kaya
Member of DD Central
Posts: 1,150
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Post by kaya on Jan 28, 2016 17:02:24 GMT
I see that new loans are no longer being flagged here. A loss of interest, perhaps?
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kevinkelly
Member of DD Central
Posts: 96
Likes: 37
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Post by kevinkelly on Jan 28, 2016 17:26:33 GMT
I see that new loans are no longer being flagged here. A loss of interest, perhaps? I suspect the problem is loss of capital and interest. And a complete lack of any sort of response from REBS on any topic. Still waiting for someone to acknowledge my Lenders Evening feedback.
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Post by captainconfident on Jan 28, 2016 20:02:58 GMT
Quite right. To me, the most egregious failure to reply concerns the borrower who was quoted in the q&a as denying having any loans with Frustrating Circle but in fact had and still has three concurrent loans running there. According to REBS t&cs this loan should be defaulted immediately should it be the case that the borrower failed to disclose but there has been no reply on this issue for almost a month.
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Post by jh on Feb 17, 2016 15:25:51 GMT
Pub Purchase. C Risk;£100k;60 Months
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Post by rebsrep on Feb 17, 2016 17:11:19 GMT
Quite right. To me, the most egregious failure to reply concerns the borrower who was quoted in the q&a as denying having any loans with Frustrating Circle but in fact had and still has three concurrent loans running there. According to REBS t&cs this loan should be defaulted immediately should it be the case that the borrower failed to disclose but there has been no reply on this issue for almost a month. captainconfident: Please send me a PM with the name of the loan in question and if you can point out the thread in the Discussion forum I can look into this for you.
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Post by rebsrep on Feb 18, 2016 9:02:38 GMT
Quite right. To me, the most egregious failure to reply concerns the borrower who was quoted in the q&a as denying having any loans with Frustrating Circle but in fact had and still has three concurrent loans running there. According to REBS t&cs this loan should be defaulted immediately should it be the case that the borrower failed to disclose but there has been no reply on this issue for almost a month. captainconfident : Please send me a PM with the name of the loan in question and if you can point out the thread in the Discussion forum I can look into this for you. I've been back to talk to our Legal Coordinator - Michael - and he has confirmed that we did contact FC and they refused to confirm or deny the existance of any loans. Hence the post of the 11th Feb on the loan in questions Discussion Thread that stated we had reconfirmed with the broker that as far as they were aware there was no other borrowing. However Michael does acknowledge that we hadn't explicitly stated that FC had refused to help on this occasion and a clarification will be put on the relevant thread today. Can we keep this thread to new loan alerts please and start new threads if you would like to raise issues like this publicly, or happy to receive pm's.
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Post by captainconfident on Feb 18, 2016 10:14:46 GMT
As a Failing Cause investor, I have been able to log in and check the three FC loan numbers given in the thread on REbs. There are on display in the FC secondary market. There is no doubt that this is the same borrower. What other information do you need before striking this loan off for withholding mandatory information?
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Post by dodgeydave on Feb 18, 2016 10:45:12 GMT
As a Failing Cause investor, I have been able to log in and check the three FC loan numbers given in the thread on REbs. There are on display in the FC secondary market. There is no doubt that this is the same borrower. What other information do you need before striking this loan off for withholding mandatory information? You normally have to wait a few months
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Post by rebsrep on Feb 18, 2016 13:26:28 GMT
As a Failing Cause investor, I have been able to log in and check the three FC loan numbers given in the thread on REbs. There are on display in the FC secondary market. There is no doubt that this is the same borrower. What other information do you need before striking this loan off for withholding mandatory information? You normally have to wait a few months We are on this NOW. Microloan trading has been suspended while we investigate this. Once we have spoken to the parties we need to speak to e.g. Originating Broker, Corp & Comm, Solicitors etc we'll post an official statement on the discussion thread.
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Post by rebsrep on Jun 17, 2016 8:48:21 GMT
Pub Purchase, C Risk, £50k with FIRST Charge on property.
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Post by Deleted on Jun 28, 2016 20:44:53 GMT
I no longer have any significant doubts about whether ReBS have taken serious note of events which have affected us and themselves. They needed to learn to do things better, it is my view that they are. It is not in their interests or ours for the same old to continue. I am witnessing that loan requests are improving and have been for a few months now, to me this shows they are working hard and where humanly possible to only allow the better loan requests onto the lending platform. This is reassuring, refreshing and a HUGE relief.
