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Post by MoneyThing on Mar 14, 2015 22:06:46 GMT
MoneyThing I'm glad there are some more of these portfolio's to come 'cause I just secured zilch out of today's 4pm scrum and can now share some of the frustrations of those bidding on the earlier loans before the 24 hour limit was imposed. I tried maybe 4 or 5 times to get a bid in but each time got an error saying amount had changed please check and re-bid (or words to that effect). Very frustrating that I was obviously being processed in a queue but there was presumably less than my bid amount available when my bid was processed - surely it would be better to simply give the bidder who is in this position what remains of the loan rather than rejecting the bid. Not impressed, sorry. Evening. Thank you for making us aware of this. I have been discussing this with Shuang tonight and we can implement this adjustment (whereby high bid defaults to what amount is left rather than rejecting). Before doing so I just wanted to ask whether this would suit other investors also?
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bugs4me
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Post by bugs4me on Mar 14, 2015 23:06:20 GMT
MoneyThing I'm glad there are some more of these portfolio's to come 'cause I just secured zilch out of today's 4pm scrum and can now share some of the frustrations of those bidding on the earlier loans before the 24 hour limit was imposed. I tried maybe 4 or 5 times to get a bid in but each time got an error saying amount had changed please check and re-bid (or words to that effect). Very frustrating that I was obviously being processed in a queue but there was presumably less than my bid amount available when my bid was processed - surely it would be better to simply give the bidder who is in this position what remains of the loan rather than rejecting the bid. Not impressed, sorry. Evening. Thank you for making us aware of this. I have been discussing this with Shuang tonight and we can implement this adjustment (whereby high bid defaults to what amount is left rather than rejecting). Before doing so I just wanted to ask whether this would suit other investors also? In my case the answer would have to be no Ed. Introducing restrictions during the first 24 hours to ensure as many lenders as possible get a slice of the action is a good idea but of course simply delays the scrum until the following day if there are any crumbs still on the table. If the £100 restriction had been applied for the second 24 hours then IMO you wouldn't have as many disappointed lenders on your hands. Personally, I will still get involved but what I will not be doing is trying to pick up a further slice of the portfolio after the initial offering. Like mrclondon I tried to place a bid, in my case it was for £200 and I was too late - that was at 16:01 or thereabouts. I simply haven't got the inclination to engage where the returns do not justify the time.
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Post by elljay on Mar 15, 2015 6:53:44 GMT
MoneyThing I'm glad there are some more of these portfolio's to come 'cause I just secured zilch out of today's 4pm scrum and can now share some of the frustrations of those bidding on the earlier loans before the 24 hour limit was imposed. I tried maybe 4 or 5 times to get a bid in but each time got an error saying amount had changed please check and re-bid (or words to that effect). Very frustrating that I was obviously being processed in a queue but there was presumably less than my bid amount available when my bid was processed - surely it would be better to simply give the bidder who is in this position what remains of the loan rather than rejecting the bid. Not impressed, sorry. Evening. Thank you for making us aware of this. I have been discussing this with Shuang tonight and we can implement this adjustment (whereby high bid defaults to what amount is left rather than rejecting). Before doing so I just wanted to ask whether this would suit other investors also? Sounds a sensible way of implementing "first come first served", but while demand far outstrips supply maybe a fairer (but more difficult to code!) way would be a max amount per lender that increases every 24 hours - e.g. £100, £200, £300... With the code change you're talking about above the last person would then get the remainder of the loan rather than having to bid exactly the amount left.
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ianj
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Post by ianj on Mar 15, 2015 8:13:18 GMT
Evening. Thank you for making us aware of this. I have been discussing this with Shuang tonight and we can implement this adjustment (whereby high bid defaults to what amount is left rather than rejecting). Before doing so I just wanted to ask whether this would suit other investors also? ...... maybe a fairer (but more difficult to code!) way would be a max amount per lender that increases every 24 hours - e.g. £100, £200, £300...... Have to agree with elljay on this. Would anyone submitting a request for £X00 be happy if they received a £1 residue?
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rogerbu
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Post by rogerbu on Mar 15, 2015 9:37:32 GMT
I am not unhappy with the way the Managed Portfolio went.
I failed to get anything on the smaller lots. However, I took £100 in the first 24Hrs on the Managed Portfolio and was lucky to get another £100 after 24 hrs. ie £200 at 12% on a 6 month basket that I can renew after 6 months.
If MT are going to bring forward managed portfolios at a rate of about 2 per month, then I will effectively be drip feeding £200 - £400 each month into an open ended 12% investment.
If Managed Portfolios for the £200 - £400 lots come along as well, then the drip feed rate will be higher.
Ultimately, 12% pa return must be recognized as a risky investment and must be carefully positioned within the portfolio.
With my desire to balance my P2P investments across several platforms, asset types and risks. Up to £5,000 per year in these open ended baskets feels ok.
My only suggestion would be that after the initial Limit Period, immediate bids should be limited to the initial bid size for another hour or so. This would allow more people to top up in a fairer manner.
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paulgul
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Post by paulgul on Mar 15, 2015 10:04:06 GMT
If the £100 restriction had been applied for the second 24 hours then IMO you wouldn't have as many disappointed lenders on your hands. I vote for this, I think it's the fairest way to go forward
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Post by uncletone on Mar 15, 2015 10:32:09 GMT
The elephant in the room: we need a lot more loans/portfolios to hurl money at!
