hendragon
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Post by hendragon on Apr 27, 2017 19:01:44 GMT
true enough but TMP is a very young platform, they seem to me to have a good idea and a good attitude towards investors. The slow pace of loans has tried my patience but I am still in a place to work with them. Aside from that I hope I am on their Christmas Card list
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markr
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Post by markr on Apr 28, 2017 12:20:06 GMT
Another repayment - £500, 4 week, 0.4%. It was scheduled to pay on 9th May, but actually paid early on 28th April, £522.10 returned.
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Post by WestonKevTMP on Apr 29, 2017 11:01:28 GMT
Another repayment - £500, 4 week, 0.4%. It was scheduled to pay on 9th May, but actually paid early on 28th April, £522.10 returned. The nature of short term loans is that those that intend to repay, often do at the earliest opportunity to reduce cost. Its in the nature of the product/market, and not unique to The Money Platform.
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Post by WestonKevTMP on Apr 29, 2017 11:02:39 GMT
true enough but TMP is a very young platform, they seem to me to have a good idea and a good attitude towards investors. The slow pace of loans has tried my patience but I am still in a place to work with them. Aside from that I hope I am on their Christmas Card list We'd rather buy our lenders a coffee or beer, if they're SE based (London/Kent....)...
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michaelc
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Post by michaelc on Apr 29, 2017 20:32:45 GMT
Another repayment - £500, 4 week, 0.4%. It was scheduled to pay on 9th May, but actually paid early on 28th April, £522.10 returned. The nature of short term loans is that those that intend to repay, often do at the earliest opportunity to reduce cost. Its in the nature of the product/market, and not unique to The Money Platform. But you still get 100% of your interest/fee in that case. The lender gets only pro-rata.
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Post by WestonKevTMP on Apr 30, 2017 15:23:53 GMT
This is true, and might not seem fair. But The Money Platform have to pay the same credit reference fees, other applications charges, same payment processing costs, etc for all loans - and all declines. And we only get paid if the customer pays back. Also base costs like IT, office and staff are the same as well.
So it is more equitable than it might at first appear, if you dig into the financials.
An alternative would be to change the fee structure so that it's a share of what comes back. But the percentage split in place now would need to change to have any hope of platform profitability. And without profitability, no-one gets paid!
Kevin.
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markr
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Post by markr on May 18, 2017 10:22:37 GMT
Couple more to report. £500, 4 week, 0.4%. It was scheduled to pay on 11th May, paid on the due day, £536.40 returned. One near miss £500, 12 week, 0.3%. It was scheduled to pay on 2nd May, went late but finally repaid 18th May, £597.50 returned. Matches have dried up again though, so I'm down to 4 active loans. Those repayments mark a milestone in that my returns now are over £250, so a £250 default wouldn't mean a loss of capital any more! I think at this stage I'm going to treat TMP like the tuppenny falls machine at the seaside - I've got my cup of loose change, I'm going to keep playing till the money runs out but I'm not going back to the change machine. If I leave the arcade with money in my pocket, that'll be a nice bonus. Given how many people have said they are going to withdraw funds, maybe TMP should think about rewarding the loyalty of those prepared to stick it out. Maybe something a bit like those trinkets they load the arcade machines with to tempt you to part with your 2ps (I paused typing here briefly to take a slurp of coffee from my RateSetter mug ).
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Greenwood2
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Post by Greenwood2 on May 18, 2017 12:48:40 GMT
What is the APR/XIRR from the £250 interest? With the difficulties of investing is the rate any better than other platforms?
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david42
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Post by david42 on May 18, 2017 14:27:39 GMT
Having been investing on this platform for 6 months my repayment statics are now:
10 loans repaid early, average 44 days early. 17 loans repaid within 2 days of the correct time. 14 loans repaid late. Average 8 days late. Maximum 21 days late 15 loans overdue. Average 16 days overdue. Maximum 50 days overdue. Oh dear!
So 6 months into using the platform I am still no clearer whether my return will be nearer +40% pa or -60% pa. My results will be dominated by the outcome of the 15 overdue loans.
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Post by brummiefred on May 18, 2017 21:27:38 GMT
I'm surprised you have 56 loans in 6 months! I've managed just 3 in 3 months!
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markr
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Post by markr on May 18, 2017 21:41:02 GMT
What is the APR/XIRR from the £250 interest? With the difficulties of investing is the rate any better than other platforms? My total investment has been £2700, and returns so far £271. My first loan was matched on 18th November, exactly 6 months ago. While I didn't deposit all the funds on day 1, I have maintained a holding account balance of >£500 for most of that 6 months, so there's a fair chance I wouldn't have matched loans any faster if I had. The lowest rate you can lend at is 0.3% per day, so over 100% AER before losses if you can keep all your funds lent. My 20%-ish is a long way short, entirely because of unlent funds since I've had no losses. At this rate, it's not really worth the risk - just one of my £500 loans not repaying would wipe out a year's interest - but I'm sticking with it in the hope that things get better.
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markr
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Post by markr on May 18, 2017 21:42:00 GMT
I'm surprised you have 56 loans in 6 months! I've managed just 3 in 3 months! My thoughts exactly, I've managed 10 in 6 months!
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Post by Reged on May 19, 2017 10:26:47 GMT
I have come to the sad conclusion that as things stand it is a complete waste of time and money and I'm pulling out. Will keep an eye on it in future to see if things improve, but these guys seriously need to raise their game.
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Post by WestonKevTMP on May 20, 2017 9:35:33 GMT
I have come to the sad conclusion that as things stand it is a complete waste of time and money and I'm pulling out. Will keep an eye on it in future to see if things improve, but these guys seriously need to raise their game. I appreciate lenders frustrations, because the volume of loans we're writing does mean a lot of financial inactivity reducing returns. We've been very prudent, preferring to get things right before opening the gates.... We just passed the £200,000 mark, that's around 300 loans. That said, the inactive time is built into the expected return calculations. We never said your money would be always be lent. Additionally the loan offers are a market, and some lender money isn't going out the door as other lenders have placed lower orders (I don't know your settings). The other thing is that I want to be patient in lending, as we iteratively improve credit policy, the borrower product, lender protection and account management processes. The foundations are in place but as a young platform we have much work to do. Not least in updating the web site with live loan performance statistics, which is in the pipeline. But all these tasks will take us through the summer. So we do appreciate lender support, and we do expect borrower volumes to increase as we now start to roll out source channels. Kevin.
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Post by Reged on May 23, 2017 12:22:56 GMT
As I've said previously, I had four £250 offers spread over different periods, all at the lowest available rate. Over a month my return was approx 0.1%. That's a big loss for me when I can get 1% plus elsewhere at less risk. I wish you well with your endeavours and, as I say, if I see activity increasing significantly I may well return. But I am not prepared to be 'patient' if that means taking a hit on my returns. I'm not a registered charity.
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