registerme
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Post by registerme on Jan 18, 2016 16:26:42 GMT
So I've just had an email from Lending Crowd telling me "We are aware that the January loan instalment is late. We have been in dialogue with the Director who has advised that funds will be sent this week and on the basis that there is every chance that this loan will be cleared in full we have suspended the sale of loan parts at this time".
Firstly, does anybody know how we get from a late payment five months into a two year loan to "... every chance that this loan will be cleared in full...."?
Secondly, whilst it's good that I received the email, does anybody know where on the actual loan details page such comments are recorded? I can't find a comments section, and it's not in the Q+A.
Cheers,
RM
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treeman
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Post by treeman on Jan 18, 2016 17:01:14 GMT
So I've just had an email from Lending Crowd telling me "We are aware that the January loan instalment is late. We have been in dialogue with the Director who has advised that funds will be sent this week and on the basis that there is every chance that this loan will be cleared in full we have suspended the sale of loan parts at this time". Firstly, does anybody know how we get from a late payment five months into a two year loan to "... every chance that this loan will be cleared in full...."? Secondly, whilst it's good that I received the email, does anybody know where on the actual loan details page such comments are recorded? I can't find a comments section, and it's not in the Q+A. Cheers, RM Just Checked LC site ..... I'm in this one too. The loan is currently 'disabled' in terms of the SM. No details / notes that I can find to shed some light on this either. No email (yet?) received from LC. <EDIT> Update - email from LC now received. Took a while to show up in my inbox.
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pip
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Post by pip on Jan 18, 2016 17:30:47 GMT
I have this one too. I had a similar one last week and that was paid late as promised.
I do like the email informing me of the late payment, even though clearly not so keen on the risk to my money of a loan defaulting.
I personally don't really care about the payment being late, what worries me is the underlying cause. I have re-read the info and the loan is for somebody who was widowed and does maintenance work for local landlords and estate agents. The business is 2.5 years old. Hopefully just a cash flow problem, but I am always worried when a companies cash flow is clearly this tight.
The reality is in these small businesses you are at the whim of the owner. Let's see if payment is received this week.
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Post by trentenders on Jan 18, 2016 20:38:51 GMT
No email yet for me  |
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registerme
Member of DD Central
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Post by registerme on Jan 18, 2016 21:23:01 GMT
You might need to enable email notification or something - under you username in the top right hand corner there's an "Edit profile" option, with a couple of email check boxes. Both of mine are "on".
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jimbob
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Post by jimbob on Jan 19, 2016 11:15:30 GMT
I'm judging all the platforms I'm in by return without bonuses for the long run. Of course LC's bonuses were fantastic, but that doesn't represent the 'long run'. There have been no defaults yet, and hopefully ** M** will continue this trend. I looked through the accounts, and so far as I could work out the owner was owed a fair chunk by ** M** himself. So it's in his interests to keep the Co going, as even with pref creditor status he'd surely lose out if it folded.
Fwiw I reduced my exposure to £30 after a previous late payment. My guess is he is trying to refinance, the LC loan did appear to replace more expensive lines of credit itself.
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registerme
Member of DD Central
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Post by registerme on Jan 19, 2016 17:13:14 GMT
Received a response from LC:-
"The loan comments are currently not visible on the Loan Details pages - this decision was taken for reasons of Borrower confidentiality. We are currently looking at how we can add these comments to the loan details section to provide Investors with more information, but this feature is not currently live.
If you have an investment in this loan, you will receive an email when a new loan comment is added, containing the comment.
I apologise that this is not very helpful - we are working on improving this".
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pip
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Post by pip on Jan 22, 2016 9:57:15 GMT
Well it's Friday and still no payment, in my account at least. 10 days late now, be good to get an update good or bad.
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Post by lendingcrowd on Jan 22, 2016 17:27:03 GMT
Good afternoon,
A loan comment has been posted by the Credit Team, and all investors in this loan will receive an email containing this comment.
We will update you again next week.
Have a good weekend,
LendingCrowd
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Post by trentenders on Jan 22, 2016 18:58:46 GMT
This email I received(!).
This is my first default with LC and funnily enough, it how it's handled could even give me the confidence I'm currently lacking to pile in. Early days though...
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registerme
Member of DD Central
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Post by registerme on Jan 22, 2016 20:06:02 GMT
I agree it doesn't look very promising, but I don't think that LC have (yet?) declared it as being in default.
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pip
Posts: 542
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Post by pip on Jan 22, 2016 21:50:38 GMT
I agree it doesn't look very promising, but I don't think that LC have (yet?) declared it as being in default. . Yes it's only 10 days late, seems that the business is still operating so let's hope just cashflows and that the payment will be received Monday. There is also a directors guarantee, what they equates to who knows but I'm not writing it off just yet. Agree lc have kept us well informed, while I hope this doesn't default, anybody lending at over 10% has to accept some risk. Bit annoyed I lent a bit too much to this company but even if this defaults with bonuses and interest still not doing too badly.
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Post by GSV3MIaC on Jan 25, 2016 9:17:04 GMT
I thought I had a toe in all the LC loans, but I can't find this one .. what's the FIRST letter of the name and/or where can I look on the website for comments (I didn't get an email, which may be good ..)
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alanp
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Post by alanp on Jan 25, 2016 9:20:59 GMT
Answered via PM.
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Post by GSV3MIaC on Jan 25, 2016 10:38:58 GMT
Thanks .. I apparently dodged this bullet by accident (either showed up too late to bid, or got knocked out and never noticed in time). Which explains why I didn't get the email, and can't find anywhere on the website to look at the comment.
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