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  1. #1051
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    Quote Originally Posted by icyfire View Post
    My first loan written off on LC

    Loan note LN000-057-737 has been written off. 76% of my principle in that loan was lost which brings into question the value of vehicles that are commonly used as loan security.

    It appears that in a bid to increase loans availability the loan quality is dropping fast. Another loan (
    LN000-050-756) is in collection currently.
    The problem with vehicles as security is that if the car has been raced, rallied & rolled, by the time it is repossessed it may be worth next to nothing. Even if it was insured, should it be pranged when the driver has been drinking or perhaps after the WOF has expired the insurance won't pay out so we the lenders miss out.

  2. #1052
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    Jul 2017
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    Quote Originally Posted by icyfire View Post
    If a borrower used their property (house) as loan security, can LC force that borrower to sell the property if the borrower has defaulted on their loan?
    Short answer is yes but it's a very lengthy process that can take a year or more and any money received is firstly used to pay out the 1st mortgagee. By the time legal costs, agent's fees and unpaid/penalty interest and costs due to the 1st mortgagee are paid out, dependent on the owners equity in the property, there may be little if any left over for the 2nd mortgagee.

  3. #1053
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    Jan 2017
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    Quote Originally Posted by joker View Post
    Short answer is yes but it's a very lengthy process that can take a year or more and any money received is firstly used to pay out the 1st mortgagee. By the time legal costs, agent's fees and unpaid/penalty interest and costs due to the 1st mortgagee are paid out, dependent on the owners equity in the property, there may be little if any left over for the 2nd mortgagee.
    In other words, it's almost a false sense of security investing in loans that have property/vehicle as security.

  4. #1054
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    Jan 2017
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    Quote Originally Posted by Darchie View Post
    I do wonder if LC have loosened up their standards and started accepting more riskier applicants!
    LC are trying hard to increase the number of loans to meet the investors demand and LC needs to ensure that the loans quality is not dropping. Perhaps greed is setting in and if that's the case then the trust in the platform will suffer in the long term. i could be wrong and only time will tell.

  5. #1055
    Senior Member
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    Sep 2015
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    Norf Eyelynd
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    LC Website Outage....

    This is the longest Outage that I can remember in 37 Months....

    Went down at Midnight Tuesday with NO account activity updates.
    Last edited by Saamee; 23-01-2019 at 07:26 PM.

  6. #1056
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    Quote Originally Posted by Saamee View Post
    LC Website Outage....

    This is the longest Outage that I can remember in 37 Months....

    Went down at Midnight Tuesday with NO account activity updates.
    LC Website has now been back up again, about 30 minutes ago.

  7. #1057
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    Sep 2015
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    Only because I was "At the Screen" I was abel to get into the attached loan today.

    It took 6 minutes for the 1st Email alert and the 2nd LC account still has NO Email alert!

    25 JAN 2019 - LC-L00-19-601.jpg

  8. #1058
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    A reasonable number of loans have come through today...

    Managed to get into 3 loans that I wanted to....

    BUT you do have to be sitting in front of the computer screen to get them!
    Last edited by Saamee; 14-02-2019 at 03:45 PM.

  9. #1059
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    Aug 2012
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    1,661

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    Quote Originally Posted by Saamee View Post
    A reasonable number of loans have come through today...

    Managed to get into 3 loans that I wanted to....

    BUT you do have to be sitting in front of the computer screen to get them!
    I have been on the laptop all day today and even so they were all invested in when I looked. You have to have an email address at the top of their priority list too.

    It is a very unsatisfactory way of presenting loans to investors when the current system means that investors have little chance of being able to invest if they want to spend time to peruse the loan details prior to investing.

  10. #1060
    Senior Member
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    Sep 2015
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    Quote Originally Posted by Bjauck View Post

    It is a very unsatisfactory way of presenting loans to investors when the current system means that investors have little chance of being able to invest if they want to spend time to peruse the loan details prior to investing.
    Yes. Agreed... for us Investors...

    However for LC... All is working = Loans are being Filled.... Very Quickly!

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