littonowl
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Post by littonowl on Aug 30, 2017 19:05:03 GMT
Not a problem puddleduck ! And, firstly, the reason we show 20 open loans is because this is the maximum we'll allocate per transaction (we’re already in the process of changes this to make it a bit clearer). However, besides this, the amount of loans you are in will depend on two things:- The amount you invest - for example, if we receive a £50 payment, we'll only ever allocate it to 5 loans (because the minimum loan part size is £10). The time – due to our loan part allocation algorithm, it is possible you’ll get two parts of the same loan when making two separate transactions. When allocating your money to different loans, we always start with the one that, proportionally, has the least money assigned to it. We will then work backwards to the loan that is most well-funded. This occurs on a payment-by-payment basis. I hope that helps explain things a little better? Thanks for your reply. Diversification is very important, and generally I would like to pay in more money when you have new loans. So showing 20 open loans isn't useful on its own as I may (or may not) already be holding some of these loans parts. So it would be very useful if you could show how many of the current open loans I am not invested in - that would allow me to target a payment to fill loans I am not in, while avoiding loans I am already exposed to. Potentially I could be putting in circa 1k a month, but i would prefer to do it when you have new loans that I do not already hold. Showing the number of open loans I feel is just not a useful metric for you to share without context. Great suggestion puddleduck , would be a very useful feature and allow me to top up on my mother's behalf with more confidence that she'd be well diversified.
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greatmarko
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Post by greatmarko on Aug 31, 2017 11:49:59 GMT
...showing 20 open loans isn't useful on its own as I may (or may not) already be holding some of these loans parts. So it would be very useful if you could show how many of the current open loans I am not invested in - that would allow me to target a payment to fill loans I am not in, while avoiding loans I am already exposed to... I totally agree!! - To that end I cobbled together a little browser extension this morning, which adds the following enhancements on the Statistics page: Features:- Works out which loans are currently open and changes their font colour to green
- Highlights any currently open loans which you're not already invested in
- Indicates the % availability of each loan
- Indicates the total number of loans on the platform
- Indicates the number of loans you're currently invested in (and as a % of total loans on platform)
- Indicates the average lender rate for the loans which are currently open (as opposed to the lender rate across the entire loan book)
- Indicates the number of currently open loans you're already invested in
- Indicates the number of currently open loans you're not already invested in
Screenshots: Caveats:- OC don't identify which sub-set of loans are currently "open", however, they have confirmed that "When allocating your money to different loans, we always start with the one that, proportionally, has the least money assigned to it. We will then work backwards to the loan that is most well-funded". Therefore my extension assumes that the 20 loans with most % availability are the 20 that are currently "open"
- As very limited information on the loans you're invested in is available, the extension is unable to distinguish between multiple loans that have the same postcode, AND with the same LTV, AND the same borrower rate. For instance, if there are two loans both with an L1 postcode, 70% LTV, and borrower rates of 8%, and you're invested in one but not the other, the extension will be unable to distinguish this and will assume you're invested in both.
If Octopus are ok with this and give approval, I'd be happy to share. Tagging octopusjoe & vanessaiman
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macq
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Post by macq on Aug 31, 2017 11:54:41 GMT
think the term cobbled together is a bit of an understatement on your part! but will there be a purple version instead of green?
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greatmarko
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Post by greatmarko on Sept 4, 2017 11:54:24 GMT
Also, to confirm greatmarko , the queue timer is still part of the new dashboard, however it will only show if it reaches over three days. octopusjoe, I made a deposit on Friday 1st @ 12:18pm. Over 72 hours (i.e. now 3 days) later and my money is still sat there waiting to be invested. If people see there are 20 supposedly "open" loans promoted on your platform, with no indication of any queue, they will assume that if they make a deposit that their money will be working for them as soon as you are in receipt of their deposit... not 3+ days later. There is clearly a queue at the moment, yet there hasn't been and isn't currently any indication on the site or my dashboard that the queue time has now exceeded >3 days. So I'll request it again - PLEASE can you show the queue time on your site? (otherwise the assertion that OC are an "open book" isn't true) Don't get me wrong - I really like OC, and my gripe is less to do with the fact that there is a queue from time to time, but more to do with the fact that when there is, it isn't made totally transparent!
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macq
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Post by macq on Sept 4, 2017 12:19:45 GMT
Would agree-for the first time in a while i have a repayment from the end of the week waiting for reinvestment so its a bit longer then usual so it would be good to know the queue length.I know OC have said before they treat all money the same but do think a system that invests repayments first a bit like LW would be better.Also if people are asked to set up a regular monthly plan they should then expect that money to be invested as quick as possible as well or you might as well wait and keep an eye on the queue
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puddleduck
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Post by puddleduck on Sept 4, 2017 16:15:04 GMT
Same boat as me, deposit made Friday, showing 20 open loans and still sat there uninvested.
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puddleduck
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Post by puddleduck on Sept 5, 2017 4:59:08 GMT
In addition to the funds added on Friday still uninvested, my uninvested money has now increased and my loan count has decreased by 1.