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Post by Deleted on Mar 15, 2015 10:32:53 GMT
I was pretty excited about this when I first read about it. But I thought it was going to be a £10k account that offered 12% not a £10k account that you could buy shares in. I've still not invested with this Portal (still very interested and excited just not hit the go button yet) but I don't get that excited by investing in lots of £100 or sub £100 chunks, I would rather look at £800 upwards and a £10k pack would fit nicely into my portofolio. Just saying guys
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Grezza
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Post by Grezza on Mar 15, 2015 10:35:51 GMT
If the £100 restriction had been applied for the second 24 hours then IMO you wouldn't have as many disappointed lenders on your hands. I vote for this, I think it's the fairest way to go forward Me too, and if (though unlikely at the moment) there is anything left after the second 24 hours, maintain the £100 limit per day until filled.
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paulgul
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Post by paulgul on Mar 15, 2015 10:44:06 GMT
Me too, and if (though unlikely at the moment) there is anything left after the second 24 hours, maintain the £100 limit per day until filled. Hmm, wishful thinking
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baldpate
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Post by baldpate on Mar 15, 2015 15:50:14 GMT
Just noticed yesterday's post by Moneything, suggesting defaulting the high bid to the remaining amount. I have to say that I think this would be just about the worst thing you could do, if you want to keep the majority of people happy. This 'solution' would suit the few with fast fingers and deep purses, at the expense of those who just want a modest second bite (the majority, I suspect - which includes myself). I imagine only the former perceive the current system as a problem requiring a solution - at least the current system has the merit of encouraging large bidders to make a judgement about what slice of the remaining pot they can aim for with a reasonable chance of success, and to scale back accordingly, giving smaller bidders more of a chance. Judging by the results of the first auction, there seems little likelyhood of the offer failing to fill either way.
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Post by mrclondon on Mar 15, 2015 16:23:14 GMT
Just noticed yesterday's post by Moneything, suggesting defaulting the high bid to the remaining amount. I have to say that I think this would be just about the worst thing you could do, if you want to keep the majority of people happy. This 'solution' would suit the few with fast fingers and deep purses, at the expense of those who just want a modest second bite (the majority, I suspect - which includes myself). I imagine only the former perceive the current system as a problem requiring a solution - at least the current system has the merit of encouraging large bidders to make a judgement about what slice of the remaining pot they can aim for with a reasonable chance of success, and to scale back accordingly, giving smaller bidders more of a chance. Judging by the results of the first auction, there seems little likelyhood of the offer failing to fill either way. Just to clarify my observations yesterday, the following all happended within ten seconds (folowing times are by way of example) 16:00:00 3700 available , I bid £400 ; told £280 remaining (at least one £700 bid had been accepted) 16:00:02 280 available, I bid £150; told £124 remaining 16:00:04 124 available, I bid £100; told £24 remaining 16:00:06 24 available, I bid £24; told zero remaining. So whilst others managed bids of several hundred pounds, none of my 4 bids were accepted. I seem to be in a minority on this one, but I maintain making 4 bids and getting nothing is unfair, and reflects badly on the ethos of p2p.
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paulgul
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Post by paulgul on Mar 15, 2015 16:29:37 GMT
Just to clarify my observations yesterday, the following all happended within ten seconds (folowing times are by way of example) 16:00:00 3700 available , I bid £400 ; told £280 remaining (at least one £700 bid had been accepted) 16:00:02 280 available, I bid £150; told £124 remaining 16:00:04 124 available, I bid £100; told £24 remaining 16:00:06 24 available, I bid £24; told zero remaining. So whilst others managed bids of several hundred pounds, none of my 4 bids were accepted. I seem to be in a minority on this one, but I maintain making 4 bids and getting nothing is unfair, and reflects badly on the ethos of p2p. Agreed, but if the 2nd period of 24 hours had bids limited again (say £100/£200) this would make it easier for everyone to have a 2nd bite of the cherry
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Post by mrclondon on Mar 15, 2015 16:34:13 GMT
It is a tricky balance for platforms as they scale up, they need lenders who prefer to work in 4 or 5 figures per loan to fill the larger loans, but they also need to keep smaller lenders happy as well to grow the lender base. Its clear there are several forum members who thought the managed portfolio was going to be £10k per lender (as per my post at the bottom of the previous page amongst others).
I agree with the sentiment that bidding limits are the way forward, but the final bidder should get whats left instead of being rejected if they bid even £1 more than the availability.
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bugs4me
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Post by bugs4me on Mar 15, 2015 17:02:07 GMT
It is a tricky balance for platforms as they scale up, they need lenders who prefer to work in 4 or 5 figures per loan to fill the larger loans, but they also need to keep smaller lenders happy as well to grow the lender base. Its clear there are several forum members who thought the managed portfolio was going to be £10k per lender (as per my post at the bottom of the previous page amongst others). I agree with the sentiment that bidding limits are the way forward, but the final bidder should get whats left instead of being rejected if they bid even £1 more than the availability. mrclondon - agreed it is a fine balancing act but many (albeit possibly a minority) are potentially larger investors that are just dipping their smallest toe in the water. As the platform scales up (hopefully) then you still need to have those larger investors around. What you don't want to do is for them to walk at this stage. MT managed to sort out one fiasco and simply postpone it for another 24 hours. I'll still get involved but I won't be bothering with another bun fight 24 hours later. I suspect more than just myself feel the same. I've certainly got better things to do and there is of course 12% available elsewhere without the associated fiasco. The return on the £100 invested for 6 months may just scrape me a coffee from Starbucks provided I don't go over the top with the frothy.
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