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spudwould

mickmac76 wrote: »

I just got an email from LF concerning my only defaulting loan, Pure green juice ltd. The original loan to them was for €20000 and the company went out of business still owing €12500 of the principal to LF backers.

Apparently there were two owners of the business and both gave personal guarantees that they would repay the loan. One of the owners has now repaid half the money owned and 90% of this has been paid to LF backers. The other 10% was used for third party collection fees. For me this means I originally loaned the company €200 and they paid back €75 before going bust. I then got another €60 today and am owed €65 (all figures are rounded).

This is very good news for anyone involved in LF, it shows they will pursue defaulters when possible to do so. I think when you invest in something like LF you have to expect and prepare for some losses. LF has come in for a lot of criticism on this thread (justified I think) but this is a good result for them. Expecting full repayments every time would be unrealistic.

It is only good news on this loan as I have 6 in default, this loan was the youngest defaulter, and the other 5 are still in default .. one over 2yrs the rest 1yr to 18mnts.
So the collection agency used has a success rate of 16.6%.

Saying that it is encouraging to see loans being paid back by the guarantee .. but I am thinking it is only because this guy is genuine and has a conscience.
Can not see any other Directors ever paying back .. so the guarantee is really useless.

mickmac76

spudwould wrote: »

It is only good news on this loan as I have 6 in default, this loan was the youngest defaulter, and the other 5 are still in default .. one over 2yrs the rest 1yr to 18mnts.
So the collection agency used has a success rate of 16.6%.

Saying that it is encouraging to see loans being paid back by the guarantee .. but I am thinking it is only because this guy is genuine and has a conscience.
Can not see any other Directors ever paying back .. so the guarantee is really useless.

I was suprised to see a director paying some back as well to be honest. I had no real faith in the guarantees. Six loans in default is an awful lot alright. Do you mind if I ask how many loans you made in total.

sceach16

mickmac76 wrote: »

I was suprised to see a director paying some back as well to be honest. I had no real faith in the guarantees. Six loans in default is an awful lot alright. Do you mind if I ask how many loans you made in total.

I have 167 loans of which 1 repaid early, 162 up to date and 4 behind. First lent in August 2015. First non pay late last year. Not calling them default ...yet!

Although I have one non paying after 4 months, non pay within 12 months should be most unlikely. At present, most of my loans are in their second year where I reckon default risk is highest (intuition, not science).

12.36 Just got an email from Linked....one of my lambs has returned to the fold! So now 3 behind

FinanceDublin

mickmac76 wrote: »

I just got an email from LF concerning my only defaulting loan, Pure green juice ltd. The original loan to them was for €20000 and the company went out of business still owing €12500 of the principal to LF backers.

Apparently there were two owners of the business and both gave personal guarantees that they would repay the loan. One of the owners has now repaid half the money owned and 90% of this has been paid to LF backers. The other 10% was used for third party collection fees. For me this means I originally loaned the company €200 and they paid back €75 before going bust. I then got another €60 today and am owed €65 (all figures are rounded).

This is very good news for anyone involved in LF, it shows they will pursue defaulters when possible to do so. I think when you invest in something like LF you have to expect and prepare for some losses. LF has come in for a lot of criticism on this thread (justified I think) but this is a good result for them. Expecting full repayments every time would be unrealistic.

That's pretty good to be fair. Remarkable circumstances for the company to end up like it did, won't go into it here but you'll find it easy enough with a quick Google. Pity as they were growing nicely and very popular.

I'm building up an okay stockpile of cash in my LF account now with a view to cashing out quarterly- I note I'm getting a lot more emails of late asking to invest, I guess they increase in automated frequency when you have cash sitting in the account?

mickmac76

FinanceDublin wrote: »

That's pretty good to be fair. Remarkable circumstances for the company to end up like it did, won't go into it here but you'll find it easy enough with a quick Google. Pity as they were growing nicely and very popular.

I'm building up an okay stockpile of cash in my LF account now with a view to cashing out quarterly- I note I'm getting a lot more emails of late asking to invest, I guess they increase in automated frequency when you have cash sitting in the account?

I'm also taking cash out every 3 months and I agree that the number of emails is silly. Suprised they haven't tried ringing me yet to remind me about the loans on offer.

SeanPammer

https://www.linkedfinance.com/loan/4097

Thought a 12 month grade b would be fill up faster than this. (€125k Gaffney Mechanical)

Only 4 days left for Bow Lane with just under €9k left required, I guess we can expect another mail or two about them!

mickmac76

SeanPammer wrote: »

https://www.linkedfinance.com/loan/4097

Thought a 12 month grade b would be fill up faster than this. (€125k Gaffney Mechanical)

Only 4 days left for Bow Lane with just under €9k left required, I guess we can expect another mail or two about them!

