binkle
Member of DD Central
Posts: 57
Likes: 29
|
Post by binkle on Oct 19, 2016 22:16:39 GMT
I am waiting and seeing, in terms of any bigger loans, just popping small amounts on at present. I still really like the idea of Rebs as a community, but unless q and a tone is healthy it will scare off many, and without some bigger lender to attract the right borrowers, it will be a long journey to health. Tragically binkle today and for some time now Rebuilding Society's former sense of "community" has been broken and so many of it's lender inhabitants have left, becoming scattered, spread out across a broad P2P sector, the causes of this lender exodus, this loss of lender confidence originate in the Platforms [significant] loan default portfolio then are being expressed in cries, persistent lender Questioning towards and at a lack of Answers from the Rebuilding Society. Even here in this thread Rebuilding Society is choosing not to answer questions about the extent of their Platform defaulted loans portfolio, legitimately and reasonably we could ask ourselves why? As Lender's became "scared" fearful for their funds, they liquidated their entire accessible portfolios, they then left with their liquid funds. 2016 can be characterised as the year of exodus for Rebuilding Society's lender community. Many questions could be asked, these answers can come, help provided then solutions found. Above as you'll have read Binkle I have today sought Rebuilding Society's commitment to a Rebuilding of "community" through the Offices of and with the assistance of the Financial Conduct Authority [FCA], it is my sincere hope that this commitment can be offered then accepted. All our futures belong in such a commitment. With respectful best regards. I may have sounded a little naive when I said I liked the idea of the Rebs community, I perhaps should have said that I liked the IDEA of it, a reality that at some points showed itself, but as you say, is not so present now. This said, with a few more months of non defaulted new loans, enough lender confidence and evidence of a quicker, MUCH quicker response to payment delays (hours-not days),I like to think there is hope for this style of engaged p2p lending. It is more interesting to lend 50quid on R_BS than Flakey Chills, but when will anyone feel confident to put in the 1000s loan by loan?
|
|
mnm
Posts: 65
Likes: 16
|
Post by mnm on Oct 20, 2016 8:55:39 GMT
It sounds rebs getting too much for you. Why do you stay? Have you thought of other P2P with safer lower rates?
|
|
|
Post by dodgeydave on Oct 20, 2016 9:00:00 GMT
Loans from 2013 that are in default Loan 19 borrowed 50000 at 14.99 % for a term of 60 months . made 17 full payments and 3 interest only payments Loan 31 borrowed 34000 at 17.64% for a term of 36 months . No figures Loan 61 borrowed 48000 at 16.86 % for a term of 60 months . made 8 full payments Loan 102 borrowed 35000 at 11% for a term of 60 months . made 17 full payments Loan 114 borrowed 25000 at 19.52 for a term of 60 months . made 30 full payments and 1 interest only not one penny of this debt has been collected on our behalf. I am still working on 2014 /15 and 16. danraj rebsrep could you please confirm or deny Loans from 2014 that are in default. Loan 122 borrowed 54000 at 16.84 % for a term of 60 months . made 21 full payments and 6 interest only payments Loan 126 borrowed 38000 at 16.52% for a term of 60 months . made 16 full payments Loan 167 borrowed 61000 at 13.74 % for a term of 60 months . made 23 full payments Loan 194 borrowed 25000 at 19.09 for a term of 60 months . made 9 full payments 3 interest only payments Loan 197 borrowed 35000 at 16.32 for a term of 48 months . made 23 full payments Loan 221 borrowed 50000 at 19.59 % for a term of 48 months . made 10 full payments Loan 276 borrowed 50000 at 16.27 % for a term of 48 months . made 21 full payments Loan 296 borrowed 40000 at 13.53 % for a term of 36 months . made 20 full payments Loan 302 borrowed 30000 at 13.68 % for a term of 36 months . made 12 full payments Loan 307 borrowed 50000 at 19.72 % for a term of 60 months . made 8 full payments Loan 404 borrowed 50000 at 17.18 % for a term of 60 months . made 14 full payments I am still working on 2015 and 2016 rebsrep danraj could you please confirm or deny
Loans from 2015 that are in default.
