hantsowl
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Post by hantsowl on May 9, 2019 21:44:30 GMT
My thoughts exactly. I suppose it depends whether the guy making the software changes is the same guy who sources the loans 🤔
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Post by Badly Drawn Stickman on May 10, 2019 6:11:19 GMT
So the lender queue is long due to a technical issue ? Isn't it entirely dependent on the amount of money being requested by borrowers and the amount of money available from lenders? For me this adds to the murkiness. It would seem fairly obvious that a shortage of borrowers and a surplus of lenders is the core problem, a situation that is good for the platform in principle but hard to sustain in practice. If the funding model was less geared to 'locking' investments in, most of us would by now have balanced our funds to suit demand. The promise of jam tomorrow, might work short term, but spinning it as a technical issue to 'battle hardened' investors is a serious misjudgment of our fickle loyalty.
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Post by failedtheturingtest on May 10, 2019 13:34:12 GMT
I suspect the website 'improvements' that nsiam are referring are probably their rebranding as "Fund Ourselves", as ridiculed discussed in this thread. They've confirmed the intention to rebrand in an interview with P2P Finance News and as mrclondon has pointed out, that name is registered with the FCA and there's a holding page already up at http://fundourselves.com. That, and their planned expansion into India, must be taking time and energy away from maintaining the core business.
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Post by df on May 10, 2019 20:12:15 GMT
So the lender queue is long due to a technical issue ? Isn't it entirely dependent on the amount of money being requested by borrowers and the amount of money available from lenders? For me this adds to the murkiness. I do recall another occasion (summer 2018???) when lending slowed down and the reason was of the same nature, it soon went back to normal.
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zlb
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Post by zlb on May 11, 2019 13:18:47 GMT
So the lender queue is long due to a technical issue ? Isn't it entirely dependent on the amount of money being requested by borrowers and the amount of money available from lenders? For me this adds to the murkiness. I do recall another occasion (summer 2018???) when lending slowed down and the reason was of the same nature, it soon went back to normal. OK.. but it's hard to believe, do you remember any detail at all? Won't they lose lots of potential borrowers with this degree of slow-down - or are they doling out lender funds to borrowers yet it's not registering on lender accounts? Or, the money being lent to borrowers is from other finance streams... In which case, the technical fault is in lending, but not in repayments, one would think. (I'd be interested to know what his former work colleagues thought of his communication style.)
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Post by df on May 11, 2019 15:07:54 GMT
I do recall another occasion (summer 2018???) when lending slowed down and the reason was of the same nature, it soon went back to normal. OK.. but it's hard to believe, do you remember any detail at all? Won't they lose lots of potential borrowers with this degree of slow-down - or are they doling out lender funds to borrowers yet it's not registering on lender accounts? Or, the money being lent to borrowers is from other finance streams... In which case, the technical fault is in lending, but not in repayments, one would think. (I'd be interested to know what his former work colleagues thought of his communication style.) I don't remember details, but the reason explained was website improvements. There must be something about it in one of WLU threads. I don't know what's happening, but I think it could be possible that borrowing slows down due to maintenance as both, borrowing and lending, operated by algorithm??? I doubt money are being lent from other sources. I'll just wait and see what the situation is at the beginning of June before making any move.
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nyneil
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Post by nyneil on May 12, 2019 14:03:45 GMT
Quoting from the Statistics Page:
"We aim to achieve our target average default rate by being selective of who we accept as a borrower on our platform. In the event we see our average default rate approaching our target average default rate, we close the lending door to riskier borrowers by tightening our credit assessment and affordability criteria."
The target default rate is 10% but 2018 default rate is now 18%; this suggests WLU should have stopped lending to 'riskier borrowers', so maybe that is having an impact on the lending queue.
