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Post by captainconfident on Jan 16, 2019 19:35:48 GMT
The only thing that saves TC from a Lendy sized lambasting on this forum is that their website is so poorly designed that nobody can really keep track of the full state of their portfolio. Loans like Ody would have their own thread here fifty pages long if the software developer had delivered a half decent platform. It's genius.
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Post by bracknellboy on Jan 16, 2019 19:46:18 GMT
The only thing that saves TC from a Lendy sized lambasting on this forum is that their website is so poorly designed that nobody can really keep track of the full state of their portfolio. They don't need to - just assume its bombed. Job done.
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alibaba
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Post by alibaba on Jan 17, 2019 10:15:07 GMT
The only thing that saves TC from a Lendy sized lambasting on this forum is that their website is so poorly designed that nobody can really keep track of the full state of their portfolio. They don't need to - just assume its bombed. Job done.
I thought it was only me that could not understand the intricacies of the site. Obviously designed to make it impossible to know the full up to date facts and financial status.
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Greenwood2
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Post by Greenwood2 on Jan 17, 2019 15:39:47 GMT
The only thing that saves TC from a Lendy sized lambasting on this forum is that their website is so poorly designed that nobody can really keep track of the full state of their portfolio. Loans like Ody would have their own thread here fifty pages long if the software developer had delivered a half decent platform. It's genius. I thought Ody did have some very long threads on the TC forum. At least Ody was pretty much a punt from the start, and may yet come good. The other major disaster I think not.
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rookey123
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Post by rookey123 on Feb 28, 2019 20:00:45 GMT
Across several P2P platforms over several years gets the prize as the worst by miles. Nothing good about it, lost a fortune and the people who run it seemingly don’t care.
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alibaba
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Post by alibaba on Feb 28, 2019 20:13:35 GMT
What amazes me is the lack of posts on here regarding TC, the site is an utter shambles, some of the posters on the TC internal forum must have vested interests, I and many others have lost significant amounts.
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Post by captainconfident on Mar 1, 2019 15:40:28 GMT
How can you accurately evaluate the state of your portfolio on TC without examining every loan loan you hold and trying to locate email updates? At the moment I treat this like a black hole that I have thrown my money into.
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Post by bracknellboy on Mar 1, 2019 15:53:11 GMT
The lack of postings may be to do with fear of reprisals given the deep pockets of their current majority shareholders.
Or it may be that the only people still on TC are the hardcore evangelists who wouldn't say boo to a ghost and will continue to think TC can do no wrong until the bitter end.
Personally my experience at TC was so horrid I'd rather just put it behind me !
I think that rather misses the point, actually. The reason there have ALWAYS been so few postings on here - even prior to current ownership - is that TC has its own forum. Well two actually. There is little point having conversations on this board when the action was going on elsewhere.
The "first" TC forum is the "restricted" one - i.e. restricted to confirmed lenders only, not just those signed up, and is not in the TC website. It is safe to say that you would struggle to find any "hard core evangelist" postings on there for some considerable time. Its also fair to say that postings have dried up somewhat, maybe one every day or so, with the occassional sudden flurry. But that's because there is less to discuss, given that very few are doing new retail lending, and indeed very few loans offerred up to retail investors.
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Post by bracknellboy on Mar 1, 2019 16:15:48 GMT
How can you accurately evaluate the state of your portfolio on TC without examining every loan loan you hold and trying to locate email updates? At the moment I treat this like a black hole that I have thrown my money into. Frankly, you can't. There is a spreadsheet in the dropbox area (or used to be) which gives a status for all loans, but not going to reveal too much.
I have finally resorted to keeping a manual spreadsheet, which I think most TC lenders - esp. hardcore - have done for a long time. Since I am not making new lending once up and running its not so problematic. Especially since most loans I have tagged with either F for ****** or RF for Really *******
The mechanics for this. Export your "DO" list to excel. Filter out the "Expired". Filter out the zero value (yes there are zero value "Active" but not really Active loans). Add ion whatever columns you want/need. Ones entitled "% Loss Provision" and "Absolute Loss Provision" are good ones to start with. Start searching your email loan by loan to find the latest sorry update. Add in your status comments - things like "FBAR", or "Reliant on zero value PG"). Allocate your percentage loss provision (100% not a bad one to use). You now have an "as is" state which can be updated as each further email emanating from TC drops into your intray. Oh, I forgot to mention. Make sure you do a summation on your provision loss column. But make sure you have a box of tissues and a bottle of whiskey to hand.