Loan 422 borrowed 30000 at 14.29 % for a term of 36 months . made 15 full payments Loan 440 borrowed 28000 at 10.69% for a term of 60 months . made 10 full payments 2 interest only Loan 431 borrowed 50000 at 14.65% for a term of 36 months . made 15 full payments No loan numbers from now just company names
Sc*****d El*******cs borrowed 120000 at 16.56 % for a term of 60 months . made 9 full payments He***h In*****ce borrowed 25000 at 16.01 % for a term of 36 months . made 7 full payments L** J*** borrowed 36729 at 19.32 % for a term of 60 months . made 2 full payments 3 interest only An****s A**y borrowed 125000 at 19.17 % for a term of 60 months . made 9 full payments 2 interest only Fi***ss Eq****ent borrowed 95000 at 19.67 % for a term of 60 months . made 8 full Ag*******ral Co****ct borrowed 55000 at 16.64 % for a term of 60 months . made 6 full payments and 3 interest Su******nd Su******re borrowed 32000 at 19.02 % for a term of 60 months . made 7 full Ha*****in I***rt borrowed 25000 at 18.16 % for a term of 60 months . made 6 full Pu***it Tr****ng borrowed 75000 at 18.43 % for a term of 60 months . made 7 full De***m borrowed 38500 at 19.77 % for a term of 60 months . made 9 full Di**ct Me*******se borrowed 35000 at 18.47 % for a term of 60 months . made 10 full A & * N**s borrowed 50000 at 19.72 % for a term of 60 months . made 8 full J** R***il borrowed 50000 at 16.54 % for a term of 60 months . made 1 full M** Co*******ts borrowed 40000 at 15.48 % for a term of 36 months . made 2 full Loans from 2016 that are in default.
Int*******n So*****ns borrowed 25000 at 20.85 % for a term of 48 months . made 4 full Le****ng Sp***s borrowed 40000 at 19.21 % for a term of 60 months . made 5 full rebsrep@danraj could you please confirm or deny
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,790
Likes: 3,211
|
Post by jonno on Oct 20, 2016 9:27:24 GMT
It sounds rebs getting too much for you. Why do you stay? Have you thought of other P2P with safer lower rates? We stay because we've still got the legacy of the toxic cr*p that this moribund bunch have left us with
|
|
mnm
Posts: 65
Likes: 16
|
Post by mnm on Oct 20, 2016 9:44:13 GMT
dodgeydave . How do I find the Loan number on mine. Loan numbers were only used on loans till about feb 2015 then they used the company name. But if you go to your bad debts , click on the company and it will either show a company name or loan number on your search page at the top. Edit had to delete the link as it named the borrowerMost of the bad debts , i will list tomorrow only have company names. dodgeydave. Thank you for help on finding the loan number help. Now I see them on the old loans from the secondhand market. How do I work out a default rate.
|
|
|
Post by dodgeydave on Oct 20, 2016 9:53:12 GMT
Loan numbers were only used on loans till about feb 2015 then they used the company name. But if you go to your bad debts , click on the company and it will either show a company name or loan number on your search page at the top. Edit had to delete the link as it named the borrowerMost of the bad debts , i will list tomorrow only have company names. dodgeydave . Thank you for help on finding the loan number help. Now I see them on the old loans from the secondhand market. How do I work out a default rate. This is the link to the official default rate www.rebuildingsociety.com/stats/
|
|
|
Post by Deleted on Oct 25, 2016 8:40:12 GMT
DIVESTING RESPONSIBILITY 2016?
1] Divesting responsibility 2016? Changes to lender T&C's:
19th of April 2016 (Rebuilding Society.com (significantly) Change their lenders T&C's)
Rebuilding Society.com/ T&C's:
"6.2 We do not:
6.2.1 provide any advice or express any opinion to either prospective Lenders or Borrowers on the question of whether to enter into any loan arrangement;
6.2.2 make any representation or give any opinion as to the credit worthiness of a Borrower;
6.2.3 make any representation or give any opinion as to the accuracy of the online credit check of our Credit Checking Agency.
