greatmarko
Member of DD Central
Posts: 343
Likes: 373
|
Post by greatmarko on Dec 6, 2019 16:46:02 GMT
Email from Unbolted received 16:38 on 6th Dec (my BOLDs):
Personally, I'd rather have marginally lower rates with protection, than 0.10-0.15% higher rates without protection.
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Dec 6, 2019 17:11:42 GMT
Email from Unbolted received 16:38 on 6th Dec (my BOLDs): Personally, I'd rather have marginally lower rates with protection, than 0.10-0.15% higher rates without protection. Wow. I only started with Unboted in last few weeks and literally in last two days transferred my ISA over primarily because of the provision protection. I haven't had the email yet for either of my Unbolted accounts.
|
|
IFISAcava
Member of DD Central
Posts: 3,661
Likes: 2,984
|
Post by IFISAcava on Dec 6, 2019 17:32:53 GMT
Email from Unbolted received 16:38 on 6th Dec (my BOLDs): Personally, I'd rather have marginally lower rates with protection, than 0.10-0.15% higher rates without protection. You could put the extra interest into your own provision fund? You'll have 1.5% capital cover in a year. For me it's swings and roundabouts, but I will reduce my amount per loan as diversification becomes more important without a PF.
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Dec 6, 2019 18:11:00 GMT
Email from Unbolted received 16:38 on 6th Dec (my BOLDs): Personally, I'd rather have marginally lower rates with protection, than 0.10-0.15% higher rates without protection. You could put the extra interest into your own provision fund? You'll have 1.5% capital cover in a year. For me it's swings and roundabouts, but I will reduce my amount per loan as diversification becomes more important without a PF. I still don't have the email. Anybody else not received it?
|
|
|
Post by df on Dec 6, 2019 18:38:28 GMT
Email from Unbolted received 16:38 on 6th Dec (my BOLDs): Personally, I'd rather have marginally lower rates with protection, than 0.10-0.15% higher rates without protection. You could put the extra interest into your own provision fund? You'll have 1.5% capital cover in a year. For me it's swings and roundabouts, but I will reduce my amount per loan as diversification becomes more important without a PF. I've revised my amounts too and made some adjustments, but this abolition didn't put me off. I consider these rates appropriate for the risk, so I will carry on with UB at the same pace as before. We are roughly at the same deal as we were before UB dropped rates, but without PF. Considering a wider p2p picture we are facing now, I think this offer is very good for those who haven't given up on p2p yet
|
|
sd2
Member of DD Central
Posts: 621
Likes: 224
|
Post by sd2 on Dec 6, 2019 20:21:03 GMT
You could put the extra interest into your own provision fund? You'll have 1.5% capital cover in a year. For me it's swings and roundabouts, but I will reduce my amount per loan as diversification becomes more important without a PF. I still don't have the email. Anybody else not received it? Me. Bit naughty not in my spam folder
|
|
sd2
Member of DD Central
Posts: 621
Likes: 224
|
Post by sd2 on Dec 6, 2019 20:36:31 GMT
This is what it says on site
"Loan types Gold Loans - 0.65% per month Loans secured against pawned gold or silver assets, valued at bullion prices. Easy to value and easier to sale on default. LTV of 70% to 80%. Platform buys derivative contracts to manage gold price risk.
Standard / Business Loans - 0.80% per month Loans made against all other luxury assets. Conservatively valued and carefully underwritten. For high value loans, we ask for monthly interest payments; additionally for business loans we insist on director PG. LTV of 40% to 80%, depending on liquidity of asset.
Working Capital Loans - up to 1.00% per month Loans made to dealers of used luxury watches, secured against revolving stock held in Unbolted's possession. LTV of 75% with watches valued at trade disposal prices. Interest is paid monhtly.
Monthly interest paid of 0.80% + a bonus interest rate depending on total amount of investment.
+0.20% for total investment of £20,000 or more +0.15% for total investment of £10,000 or more +0.10% for total investment of £5,000 or more"
Still buying derivatives? What's the difference between that and the gold Trust? Nice to know if they fully match the amount of gold pawned? How about silver. Does silver move unison? And therefore doesn't need separate put options.
Standard/business loans are underwritten. What does that mean? are we being protected against capital losses?
NOTE If you check the loans they are letting you know how much they are charging the lender. Might be useful when putting money into "buy now" loans. I assume it will give us an idea of unbolted's perception of the risk.
|
|
sd2
Member of DD Central
Posts: 621
Likes: 224
|
Post by sd2 on Dec 6, 2019 20:45:25 GMT
For now I am sticking with them. Gold price do bounce about alot and the loans are 6 months, definitely long enough for gold to fall significantly.The big change in gold tends to be when a recession is expected or exists. The price goes one way only up up and away!! Probably Nought from me for the working capital loans. Buy now loans? Loads or nothing depends on ltv and what the goods are. On the good side possibly the only p2p raising interest rates!!
