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Post by MoneyThing on Feb 27, 2015 16:01:35 GMT
Dear All, CS63 which has just been uploaded will be the last loan for today. Kind regards, Ed Thanks Ed. It's been a bit like the Klondyke gold rush!! Next lot on Monday? Yes...just catching my breath! Will be popping back on here in a few minutes once I have grabbed a coffee. (Next loans will be uploaded on Monday now. Will email, tweet & post to give some notice as to the time). Regards, Ed.
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Post by duncandive on Feb 27, 2015 16:20:45 GMT
Hey there Ed, that was loads of Fun... and I still have some funds ready for Monday as well. Thanks for accepting my deposit in time for the auction run. MT gets My Vote for the most intense action today...
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coop
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Post by coop on Feb 27, 2015 16:22:56 GMT
Fast Eddie - the man of the hour!
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Post by MoneyThing on Feb 27, 2015 16:25:41 GMT
Dear All,
Thank you so much for your investments today. I realise that we only uploaded just over £10K of loans this afternoon, which admittedly have nearly all gone now, however we should be able to get the balance of this tranche (circa £28K) up on Monday.
I have admittedly been quite taken aback by the rate at which the loans are being taken up. I clearly need to ramp up the rate of supply already and will concentrate my efforts on achieving this.
Thank you all again and hope you have a good weekend. (I will continue to keep an eye on the forum and answer anything that pops up).
Kind regards,
Ed
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Post by wildlife2 on Feb 27, 2015 16:32:22 GMT
Oh no. That looks like today's star prize!! Yeah £700 loan on a watch which sells for £2k+ on ebay from what I can see And now you know why I missed it! I did notice a £400 bid went into this watch loan.......no wonder it went so quick!
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alison
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Sanctuary!!
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Post by alison on Feb 27, 2015 16:35:36 GMT
Yeah £700 loan on a watch which sells for £2k+ on ebay from what I can see And now you know why I missed it! I did notice a £400 bid went into this watch loan.......no wonder it went so quick! Yes that did take its legs away a bit. Maybe some king of initial bid ceiling required?
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coop
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Post by coop on Feb 27, 2015 17:18:26 GMT
I did notice a £400 bid went into this watch loan.......no wonder it went so quick! Yes that did take its legs away a bit. Maybe some king of initial bid ceiling required? I would think perhaps so. If you look at the £8k watch loan someone came in after a couple of days and took the remaining £5k+! If someone had done the same today it would've ruined all our afternoons
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Post by MoneyThing on Feb 27, 2015 17:21:46 GMT
Yes that did take its legs away a bit. Maybe some king of initial bid ceiling required? I would think perhaps so. If you look at the £8k watch loan someone came in after a couple of days and took the remaining £5k+! If someone had done the same today it would've ruined all our afternoons Noted. Let me have a think over the weekend. Regards, Ed.
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bob2014
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Post by bob2014 on Feb 27, 2015 17:38:25 GMT
I would prefer you spent your time getting more loans than writing any limits.
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coop
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Post by coop on Feb 27, 2015 17:40:45 GMT
Well let's hope the two aren't mutually exclusive, eh?
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bugs4me
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Post by bugs4me on Feb 27, 2015 17:54:40 GMT
I would prefer you spent your time getting more loans than writing any limits. Agreed - once you impose limits then there will start to be loans that are not being 100% filled. That will act as a disincentive to put more loans on the site and will 'work against' individual lenders as it will be famine time. Once that happens then folks start drifting away and getting them back is sometimes impossible.
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coop
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Post by coop on Feb 27, 2015 18:34:23 GMT
I dont think you would get that problem if the limit lasted a very short amount of time, 24hrs or maybe less
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 28, 2015 13:14:05 GMT
I dont think you would get that problem if the limit lasted a very short amount of time, 24hrs or maybe less I think your right. Also, I think it would work as long as the limit wasn't too low. I'm sure Ed can analyse the bidding trend and strike a sensible balance which can prevent the particularly high "outlyers" eating up disproportionately large loan parts.
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Post by MoneyThing on Feb 28, 2015 21:37:46 GMT
Evening,
I have noticed discussions elsewhere on the forum in reference to Faster Payments & Client Monies accounts. For the record, can I just say that MoneyThing ONLY credits funds into user's accounts once their payment has been received into our client monies account (i.e. we do not offer any credit facility). On average I would say that we see funds arrive in our account within 2 minutes of the deposit being initiated via our platform. Without knowing when users are initiating the transfer within their online banking, it could be a case that users are sending payment first and then initiating it on their MoneyThing account?
Kind regards,
Ed
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bugs4me
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Post by bugs4me on Feb 28, 2015 22:42:01 GMT
Evening, I have noticed discussions elsewhere on the forum in reference to Faster Payments & Client Monies accounts. For the record, can I just say that MoneyThing ONLY credits funds into user's accounts once their payment has been received into our client monies account (i.e. we do not offer any credit facility). On average I would say that we see funds arrive in our account within 2 minutes of the deposit being initiated via our platform. Without knowing when users are initiating the transfer within their online banking, it could be a case that users are sending payment first and then initiating it on their MoneyThing account? Kind regards, Ed Ed - you should have you feet up watching TV or at least be down the pub - not in front of a PC. The FCA regulations regarding client monies can be interpreted in many ways - I know this from experience. Unfortunately the whole thing has (conveniently IMO) been clouded by compliance experts and it is my opinion that in many cases they simply make the incorrect interpretation. So I wouldn't get hot under the collar about it as I really do believe that in the scenario you are referring to it is the inability to allocate sufficient resources to ensure funds are credited promptly. Now get back to the TV or the pub!!!!
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