Loans that were late but have no note.

I emailed them yesterday to ask what on earth was going on with 5105 and received the following in reply this afternoon (which essentially says nothing):

"Please be assured that the Collections team are aware that the loan is late. On the day a loan repayment is due (or even prior to this if the team receive notification that the direct debit has failed), they will begin attempts to contact the borrower to seek to resolve the issue behind the late payment. The team have not yet provided an update to investors, but you can be assured that they are in communication with the borrower to obtain payment as soon as possible. A comment will be added once the team have more detailed information for investors."

"That's nice, dear."

It's not whether the Collections team are aware or not that matters. It's whether future potential SM buyers are aware or not... The entire point went Firmly Crashing past their ears.

I feel positively left out - only four late parts, one of which is Our Friends In Harrogate, so that doesn't really count.

Flunking Communication ought to have an automated system that adds a comment as soon as a payment is, say, 7 days late. Even if it just said "The scheduled payment is late and our Collections team are chasing the Borrower", it would at least leave a permanent record of late payments.

What dilemma? DUMP. There is a note on this and 1777 now saying March payment has been made, which doesn't draw attention to the fact that they were 22 and 24 days late, or that 2910 due on 1 April has NOT been paid and is already 12 days late. Nowhere does Frankly Crumby actually make any attempt to tell lenders why the payments are late.

edit: I consider this practice by Fraying Cables to be intentionally evasive.

I did the responsible thing and added a 1.5% premium so that it couldn't be inadvertently bought by a naiive granny autobidder.

if the bad debt keeps accumulating at this rate i figure on negative equity at some point. hopefully the recoveries will start to come online at the same pace as the bad debt, or  faster with any luck.

We each make our own rules but personally, yes, because my rule to sell anything which has gone late and returned is absolute (after the first). But also it would need to be A+ to be kept past 12 months. The information in the loan request is 12 months old, the accounts older, and usually all we have after is the payment record - which has gone wrong. Presumably you do not know why it was late, which is another unknown. You might compare the loss from selling and re-buying something new at a lower interest rate, with the potential loss from keeping the old loan.
Because I have a rule I do not need to spend time even looking at the options - it would be gone before the next repayment, end of.