...
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Post by reeknralf on Mar 16, 2015 17:46:33 GMT
Can you not just set the manager to C, or perhaps B, and above? This should exclude Spanish and Slovakian loans. Personally, I've dropped the primary market altogether. The secondary market is equally laborious, but at least you don't get the problem of cancelled loans.
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duck
Member of DD Central
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Post by duck on Mar 17, 2015 6:53:31 GMT
I've simply put investing / re-investing on hold.
I'm waiting a couple of months to see how things settle. I view the passing through of loans and then cancelling them as a retrograde step for those of us who 'manage' their loans since as you have found james there can be a lot of wasted time. For passive investors it probably looks good since you don't have a large cash sum waiting 'investment' ............... and with the still 'missing' statement you cannot easily see the churn of money going round in circles.
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shimself
Member of DD Central
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Post by shimself on Mar 17, 2015 9:41:30 GMT
If you think that's laborious try repricing loans you are trying to sell.
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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 Mar 17, 2015 11:35:54 GMT
Can you not just set the manager to C, or perhaps B, and above? This should exclude Spanish and Slovakian loans. Personally, I've dropped the primary market altogether. The secondary market is equally laborious, but at least you don't get the problem of cancelled loans. I posted about this on the Bondora forum, my manager picked up a Spanish B rated loan at 17% which was eventually cancelled some days later. What I want to know is how they can assign a rating to loan requests that are later rejected. There seems to be a lack of consistency in the whole process with poor looking applications being given good ratings and better ones rated bad. It is about time they came up with some explanations. www.bondora.ee/forum/default.aspx?g=posts&t=7223(You need to be a member to see the Bondora forum)
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Post by reeknralf on Mar 17, 2015 19:46:12 GMT
The loan is graded on the information given in the application. When the applicant can't/won't provide the paperwork to back up the application, the loan gets bounced. Seems fair enough to me. I think it's a good that they bounce lots of loans. Better that, than issue them if they're iffy.
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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 Mar 17, 2015 20:00:11 GMT
I would much prefer them to be thrown out before I waste my time checking them out and bidding on them.
Currently about 75% of loans are later rejected, some within minutes and show in my account as repayments.
I am fed up with Bondora constantly experimenting with our money.
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james
Posts: 2,205
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Post by james on Mar 17, 2015 22:26:53 GMT
It is very easy to understand what Bondora has done. Previously they would check the loans and let investors look them over and choose to invest or not. Now they let lenders look and only do the checking for the loans that interest investors.
It's a straightforward decision to waste investor time to save theirs. They don't pay money or the investor time. They do pay money for their employee time.
It probably isn't really quite that simple. The genuine borrowers will see that their loans have money allocated to them more quickly and that may increase their chance of staying around and completing the loan.
For lenders there is an additional advantage. We may be able to see just how many fraud attempts there are.
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Post by roedvin on May 4, 2015 17:27:16 GMT
Today I had a final payment from a defaulted loan. Great! But...why does that finished loan now has a new repayment schedule up to the next century?? (Sorry....decade). I must not really understand that!
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Post by roedvin on May 7, 2015 11:40:59 GMT
Today they killed the autofill function for the login. One item more to waste user's time!
And the joke is...they will bring an update which gives us the choice to decide, if we want the autofill or not. Good lord! Every browser gives me that choice. Meanwhile I doubt that there are people working, who live in a real world.
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Post by roedvin on May 14, 2015 15:36:19 GMT
From today the autofill is back in the system. But not, like they told me, with the possibility for a d lecision. It's simply back as it was before all the time.
What the hell was that senseless action good for? Just to show us, they can do what they want to do?
For me just another reason to quit with Bondora. Meanwhile I took all the money back I had invested to that platform. There are only some thousand Euro left, that not have been sold on secondary market and a little more than 1000€ which are defaulted. At least an experiance without loss, but could have been better.
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james
Posts: 2,205
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Post by james on May 17, 2015 0:47:25 GMT
I prefer to hope that they had some reason for removing it that they just haven't told us. But maybe it was just one of the routine problems that come from their rapid development method.
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Post by roedvin on May 21, 2015 8:45:27 GMT
Today they removed the autofill again. They are kidding us!! I just got a mail from them and they say it works. I tried it with chrome and IE and nothing works.
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james
Posts: 2,205
Likes: 955
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Post by james on May 21, 2015 15:43:57 GMT
Today it is not working for me with Firefox either. Yesterday it did work.
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