I assume a loan has been repaid or cancelled, but there is nothing to indicate this anywhere.
I do find this platform very frustrating - we are told if there is a queue over 3 days it will be shown, but no queue is showing and funds are sitting uninvested so there clearly IS a queue. I hate platforms taking people for idiots - there is a queue, man up and show us!
Having invested funds sitting around decreases the effective interest rate.
I am happy to give a platform a chance, but if we are simply 'thanked for feedback' but nothing changes, then other platforms will get the money instead.
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macq
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Post by macq on Sept 5, 2017 7:19:41 GMT
In addition to the funds added on Friday still uninvested, my uninvested money has now increased and my loan count has decreased by 1. I assume a loan has been repaid or cancelled, but there is nothing to indicate this anywhere. I do find this platform very frustrating - we are told if there is a queue over 3 days it will be shown, but no queue is showing and funds are sitting uninvested so there clearly IS a queue. I hate platforms taking people for idiots - there is a queue, man up and show us! Having invested funds sitting around decreases the effective interest rate. I am happy to give a platform a chance, but if we are simply 'thanked for feedback' but nothing changes, then other platforms will get the money instead. You can check repayments and re-investments under the transactions tab on the new dashboard or under recent activity tab on the old dashboard.I have repayments waiting so would guess some of the delay is caused by loans repaying or may be new ISA money.May be its an end/start of the month thing?
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puddleduck
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Post by puddleduck on Sept 5, 2017 7:34:11 GMT
In addition to the funds added on Friday still uninvested, my uninvested money has now increased and my loan count has decreased by 1. I assume a loan has been repaid or cancelled, but there is nothing to indicate this anywhere. I do find this platform very frustrating - we are told if there is a queue over 3 days it will be shown, but no queue is showing and funds are sitting uninvested so there clearly IS a queue. I hate platforms taking people for idiots - there is a queue, man up and show us! Having invested funds sitting around decreases the effective interest rate. I am happy to give a platform a chance, but if we are simply 'thanked for feedback' but nothing changes, then other platforms will get the money instead. You can check repayments and re-investments under the transactions tab on the new dashboard or under recent activity tab on the old dashboard.I have repayments waiting so would guess some of the delay is caused by loans repaying or may be new ISA money.May be its an end/start of the month thing? Thank you - I can see an entry for Repayment of Capital - its a round number, and my loan count reduced by 1, so I assume this is a loan that has been cancelled. I hate having to 'assume' but there is no context.
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Post by octopusjoe on Sept 5, 2017 10:48:23 GMT
Also, to confirm greatmarko , the queue timer is still part of the new dashboard, however it will only show if it reaches over three days. octopusjoe , I made a deposit on Friday 1st @ 12:18pm. Over 72 hours (i.e. now 3 days) later and my money is still sat there waiting to be invested. If people see there are 20 supposedly "open" loans promoted on your platform, with no indication of any queue, they will assume that if they make a deposit that their money will be working for them as soon as you are in receipt of their deposit... not 3+ days later. There is clearly a queue at the moment, yet there hasn't been and isn't currently any indication on the site or my dashboard that the queue time has now exceeded >3 days. So I'll request it again - PLEASE can you show the queue time on your site? (otherwise the assertion that OC are an "open book" isn't true) Don't get me wrong - I really like OC, and my gripe is less to do with the fact that there is a queue from time to time, but more to do with the fact that when there is, it isn't made totally transparent! Hi guys. This is actually not an issue with the loan queue but, as others have alluded to, due to a very large loan being repaid. This has meant all those invested in said loan are being reinvested and, at a busy time of the month, a huge number of transactions taking place. This has slight meant a delay in money being invested due to a backlog of trades being processed, rather than there not being enough loans on the platform to allocate investor funds to. This is also is why the loan queue indicator has not appeared. I appreciate as a user that ultimately this makes no difference, as you want your money invested as soon as possible, and I really am sorry. Designing a system that makes this trading process faster is currently a top priority with our development team, as it's a situation that we'd of course want to avoid. Thanks everyone else for your responses and help!
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Post by octopusjoe on Sept 5, 2017 10:57:55 GMT
I would also like to stress, in response to above posts, that we genuinely are incredibly grateful for all feedback, and not only is shared with the team, but it is being acted upon. It’s just sadly not a case of just flicking a switch and making a change. These have to be built and tested, and balanced against competing feedback.
The new dashboard was built on user feedback, and a number of changes suggested on this forum will have gone into it. So please do keep it coming!
