merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Mar 1, 2016 10:52:43 GMT
Yes, it is exciting to watch the "Defaults/Bad Debt" total racing to keep up with the "Interest Earnings" on my ReBS Dashboard. Now it looks like the Highland Chippie may help the baddies to overtake the goodies. I began to observe the phenomenon that you speak of around the turn of the year. I fear that now may be time to engage reverse gear. However the SM seems to be very slow at this moment, even at -5%. Update 2/3/16: Did manage to sell about ten loan parts yesterday but all at a painful discount!
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Steerpike
Member of DD Central
Posts: 1,974
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Post by Steerpike on Mar 2, 2016 9:45:23 GMT
I was about to pull the plug at the turn of the year, but decided to have a slightly more concerted effort.
I have now come to a shuddering halt and I am looking at the gear lever.
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SteveT
Member of DD Central
Posts: 6,874
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Post by SteveT on Mar 2, 2016 9:51:37 GMT
Happily I engaged reverse decisively on 1st Jan and made good progress for 4 - 6 weeks, selling a lot of my "performing" loan parts at 2% - 5% premiums. However the SM slowed significantly over the second half of Feb and very little of what's left (about 15% of my original total) is now moving, even when priced at "best available". I'm hopeful of getting out still ahead overall but there are 6 or 7 loans (of which just 2 have been defaulted) that I expect to be attached to for years to come...
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Mar 2, 2016 10:09:40 GMT
Happily I engaged reverse decisively on 1st Jan and made good progress for 4 - 6 weeks, selling a lot of my "performing" loan parts at 2% - 5% premiums. However the SM slowed significantly over the second half of Feb and very little of what's left (about 15% of my original total) is now moving, even when priced at "best available". I'm hopeful of getting out still ahead overall but there are 6 or 7 loans (of which just 2 have been defaulted) that I expect to be attached to for years to come... SteveT You have done much better than me! I have dumped around 75% of my holding but am still stuck with 20 plus loans with around 60 loan parts. Having had a closer look at the remainder I guess that probably between a quarter and a half will end up in Carey Street. I am fairly philosophical about this as I always expected to have some losers due to the nature of this type of lending. However when all is said and done I will be very fortunate to come out quits with my investment in REBS.
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Post by phlitb on Mar 2, 2016 11:17:56 GMT
Having already seen warning signs I began my exit from ReBS as soon as the problems with the watch retailer came to light. Currently I am only in notional profit on this platform thanks to some transaction gains and promotional credits. With 8 unsellable dogs remaining in my portfolio there is little chance I'll emerge from the experience anywhere near breakeven.
My dashboard annual average return is showing -52.0% !
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Steerpike
Member of DD Central
Posts: 1,974
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Post by Steerpike on Mar 2, 2016 13:44:44 GMT
Thanks for helping me to make up my mind, I am heading for the door.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Mar 2, 2016 14:02:46 GMT
Having already seen warning signs I began my exit from ReBS as soon as the problems with the watch retailer came to light. Currently I am only in notional profit on this platform thanks to some transaction gains and promotional credits. With 8 unsellable dogs remaining in my portfolio there is little chance I'll emerge from the experience anywhere near breakeven. My dashboard annual average return is showing -52.0% ! An average return of -52% but a notional profit from promotional credits. Wow, you must have referred a lot of enemies.
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Post by phlitb on Mar 2, 2016 14:38:19 GMT
An average return of -52% but a notional profit from promotional credits. Wow, you must have referred a lot of enemies. All's fair in love, war and finance but even I would baulk at referring anyone to ReBS! I've just checked again and even with my magnificent £4 of promotional credits from bidding I am actually slightly in the red overall, and presumably the dashboard blows a gasket with negative returns. If it's showing as -52% now then it will be amusing to see if it will hit -100% or even -1000% before my account is closed.
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Post by dodgeydave on Mar 2, 2016 23:23:54 GMT
Sorry to sound smug. But i stopped investing over a year ago. But cant shift my holdings on the SM.
Mainly due to the contempt and errors being made with the mushroom company. Who it turns out where blameless and the error was all REBS.
I am still in a minus position.
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Post by Financial Thing on Mar 3, 2016 0:15:50 GMT
This should make you feel better I'm -691.52% NET : imgbox.com/OrdMJZOP Rebs is way ahead in the running for my biggest P2P Investing failure.
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SteveT
Member of DD Central
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Post by SteveT on Mar 3, 2016 11:05:09 GMT
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Post by oppsididitagain on Mar 15, 2016 19:03:14 GMT
Just remember why you invested in this company.
Why are we safe to lend to? Solid growing company with excellent turnover and good profitability
Security
The loan is to be secured by way of 2 director guarantees
The directors have an estimate combined net worth of £50k.
Director 1 owns 2 properties, one of which is 50% co-owned. The combined estimate value of these properties is £655k with the director holding approximately £279k equity.
Director 2 owns 2 properties, one of which is 50% co-owned. The combined estimate value of these properties is £300k, with the director holding approximately £32k equity
The directors also each have a 1/3rd share in a further property with an estimate value of £165k and combined equity of £12k
The directors have outstanding personal guarantees for both Funding Circle and Ratesetter loans
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shimself
Member of DD Central
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Post by shimself on Mar 25, 2016 11:27:24 GMT
.. Mainly due to the contempt and errors being made with the mushroom company. Who it turns out where blameless and the error was all REBS. ... Blameless? I can't decide if this is sarky or sincere.
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Post by dodgeydave on Mar 31, 2016 8:38:15 GMT
I was not being sarky.
Maybe the mushroom company made a few errors but it was compounded by incompetence.
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