ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 7, 2016 16:51:25 GMT
p************5 just bought (all) £51,589.91 of PBL081. (Not me!) And on top of all that madness, we now have moderators putting their posts in any old random thread that comes to hand 
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Post by mikemurf on Sept 8, 2016 10:37:53 GMT
I see that some £100k+ has been taken up in the SM for this loan in the last couple of days. Why is this anyone? I can see nothing on this site to indicate a material change. Is there another site which has influenced people to buy back into this loan?
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SteveT
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Post by SteveT on Sept 8, 2016 10:42:40 GMT
I see that some £100k+ has been taken up in the SM for this loan in the last couple of days. Why is this anyone? I can see nothing on this site to indicate a material change. Is there another site which has influenced people to buy back into this loan? There's been a LOT of money returned to lenders in recent days (from several large repaid loans) and some can't wait for better opportunities to present themselves.
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Liz
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Post by Liz on Sept 8, 2016 10:42:54 GMT
I see that some £100k+ has been taken up in the SM for this loan in the last couple of days. Why is this anyone? I can see nothing on this site to indicate a material change. Is there another site which has influenced people to buy back into this loan? Several loans have re-payed recently, so lots of money sloshing around, looking for a home.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 8, 2016 10:55:33 GMT
I see that some £100k+ has been taken up in the SM for this loan in the last couple of days. Why is this anyone? I can see nothing on this site to indicate a material change. Is there another site which has influenced people to buy back into this loan? Maybe people have looked at the planning application, decided the modifications required arent that fundamental and the timescale OK and decided the risk is worth it. More likely their pockets on fire and its the only bucket of water available
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stokeloans
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Post by stokeloans on Sept 8, 2016 16:56:42 GMT
As The Dragons would say,I'm out  |
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izigor
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Post by izigor on Sept 8, 2016 20:17:10 GMT
Some very clued up people here, thanks for the info, thoughts and discussions everyone. I followed the logic put by others here and followed up my own research. I didn't really find out anything newer than what has already been reported and discussed to the bone. However from the modest amount I know, I decided to sell all my parts because there is an element of risk here. I wouldn't call the situation a disaster though, far from it. It appears to me that the situation is perfectly manageable .. Yes, the present circumstances is far from ideal and well deviated from what Lendy Ltd had us believe. So, understandably there's currently a crisis management but even conservative estimates seem to bring the valuation at a decent amount to what has been loaned. If you have some good managers behind the wheels here and some good decision makers, this should be easily sorted out and everyone's loans plus any extended interests should be repayable. This is just my opinion and not a fact of course. For me, I believe, the element of risk is whether they do indeed have these good managers and good decision makers? Unfortunately, it seems there's some evidence this hasn't been the case recently and this is the reason I've decided to get out.
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gurberly
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Post by gurberly on Oct 24, 2016 12:11:31 GMT
So that it fits in with the threads timeline. Latest Saving Stream update from 21 October 2016.
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foxy
Quick learner?
Posts: 18
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Post by foxy on Mar 6, 2017 8:35:10 GMT
I am a relatively new investor. things have been going great so far. Yesterday though I noticed one of my loans pbl081 was in default. I panicked a bit and put all my loan parts up for sale. Usually within a few hours and sometimes minutes, any loan put up for sale is snapped up, but this morning all my loan parts are still 'available'. now Im assuming that this is because its in default and not of much interest.
So advice please. I know while its up for sale its not earning, but if I cancel the sale and keep the loan does it still earn interest in default and if ultimately it all goes wrong I assume I should get my money back as per the in house compensation scheme but do i get the interest the loan has earned at all?
Or do I just 'assume' it will all sort itself out and stop worrying
Any pointers would be appreciated
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adrianc
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Post by adrianc on Mar 6, 2017 8:53:42 GMT
I am a relatively new investor. things have been going great so far. Yesterday though I noticed one of my loans pbl081 was in default. I panicked a bit and put all my loan parts up for sale. Usually within a few hours and sometimes minutes, any loan put up for sale is snapped up, but this morning all my loan parts are still 'available'. now Im assuming that this is because its in default and not of much interest. So advice please. I know while its up for sale its not earning, but if I cancel the sale and keep the loan does it still earn interest in default and if ultimately it all goes wrong I assume I should get my money back as per the in house compensation scheme but do i get the interest the loan has earned at all? Or do I just 'assume' it will all sort itself out and stop worrying Any pointers would be appreciated Hold on a minute, I'll just give my crystal ball a polish... We really don't have anything to go on. The two defaults there have been to date have both paid out in full, but you'll want to have a read up on the "old rules"/"new rules" difference - there's very few of the "old rules" loans left now, and 81 has never been one of them, while the ones that went south were. Basically, we used to lend money to Lendy. Now we lend money directly to the borrower. Big difference in terms of how it might end up landing on Lendy's plate... 81 is, IMH(O)O*, an "academic default", rather than an actual one. It's basically a sound loan, but the borrower had problems due to a mismatch between he got planning permission for and what he actually built. Lendy are busy shovelling their own money at him to put that right. Repaying that money ranks after repaying ours when it all comes good and the property is sold. But, because it's all got a very long way from what lenders signed up for, and there's a big backlog of interest that hasn't been paid by the borrower, Lendy have (rightly) flagged it as defaulted. Have a read of the PBL081 thread, and the update thread, for a good guide as to what's been going on and when. * - In My Humble (and Optimistic) Opinion...
