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Post by oppsididitagain on Aug 17, 2017 10:45:40 GMT
Does anyone else think ReBS recoveries record is terrible ?
I received 11 updates yesterday. After reading them, none of them gave me any confidence in managing to claim back any of my lent funds.
I understand this can be a lengthy process, however other sites have managed to get some funds back from either the guarantors or by court orders.
To date, I have received recoveries payments from 2 companies.
One had existing borrowings on another platform which wasn't put on the ReBS loan application at the time, and another which doesn't tally to the amount Michael stated we would be receiving. ReBS have still refused to engage with me on this.
I just don't understand why this platform is so bad at recovering our funds..
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Post by GSV3MIaC on Aug 17, 2017 16:21:46 GMT
I understand THAT ok. What I can't fathom is why my dashboard numbers are still assuming 50 or 60% recovery, when a closer approximation would be zero.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Aug 17, 2017 16:24:16 GMT
Does anyone else think ReBS recoveries record is terrible ? I received 11 updates yesterday. After reading them, none of them gave me any confidence in managing to claim back any of my lent funds. I understand this can be a lengthy process, however other sites have managed to get some funds back from either the guarantors or by court orders. To date, I have received recoveries payments from 2 companies. One had existing borrowings on another platform which wasn't put on the ReBS loan application at the time, and another which doesn't tally to the amount Michael stated we would be receiving. ReBS have still refused to engage with me on this. I just don't understand why this platform is so bad at recovering our funds.. You're not alone. This platform is a House of Pain. I started getting out about 12 months ago and am now left with the tripe that you're probably suffering with. Get out NOW.
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trevor
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Post by trevor on Aug 17, 2017 19:02:43 GMT
I also just have failed loans left in. I predict this will be the first "major" platform to fold. It will be interesting to see if the FCA wind down rules work.
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kaya
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Post by kaya on Aug 18, 2017 9:19:11 GMT
Does anyone else think ReBS recoveries record is terrible ? I just don't understand why this platform is so bad at recovering our funds.. Is there anyone out there that thinks it isn't? Too much irresponsible lending to irresponsible borrowers, and a platform run with much enthusiasm, but not enough professionalism. But then I suspected all of this when I signed up, and you don't get high interest earnings without higher risk too. The default updates are often a joke. Write the losses off, and cry if you must, but better just to have a laugh at the latest installment. They often really are laughable.
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Post by oppsididitagain on Aug 18, 2017 9:51:58 GMT
Yes, maybe I should have written does anyone have any faith in ReBS's ability to recover our funds.
Agreed that after the updates, why isn't the predicted recoveries changed to 10/20% rather than the optimistic 70/90% - again more misleading figures from ReBS
I would love to get out of my loans, but who do you sell them too ?
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Post by GSV3MIaC on Aug 18, 2017 16:15:26 GMT
Your only hope is probably to offer a 5% discount and sell them to a bigger mug .. 8>. Although you may have missed the boat by now .. unless you believe Mr Barnum ('one born every minute').
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shimself
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Post by shimself on Aug 21, 2017 14:47:06 GMT
Still my best return. Even if I write off all the forecast partial recoveries still my best return. Better than AC, better than TC. MT might be better, waiting on the current unpleasantess to resolve FS too soon to say, Lendy (SS) actually has been better but I pulled out before much went wrong.
Elsewhere on the platform someone has written recently about it being better to have high interest rates with high default rates than low/low. As in eg 17% less 10% is better than 7% less 2%
I mainly have a bit of everything (less a certain sponsor/introducer where I feel it's on a downward slope), and a lot of well secured ones (mushrooms in particular)
I agree the updates are agony, but I think that's more to do with the law being petty and ever so slow. The updates themselves are clear and informative.
How has the OP done, cherry picked some bad loans perhaps?
As a point of interest the A rated loans had done worse than the B or C rated loans when I looked a while ago (and posted on this forum). I suspect they included some outright lies (if you are going to massage the figures then might as well make them look good).