|
|
alanh
Posts: 556
Likes: 560
|
Post by alanh on Dec 7, 2019 10:35:19 GMT
I welcome this move. Unbolted seem to really know what they are doing when it comes to valuing assets for security purposes and subsequent disposal of those assets when necessary for amounts higher than that. It remains the p2p platform that I worry the least about as I can more or less just forget about it and let them get on with it. The email they have sent out makes perfect sense as many of the secured assets have been sold for a lot more than the loan value making the provision fund somewhat superfluous. Recent default sales on my account have been at 50%-100% over the security value, a stark contrast to many of the property valuations we have had the misfortune to get involved in on some other platforms.
|
|
Ukmikk
Member of DD Central
Posts: 445
Likes: 298
|
Post by Ukmikk on Dec 7, 2019 10:48:00 GMT
Maybe also prompted by the new FCA rules. Provision funds tend to encourage new retail investors to think that it's risk free. I'm also fairly relaxed about this change at this point largely due to the confidence I have in the platform and the way it has been run to date. I'm not so happy about the way that standard loans and business loans have now been lumped together in the auto settings options.
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Dec 7, 2019 14:13:09 GMT
Maybe also prompted by the new FCA rules. Provision funds tend to encourage new retail investors to think that it's risk free. I'm also fairly relaxed about this change at this point largely due to the confidence I have in the platform and the way it has been run to date. I'm not so happy about the way that standard loans and business loans have now been lumped together in the auto settings options. Sure, so am i fairly relaxed about the change at the moment - time will tell.. I agree, standard loans and business loans lumping together in the auto settings options is annoying. I don't really want the business variety myself, but again time will tell how this works out. I liked it before where i could just stick with gold & watches essentially. I'm more annoyed i didn't get an email from my standard or ISA Unbolted account. I've emailed unbolted support to ask why. Its obvious when you logon as there is a big banner, but i think everyone should have received emails. I've checked my junk mail and my Unbolted preferences today and there doesnt seem to be a setting which controls these type of mass mailings, so i don't think I've opted out accidentally somehow.
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Dec 9, 2019 11:08:42 GMT
Maybe also prompted by the new FCA rules. Provision funds tend to encourage new retail investors to think that it's risk free. I'm also fairly relaxed about this change at this point largely due to the confidence I have in the platform and the way it has been run to date. I'm not so happy about the way that standard loans and business loans have now been lumped together in the auto settings options. Sure, so am i fairly relaxed about the change at the moment - time will tell.. I agree, standard loans and business loans lumping together in the auto settings options is annoying. I don't really want the business variety myself, but again time will tell how this works out. I liked it before where i could just stick with gold & watches essentially. I'm more annoyed i didn't get an email from my standard or ISA Unbolted account. I've emailed unbolted support to ask why. Its obvious when you logon as there is a big banner, but i think everyone should have received emails. I've checked my junk mail and my Unbolted preferences today and there doesnt seem to be a setting which controls these type of mass mailings, so i don't think I've opted out accidentally somehow. Re my missing unbolted notification email (and my subsequent email to Unbolted support), I've just received this email text below from Unbolted, so maybe others who did not receive the original email will get this also today.: "Due to a system error you have not received an important email that we sent out on Friday afternoon (6 Dec 2019) as well as two other important emails related to platform operations prior to that. Please see below the email of 6 Dec 2019. We have amended it to include other important information on appropriateness test and back-up servicing. Our apologies for the inconvenience."
|
|
|
Post by Ace on Dec 9, 2019 11:23:46 GMT
Sure, so am i fairly relaxed about the change at the moment - time will tell.. I agree, standard loans and business loans lumping together in the auto settings options is annoying. I don't really want the business variety myself, but again time will tell how this works out. I liked it before where i could just stick with gold & watches essentially. I'm more annoyed i didn't get an email from my standard or ISA Unbolted account. I've emailed unbolted support to ask why. Its obvious when you logon as there is a big banner, but i think everyone should have received emails. I've checked my junk mail and my Unbolted preferences today and there doesnt seem to be a setting which controls these type of mass mailings, so i don't think I've opted out accidentally somehow. Re my missing unbolted notification email (and my subsequent email to Unbolted support), I've just received this email text below from Unbolted, so maybe others who did not receive the original email will get this also today.: "Due to a system error you have not received an important email that we sent out on Friday afternoon (6 Dec 2019) as well as two other important emails related to platform operations prior to that. Please see below the email of 6 Dec 2019. We have amended it to include other important information on appropriateness test and back-up servicing. Our apologies for the inconvenience." I got this new email even though I did receive the original!
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Dec 9, 2019 14:01:16 GMT
Re my missing unbolted notification email (and my subsequent email to Unbolted support), I've just received this email text below from Unbolted, so maybe others who did not receive the original email will get this also today.: "Due to a system error you have not received an important email that we sent out on Friday afternoon (6 Dec 2019) as well as two other important emails related to platform operations prior to that. Please see below the email of 6 Dec 2019. We have amended it to include other important information on appropriateness test and back-up servicing. Our apologies for the inconvenience." I got this new email even though I did receive the original! LOL
|
|
|
Post by jeffers on Dec 11, 2019 0:20:13 GMT
Does anyone know the size of the PF, and what happens to it when all loans that expose it are closed off? I don't think it's size was ever disclosed was it?
|
|