Provision Fund Coverage Stats

Do we know if GS actually monitor this forum? The loan data has still not been updated from 26 October. I have raised the problem of not keeping this up to date with them before but doesn't seem to be getting any better. I do like Growth Street but my concern is if they are not able to manage the basics of monthly updates on time are they properly resourced as a business, and what else are they not doing? Quite frankly it should be the absolute minimum expected and based on the FCA consultation this is likely to be a requirement going forward.  

Have also raised this with them a couple times and was typically told that it would...


Hmm

The statistics are still from 26th October. As I have mentioned before this is a real issue from my perspective. I am going to contact GS today to express my displeasure. If it isn't resolved and committed to regular updates going forward then I am going to pull my holding out. Appreciate others may not be as concerned but for me it is the bare minimum required. 

Completely agree. I have contacted them, both in terms of the outstanding data and what they are going to do going forward; and await a response. 

me: www.growthstreet.co.uk/investing/statistics
"At Growth Street, we know it’s important to have all the facts to hand before making any investment decision.
...
Figures are correct as of 26th October 2018."
When will you update the stats?

GS: I apologies for the delay in updating the website statistics, we are finalising a blog post that is going to be released when the stats are updated. The blog post and website update will be released this week.
Again apologies for the delay in getting this released.

me: Cool. Going forward, is it your intention to update them every month?

GS: Yes, this has been slightly unusual as we are releasing the blog post at the same time, and so this has caused delays. But going forward it will be monthly.

Credit to GS for the updated statistics and accompanying posts. The transparency is commendable if not particularly reassuring.

In 2017 'debtor- based borrowing' was dropped because of the high level of defaults which took payments of 319K  from the Provision Fund.
Today's statistics show total claims from the fund of 3 times that amount, and claims due to 'business performance' 70% higher than those of last years 'debtor-based' borrowers (who were dropped because of their high default rates!). 'Business performance' defaults are almost 30 times higher than they were last year.  
More worrying is that the provision fund coverage has reduced further, and now provides 3.5% coverage, which is barely enough imo.
None of this inspires confidence.

On the plus side, borrowers numbers have increased by 27 in the last 6 months and now stand at 161. The business needs to scale much more, but it is moving in the right direction.

Today's blog promises regular monthly updates, and these will be crucial to me remaining invested. 

Me too. As it happens, I had already turned off the "reinvestment" switch which is the precursor to withdrawing from this platform. It's a shame, as I like the way they work and they represent a genuine diversification on my other P2P. But there was another thread discussing risk factors in the economy (mostly but not entirely Brexit-related) and on reviewing my P2P portfolio I came to the conclusion that GS's customers are in the front line of any impending turmoil, and 5% just isn't enough reward to join them there. I expect I will hold on to a small amount, just to keep an eye on how things are going.