trevor
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Post by trevor on Nov 26, 2016 11:39:28 GMT
A very definite NO. Despite diversifying over 10's of loans for approx. £1k investment I lost money. Sold all but 2 loans apart from those in default.
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brush
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Post by brush on Nov 26, 2016 12:30:29 GMT
Will not lend anymore until we have a form of communication that is comparable with other platforms. ReBs comes at the bottom of the table for this simple task.
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baldpate
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Post by baldpate on Nov 26, 2016 17:45:14 GMT
I've been lending on ReBS since the beginning of 2014 2015. I continue to lend, but very much more selectively than in 2014 2015. That, combined with the much reduced deal flow, means that I am effectively withdrawing funds from the platform.
I don't believe I was naive when I started lending here : I was clear from the start that the offerings on ReBS were generally as sub-prime as they come (perhaps 1 or 2 grades lower than then same-letter grades on Funding Circle), but I thought that even with a 6-7% annual default rate, and with some care, I should have been able to make a reasonable return for the risk - 12% maybe.
Well, the default rate I have actually experience has been rather worse than I expected (and would have been far worse still had I not sold a number of loans on the SM, having had second thoughts about them shortly after drawdown). I am still in positive territory, fortunately, but even if ReBS acheive their estimated recovery on my defaults (something I consider about as likely as Stephen Fry converting to Catholicism), I won't be getting the returns I originally hoped for.
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Post by wilko44 on Nov 27, 2016 10:55:33 GMT
Good Morning All, I saw my name pop up and thought now would be a good time to introduce myself, I am Kyle, However I am not the new Rebsrep, (technically I am but I will use this account) If you have any questions please feel free to ask them and also any feedback is greatly appreciated. Also I have not voted in the poll above and cannot see the results as not to blur them in our favour. Many thanks Kyle i.imgur.com/sXeWpWw.png
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david42
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Post by david42 on Nov 27, 2016 12:01:36 GMT
Also I have not voted in the poll above and cannot see the results as not to blur them in our favour. Welcome on board Kyle. I hope you have a thick skin as I look forward to some helpful responses to the difficult questions while Rebs work through the challenges of the defaults we are all suffering from. If you want to see the results of a poll without voting, you can vote temporarily then remove your vote by clicking a second time on the voting button.
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n
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Yet another Nick
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Post by n on Nov 27, 2016 16:46:03 GMT
I said Yes, but... I started on here in Aug 2015 and was hit by JRN, then MSE in short order, and later DM. Since then I have put all my 5 year parts on the SM at a small premium (and every now and then one sells) and am only bidding the minimum on loans less than 5 years while I wait for my book to run down.
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Post by jackpease on Nov 28, 2016 11:30:15 GMT
Those timings seem about right for my sell down - which started late 2015 and i have managed to unload everything that can be unloaded leaving me over my three or so years with a 7% return and i was up to ten figures at one point, ISTR.
I find the 'communication' issue that many have a complete distraction. The reason I built up a lot with Rebs was GOOD communication and its troubles just goes to show that good communication does not mean good performance. Indeed good communication can lead one into a false sense of security, I'm sure it was Rebs that used to supply me with some very nice cake from time to time.
Bad communication will stop me dipping my toes in a platform or investing large sums with it in the first place. But once I have invested a large sum, I'd rather a platform focus on managing its business and I will retain my trust based on favourable results rather than favourable comments which in the end count for little.
Jack P
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Post by oppsididitagain on Nov 28, 2016 11:46:43 GMT
Its a no from me I'm afraid. I've been with ReBS since early 2013, I had 40K invested in this platform at one stage spread over 100 loans so I think its a good diversification of risk. My current outstanding bad debt is over 60% of my actual returns to date.
The returns were good at 1st, then too much bad debt, lack of communication, not getting tough with bad payers, not checking that SO were in place and the commercial brokers not really caring or doing proper DD on loans they presented to us are the main reason for no more of my cash.
Its a shame as my communications with Nick, Kylie, Dan and May have all been good and informative..
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n
Member of DD Central
Yet another Nick
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Post by n on Nov 28, 2016 12:41:03 GMT
I said Yes, but... I started on here in Aug 2015 and was hit by JRN, then MSE in short order, and later DM. Since then I have put all my 5 year parts on the SM at a small premium (and every now and then one sells) and am only bidding the minimum on loans less than 5 years while I wait for my book to run down. n , could I ask when it was that you began reducing the size of your funding pot at ReBS? I'm just guessing but I reckon 'exodus' began in late November 2015 and this increased greatly from mid January 2016 perhaps reaching it's peak in May and slowing down thereafter; fund departures may still be continuing today but I suspect that for the first time in just over a year funds coming in are now greater than funds going out (but the margin is not great). Would anyone else be willing to share their thoughts or experience of 'exodus' and when your own sell down began? Thank you and best regards. My last deposit was 15 February this year. Since then I have been withdrawing whenever repayments have mounted up a little, and if a short term loan appears having a £10 punt out of that.
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09dolphin
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Post by 09dolphin on Nov 28, 2016 16:45:36 GMT
The poor communication has persuaded me not to invest further. Whilst my returns to date aren't too bad and I would consider investment/reinvestment if I knew what was happening - but those who appear to take repayment holidays whenever they feel they want to persuades me this site is not one for me.
In all honesty I want debts to me to be managed. On RbS they obviously aren't.
Out of interest how long do Forumites estimate this site will remain functional?
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Post by jackpease on Nov 28, 2016 16:50:08 GMT
Out of interest how long do Forumites estimate this site will remain functional? P2P platforms appear to be capable of going on long past what might be imagined possible despite vanishingly low activity - eg FK and Money & Co. I think overheads are such that there is no imperative for early closure even if deal flow and confidence has collapsed. It could easily be years..... Jack P
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Post by rb5286 on Nov 28, 2016 18:47:04 GMT
I'm afraid to say, but it seems rebs have reached critical mass and will now find it extremely difficult to recover from here. Very few new loans getting filled at the moment, which is what keeps the business afloat. Like lenders, they must be hurting too.
Hopefully I can get my returns near zero to break even
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