I am considering taking my concerns to the FCA

Before I start - I am no expert and am just repeating points I have seen elsewhere.

I have seen on another P2P forum that the present FCA authorisation (for many P2P lenders) is an interim state to give the organisations time to bring themselves up to the levels required for full authorisation and that this has to happen within a proscribed (2 years I think) timescale from the date of the granting of the interim status.

From this I have come to believe that the authorisation presently granted to Bondora is this interim status. I have no idea what this actually means in terms of the prudential conduct of the organisation concerned, but my gut instinct is that it is not there, but supposedly travelling in the general direction.

I suspect you have a lot of tightly-worded language to negotiate which probably means Bondora can argue their corner by slippery interpretation and still remain on that path to authorisation.

Good luck.

Do not even think of making that claim to the FCA because it is factually incorrect and may harm the chance of success in an area that does need FCA attention.

Bondora shows capital losses as the capital payment would have become due on the normal schedule, not at the time of default as specified int eh loan contracts. The result is that it takes significant time before the effect of the escalating counted defaults becomes greater than the interest income already received.

Bondora can also correctly claim that the interest rates are intended to cover the default losses over the whole loan term while defaults happen more often near the start of a loan than near the end, so it is expected that the value of total interest paid minus all capital of defaulted loans would start higher than the end result. But this is all defaulted capital while Bondora only counts the capital that has not yet been paid on the original schedule.

You're right about the effect being to misrepresent the likely end result but there are offsetting arguments that Bondora can use and which you must counter in any complaint. For example, Bondora apparently uses in its interest setting methods a recover rate of 70% for Estonian loans and 10% for others, but it doesn't use these in the bad debt reporting, instead doing that not counting until originally due method. Similarly it expects a certain proportion of current or late loans to default but it doesn't use that information in telling investors the state of their accounts either.

You are likely to get plentiful help if you seek advice on your proposed complaint because it is likely that most here agree with your overall view and wish you to succeed. Start by reading the past discussions and blog posts which they link to, a lot of the work has already been done for you.

aemilius - Searching for bondora at register.fca.org.uk/ will find it. 
Here is a direct link: fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=665420

Honestly speaking - why not ask? you are not willing to ask stop their activities. you are asking to clarify if this is normal. 

You can ask if it is normal not to show investors (and as well unprofessional investors newcomers) Default values, but only 'mystical" overdue forgetting about time, about unpaid late fee and interest. Is it normal and how many times to resend debt from stage 4 to stage 1 etc.

just question to clarify

Hello. 

Yes, after the Brexit vote we decided to withdraw our application. Currently we see that the regulatory setup for the UK market is too uncertain to do any specific decisions on moving our headquarter there (this was one of the requirements). The license itself is not required to have for allowing the investors from the UK to invest. If we would ever want to target the UK borrowers then the license is of course necessary. 

In terms of other older questions that have been raised in this thread - each investor can from his dashboard switch between two return calculations: (1) a current net return model and (2) forward looking model (called yield-to-maturity). Current return model looks at only payments that have occurred in the past (made and missed payments) whilst the forward looking model looks at all historic payments and makes assumptions for future payments from loans that are current and in default.

Thank you. 

Best wishes, Martha

Would you like to expand on that comment ?  Would you please state both the UK trading name and the Belise (I assume you mean Belize) trading name.