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greatmarko
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Post by greatmarko on Sept 5, 2017 11:01:59 GMT
Hi guys. This is actually not an issue with the loan queue but, as others have alluded to, due to a very large loan being repaid. This has meant all those invested in said loan are being reinvested and, at a busy time of the month, a huge number of transactions taking place. This has slight meant a delay in money being invested due to a backlog of trades being processed, rather than there not being enough loans on the platform to allocate investor funds to. This is also is why the loan queue indicator has not appeared. I appreciate as a user that ultimately this makes no difference, as you want your money invested as soon as possible, and I really am sorry. Designing a system that makes this trading process faster is currently a top priority with our development team, as it's a situation that we'd of course want to avoid. Thanks everyone else for your responses and help! Thanks for the response, Joe! I'd say that it's actually less about wanting our money to be invested as soon as possible, and more about providing lenders with sufficient information to allow us to make informed choices about WHEN we deposit money on the platform (i.e. so we can make deposits when there's no queue) I really hope you'll please consider re-introducing the queue time/length indicator - if not on your "public" stats page, then at least in lender's dashboards!
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macq
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Post by macq on Sept 5, 2017 13:49:26 GMT
octopusjoe , I made a deposit on Friday 1st @ 12:18pm. Over 72 hours (i.e. now 3 days) later and my money is still sat there waiting to be invested. If people see there are 20 supposedly "open" loans promoted on your platform, with no indication of any queue, they will assume that if they make a deposit that their money will be working for them as soon as you are in receipt of their deposit... not 3+ days later. There is clearly a queue at the moment, yet there hasn't been and isn't currently any indication on the site or my dashboard that the queue time has now exceeded >3 days. So I'll request it again - PLEASE can you show the queue time on your site? (otherwise the assertion that OC are an "open book" isn't true) Don't get me wrong - I really like OC, and my gripe is less to do with the fact that there is a queue from time to time, but more to do with the fact that when there is, it isn't made totally transparent! Hi guys. This is actually not an issue with the loan queue but, as others have alluded to, due to a very large loan being repaid. This has meant all those invested in said loan are being reinvested and, at a busy time of the month, a huge number of transactions taking place. This has slight meant a delay in money being invested due to a backlog of trades being processed, rather than there not being enough loans on the platform to allocate investor funds to. This is also is why the loan queue indicator has not appeared. I appreciate as a user that ultimately this makes no difference, as you want your money invested as soon as possible, and I really am sorry. Designing a system that makes this trading process faster is currently a top priority with our development team, as it's a situation that we'd of course want to avoid. Thanks everyone else for your responses and help! Thanks for the feedback but would say the queue time indicator might also help you not get complaints as when it says 20 loans open people assume they will be invested right away plus you have the allocation feature to take into account as well.
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puddleduck
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Post by puddleduck on Sept 5, 2017 15:43:59 GMT
octopusjoe , I made a deposit on Friday 1st @ 12:18pm. Over 72 hours (i.e. now 3 days) later and my money is still sat there waiting to be invested. If people see there are 20 supposedly "open" loans promoted on your platform, with no indication of any queue, they will assume that if they make a deposit that their money will be working for them as soon as you are in receipt of their deposit... not 3+ days later. There is clearly a queue at the moment, yet there hasn't been and isn't currently any indication on the site or my dashboard that the queue time has now exceeded >3 days. So I'll request it again - PLEASE can you show the queue time on your site? (otherwise the assertion that OC are an "open book" isn't true) Don't get me wrong - I really like OC, and my gripe is less to do with the fact that there is a queue from time to time, but more to do with the fact that when there is, it isn't made totally transparent! Hi guys. This is actually not an issue with the loan queue but, as others have alluded to, due to a very large loan being repaid. This has meant all those invested in said loan are being reinvested and, at a busy time of the month, a huge number of transactions taking place. This has slight meant a delay in money being invested due to a backlog of trades being processed, rather than there not being enough loans on the platform to allocate investor funds to. This is also is why the loan queue indicator has not appeared. I appreciate as a user that ultimately this makes no difference, as you want your money invested as soon as possible, and I really am sorry. Designing a system that makes this trading process faster is currently a top priority with our development team, as it's a situation that we'd of course want to avoid. Thanks everyone else for your responses and help! Thanks for the reply - surely if there is a delay due to other reinvestments, that is a de facto queue, whatever the root cause? To my mind, that like going into Tesco to the till - you have 7 people in front of you taking items back for a refund, but because only 1 person is purchasing, its not a queue.. I feel a duck and quack analogy but I'll spare you all that cliche. Something a simple as timer that says something like, 'if you invest today, you can expect your money to be working for you from dd/mm/yy', preferably not in purple
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macq
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Post by macq on Sept 6, 2017 7:39:33 GMT
I would also like to stress, in response to above posts, that we genuinely are incredibly grateful for all feedback, and not only is shared with the team, but it is being acted upon. It’s just sadly not a case of just flicking a switch and making a change. These have to be built and tested, and balanced against competing feedback. The new dashboard was built on user feedback, and a number of changes suggested on this forum will have gone into it. So please do keep it coming! Hi OcJoe-seems like the queue is moving but would like to offer feedback on new dashboard.On the old dashboard over the map it shows if you have a late loan that cannot be withdrawn (which i do) and you can see the info straight away.But on the new dashboard my total is for the full amount so is there a way of seeing late loans on the new dashboard?
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