sl125
Member of DD Central
Posts: 85 
Likes: 64
|
Post by sl125 on Sept 22, 2017 17:58:54 GMT
I have been monitoring the loans on the primary market since 18th (the loan requests page is still accessible if you have the URL bookmarked), and I notice that FC's new autobid appears to place "orders" (i.e. "Bids" in old money) sequentially by loan and by lender.
Under this new fairer (which probably should be in quotes) system it appears to give as much as it can to each lender presumably up to the 0.5% limit. So quite a few people with large portfolios are getting over £1000 in each loan. This strikes me as odd, since I notice that I have not received a single order whatsoever. Surely it would have been fairer to the investors for FC to allocate a loan to as many different lenders as possible?
So, I'm interested to know if other people have found they have had no orders placed as yet. I have checked my settings and it is definitely set to balanced and not paused.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 22, 2017 19:08:48 GMT
And you accepted the new terms and conditions? In three places.
|
|
|
|
Post by df on Sept 22, 2017 19:14:51 GMT
I'm fully invested. It took 5 days to reduce my 'available funds' to £4.54, which is what they have promised. I'm not too happy with investing in 60 month unsecured loans at 4.3% (after fees and bad debt), but that's how it goes, I've expected this. I do wonder why some people get invested and others don't, do they do it in alphabetical order?
|
|
markr
Member of DD Central
Posts: 766
Likes: 426
|
Post by markr on Sept 22, 2017 19:49:17 GMT
Looking through my statement it seems I've been nibbling on the secondary market, but am yet to get anything from the PM. I can't be bothered trying to work out what I bought (although I know I picked up a £100 part of a property loan because I had no parts that big before). Remarkably, thanks to a raft of early repayments, I've ended this week with 1 loan less than I started with!
|
|
|
|
Post by driain on Sept 22, 2017 19:50:06 GMT
In three places?
Not sure what you mean?
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 22, 2017 22:05:20 GMT
I've got cash in the account but the new autobid hasn't bought anything for me all week. If nothing happens soon I shall start attempting to pull everything out.
|
|
pickles
Member of DD Central
Posts: 94
Likes: 57
|
Post by pickles on Sept 24, 2017 13:55:15 GMT
In three places? Not sure what you mean? Me neither. I've looked all over the site and can't see where to accept any Ts & Cs. Interest is trickling in but nothing bought since the 18th. Can someone point me (and driain) in the right direction?
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 24, 2017 17:21:55 GMT
Sorry, my fault about the three places. When you sign up to the new T&Cs you are presented with three boxes to tick to agree to the various elements, I think platform, lender and loan contract. FC presents the first, second, and third as you tick them. They are all needed before you can bid. If you ticked three times when agreeing then all should be well. But it may be that a reason form making no 'orders' is not being fully signed up. Probably a total red herring because you would expect FC to remind you, but ...
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 25, 2017 18:11:55 GMT
Am I missing something obvious?
I've got hundreds of pounds in the account and lending settings set to "balanced".
Still nothing appears to have been bought since the "changes".
|
|
david42
Member of DD Central
Posts: 419
Likes: 346
|
Post by david42 on Sept 25, 2017 19:40:59 GMT
I don't know what you have done to upset Autobid. Autobid has been investing about 5% a day for me. Daily investment figures here. |
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 26, 2017 17:50:59 GMT
OK, I was missing something obvious:
After complaining to FC, they tell me today that they won't loan anything until the funds available exceed 0.5% of the existing portfolio value.
So, yes, if you intend to just leave funds to earn interest and compound returns, you are frustrated by an amount of uninvested funds.
I can't see this emblazoned in the new help literature (did anyone else see it? Probably buried deep in T's&C's)
Clearly, this situation could be mitigated simply by selling loans and withdrawing the money. Tempting.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 26, 2017 18:41:53 GMT
What they are probably doing here is making it easier to fund large loans, and subsequent loans to a borrower, by making sure they get the full 0.5% from each investor - rather than just £20. It means that on average 0.25% of your portfolio will always be un-lent. The formula for calculating your returns, to compare with the FC projections, excludes un-lent cash, and so this will not affect your return  . |
|
sl125
Member of DD Central
Posts: 85
Likes: 64
|
Post by sl125 on Sept 26, 2017 19:39:01 GMT
What they are probably doing here is making it easier to fund large loans, and subsequent loans to a borrower, by making sure they get the full 0.5% from each investor - rather than just £20. It means that on average 0.25% of your portfolio will always be un-lent. The formula for calculating your returns, to compare with the FC projections, excludes un-lent cash, and so this will not affect your return . To be fair to FC, this would only reduce your return by 0.01875% (i.e. 0.25% of FC's predicted 7.5%), which is hardly worth worrying about. I too asked FC's customer services why my money hadn't been lent out as yet and was told that the new autobid waits until your available funds is over 0.5% of your portfolio. A tad frustrating, but as I say, it hardly affects the overall return.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 26, 2017 21:55:59 GMT
Yes, numerically it is very small, but it is the principle of the thing. FC decide that they are not going to lend the cash until it gets to 0.5% because that fits better with filling large loans (I suggest). FC decide to exclude the cash, which they have decided not to lend, from the investor's calculation of return. While at the same time the projected returns are calculated on the basis of being fully invested all the time. The investor has no control over the speed of lending.
|
|
|
|
Post by df on Sept 27, 2017 4:00:34 GMT
What they are probably doing here is making it easier to fund large loans, and subsequent loans to a borrower, by making sure they get the full 0.5% from each investor - rather than just £20. It means that on average 0.25% of your portfolio will always be un-lent. The formula for calculating your returns, to compare with the FC projections, excludes un-lent cash, and so this will not affect your return . 0.25% is very little, it is less cash drag than on most other platforms. FC's projections are approximate - 0.25% won't make much difference. I don't like the increase to 0.5% and investing in FC's A+ property loans, but still think it is a reasonable deal for 'hands off' investment.
|
|
.