JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Aug 20, 2015 9:08:29 GMT
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james
Posts: 2,205
Likes: 955
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Post by james on Aug 23, 2015 6:46:10 GMT
Very good idea to move to UK. Good regulatory situation, encouraging government and access to one of the best startup finance markets in Europe. The "secured loans to consumers" in Eastern Europe or other countries with an interest rate differential to the bigger western European markets is a good selling point for the platform - for diversification into a different type of product as well as investment returns.
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Post by Deleted on Aug 23, 2015 8:33:24 GMT
One of the reason I moved to continental platform was to avoid getting tax withheld at source, so I can sort it out with HMRC myself rather than relying on the platform to do right thing.
With Mintos moving to UK, I'll be fairly happy with the regulatory environment in UK, but not sure if I'll be happy to have tax implications:/
Not to mention the flood of ISA money sitting will come to P2Ps come April and that may have some serious interest readjustment.
We'll see how things go, I suppose.
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Post by Financial Thing on Aug 25, 2015 22:13:37 GMT
martins When you guys move to the UK, can you leave all those Mogo loans I bought that are defaulting in Latvia
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Post by xyon100 on Aug 26, 2015 7:45:56 GMT
I've only just started tinkering with this. I only have 11 loans and one is late already. I'm wondering how well they deal with defaulted loans and what there recovery record is like?
Also autobid. Set it up pretty loosely with 100 being the highest in each loan, lowest interest was 8% I though all 1100 would go in a flash but no. Directly I have 7 loans of 100 and a further 400 has sat idle for a week and a half. Just went in and invested it manually. Any idea on that one?
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Aug 26, 2015 8:12:16 GMT
xyon I think you must have a setting in your Portfolio manager which is restricting your investment, maybe an amount to leave in your account. The PMs are highly configurable and I have 5 for different types of loans, all of which seem to be working as expected.
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Post by martins on Aug 26, 2015 11:30:57 GMT
Financial ThingSecured car loans come with the buyback guarantee from Mogo for the lifetime of investment. Mogo is buying back all non-performing loans that are 60+ days delinquent. Investors haven't experienced any default with Mogo loans. martins When you guys move to the UK, can you leave all those Mogo loans I bought that are defaulting in Latvia
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Post by martins on Aug 26, 2015 12:02:48 GMT
xyon100 You can find detailed statistics here: www.mintos.com/en/statistics/To date investors have not experienced any default. The recovery rates and procedures differ by loan originator. Mintos (mortgage loans in Latvia) - there have been 3 loans of approximately 200 loans that have went in arrears of more than 60 days. In all 3 cases Mintos loan originator exercised it's buyback rights and bought those loans back from investors. For information, one of the loans is back in the current status, the other two have been restructured and should be brought back to current soon. Mogo (secured car loans in Estonia and Lithuania) - these loans come with the buyback guarantee meaning that Mogo will buy back all non-performing loans from investors that are 60+ days late. To date several loan have been bought back under this guarantee. Capitalia (business loans in Latvia and Lithuania) - the expected annual default across all loans is about 3-4%. That is based on Capitalia's experience - they have 5 years of experience in originating business loans. The exact estimated annual default varies by risk category with risk category A having the lowest estimated annual default rate (e.g. www.mintos.com/en/20240-01 estimated default is just 0.7%, whereas this category D higher risk loan www.mintos.com/en/20434-01 has estimated default rate of 3.8%). For Auto Invest once you have confirmed your investment criteria, Auto Invest will review loan listings and invest funds in loans that meet them. Auto Invest will then continue to automatically analyze and invest in suitable new loans as soon as they are listed. Auto Invest will not find loans to invest in if you have set too restrictive criteria. I've only just started tinkering with this. I only have 11 loans and one is late already. I'm wondering how well they deal with defaulted loans and what there recovery record is like?
Also autobid. Set it up pretty loosely with 100 being the highest in each loan, lowest interest was 8% I though all 1100 would go in a flash but no. Directly I have 7 loans of 100 and a further 400 has sat idle for a week and a half. Just went in and invested it manually. Any idea on that one?
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Post by webbski9 on Aug 26, 2015 15:45:35 GMT
Sorry Mintos,your link statistics page ( above) says...Page can not be found........
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Post by martins on Aug 26, 2015 17:22:43 GMT
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Post by webbski9 on Aug 26, 2015 19:16:31 GMT
Many Thank Mintos,working perfectly.
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Post by xyon100 on Aug 27, 2015 13:03:42 GMT
OK, thanks for that. I did take a quick look at auto invest and count not see why I still had 400 Euro sitting idle. I'm going to go back and check again before I send further funds. :-)
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Post by xyon100 on Aug 27, 2015 13:14:50 GMT
I think it was "pledge type" that was restricting investments. Unfortunately I still have a late payer out of only ten loans. Is this common, late payers? Chances of them paying, albeit late?
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Post by martins on Aug 27, 2015 14:41:15 GMT
xyon100 Some borrowers make late payments for one reason or the other; that's just part of the game. Investors are compensated for late payments with late payment fees the loan originators charge to borrowers.
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james
Posts: 2,205
Likes: 955
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Post by james on Aug 27, 2015 18:31:23 GMT
Unfortunately I still have a late payer out of only ten loans. Is this common, late payers? Chances of them paying, albeit late? It's not for Mintos customers but on Bondora something like 90% of Estonians who are late make the payment before the next payment is due. If yours is a secured loan the percentage should be even higher than for the unsecured lending that Bondora does. Zopa is similar. Don't be concerned at all for at least a few weeks. For Estonians at Bondora most who go beyond the next payment date also eventually make a replacement payment before default. Perhaps 50%+ of them. Many of the rest enter payment arrangements and for Estonia only, relatively few go on to actually default. For Bondora the experience of other countries is worse than I've described but I only have loans for Estonian borrowers. Mintos might have more data but it may be too early to have accurate numbers for the various types of loan and countries involved with them. It's just a fact of life, you'll get used to it.
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