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Samstag, 3. September 2016

Open letter to bondora

Hi bondora,

I'm an investor since 2012 and had bought a 6-digit amount of loans. Overall I'm rather satisfied with my returns of investment being a bit anxious looking to all the defaulted loans I own.

You did some changes the last two years unfriendly to your investors. Some of them you had to do from legal reasons i.g. not to demand any penalities for late paid loans from the borrowers. Others, so you tried to explain us, would be good for us investors: higher returns from defaulted loans and much less defaults at all. There has been an interesting poll on facebook where as good as all investors impugned that this would be a good idea but all of bondora's employees liked this changement.

Looking on your calculation sheet you can see that there have been paid more then 120'000€ to DCAs and other third parties since april. All paid by the investors now. Most of this sum I guess had to be paid anyway even without changement by anybody.

I don't like that the investors have to pay all these fees now but I understand that bondora can not pay these either. It is important for us investors that bondora doesn't make losses all over the next years because in this cause we cannot invest any more soon.

So I (and this is only my opinion) don't care if there are now such fees for the investors. But they have to be reasonably and transparent. So if I get i.g. 80% of the principal and some interests back from defaulted loans this may be not a bad deal. And if I have to share the recoveries 4:1 with the DCAs I won't moan.

BTW most of the DCA fees had been paid from penalty and extra interest. On the one hand this is good because not a big impact to my returns on the other hand those penalties will die off AND most of the fees are paid from loans I never had ANY fees in mind when I bought them. But ok. For me isn't that the main problem.

I try to be constructive. So now my questions and suggestions to bondora.

1. Please make clear what write offs mean. There is a mess with

a) Write offs where the outstandings are no more collectable. Please show us a short reasons in such cases.

b) Write offs that are fees to DCA, court and so on. Please write FEES to those. There are reasons from taxation too and not only in few cases (criminal, bankrupty...)

2. Nobody (real nobody, there was a poll at facebook too) does understand how you calculate the fee writeoffs. Please explain that accurate and understandable. Please show us the percentage that will be cut off whenever it changes and don't change it arbitrarily.

3. Don't mix overdue fees and default fees. There are a lot of borrowers that pay some 10-30 days to late, I doubt that a DCA does here a great job but even so it is very simple and there has never to be a haircut of more the 20% of the interests.

4. Many people don't like mixing up collection fees anyway. If you do so you have to explain what you are doing and why. There should be legal reasons to do so too.

5. Never tell us again "it is all explained and we have nothing to tell more". We are your clients. If you don't get money from the investors you won't have money to lend. If there are so many questions this is only your fail and you have to fix it.

6. There are lot of loans with absurde write offs form over 50 up to 80%. There are loans where write offs are made with the first repayment what was only 2 days late. We cannot trust your system at all. Please give as a possibility to check if there have been mistakes from technical reasons. If there is one (ore more) fixed and announced cut percentages it would be much easier.

As said I tried to be constructive and not emotional. Nevertheless I'm rather upset about the threatment from bondora. I don't need your PR videos please fix all these bugs before you wast your time with those.

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