By working hard at doing better, then they are doing better for themselves and for us.
Without each other where we would be?
Serial Defaults have hit many of us hard in the pocket, and the processes by which recoveries are governed are very time consuming and sometimes may even be completely fruitless, better for ReBS and us to pay greater attention to the quality of each application before releasing it to lending and then us adding funds to a request. Be sure as anyone can be that it is right for you, then only lend what you can afford to see defaulted or lose should things go wrong.
ReBS Borrower team and ReBS Recoveries are in my personal view doing their level best now to sift out the weakest applications and where there is a realistic chance of making a recovery of funds on a defaulted loan they are showing greater commitment there as well.
It is not in their interests to keep angering their lenders [me as well] and really it is not in our best interests to lend our funds as if we were dishing out smarties. We all need to be sensible.
It is possible if you are really switched on and lend with care to make a good return on your investments. But the flip side is that defaults/losses must be expected, the deal is for ReBS to do their job well and for us to do the same.
I am pretty sure that ReBS have like us had a big shock and because of this shock they are starting to give us lenders better quality funding requests. I am really excited about the improving quality of the requests and also the better Security being offered on a good chunk of the requests to protect our lent funds.
Still that said we still need to be careful about who we lend funds to.
Happier now than I have been since 2014 when I joined I have just begun returning funds to the Platform instead of taking them out. I wouldn't bring funds back to the Platform if I felt ReBS hadn't learnt a very hard lesson, they had to learn just as we as lenders need to do our bit by lending again, you know, with a bit more care.
We lose, they lose, if we both lose then what's the point?
Better still if they keep doing things better and we learn to lend more sensibly we'll all do better and may even make our savings work the way they should. The same principle applies wherever we have our savings squirreled away.
If you think the application is not right for you then don't lend, wait for the next one.
Well I've put money back in, a BIG step for me, it's a step I wouldn't have taken if I didn't think ReBS were doing a better job at protecting everyone; themselves included.
Who's 'Highlander' you might ask, I'll let you guess. I go by another Avatar on the Platform.
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Post by scrooge on Jun 29, 2016 11:28:16 GMT
With all due respect to Highlander, I cannot share his optimism about the future. Of course it is down to investors to do their own due diligence, and following Bacon's adage, money should always be spread thinly. If you choose to bet the bank on high risk P2P lending....... This is not the whole issue.
REBS continue to be poor in their pursuit of errant debtors, and do not give adequate updates to investors, even when they directly ask for updates. The portal itself is very poor and I increasingly distrust the information it provides, too often the home page summary and the "my details" figures differing. This should have been picked up in testing before the portal was ever launched, and does nothing to encourage me that the systems are robust. I keep a close check on movements in my lending, but nonetheless I sometimes fail to reconcile movements in my account. I could spend a lot of time analysing where the error lies, but frankly, I have better things to do and I have little more than pocket money balances.
Unlike Highlander, I have already joined the headlong rush for the exit, managed to sell around 80% of my non defaulted loans, and even come out with a small, positive return. The P2P market has seen companies come and go, and unless REBS takes a very long, hard look at its processes, systems, underwriting criteria and how it can re-build investor confidence, I fear that REBS will go the same way as the EU, both institutions condemmned to be in the history books, albeit that I suspect the EU will be around much longer than REBS.
To those like Highlander who are still putting money into the REBS platform, I'll just say "thank you for buying my loans".......