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lobster
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Post by lobster on Mar 6, 2017 9:00:21 GMT
I am a relatively new investor. things have been going great so far. Yesterday though I noticed one of my loans pbl081 was in default. I panicked a bit and put all my loan parts up for sale. Usually within a few hours and sometimes minutes, any loan put up for sale is snapped up, but this morning all my loan parts are still 'available'. now Im assuming that this is because its in default and not of much interest. So advice please. I know while its up for sale its not earning, but if I cancel the sale and keep the loan does it still earn interest in default and if ultimately it all goes wrong I assume I should get my money back as per the in house compensation scheme but do i get the interest the loan has earned at all? Or do I just 'assume' it will all sort itself out and stop worrying Any pointers would be appreciated Well there is about 92k in the queue, and I assume that you are very near the back of the queue, so you'll have to wait for about 92k of selling ahead of you. This may happen and it may not. The fact that PBL081 has been moved into the "defaulted" section won't help at all I'm afraid. If you feel that the property will sell for anywhere near the valuation of 4.25m then you just wait. In fact an eventual sale price of 3.25m would probably suffice for return of all your capital plus all the interest. However , if the SS valuation is hugely optimistic and no buyers for the property can be found, then things could turn sour. I notice from the recent updates that a 6th tranche of 50k is currently with the borrowers solicitors. To be honest I'm not sure how this may impact things overall. Don't know if this is of any help to you, but best of luck anyway.
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Post by GSV3MIaC on Mar 6, 2017 9:03:22 GMT
/mod hat off
And to answer the other Qs .. interest is still accruing on the loan, assuming the asset sells for enough to pay it (although the status shows as 'default', it is really 'default + IA'). It stops accruing when you put the part up for sale, but you can reverse that by cancelling the sale.
Since default parts are now hidden on a separate page they have become very much slower to sell. If you look at how far down the queue you are, at two different times, you can figure out how long it might take to sell, and how much interest you might lose while it gets to position 0 and sells. 'Never sells' is a possible/probable outcome of that calculation though.
You really ought not assume you 'should' get your money back from any P2P loan .. if the asset sells for enough (after expenses) you will .. one day .. if it doesn't, the PF might cover some/all of the loss .. no guarantees.
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foxy
Quick learner?
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Post by foxy on Mar 6, 2017 9:23:19 GMT
Thanks for the quick, comprehensive and honest replies. I think it will be cancel the sale and cross fingers. So by the comment that interest is still accruing whilst the loan is 'in default' does that mean I will be credited the interest earns each month until something else happens?
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star dust
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Post by star dust on Mar 6, 2017 9:43:14 GMT
Mod hat on/ I have just merged the new thread created with the existing PBL81 thread which I have re-titled to indicate it's current status. I am sure the OP will change the title if the loan status changes again. /Mod hat off/ You should never work on the assumption that loan parts will sell on the SM, the SM can change very quickly for a variety of reasons, and you may be a long time selling or even have to hold loan parts to their eventual conclusion, which could potentially be years and may result in either loss of accrued interest and/or capital. However, at least reading updates on a regular basis should alert you to some events that may be foreseen. The recent update on this loan can be seen here, and in the first post of that thread as others have indicated. |
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adrianc
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Post by adrianc on Mar 6, 2017 9:45:37 GMT
Thanks for the quick, comprehensive and honest replies. I think it will be cancel the sale and cross fingers. So by the comment that interest is still accruing whilst the loan is 'in default' does that mean I will be credited the interest earns each month until something else happens? This is just my gut feel/educated guess/strong suspicion of what's happened so far, and what'll happen next... * So far, Lendy have been paying us the interest (SBL status). * Now it's defaulted, they will stop doing that. * So - as of the end of this month's payment run, there will be a nominal payment for the first couple of days of this month, prior to the default being announced. Thereafter, PBL081 will not feature in any payment runs. * IF AND WHEN the property is completed, marketed and sold for sufficient that the original loan is repayed in full (principal and interest), THEN AND ONLY THEN we'll get interest from the date of default.
Remember the golden rule of high-return P2P: Anything over 7%ish should be assumed to tend towards 7% over the long term.If you've got more than that from a platform so far, then rejoice - because it may revert towards (or past) that tomorrow. For my SS position, that'd mean that two of my maximum-investment loans would go 100% south and a third 50%. It'd hurt, sure. But it wouldn't be the end of the world - and it would be really no more than we can realistically accept. So whether you put your investment in 81 on the market or not is up to you. There's basically three options... 1. If you think that there will be interest paid, then you need to decide your attitude to the risk of that not happening, and the term you're happy to lock your money in for. 2. If you think that the interest won't be paid, there's nothing to lose by trying to sell. 3. If you think that there'll be a capital loss, then you definitely want to try to sell. For me, this one's MUCH less likely to result in a loss than PBL020. I'm at my full personal position in this one - and I'm not putting it on the market.
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