Studies of Life

Learning by doing.

How to Bulk Remove Your Loans from the Bondora Secondary Market

13 January 2016 by Jim

If you’re currently selling loans, for whatever reason, you can try using a specific discount / markup, and then try again with another one if it doesn’t work. Most loans on the Secondary Market sell, if at all, during the first week. So it’s no use waiting for a month.

I have quite a large portfolio of loans, most of which are HR 60+ days overdue (… don’t ask…) so I’m trying to get rid of them at VERY STEEP discounts. I had to increase them several times, and always waited for the 30 days until they were taken off the Secondary Market, to try selling again.

But now we can do that much more quickly. Bondora now allows you to display only your loans on the Secondary market, using a new filter called ‘Show my items’:

Screen Shot 2016-01-13 at 18.45.09

Now that only your loans on the Secondary Market are displayed on the page, they have an ‘X’ you can click to remove every. single. loan. part. by. hand. And when you click, it takes you to a new page, so it’s not like you could add them in bulk to a basket (like you do when buying loans) to speed up the process.

But there’s a trick you can use, and quite an easy one.

Use the Firefox browser and download the extension DownThemAll, the best download manager there is. Once you have that, go to the Secondary Market page with only your loans on it. Next, right click somewhere on the white space of the page (not a link!) and select the option ‘DownThemAll’.

A window will open, showing you all the links on the page. The ‘X’ buttons used to delete each loan part are just links pointing to another page, so you can bulk download them. Filter the list of links in the window by writing ‘cancel’ into the filter bar at the bottom:

DownThemAll window

DownThemAll will then check only the links that contain the word ‘cancel’, i.e. only the links used to cancel your own loans! When you click START, it will follow those links, which means the loans are cancelled, and it will download the confirmation page saying ‘Loan cancelled!’ to the Downloads folder. Just delete those when you’re done.

Bondora should really have a built-in button for this. But since they don’t, the method here is a reliable and quick way to do it.

I hope this helps!

2 comments | Categories: bondora, Investing, p2p lending | Tags: , , ,

Comments (2)

  1. I might be late in noticing this but Bondora are now showing an expected return amount for each loan on the sell screen (around 25 to 35% for bad loans). I have no idea whether to give this any credence, but it does suggest a 65% discount is probably justified.

    • I don’t know how long they’ve been showing that. However, in the case of my portfolio, I basically burned my fingers because I invested far too much far too quickly, so I loaded up on HR loans before the risk rating system was introduced, and was shocked to find out I had mostly HR ones… so I’m trying to get rid of them, and I had to go up to 85% discount to get rid of some of the HR 60+ days overdue loans. It’s entirely possible that I’d have gotten better return if I just waited for whatever there is to recover to be recovered. But I’ve burned my fingers severely enough to want to get rid of the riskiest loans on my book.

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