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Post by Deleted on Jul 2, 2016 11:29:31 GMT
REBS continue to be poor in their pursuit of errant debtors, and do not give adequate updates to investors, even when they directly ask for updates. The portal itself is very poor and I increasingly distrust the information it provides, too often the home page summary and the "my details" figures differing. This should have been picked up in testing before the portal was ever launched, and does nothing to encourage me that the systems are robust. I keep a close check on movements in my lending, but nonetheless I sometimes fail to reconcile movements in my account. I could spend a lot of time analysing where the error lies, but frankly, I have better things to do and I have little more than pocket money balances. Unlike Highlander, I have already joined the headlong rush for the exit, managed to sell around 80% of my non defaulted loans, and even come out with a small, positive return. The P2P market has seen companies come and go, and unless REBS takes a very long, hard look at its processes, systems, underwriting criteria and how it can re-build investor confidence, I fear that REBS will go the same way as the EU, both institutions condemmned to be in the history books, albeit that I suspect the EU will be around much longer than REBS. To those like Highlander who are still putting money into the REBS platform, I'll just say "thank you for buying my loans"....... I wholeheartedly agree with you scrooge about the need for lenders to do their own due diligence/background checks before lending is very sensible spreading funds wisely/thinly between our chosen loan applications. This is important and should go hand in hand with enhanced applicant vetting by ReBS themselves. Both parties enacting a more robust due diligence process will cut future default rates, benefit everyone. I disagree with you on recoveries side, my best view is that ReBS are getting their act together under Michael's leadership, they're now engaging where appropriate with skilled third parties external to the Portal. They have turned a corner and are working very hard to bring as many of our errant funds home as possible. rebsrep's comments above are reflective of this picture. These efforts could be better supported and encouraged by lenders. I disagree with you with respect to updates as I am again witnessing an improving trend one that shows greater quality. Updates cannot be given if there is nothing to report, they can only come when there is something to add, something of substance to say. rebsrep alludes to this point. I agree with you that Portal data displays may be adrift and would urge ReBS to investigate and remedy where appropriate. I have personally experienced very infrequent glitches in reconciling my account cash balance but these have been quickly flagged via the Support route then resolved quickly and professionally by the Accounts department. Other Portals experience systems glitches as well, we live in an imperfect world, and I am imperfect, perfection is elusive, it is something we may aspire to gain but never attain. To Exit or not to Exit? I have spent a lifetime swimming against the flow, I've opted to flow some funds back in to support a Portal that I appreciate for all it's quirks, it's lender character's, it's open forum discussions and for the chance to discuss and consider this request or that before pledging funds. It's a learning curve scrooge, for you, for me and for those working hard behind the scenes to provide better for you, for me and for everyone who remains or would care to join us. Lessons and whether we can gain from them are a vital prerequisite to success and offer a horizon we can aim for. Life is for living, lessons are part of that process. I try not to think about growing older towards my demise, but just like any marriage oft times in life it is harder to stay and work things through than to walk out the door. If a marriage isn't genuinely worked at and nurtured by both parties then will it live? I am pretty certain that ReBS are working to save the marriage... Been a pleasure meeting you scrooge in another lifetime I was called Jacob Marley, they were business partners you know, friends even, why not keep some funds at ReBS and continue making that journey with me and others? Let's see if we can manage our risks better and help others to do the same? Lenders need Leaders, just as much as we need each to contribute and ReBS now having shocked itself is working hard to retain it's established lenders and attract new ones.
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Post by Deleted on Jul 6, 2016 16:54:57 GMT
New Loan request went 'live' lunchtime today. £240,000 funding sought to enable purchase of a long established and profitable Car Parts/Motor Factor Business in Ayrshire, Scotland. Applicant is a Qualified Accountant [Scots Legal Practice] and has a long standing interest in Stock Car Racing having competed in race events when younger, some may suggest that this love for Motor Sport can be evidenced again here expressed in his own words in answer to an Auction Forum question [08/07/2016, 11:42 hrs]:
“The most technical challenge I have under taken recently is stripping down 3 motorbikes, all aprillia rs bikes. These bikes were all engines etc stripped down and rebuilt. New parts ordered and fitted. Currently I am in the process of restoring a Bedford CA van and previously successfully restored a Morris minor with the assistance of my late father, this restoration took about 3 years to complete and the car was stripped down and sand blasted etc new panel and engine components fitted and the car restored to pristine condition. In terms of “talking cars”, I have been brought up with cars all around me. Conversation in this field would would not be an issue. ”
The applicant one could argue has a valid, well rounded skills profile which would augur well in being able to make the proposed purchase of the profitable Ayrshire based Car Parts Business a success.
He has provided extensive and detailed information to underpin his request for funding.
Excellent Security offering on this request:
Unencumbered 1st Charges: 1 x £150,000 [Residential Property] And 1 x £75,000 [Investment Property], valuations to be undertaken by DM Hall.
Fixed & Floating Charges via a 1st Priority Debenture over all Business assets.
Personal Guarantee Insurance, sum assured £50,000.
This is a 'C' Banded funding request with a headline interest rate of 20%.
As mentioned in my previous Posts above ReBS having recognised the perils associated with providing funding to applicants with Nil or Poor Security are on recent evidence [last 2 months] taking serious note of lender concerns and are actively now pursuing loan requests of a higher calibre and with greater Security.
This is a welcome trend and a huge relief to me as a lender aiming to create a diversified Portfolio.
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