Occassionally I re-download, and have to manually copy current amount outstanding from the new to the old sheet (yes I'm sure this could be automated). Still, since so few pay anything and do so at a glacial rate this isn't too much work either.
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Post by captainconfident on Mar 2, 2019 15:34:18 GMT
What a fine informative answer! More than I deserve, bracknellboy. I suppose I should do this, but with as much enthusiasm as measuring myself for my own coffin. I'm also afraid that in a state of denial, I will have deleted some emails. Oh well, off we go. On your advice, tissues and whisky and I have an emotional support dog to hand. Though I suspect I can't afford to keep him anymore.
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alibaba
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Post by alibaba on Mar 2, 2019 16:26:28 GMT
Bracknellboy, I admire your skills of tenacity and endurance, I would rather stick pins in my eyes than wade through the reporting procedure on the TC site, on the rare occasion that I have made the attempt the result has brought on suicidal inclinations. I sleep more soundly having mentally written off all of my funds. The amount listed on my dashboard is a pure illusion which will disappear at some point in the next millennia.
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agent69
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Post by agent69 on Mar 4, 2019 18:14:54 GMT
I see boot and can have come into contact again Another update.
While it appears upbeat, I can't but help listen to the clanking as can dissapears into the distance.
Another update.
Could it be that the can has reached it's final resting place, and that repayment is just around the corner?
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Post by samford71 on Mar 4, 2019 19:42:12 GMT
TC have shown themselves to be incompetant and utterly out of their depth. It's an incredible shame since their original business proposition was a good one. What's even more surprising is that once the amateurs were replaced by a CEO who was an ex-COO of a large asset manager, you might have expected improvement. Instead, the disaster has actually accelerated.
The recent updates on the NG loan portfolio are a case in point. Within minutes of sending an email regarding recoveries on a certain set of loans, retail lenders on the restricted forum accurately questioned these recovery values given the possible seniority of the loans. This has forced TC to consult legal counsel. Think about that. Years after originating these loans, years after the loans defaulted, they don’t actually know the seniority. Despite that uncertainty, they actually made dispersals to lenders. What a joke. I can’t think of any other platform that has performed worse as an agent for lenders, with the possible exception of Lendy and that is a truly damning indictment.
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alibaba
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Post by alibaba on Mar 4, 2019 20:34:52 GMT
TC have shown themselves to be incompetant and utterly out of their depth. It's an incredible shame since their original business proposition was a good one. What's even more surprising is that once the amateurs were replaced by a CEO who was an ex-COO of a large asset manager, you might have expected improvement. Instead, the disaster has actually accelerated.
The recent updates on the NG loan portfolio are a case in point. Within minutes of sending an email regarding recoveries on a certain set of loans, retail lenders on the restricted forum accurately questioned these recovery values given the possible seniority of the loans. This has forced TC to consult legal counsel. Think about that. Years after originating these loans, years after the loans defaulted, they don’t actually know the seniority. Despite that uncertainty, they actually made dispersals to lenders. What a joke. I can’t think of any other platform that has performed worse as an agent for lenders, with the possible exception of Lendy and that is a truly damning indictment.
This is just the latest in a catalogue of disasters, how TC are allowed to carry on with impunity is beyond me, the company should be prevented from continuing and investigated. I do not say this lightly as it will cost me a significant sum of money but enough is enough, potential new investors need protecting.
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Greenwood2
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Post by Greenwood2 on Mar 4, 2019 20:36:06 GMT
TC have shown themselves to be incompetant and utterly out of their depth. It's an incredible shame since their original business proposition was a good one. What's even more surprising is that once the amateurs were replaced by a CEO who was an ex-COO of a large asset manager, you might have expected improvement. Instead, the disaster has actually accelerated.
The recent updates on the NG loan portfolio are a case in point. Within minutes of sending an email regarding recoveries on a certain set of loans, retail lenders on the restricted forum accurately questioned these recovery values given the possible seniority of the loans. This has forced TC to consult legal counsel. Think about that. Years after originating these loans, years after the loans defaulted, they don’t actually know the seniority. Despite that uncertainty, they actually made dispersals to lenders. What a joke. I can’t think of any other platform that has performed worse as an agent for lenders, with the possible exception of Lendy and that is a truly damning indictment.
I still have a good feeling about TC (I know, but I do). NG looks like a disaster but may still get a good part of funds back one way or another.
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