JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Dec 1, 2015 8:36:53 GMT
Today I have many loans which defaulted before the changed collection system which have been moved back to stage 1, so we will presumably have to pay even for old default collection now.
This platform is a disgrace.
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Post by marek63 on Dec 1, 2015 8:49:53 GMT
Any bets - I am guessing that default amount collected will be roughly equal to fees charged. Lost all faith in Bondora after the Spanish/Slovak experiences and have managed to escape having only lost 80 Euros net. Well, in theory I have 130 Euros that will be recovered from defaults .. but I am not holding my breath at all.
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Post by gmaxkenny on Dec 1, 2015 10:40:07 GMT
Nothing surprising me about Bondora anymore. My best investment decision of 2015 was to stop investing there. Bondora is proof that FCA regulation is useless.
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pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
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Post by pikestaff on Dec 1, 2015 13:20:51 GMT
...Bondora is proof that FCA regulation is useless. They are not really regulated yet. They just hold interim permission like all the UK platforms. Wait and see if they get full permission.
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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 Dec 1, 2015 14:23:14 GMT
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duck
Member of DD Central
Posts: 2,864
Likes: 6,898
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Post by duck on Dec 1, 2015 16:30:03 GMT
I have the same as you JamesFrance I find it 'laughable' that loans that defaulted well over a year ago, were last week at Stage 3 'Decision received proceeding accordingly' are now Stage 1 'Loan defaulted, recovery process started'.
I don't know why but 'don't believe everything you read on the internet' appears to be rather apposite ....
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duck
Member of DD Central
Posts: 2,864
Likes: 6,898
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Post by duck on Dec 3, 2015 9:59:10 GMT
Just been looking at how the loan stages for my loan book have been moving over the last calendar month
Stage 5's have remained the same
Stage 4's show a decrease of 11
Stage 3's show a decrease of 72
Stage 2's show a decrease of 83
Stage 1's show an increase* of 138
*this figure excludes new defaults.
These figures don't show the whole picture in as much as I have sold half a dozen defaulted loans and I haven't checked all my defaults to show which ones have moved back more than one stage ...... but the picture is clear enough, a lot of loans have been pushed back to Stage 1 so the recovery costs from Stage 1 onwards will be coming my way 
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