Wow that is a hell of a big loan to try to fill. I haven't bid on a loan in about 20 months and I hadn't realized that LF had gotten so ambitious. Not too fond of their way of doing loans but fair play to them if they pull this off.

NellyJelly

mickmac76 wrote: »

Wow that is a hell of a big loan to try to fill. I haven't bid on a loan in about 20 months and I hadn't realized that LF had gotten so ambitious. Not too fond of their way of doing loans but fair play to them if they pull this off.

They seem to be doing much bigger loans recently. A couple of years ago 40k was a big amount to see on there. Now they are doing a couple or more €100k - €150k loans each month.

spudwould

mickmac76 wrote: »

I was suprised to see a director paying some back as well to be honest. I had no real faith in the guarantees. Six loans in default is an awful lot alright. Do you mind if I ask how many loans you made in total.

66 Loans in total, that’s approx 9% so it was way too high for me as it was effecting my return rate. Also on the lans that are repaying I expect at least one more default.
I have not reinvested in approx 1yr and removing my finds to reinvest in Mintos.
You can not beat guaranteed loans

sceach16

BGRSB Limited t/a Just Desserts


Rescheduled payment due 4 March has not arrived! :mad:

sob1467

spudwould wrote: »

66 Loans in total, that’s approx 9% so it was way too high for me as it was effecting my return rate. Also on the lans that are repaying I expect at least one more default.
I have not reinvested in approx 1yr and removing my finds to reinvest in Mintos.
You can not beat guaranteed loans

Quick question on Mintos, if you are going to be using Autoinvest, what kind of parameters would you be including? Only 50% of my investments is currently being invested, with 50% currently in cash, because of my autoinvest parameters.

I have a few Autoinvests running the main chunk of the money is in <24 month car loans, with buyback gurantee from 10.5-14.5%.

Just wondering what kind of autoinvest would you be thinking for your money?

Wheety

sceach16 wrote: »

BGRSB Limited t/a Just Desserts


Rescheduled payment due 4 March has not arrived! :mad:

Yup, got this message too. Don't like their attitude on Facebook to negative reviews.

But one of the owners has boasted on Facebook that their business is thriving, so hopefully they can afford to pay their loan back.

Wheety

Wheety wrote: »

Yup, got this message too. Don't like their attitude on Facebook to negative reviews.

But one of the owners has boasted on Facebook that their business is thriving, so hopefully they can afford to pay their loan back.

Payment came through today. I've just noticed that it's only half of the normal payment. So is the one paid in January. Why are they boasting on Facebook about how well their business is doing if they can't repay their loan?

sceach16

Wheety wrote: »

Payment came through today. I've just noticed that it's only half of the normal payment. So is the one paid in January. Why are they boasting on Facebook about how well their business is doing if they can't repay their loan?

Half a loaf....better than no bread!

spudwould

sob1467 wrote: »

Quick question on Mintos, if you are going to be using Autoinvest, what kind of parameters would you be including? Only 50% of my investments is currently being invested, with 50% currently in cash, because of my autoinvest parameters.

I have a few Autoinvests running the main chunk of the money is in <24 month car loans, with buyback gurantee from 10.5-14.5%.

Just wondering what kind of autoinvest would you be thinking for your money?

On Mintos I invest in 1 month personal loans @ 11% with a guarantee buyback. (Originator: Cream Finance)
Each loan is only for 20 euro so that if a loan does go into default only a small percentage of your total investment is tied up for 3 months and the rest of your money is still working for you.
Now you do have quite a big portfolio of investments but Mintos does all the work and you just sit back and relax. :P
At this rate you get a approx 10% return on your investments annually.

Wheety

Barry and Browne fully funded in 1 sec. :eek:


(was only €20k)


Also, did anyone see the bids for S.E. Construction? A user bid €5k, then 11 minutes later bid a further 140 times @ €50 (€7k). These were all in the same second. Surely some kind of glitch? The initial bid was part of the auto bid.

SeanPammer

Wheety wrote: »

Barry and Browne fully funded in 1 sec. :eek:


(was only €20k)


Also, did anyone see the bids for S.E. Construction? A user bid €5k, then 11 minutes later bid a further 140 times @ €50 (€7k). These were all in the same second. Surely some kind of glitch? The initial bid was part of the auto bid.

Saw that

That particular user has similar multiple investments on lots of recent loans
500
500
500
500
500
500
Etc!

Not sure the reasoning!
I am curious though!