6.3 A Lender must form their own opinion regarding the creditworthiness of a Borrower and undertake its own research, analysis and assessment of each Borrower for each loan, and where appropriate, seek its own independent financial advice.
6.4 Whilst rebuildingsociety.com, through the Website, does make available certain information about a Borrower, with the intention of helping Lenders make a decision about whether to advance a loans to the Borrower, rebuildingsociety.com makes no representation that such information is complete accurate and not misleading, and rebuildingsociety.com shall have no liability whatsoever for any information supplied through the Website about a Borrower, nor any opinion expressed or implied in relation to the creditworthiness of a Borrower (in the form of a risk rating or otherwise), which proves to be inaccurate, incomplete or misleading.
6.5 Whilst the Borrower may grant Security to the Lender, rebuildingsociety.com does not guarantee that the Borrower will repay the loan and gives no undertaking whatsoever to the Lender that the Security will ensure that the Borrower repays the loan. The risk of non-payment should be taken into account by the Lender in deciding whether to make a loan, and in deciding the interest rate they wish to charge for their loan."
*Please note: Rebuilding Society.com lenders found themselves blocked from entering the 'logged-on' lender areas of the website until they accepted the new T&C's, I was left unable to access my own lender dashboard screen or manage my funds without signing in acceptance of these significant lender T&C changes.
A (Pertinent?) Suggestion: Sign! or you don't get in!
*Could this be viewed as a retrograde step toward fostering improved lender relations, could I seek your opinions please?
Edit 01/02/2017, (T&C Changes an alternate approach).
Interestingly RateSetter have approached the matter of changing their lender T&C's completely differently to the way in which Rebuilding Society.com changed, then implemented their T&C changes in April 2016, RateSetter's approach has been to give their lenders 1) a Respectful advance warning, thus allowing lenders to, 2) familiarise themselves with the changes and, 3) as each decides to either accept the changes or, 4) to make alternate arrangements for their funds having been given a months notice in which to decide, plan then act.
Rebuilding Society.com foisted T&C change upon their lenders without advance warning in April 2016, without giving their lenders any time to decide, plan or act.
As follows, RateSetter's considered approach toward changing lender T&C's:
p2pindependentforum.com/post/165769 The contrast in approach can be expressed in this one single well considered and considerate paragraph:"Today we are publishing the updated Lender Terms, one month in advance of them coming into effect. This is an important update and we would encourage you to review the new terms. You can see them here. We are also publishing a summary of changes to Lender Terms listing any changes made since October 2015, which can be viewed here." 2] Divesting responsibility? The Mathematical Equation: Credit to Wikipedia:"In mathematics and computer science, an algorithm (Listeni/ˈælɡərɪðəm/ al-gə-ri-dhəm) is a self-contained step-by-step set of operations to be performed. Algorithms perform calculation, data processing, and/or automated reasoning tasks."As Platform Defaulted Loan figures continued to rise steeply into 2016 Rebuilding Society.com introduced a Mathematical Algorithm to 'artificially' lower the Actual Platform defaults figures. This introduced algorithmic equation provides for a 'purely' hypothetical default recovery figure expressed as a % of each defaulted loan, this figure is displayed via a 'click access' on lender Dashboard screens, this screen 'may' show multiple loans adjusted in this way.This hypothetical figure could 'lead' lenders into believing that their individual Portfolio performance is better than it Actually is, I am no exception in this respect as the illusion offers a deceptive comfort then very cleverly engenders (false?) hope.These algorithmic figures ar p2pindependentforum.com/post/165769e loan specific And lender specific, importantly No single lender or one would suspect any Publicly Interested 3rd parties to the Platform have had access to the non algorithmic figures prior to today the ones representing the sheer scale of Rebuilding Society.com's True defaults picture.
Rebuilding Society.com have (thus far) proven themselves to be very poor at default recoveries so one could legitimately construct a reasoned argument that the Platform have in effect felt it necessary to artificially 'understate' the True Platform default figures as collated and posted by a fellow lender dodgeydave .
