djpix99
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Post by djpix99 on Jan 4, 2017 17:08:11 GMT
Had one of my loans not repay as planned yesterday.
Im guessing you just sit back and await an email saying they have or haven't been able to recover any of your funds.
Anyone else had a default yet?
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michaelc
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Post by michaelc on Jan 7, 2017 22:54:26 GMT
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djpix99
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Post by djpix99 on Jan 9, 2017 7:30:06 GMT
It is showing as late on the TMP console and i recived this email 2 days after the expected repayment date:
'Dear xxxx
Loan ID fbxxxxx
Unfortunately the borrower of the above loan has failed to repay you on time, despite numerous attempts by us to retrieve your funds.
We are endeavouring to make sure you are repaid. We will keep you up to date with all developments regarding this loan, but if you want to get in touch please contact us at helpdesk@themoneyplatform.com.
We apologise for any inconvenience this may have caused.
Kind Regards
The Money Platform Team'
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Greenwood2
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Post by Greenwood2 on Jan 9, 2017 13:11:39 GMT
From another thread there seem to have been about 30 loans so far, so about 2 defaults would be expected, unlucky to get a default so soon though  |
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michaelc
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Post by michaelc on Jan 11, 2017 22:21:38 GMT
Given you are the sole lender, have you asked who the borrower is and perhaps any proof he borrowed money from you? For me, there are a lot of things I like about the platform but I do feel (I don't know how) there needs to be more transparency to give lenders confidence.
Also, I think if a similar platform popped up that enabled "loan parts", then this platform would be finished. Time will tell.
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Post by sayyestocress on Jan 12, 2017 9:45:06 GMT
Also, I think if a similar platform popped up that enabled "loan parts", then this platform would be finished. Time will tell. Competition could spur them on to adopt loan parts rather than the full loan amount, so competition could be a good thing, rather than the end. Or perhaps they're only after the wealthy and/or institutional investors for which the full loan amounts are small enough to be diversified enough. They will likely have some competition if/when Welendus launches.
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djpix99
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Post by djpix99 on Feb 9, 2017 16:38:30 GMT
The loan status has now changed to 'Defaulted' rather than what it said previously which was 'Late', im guessing that means the recovery actions are over?
I did email TMP to ask about updates on recovery a few days ago via the form on their website, but no reply.
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michaelc
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Post by michaelc on Feb 9, 2017 21:43:14 GMT
Have to say I remain out but also remain curious. I feel there must be some way to provide better certainty about where your money goes and what happens to it. Frankly (and I have a feeling this is a naive suggestion) why not provide all the details of the borrower and proof of the agreement after the agreement is made?
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Greenwood2
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Post by Greenwood2 on Feb 10, 2017 7:26:47 GMT
Have to say I remain out but also remain curious. I feel there must be some way to provide better certainty about where your money goes and what happens to it. Frankly (and I have a feeling this is a naive suggestion) why not provide all the details of the borrower and proof of the agreement after the agreement is made? Probably Data Protection, handling of personal information, etc. Or if the loan defaulted there might be a temptation for some lenders to confront the borrower or 'send the boys round'. 
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dermot
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Post by dermot on May 3, 2017 10:34:45 GMT
The loan status has now changed to 'Defaulted' rather than what it said previously which was 'Late', im guessing that means the recovery actions are over? I did email TMP to ask about updates on recovery a few days ago via the form on their website, but no reply. So, several months on, what was the final outcome?
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djpix99
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Post by djpix99 on May 4, 2017 21:07:00 GMT
TMP replied to my support ticket around a month after the repayment date confirming that the loan had defaulted and there would be no recovery of funds.
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david42
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Post by david42 on May 5, 2017 15:13:32 GMT
One of my loans was due to repay on 28th March. It is still marked as Late. It does not look very hopefull. I have not had any email from The Money Platform.
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djpix99
Member of DD Central
Posts: 115
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Post by djpix99 on May 6, 2017 8:16:26 GMT
To be honest I don't think TMP do email you, you just have to keep a check on the dashboard as to when it defaults. I'm personally staying away now, I prefer investing in secured loans on MT, SS, Collareral and Ablrate as they seem more open.
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Post by supernumerary on Mar 6, 2018 8:46:49 GMT
To be honest I don't think TMP do email you, you just have to keep a check on the dashboard as to when it defaults. I'm personally staying away now, I prefer investing in secured loans on MT, SS, Collareral and Ablrate as they seem more open. Thank you for the updates and providing us all with the final decision that you eventually made. 
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