Can anyone shed any possible light on why it would be better to have 10 x 500 bids instead of 1 x 5,000 bid?

sceach16

SeanPammer wrote: »

Saw that

That particular user has similar multiple investments on lots of recent loans
500
500
500
500
500
500
Etc!

Not sure the reasoning!
I am curious though!


Can anyone shed any possible light on why it would be better to have 10 x 500 bids instead of 1 x 5,000 bid?

Personal preference !

SeanPammer

sceach16 wrote: »

Personal preference !

I guess that's plenty reason ☺

sceach16

The Shoe Boutique and Stable Diet Limited did not make payments due on Saturday 11March and Monday 13 March respectively.

This is the second time for Shoe Boutique after 6 months. First for Stable Diet after 15 Months.

Cute Hoor

I've been with LF for over 2 years.

I have now received more back than I have invested, i.e. (Principal Repaid + Interest Earned) > (Total Deposits - Total Withdrawals). I am now investing mostly in 1 year loans as I am winding down, taking out 'Available Cash' when it reaches a certain figure.

I have 'invested' in over 300 loans.

3 loans are in 'Default', 2 are 'Late Repaying'. Taken together that is a default rate of 1.7%. Taking the amounts already repaid + interest on those 5 loans, my default rate on the 'Total Lent' is less than 1%. Using the loans in 'Default' only, the default rate is less than 1% and taking the amounts already repaid + interest on those 3 loans, my default rate on the 'Total Lent' is around 0.7%.

sceach16

Cute Hoor wrote: »

I've been with LF for over 2 years.

I have now received more back than I have invested, i.e. (Principal Repaid + Interest Earned) > (Total Deposits - Total Withdrawals). I am now investing mostly in 1 year loans as I am winding down, taking out 'Available Cash' when it reaches a certain figure.

I have 'invested' in over 300 loans.

3 loans are in 'Default', 2 are 'Late Repaying'. Taken together that is a default rate of 1.7%. Taking the amounts already repaid + interest on those 5 loans, my default rate on the 'Total Lent' is less than 1%. Using the loans in 'Default' only, the default rate is less than 1% and taking the amounts already repaid + interest on those 3 loans, my default rate on the 'Total Lent' is around 0.7%.

I am 18 months on Linked. Of 167 loans , 5 or 3% are problematic. By original value, just over 2%. My concern is that most of my loans are entering what I consider the vulnerable stage (12 months+). Last December (3 months ago), I had none problematic. I reckon I will have more. I too am withdrawing.

petethedrummer

I'm on it just over a year. Status is...

Number of Loans: 122
Loans Currently Repaying: 119
Loans Late Repaying: 1
Loans Finished: 2
Average Interest Rate: 10.6 %

That late repaying loan did actually pay yesterday (maybe not the full amount). I deposited about 5,200 and am lending €50-€100 per loan without much thought. As the repayments come in and the Available Cash ticks over €50, I pick the least worst looking loan and stick 50 on it.

I've been keeping an eye on this thread and understand the concerns people have with the ever changing rules so I'm not going to deposit any more but I'm not going to withdraw for now.

sceach16

There appear to be questions about the data provided for these company for its current loan compared to the data provided for an earlier loan.

I have the following question awaiting moderation....

"Your previous loan showed profit for 31/8/14 at 78548 and for 31/8/15 at 161211. This loan shows profit for 31/12/14 at 78548 and 31/12/15 at 55163. Did U lose 106000 between September and December 2015? Is it an amazing coincidence that profit for Y/e 31/8/14 is exactly the same as Y/E 31/12/14 at 78548?"

SeanPammer

You asked at 3pm or earlier, I didn't realise you have to await moderation during business hours.

Adds to the chances of the Q&A being useless based on fact loans get filled so fast!

By the time you see an answer it'll be 100% or within a stones throw of it!

sceach16

SeanPammer wrote: »

You asked at 3pm or earlier, I didn't realise you have to await moderation during business hours.

Adds to the chances of the Q&A being useless based on fact loans get filled so fast!

By the time you see an answer it'll be 100% or within a stones throw of it!

I doubt if I will get an answer......moderation means that only questions approved by Linked will appear.....several of mine have not.

Strettie11

Sceach16 well spotted did you get any answer before funded?

sceach16

Strettie11 wrote: »

Sceach16 well spotted did you get any answer before funded?

No, I did not . I subsequently received what Linked described as a private answer by email. I have replied asking could I quote the response on this forum. I will keep ye posted!

KevinK

Would love to see the response if you are allowed share...

Maybe you would be willing to send it as a private message?

at9qu5vp0wcix7

sceach16 please tell me you work as an auditor, you have a great eye for things like this, well spotted!