Question: A convenient mathematical solution to a growing and endemic problem One introduced for the benefit Rebuilding Society.com itself; is this relevant to ask?
3] Divesting responsibility? The wording change New Requests Profile Tab:
Key Wording in use since Rebuilding Society.com's inception:
“Why are we Safe to Lend to?”
To this Key wording today:
“Why consider Investing?”
The shift of emphasis for all aspects of selecting suitable funding choices has now been Divested by Rebuilding Society.com and away from it's own (below par?) applicant 'vetting' processes so that as I write to you here in late October 2016 full responsibility has been shifted onto the decision making and the analytical abilities of the lenders themselves, *that is lenders of every financial awareness level from those wholly lacking in investment experience to those who are fully experienced in enacting complex investment Due Diligence processes to arrive at a well rounded decision prior to lending Any funds.
*Otherwise known as: "Retail Investors" and "Sophisticated Investors".
***Quote (18/10/2016 10:28 hrs): "Why are we safe to lend to?', which has been used since our inception, was no longer suitable for the site, as it could cause some confusion or lead lenders to potentially infer the investments were risk free."
Lender experience of defaults gained through and at Rebuilding Society.com differ but the BIG defaults picture reflects then anticipates (BIG?) financial losses for Rebuilding Society.com's collective lendership.
Questions for the FCA, is this what you envisaged for Rebuilding Society.com and it's lenders, that lenders and their funds became a core part of a P2P lending 'experiment?' where T&C's have been significantly changed without any lender consultation and enacted without notice reapportioning (any?) blame for defaults and deficiencies in recoveries away from Platform Management and their internal administrative processes and unreservedly 'placing' (any?) deficiencies onto the lenders themselves?
Question: Why would Rebuilding Society implement such major change onto its lenders during 2016, for lenders benefit or their own/own protection?
This month and for the first time you and others have access to the 'best' information available, information derived from Rebuilding Society.com's available, yet tucked away resource, a resource which has been collated and laid open for viewing and scrutiny; all I would ask is would please take the time to consider the whole matter, the oft times fraught and complex inter-relationships between Rebuilding Society.com and it's lenders in a fair, and impartial way.
Could I seek some feedback please?
Personal:
Thank you also to those fellow lenders who have made their own oft times insightful and charged contributions throughout the Rebuilding Society.com area of the P2P Independent Forum site and Critically and with greater Alarm and Urgency within our Platform internal Forum threads.
I genuinely wish it were otherwise and I didn't feel it necessary to create greater room for expression in a bid to highlight the situation that lenders have found themselves in at Rebuilding Society.com. I wish that as lenders our collective circumstances were a great deal better and happier than they are or have been for a long time.
With respectful best regards.
magenta14 (James) Rebuilding Society.com lender since February 2014.
dodgeydave has now Posted (Rebuilding Society.com) THE Truly representative Loan Book Default figures, these can be viewed on Page 5 of *"More defaults - The hardcore facts." (link below).
p2pindependentforum.com/thread/5333/more-defaults-facts
*(Additional lender postings surrounding the defaults issue beginning on *Page 1 of this thread).
*It can also be witnessed via Dave's posting that there are additional Public £reporting discrepancies for Rebuilding Society.com's Loan Book Value figure and a further large discrepancy is evident on the Total Funding Requirement figure, both figures are additional to the Publicly Declared Default Figure, these are highlighted and could be taken separately or together should further scrutiny be felt applicable.
p2pindependentforum.com/thread/6902/stats-suppose-accurate
Thank you Dave, for your significant personal/time commitments towards retrieving and collating these revealing figures.
|
|
|
Post by danraj on Oct 25, 2016 14:44:03 GMT
I'll review the Loan Book Export available for download on the stats page (once logged in).
The default rate is taken by dividing the sum of capital outstanding on a defaulted loan / total lending for each given period (year).
Bad Debts are classified separately.
Which period are you specifically questioning?
|
|