littonowl
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Post by littonowl on Jan 10, 2017 12:31:27 GMT
Happy New Year Vanessa vanessaiman and congrats to yourself and all your colleagues at Octopus for gaining your FCA licence: www.p2pfinancenews.co.uk/2017/01/09/octopus-choice-fca-authorisation/I see it as a bit of a double-edged sword, great for the business, as the IFISA will no doubt increase lender demand, but presumably that will drive down the interest rate even further and lead to even longer queue's to investment? I appreciate its very early, but it would be great if a process was set up to allow current investors being able to switch their holdings into an IFISA, without the need to sell and rejoin the investment queue...Do you think it's something that will be possible, Vanessa?
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Post by vanessaiman on Jan 26, 2017 17:15:41 GMT
Hi littonowl, Sorry for the late reply, happy new year! Thank you for the congratulations. We are very excited that the FCA has granted us full authorisation. At the moment, we’re working on developing an ISA version of the product with the aim to launch it later in the year. As you’ll know, over the last few months Choice has proved very popular! So much so, that some of the loans which were previously open for investment have now been filled. Our lending team, however, have been working extremely hard to secure additional capacity to the platform to decrease the queue. We’ve also taken the feedback from our customers about the queue and have decided that any investments made to the Innovative Finance ISA will be treated as a brand new investment. We want to first reduce the capacity of the queue so that we can support the increased demand due to the upcoming ISA and to make sure you earn interest as quickly as possible. Right now, our primary focus is on creating the best possible experience for you and the thousands like you who've already put their faith in us. We’ve achieved a huge amount in a very short time and I would like to thank you for your support so far. Please do let me know if you have any further questions. Best, Vanessa
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Post by vanessaiman on Jan 30, 2017 16:16:38 GMT
Hi all,
Just a quick message to let you know that we are no longer experiencing a queue on the platform.
What does this mean?
We will now be investing all new funds and reinvested payments into our basket of carefully selected loans. You will have your money spread across a portfolio of high-performing loans with no more than 10% of it in a single loan.
Please note – our queue times will vary – we cannot guarantee that we will not experience another queue. We will, however, be doing our very best to keep the queue at a minimum and invest your money as soon as we can.
We do hope that today’s news is seen as a positive step in the right direction as we couldn't have done it without your support and feedback.
So, please feel free to let me know if you have any further questions.
Best, Vanessa
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greatmarko
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Post by greatmarko on Jan 30, 2017 17:27:17 GMT
vanessaiman are there any plans to better stabilise the "Target Rate" - as it varies quite significantly and frequently! I've seen it as low as 4.0% and as high as 5.3% - which is quite some variance!
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Post by davee39 on Jan 30, 2017 22:31:31 GMT
The Target Rate is not a reliable (or remotely useful) statistic. It is a simple average of the rates available. There could be one loan with £6m at 4% and £20 at 5%. The target would be 4.5%. If you put in £100 you should get pieces of the loans with the most availability - those at the top of the statistics page. I suspect 4.3% would be a likely achieved rate.
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Post by vanessaiman on Jan 31, 2017 10:07:47 GMT
Hi greatmarkoI hope you are well. The target rate is a blended rate of all the loans that we currently have open for investment. As some loans get redeemed early this can cause the target rate to fluxuate. We expect that as we continue to increase our loan capacity, the target rate will stablise. Best, Vanessa
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 31, 2017 18:58:11 GMT
Hi all, Just a quick message to let you know that we are no longer experiencing a queue on the platform. Best, Vanessa This is good news for people wanting to get invested, but is the corollary that it will be slower to make a withdrawal? What is the priority when allocating new money between unfilled loans and withdrawal requests?
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pauls
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Post by pauls on Feb 1, 2017 14:13:54 GMT
Impressive performance this last while.
Today - money transferred 2.00pm, email confirmation from OC at 2.01pm. Funds invested email at 2.10pm.
