JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Apr 18, 2016 13:23:35 GMT
Looking at my Bondora loans I have 16 shown as write off, many with zero or few payments.
Surely we should be given a full explanation for these loans being written off when it is our money they have lost.
I wonder if they are still expecting to be regulated by the UK FCA as this should be something they would insist on. Otherwise a dishonest platform could simply keep repayments for themselves.
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Post by Butch Cassidy on Apr 18, 2016 13:32:00 GMT
Looking at my Bondora loans I have 16 shown as write off, many with zero or few payments. Surely we should be given a full explanation for these loans being written off when it is our money they have lost. I wonder if they are still expecting to be regulated by the UK FCA as this should be something they would insist on. Otherwise a dishonest platform could simply keep repayments for themselves. If you write to customer service with usernames they will give you the full details; I only had 1 but for multiple parts, an Estonian who had previously being paying - so I queried it & was told that she had been declared bankrupt (an unusual occurrence in Europe apparently, as it takes 7 years to get out of). That still doesn't excuse them completely hiding the fact from the event/collection log but as we know they don't care about providing relevant information to lenders.
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Post by rahafoorum on Apr 18, 2016 22:46:08 GMT
Do you actually see how much of what was written off?
I apparently have one written off loan, but this showw outstanding payments as €0. Wondering if in your cases you actually see outstanding payments?
It's very weird of course that a fully paid loan would be written off...
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Post by coolrunning on Apr 19, 2016 6:04:36 GMT
Do you actually see how much of what was written off? I apparently have one written off loan, but this showw outstanding payments as €0. Wondering if in your cases you actually see outstanding payments? It's very weird of course that a fully paid loan would be written off... All of my written off loans have non-zero values for principal etc, if this is what you meant.
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Post by Butch Cassidy on Apr 19, 2016 7:00:32 GMT
Do you actually see how much of what was written off? I apparently have one written off loan, but this showw outstanding payments as €0. Wondering if in your cases you actually see outstanding payments? It's very weird of course that a fully paid loan would be written off... Yes in my case still rather a large principal (+ of course the interest & charges) there are however also 2 types of zero principal loans that can be write offs;
1. Where a loan was paid off early & Bondora failed to readjust the payment schedule still shows interest due but is in fact incorrect, as it would only have accrued had the principal NOT been paid off - I have a couple of those &
2. Loans where the principal has been paid off but interest/charges still remain outstanding - I have a few that are still paying in this condition
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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 Apr 19, 2016 7:08:26 GMT
Yes I have a total of 257.75€ written off principal and 305.57€ accrued interest and late charges. I do wonder if some of these are mistakenly in category 3. One paid the total 10€ principal recently with 27c for overdue, with the other 15.93€ written off, which seems a lot for DCA fees.
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Apr 19, 2016 9:30:14 GMT
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Apr 19, 2016 9:31:03 GMT
with the other 15.93€ written off, which seems a lot for DCA fees. There is now new column for "Management fees" but I see it blank all the time.
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Post by oktaeder on Apr 19, 2016 12:24:38 GMT
- Management fee isn't new but allways was empty
- I have a "green" loan beeing written off, bondora says "criminal suspected case"
I guess, system isn't very usefull at this time. As usual.
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p2pmaster
investment is life.
Posts: 128
Likes: 54
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Post by p2pmaster on Apr 19, 2016 15:33:23 GMT
I have 55 loans written off or around 492 EUR...
I agree with JamesFrance that each write off should have full explanation (fraud, death, bankruptcy, etc.). Otherwise, investors are not able to determine if it was B fault or economic reasons...
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Jul 18, 2016 7:21:26 GMT
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Post by rahafoorum on Jul 21, 2016 15:33:28 GMT
I tried to do a rough estimate analysis of their efficiency (the defaulted loans sent to DCA) earlier this year by using the cashflows and other datasets together (way too much work with excel  . Results didn't seem too promising to be honest. Of course, compared to doing nothing in Spain before, it did seem like a better short-term outcome at least. For EST it reminded more of a donation run though. Unfortunately can't do very accurate analyses since there's no data on DCAs in the datasets so you can only have a rough guesstimate of when and which loans were sent to DCA after defaulting etc. Nevertheless, they said already in the end of last year that the stats show how DCA is a better way to go and promised to provide that info to investors as well. You just need some more patience I guess  Also have to love how they compared recovered totals vs "scheduled till date" (whatever that means, considering defaulted loan should be fully paid on defaulting day) sums in the e-mail on Jul 18. I suppose this means that if 5 loans default today, each one has 3 payments overdue (on average ~3.5% of investment principal amount), one loan fully repays and Percent of cash flow restored is some 570%? Or did I misunderstand what those numbers mean and overpayments are not accounted for since they weren't expected yet? Of course, the headline of "Scheduled principal payments post date of default till date" would lead one to believe that they actually didn't account for those 3 payments before default date, but I'd hope this is just incorrect headline and actual numbers for that first column include all scheduled overdue payments that existed at the moment of default not only ones that came after it. Edit: Judging by the loan dataset, I'd say this was not a mistake in the headline, but this is exactly what they did. The amounts overdue prior to default (the overdue payments that made the loan actually default) are not considered in this scheduled payments amount apparently. Who could've guessed... Not too useful info, considering it also didn't separate DCA recovery from other recovery.
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Jul 24, 2016 9:30:49 GMT
Thanks rahafoorum for analysis... Bondora has recently published this article with promising title: Performance of recovery process in Bondora. www.bondora.com/blog/performance-of-recovery-process-in-bondora/One would expect that we can find anything useful there regarding DCAs... Wrong! There is no indication that DCAs are working, there are know factual numbers for success rate or yield rate nor success fees... No word about that... Just simple % for each country... This percent of recovery is not recovery you would expect (when loan defaults whole outstanding amount is due immediately and can be reclaimed)... Bondora in its article simply ignores this (in consistency with other parts of the site, incl. net profit), as the % they are displaying in table means: So again, they are working with "expected" (and amortizating defaulted loans instead of marking whole amount as overdue). Why they don't simply show what ratio of total defaulted amount that was recovered is a mystery to me. They are doing everything to hide real and usable results... They have gone so far, that they even created their own "methodology". |
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capucino
Member of DD Central
Posts: 90
Likes: 40
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Post by capucino on Jul 24, 2016 10:18:13 GMT
Whats the easiest way to display writeoffs? I am really lost with Bondora due to the fact that they change their systems constantly  |
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Jul 24, 2016 10:26:38 GMT
Whats the easiest way to display writeoffs? I am really lost with Bondora due to the fact that they change their systems constantly Using Excel you can import InvesmentList (create one in Bondora Data Export section).
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. Results didn't seem too promising to be honest. Of course, compared to doing nothing in Spain before, it did seem like a better short-term outcome at least. For EST it reminded more of a donation run though.