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Post by Proptechfish on May 12, 2019 21:46:09 GMT
All of my investment queue was cleared by the 5th of the month
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zlb
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Post by zlb on May 13, 2019 9:34:22 GMT
Quoting from the Statistics Page: "We aim to achieve our target average default rate by being selective of who we accept as a borrower on our platform. In the event we see our average default rate approaching our target average default rate, we close the lending door to riskier borrowers by tightening our credit assessment and affordability criteria." The target default rate is 10% but 2018 default rate is now 18%; this suggests WLU should have stopped lending to 'riskier borrowers', so maybe that is having an impact on the lending queue. Yes, I think this is crossing people's minds, that the borrowers aren't there - or that quality might end up being compromised if pressured to search for borrowers to soak up the queue - but the official line is that it was a technical issue, as in the recent email. p2pindependentforum.com/thread/13914/good-practice-charterI remembered that I asked a question about the stress testing of the algorithm - see link above, bottom of page) - but it didn't refer to eg 18% - anyone else remember seeing what it was tested to in terms of default rate? I suppose it would be good if - like in your quote - this info could be tested by eg 4thway - that they come in and verify that the door was closed to riskier borrowers, and by how much?
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paulb
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Post by paulb on May 13, 2019 15:36:08 GMT
One believable way the slowdown could be attributed to technical improvements is simply that the platform has stopped advertising/marketing whilst they're making improvements.
As for myself: I was beginning to worry about my queue, but the acknowledgement of the problem, and a timeframe for resolving is has reassured me. I'm not putting more money in for now, but I'll probably start again as soon as things look to improving.
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zlb
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Post by zlb on May 14, 2019 9:00:04 GMT
Hoping that an early investor will post here when they start getting movement. There is zero change on my account. 40% uninvested/stuck - invested 11/18 - anyone with 11/18 investments that have changed?
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benaj
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Post by benaj on May 14, 2019 9:39:07 GMT
Hoping that an early investor will post here when they start getting movement. There is zero change on my account. 40% uninvested/stuck - invested 11/18 - anyone with 11/18 investments that have changed? My Isa started in the new tax year got 3 new loans last week, but it has 88% money queuing. At the moment, the amount I have in the IFISA is very small, I hope WLU will improve in 3 months.
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Post by Ace on May 14, 2019 14:51:37 GMT
The current stats for my August 2018 investments are:
XIRR = 13.05% (8.22% excluding Additional Earning payments), 4.5% of funds queued (regularly picks up loans).
The current stats for my December 2018 investments are:
XIRR = 9.82% (5.83% excluding Additional Earning payments), 46.2% of funds queued (only picked up one loan since 24/3/2019), Note that one of the investments in this cohort is set to accept the full rate range of 5 to 15%.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 15, 2019 1:11:00 GMT
All of my investment queue was cleared by the 5th of the month Meaningless if you only have £100 invested.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 15, 2019 1:22:13 GMT
Quoting from the Statistics Page: "We aim to achieve our target average default rate by being selective of who we accept as a borrower on our platform. In the event we see our average default rate approaching our target average default rate, we close the lending door to riskier borrowers by tightening our credit assessment and affordability criteria." The target default rate is 10% but 2018 default rate is now 18%; this suggests WLU should have stopped lending to 'riskier borrowers', so maybe that is having an impact on the lending queue. Yes, I think this is crossing people's minds, that the borrowers aren't there - or that quality might end up being compromised if pressured to search for borrowers to soak up the queue - but the official line is that it was a technical issue, as in the recent email. p2pindependentforum.com/thread/13914/good-practice-charterI remembered that I asked a question about the stress testing of the algorithm - see link above, bottom of page) - but it didn't refer to eg 18% - anyone else remember seeing what it was tested to in terms of default rate? I suppose it would be good if - like in your quote - this info could be tested by eg 4thway - that they come in and verify that the door was closed to riskier borrowers, and by how much? A lot may be due to new Tax year and lots of deposits. I added £5000 and expected to add 1-2k a month if the loans were there. The 5k invested in April was split into about 35 allocations. All set 5-15% . £3300 still queued. In FISA .129 loans invested in. This is still a small platform with little or no advertising. I presume referrals are through brokers or WOM.
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