TitoPuente
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Post by TitoPuente on Dec 9, 2015 11:48:52 GMT
From email: "Bidding opens at 11.30am on 8th December 2015 and closes at 11.30am on 9th December 2015"
If I am not wrong, the system is still accepting bids.
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alanp
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Post by alanp on Dec 9, 2015 11:54:21 GMT
This is the problem, no one but ablrateandy seems to understand the 'new' process that was implemented A fair system was proposed, everyone was happy - the irritant is when it's changed last minute and non one understands what it has been changed too I doubt everyone was happy though. If you had enough cash to take the lot at 13%, or even 9/10% say, then you would not be happy with any "share it around" system.
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pom
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Post by pom on Dec 9, 2015 11:56:02 GMT
This is the problem, no one but ablrateandy seems to understand the 'new' process that was implemented A fair system was proposed, everyone was happy - the irritant is when it's changed last minute and non one understands what it has been changed too I doubt everyone was happy though. If you had enough cash to take the lot at 13%, or even 9/10% say, then you would not be happy with any "share it around" system. ablrateandy already said he's had people who'd be happy to take the lot at a much lower interest rate....bet he wishes he'd given it to them now.
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 9, 2015 12:01:28 GMT
I doubt everyone was happy though. If you had enough cash to take the lot at 13%, or even 9/10% say, then you would not be happy with any "share it around" system. ablrateandy already said he's had people who'd be happy to take the lot at a much lower interest rate....bet he wishes he'd given it to them now. They couldn't, by any stretch of the imagination,have been the conversations which brought about a change of mind could they?
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blender
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Post by blender on Dec 9, 2015 12:12:32 GMT
I have heard tell that there is a really good system for this situation, called a reverse auction.
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 9, 2015 12:21:19 GMT
I have heard tell that there is a really good system for this situation, called a reverse auction. Fine suggestion! But I've got an even better one: set a sensible maximum allocation based on the value of the loan; then set a pledge limit in line with this; then pro rata the allocation accordingly.Announce the methodology at the start of the process and simply adhere to it. Nah,it'll never catch on
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paulgul
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Post by paulgul on Dec 9, 2015 12:32:56 GMT
Well I'm happy with what i got, big improvement
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mikeh
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Post by mikeh on Dec 9, 2015 12:35:47 GMT
Me too!
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SteveT
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Post by SteveT on Dec 9, 2015 12:36:10 GMT
Well I've pledged the maximum £2000 that we were told would be taken account of. My judgement of the fairness (or otherwise) of this new process will hinge on what size of loan part that gets me. With 45 mins left, the auction is closing on 400% funded so, if the allocation process is fair, I'm expecting ball-park £500 ... It ought to be more than that if those that have ignored the £2000 limit are pegged back they should be. Pleased to see that I was allotted £740, so some of those bidding multiples of £2k must have been given a haircut.
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Post by ablrateandy on Dec 9, 2015 12:40:29 GMT
Right. OK this all seems to have "worked" from a technical point-of-view in that :
1. I have entered amounts into the system 2. Money has been taken from people's accounts 3. It adds up to 98,250 4. It's on the secondary market and the borrower has sent me a "happy" text 5. People seem to have received an automated email with their allocation
I will look into the procedure later. In the meantime, if anyone is not happy, as I always end up saying, you can email me and I will buy you out myself at 100p in the pound before midnight today (or is it tomorrow?!)
Thanks for bearing with us. I'll be back later to discuss what we discovered and what will change next time.
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mikeh
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Post by mikeh on Dec 9, 2015 12:41:36 GMT
Well I've pledged the maximum £2000 that we were told would be taken account of. My judgement of the fairness (or otherwise) of this new process will hinge on what size of loan part that gets me. With 45 mins left, the auction is closing on 400% funded so, if the allocation process is fair, I'm expecting ball-park £500 ... It ought to be more than that if those that have ignored the £2000 limit are pegged back they should be. Pleased to see that I was allotted £740, so some of those bidding multiples of £2k must have been given a haircut. Interesting I reluctantly pledged £8k-ish to get the maximum allocation and it worked!
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Post by ablrateandy on Dec 9, 2015 12:47:08 GMT
ablrateandy already said he's had people who'd be happy to take the lot at a much lower interest rate....bet he wishes he'd given it to them now. They couldn't, by any stretch of the imagination,have been the conversations which brought about a change of mind could they? Woooaaahhhh. Sorry just saw this. I have at no point had a conversation outside of the firm with ANYONE about the process. I have not been influenced by anyone apart from the boss (and he would be the first person to say that I don't listen to him either!). Let's just be clear on that, as it is starting to develop into a "Andy got influenced by someone" theme.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Dec 9, 2015 12:51:31 GMT
Got allocated about 1/3 of what I pledged and honestly had ready funds to cover all pledge.
It looks I need to start gaming the system, bid multiple maximums and will get allocated my whole balance.
Still better third than nothing.
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Investor
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Post by Investor on Dec 9, 2015 12:53:04 GMT
They couldn't, by any stretch of the imagination,have been the conversations which brought about a change of mind could they? Woooaaahhhh. Sorry just saw this. I have at no point had a conversation outside of the firm with ANYONE about the process. I have not been influenced by anyone apart from the boss (and he would be the first person to say that I don't listen to him either!). Let's just be clear on that, as it is starting to develop into a "Andy got influenced by someone" theme. Although we notice by it's absence that you have point blank refused to comment on the belief that during the night you were abducted by Aliens from the planet Splarghft who planted a sub-conscious thought which has influenced this process. Go on.....admit it
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 9, 2015 12:55:24 GMT
They couldn't, by any stretch of the imagination,have been the conversations which brought about a change of mind could they? Woooaaahhhh. Sorry just saw this. I have at no point had a conversation outside of the firm with ANYONE about the process. I have not been influenced by anyone apart from the boss (and he would be the first person to say that I don't listen to him either!). Let's just be clear on that, as it is starting to develop into a "Andy got influenced by someone" theme. OK fair point, I wasn't meaning to personalise the issue and as I've said before it is appreciated that you're looking at improving processes. However it really would have taken much of the sting out of this if you had given an explanation of the rational behind your change of mind mid-process.
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