Good job. Keep it up :-)
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littonowl
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Post by littonowl on Feb 1, 2017 15:36:45 GMT
Yep, good to see that the queue no longer exists, but I've got my first late payment, though apparently I'll continue to earn interest as before (though understandably the capital on the loan isn't accessible)...
Full message here...:
We’re still waiting for a payment on 1 of the loans in your portfolio. But not to worry, we’re in touch with the borrowers to make sure it’s paid as quickly as possible, and you’ll continue to earn interest as before. In the meantime, the rest of your portfolio is available for withdrawal.
Anyone else got or had this message and how long (2 late payments?) before it officially slips into default I wonder..?
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pom
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Post by pom on Feb 1, 2017 15:39:26 GMT
Yep, good to see that the queue no longer exists, but I've got my first late payment, though apparently I'll continue to earn interest as before (though the capital is now not accessible)... Full message here...: We’re still waiting for a payment on 1 of the loans in your portfolio. But not to worry, we’re in touch with the borrowers to make sure it’s paid as quickly as possible, and you’ll continue to earn interest as before. In the meantime, the rest of your portfolio is available for withdrawal.Anyone else got or had this message and how long (2 late payments?) before it officially slips into default I wonder..? I'm in that one also...(well, assuming there's just one !)...no clue beyond that tho.
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littonowl
Member of DD Central
Posts: 398
Likes: 355
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Post by littonowl on Feb 1, 2017 15:42:50 GMT
Yep, good to see that the queue no longer exists, but I've got my first late payment, though apparently I'll continue to earn interest as before (though the capital is now not accessible)... Full message here...: We’re still waiting for a payment on 1 of the loans in your portfolio. But not to worry, we’re in touch with the borrowers to make sure it’s paid as quickly as possible, and you’ll continue to earn interest as before. In the meantime, the rest of your portfolio is available for withdrawal.Anyone else got or had this message and how long (2 late payments?) before it officially slips into default I wonder..? I'm in that one also...(well, assuming there's just one !)...no clue beyond that tho. The loan accounts for 3.41% of my Octopus balance, so highlights the need for good diversification of the portfolio, which was an earlier topic of concern. I've now got a spread of 48 loans so much better now. How about you?
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pom
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Post by pom on Feb 1, 2017 16:09:42 GMT
I'm in that one also...(well, assuming there's just one !)...no clue beyond that tho. The loan accounts for 3.41% of my Octopus balance, so highlights the need for good diversification of the portfolio, which was an earlier topic of concern. I've now got a spread of 48 loans so much better now. How about you? 2.1%...of 70 (!) loans
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bigfoot12
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Post by bigfoot12 on Feb 1, 2017 17:48:27 GMT
I got (relatively) lucky on that one 0.15% with 60 loans. But despite my first default I am impressed with the investment speed which for me today was similar to pauls.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Feb 1, 2017 17:54:41 GMT
Yep, good to see that the queue no longer exists, but I've got my first late payment, though apparently I'll continue to earn interest as before (though understandably the capital on the loan isn't accessible)... Full message here...: We’re still waiting for a payment on 1 of the loans in your portfolio. But not to worry, we’re in touch with the borrowers to make sure it’s paid as quickly as possible, and you’ll continue to earn interest as before. In the meantime, the rest of your portfolio is available for withdrawal.Anyone else got or had this message and how long (2 late payments?) before it officially slips into default I wonder..? How did you get this message - I don't seem to have it but maybe I am not in that loan.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 1, 2017 17:57:38 GMT
Yep, good to see that the queue no longer exists, but I've got my first late payment, though apparently I'll continue to earn interest as before (though understandably the capital on the loan isn't accessible)... Full message here...: We’re still waiting for a payment on 1 of the loans in your portfolio. But not to worry, we’re in touch with the borrowers to make sure it’s paid as quickly as possible, and you’ll continue to earn interest as before. In the meantime, the rest of your portfolio is available for withdrawal.Anyone else got or had this message and how long (2 late payments?) before it officially slips into default I wonder..? How did you get this message - I don't seem to have it but maybe I am not in that loan. Shows above the map on the homepage, Im in it for 50p.
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