james
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Post by james on Nov 26, 2015 3:05:41 GMT
Starting on 26 November 2015 Bondora have removed the 1.5% fee charged to buyers and sellers on the secondary market. this should make it practical to sell loans that are relatively close to their end date, where the fee could be more than the total amount of interest still to be paid.
I assume that this will make flipping more attractive at Bondora by reducing the price difference needed.
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Post by batchoy on Nov 26, 2015 7:11:44 GMT
I think there must have been a number of people that read the subject line of yesterdays newsletter but didn't read the content. Rather than the halting of sales as one would expect, I saw a surge from about the time the email hit my inbox and I sold 26 loans that have been on the SM for 28 days at 2% over par and all the sales incurred fees.
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james
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Post by james on Nov 26, 2015 14:23:49 GMT
Thanks, that's an interesting effect!
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Post by batchoy on Nov 26, 2015 16:41:37 GMT
Thanks, that's an interesting effect! The increase in SM sales has continued, however so have the Bondora Fees! I have had a further 10 loans sell since 09:00 GMT, which I would not expect for loans that are on their 29th day of listing, but my statement is also showing that I have been hit with charges for each one of the sales.
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james
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Post by james on Nov 26, 2015 17:19:42 GMT
That's also interesting. I sold two today without the fee. One thing I did on those was cancel and relist. I haven't sold any that I hadn't relisted. I've been working through every loan I have for sale on the secondary market to adjust the pricing because of the charge change, or just refresh so I know that if I see any loans that don't have today's date for their listing I need to look at them.
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Post by batchoy on Nov 26, 2015 17:36:49 GMT
Given that all the loans that I have on the SM are due to fall off in the next day or so I didn't think it was worth the effort to delist all 563 and relist them, but it looks like I may have been wrong In my I nterpretation of Bondora's statement if 0% fees only applies to SM sales from today where the listing was made from today as well.
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james
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Post by james on Nov 26, 2015 19:55:51 GMT
Over in Bondora's own forum there are posters who have reported that Bondora customer service is issuing refunds to those who ask so you might want to just leave things as they are then seek a refund once the offers have timed out. Have you seen any sign that the offers are expiring sooner than the previous 30 days? Wondering because of the other post here asking about vanished offers but I don't have any that were old enough to just expire at 14 or 30 days. Perhaps you could contradict me over there if yours are getting to 30 days? |
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james
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Post by james on Nov 26, 2015 21:26:42 GMT
I was just charged a seller's fee for a loan that sold but which was listed for sale on 25/11, not 26/11 or later. I'll ask customer service to refund once all of my loans have been updated to 26/11 or later.
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Post by batchoy on Nov 26, 2015 22:45:50 GMT
I was just charged a seller's fee for a loan that sold but which was listed for sale on 25/11, not 26/11 or later. I'll ask customer service to refund once all of my loans have been updated to 26/11 or later. I reported the issue and requested refunds earlier this evening, so I will see what transpires. With regards loans dropping out early, I've not had anything expire earlier than the normal 30days according to my records, though sometimes it seems earlier but its just that time has flown by.
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Post by batchoy on Nov 27, 2015 7:59:45 GMT
Well Bondora don't appear to to have done anything overnight to resolves the issue. The surge in the SM appears to have continued with more sales (some very unexpected) but with fees continuing to be taken. Mybe they are going to leave the system as is and just manually refund for the next 30days.
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Post by batchoy on Nov 27, 2015 12:07:52 GMT
A wholly unacceptable response from Bondora  I feel a formal complaint coming on, as well as an evening being spent pulling the remainder of my loans off the secondary market so that they can be relisted Fee free. |
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james
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Post by james on Nov 27, 2015 13:31:47 GMT
Indeed, it's clearly something that merits a formal complaint and escalation to the Financial Ombudsman Service because their email announcement was explicit that there were no fees from the 26th, not for new listings made from the 26th.
Two more sales with fees for me and I would have removed those listings and relisted if they had described it as for new listings only.
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Post by batchoy on Nov 27, 2015 14:26:53 GMT
Indeed, it's clearly something that merits a formal complaint and escalation to the Financial Ombudsman Service because their email announcement was explicit that there were no fees from the 26th, not for new listings made from the 26th. Two more sales with fees for me and I would have removed those listings and relisted if they had described it as for new listings only. Having sent a formal complaint in response to the email with the explicit threat of a complaint to the FCA on the grounds that I had been financially disadvantaged because they had not publicised the caveat to the 'No Fees' announcement, they have capitulated and reimbursed the fees, which is good but it should not have happened nor should I have had to push the issue.
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duck
Member of DD Central
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Post by duck on Nov 29, 2015 9:48:13 GMT
Well they certainly haven't made a universal change to all loans on the aftermarket. Fee charged yesterday on a loan listed on 22nd ....
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