shimself
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Post by shimself on Jan 25, 2016 17:26:39 GMT
... I can then reinvest the cash somewhere it will start earning interest immediately (not 3 to 4 weeks later, maybe, if I'm lucky) ... I think interest is due from the day the auction closes (unless the borrower decides not to proceed).
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SteveT
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Post by SteveT on Jan 25, 2016 17:36:26 GMT
... I can then reinvest the cash somewhere it will start earning interest immediately (not 3 to 4 weeks later, maybe, if I'm lucky) ... I think interest is due from the day the auction closes (unless the borrower decides not to proceed). That doesn't help with the dead time wasted as auctions are extended, sometimes more than once.
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kaya
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Post by kaya on Jan 26, 2016 19:58:56 GMT
With at least two borrowers now having claimed to have made payment, but no receipt acknowledged by Rebs, we will have to believe that the banking system is truly broken! The secondary market page is getting quite colourful these days, and if we had a new kaleidescope of irridescent colours to represent every state of every loan ( 1 week late, 2 weeks late, etc, default, dead, disputed, gone on holiday, accident, and so on, I think Rebs could be on to a winner here. For lost loan payments, I suggest green with yellow stripes.
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Post by Financial Thing on Jan 27, 2016 22:55:29 GMT
If you want some good SM deals, I've placed all my loans up for sale. I simply have a bad feeling in my gut about this platform.
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 28, 2016 10:54:04 GMT
If you want some good SM deals, I've placed all my loans up for sale. I simply have a bad feeling in my gut about this platform. Ditto; I have the same gut problems.
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kaya
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Post by kaya on Jan 28, 2016 12:27:31 GMT
Try eating more cabbage.
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oldgrumpy
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Post by oldgrumpy on Jan 28, 2016 12:30:42 GMT
Try eating less cabbage edit: Or stick to the best quality January Kings. Cabbage you can taste
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kaya
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Post by kaya on Jan 28, 2016 12:36:43 GMT
Ah yes, depends on the nature of the problem. Bananas?
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kaya
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Post by kaya on Jan 29, 2016 14:45:12 GMT
The shennanigans going on at Rebs is now bordering on farce. We had the unexplained mysterious delay re the Superstore repayment, the ongoing situation re the equipment hire loan, ( which is remarkably similar to a previous problem with another equipment hire business - which is also now late) - and now the **foods borrower is claiming that payment has been made, whilst Rebs claims it is late. I really am starting to wonder if it is time to make a sharp exit.
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nick
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Post by nick on Jan 29, 2016 18:03:28 GMT
I do have a lotof sympathy for RebS. I believe that the open discussion forums on each loan significantly increases transparency, but can often lead to borrowers posting their excuses publicly accompanied by an ensuring debate with disgruntled investors (and rightly so). However, I'm sure FC and other platforms have similar issues behind the scenes and hear similar excuses/tales when there is a late payment, but we are shielded from this with bland labels such as 'processing', 'retry' and then 'late payment', before payment resolves things or the loan goes into default.
RebS classifies a payment as being late as soon as it is a day overdue. This contrasts to FC when a payment has to be 7 days overdue being being labelled late (it is just labelled retry or processing prior to that). Then everybody gets worked up from subsequent postings on the discussion board as everything gets aired publicly before things are resolved one way or another. I think this definitely is causing a perception issue, but I don't believe the processes in the background are really very different from standard credit collection processes nor that their borrowers are materially more risky, it is just more is being aired publicly than in private.
I have a fairly diversified loan portfolio on RebS built-up over 18 months and my net returns, after accounting for actual bad debts and fully providing for loans >30 days late is mid teens and significantly higher than my FC portfolio (or any other P2P platform I'm invested on), although it easier to diversify quicker and more on FC which helps to lower risk when first investing. If I started suffering a significant increase in debt >30 days late, then I would start getting worried, but until then I intend to make hay while the sun shines............
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shimself
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Post by shimself on Jan 29, 2016 20:43:34 GMT
I do have a lotof sympathy for RebS. I believe that the open discussion forums on each loan significantly increases transparency, but can often lead to borrowers posting their excuses publicly accompanied by an ensuring debate with disgruntled investors (and rightly so). ... RebS classifies a payment as being late as soon as it is a day overdue. This contrasts to FC when a payment has to be 7 days overdue being being labelled late (it is just labelled retry or processing prior to that). Then everybody gets worked up from subsequent postings on the discussion board as everything gets aired publicly before things are resolved one way or another. I think this definitely is causing a perception issue, but I don't believe the processes in the background are really very different from standard credit collection processes nor that their borrowers are materially more risky, it is just more is being aired publicly than in private. I think you have nailed it Nick, well said.
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kaya
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Post by kaya on Jan 30, 2016 11:09:25 GMT
I do agree, the open discussions can easily generate a negative perception when things are not exactly right, but I also think that the ridiculous number ( I think) of 'disputed' payments of various types, and previous and current matters regarding some other loans, also helps to bolster such perceptions. If there is to be a discussion board, then there needs to be full disclosure and explanation, otherwise it can easily generate the negativity you mention. The current 'disputes' regarding whether or not payment has been made are simply beyond my comprehension in this age of near-instant bank transfers, and all too often, we are left with no explanation. The number of loan parts now available at a discount tells its own story, beyond any discussion.
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Post by bluechip on Jan 30, 2016 18:08:51 GMT
I'm selling everything now. Several have gone bad after the first payment, which screams major problem to me with the whole due diligence process. Then the few big ones I have are all in trouble, one of which has completely wiped out any profits across both accounts over the past 18 months. Everything of mine is up for sale and I am even discounting stuff that have a perfect payment history, just because I want the website off of my favourites and I can finally get rid of the annoying number of emails I receive.
Sometimes the percentages on offer are simply too good to be true, well they have proven to be for me with Rebs in any case. Shame.
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Post by oppsididitagain on Jan 30, 2016 23:19:48 GMT
3 have gone bad with in the 1st 3 months L-- J---, J-- and R--------. D----- M----- took about 7 months and all brought to the platform by a J--- H---. Yet RBS do nothing to change the way they do their DD. For me this has made me reduce my holding, which was above 40K at one stage, to now selling everything.. They seem to have a real default/bad loan % of about 15%... (this is not based on outstanding notional ) Some major issues need to be resolved including communication to lenders, until then my investments will be going elsewhere from now on.
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kaya
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Post by kaya on Jan 31, 2016 12:50:04 GMT
The recent posts on the website re **foods are a case in point, re some of the points above. Rebs wants to keep us informed, and that they are on the case, and are aware the payment is late, yet this just provokes an immediate response from the borrower, claiming payment has been made, and contradicting the post by Rebs. And all of this, without any 'vocal' lender saying anything! Can't complain about a lack of communication here, both parties appear to be trying, but it leaves us, or me anyway, with confidence further dented. By the way, are Rebs going to offer the chance to sell at discounts down to 10%?!! Some of my parts are currently unsellable.
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