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Post by captainconfident on Aug 23, 2017 18:27:41 GMT
A lot of these businesses stopped paying around the same time (Autumn 2016). I bought heavily into the healthy loan parts being dumped onto the secondary market by those who now only own the defaulted loan portfolio. Since then, defaults have slowed considerably and this is also my best returning platform. As above, I have 'a bit of everything' except again, from a particular introducer. A lot of these loans have long trouble free records even though they are highly leveraged small businesses. I confidently expect a lot of them to get into trouble in the future.
I will only come crying to this board if there is any trouble at the gym. Or the accountants, or a couple of other big bets. Until then, I welcome the full account we are sent of the fates of the defaulting loans. I see every sign that REBS really do do their best on my and our behalf.
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sl75
Posts: 2,092
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Post by sl75 on Aug 28, 2017 15:38:36 GMT
Your only hope is probably to offer a 5% discount and sell them to a bigger mug .. 8>. Although you may have missed the boat by now .. unless you believe Mr Barnum ('one born every minute'). I note that ReBS are possibly attempting to recruit more "bigger mugs" via this forum, inviting those who've expressed an opinion on the recent Funding Circle changes to join their site, stating that they are "keen to pick up customers irritated by the recent FC changes". At least - I assume a similar PM was copy-pasted to plenty of other people who made minor contributions to that thread... seems that recruit-to-dilute might not be an outdated concept? You never know - perhaps they'll successfully recruit enough "bigger mugs" to allow the current set of mugs to exit...
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kaya
Member of DD Central
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Post by kaya on Aug 28, 2017 16:02:11 GMT
Ah, so now we know! Desperate times indeed. star dust Forum feedback section: Unsolicited Marketing PMs: It has come to our attention that some forum members are receiving soliciting/marketing information from Platform Representatives via PM (personal message). We do not condone this behaviour and regard it as little better than spam which we aim to deal with robustly in the round. As with shill marketing, we will take firm action which could result in a ban for repeat offenders. We encourage forum members who receive such PM’s to bring them to our notice, either through reporting one of the Rep’s posts or PM'ing one of our team.
Platform Representatives are reminded that where they wish to promote their platform or products they should stick to posting in their own sub-boards or threads.
Naughty! |
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stub8535
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personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Aug 28, 2017 16:12:37 GMT
Ah, so now we know! Desperate times indeed. star dust Forum feedback section: Unsolicited Marketing PMs: It has come to our attention that some forum members are receiving soliciting/marketing information from Platform Representatives via PM (personal message). We do not condone this behaviour and regard it as little better than spam which we aim to deal with robustly in the round. As with shill marketing, we will take firm action which could result in a ban for repeat offenders. We encourage forum members who receive such PM’s to bring them to our notice, either through reporting one of the Rep’s posts or PM'ing one of our team.
Platform Representatives are reminded that where they wish to promote their platform or products they should stick to posting in their own sub-boards or threads.
Naughty!Please copy to mods. A clear warning was issued to platforms about this recently.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 28, 2017 22:03:13 GMT
I also just have failed loans left in. I predict this will be the first "major" platform to fold. It will be interesting to see if the FCA wind down rules work. Trevor if you think the wind down process is going to be adequate if this platform collapses then please check who owns the run off platform. Convicts running the prison jumps to mind.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Aug 28, 2017 22:08:44 GMT
Cue timid skipper and bolt lifter ego to get on their spinning a yarn hobby horses.
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Post by martin44 on Aug 28, 2017 22:43:35 GMT
Your only hope is probably to offer a 5% discount and sell them to a bigger mug .. 8>. Although you may have missed the boat by now .. unless you believe Mr Barnum ('one born every minute').
At least - I assume a similar PM was copy-pasted to plenty of other people who made minor contributions to that thread... seems that recruit-to-dilute might not be an outdated concept? You never know - perhaps they'll successfully recruit enough "bigger mugs" to allow the current set of mugs to exit...Out of the pan and into the fire. 
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