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Post by wickedxuk on Feb 5, 2017 10:13:43 GMT
Out of curiosity, can a bid be removed on a loan that has not yet closed? I.E The two loans that are still open? As they cannot be sold on the SM yet for obvious reasons should there be the option to revoke a bid until such time as the loan closes?
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archie
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Post by archie on Feb 5, 2017 10:25:56 GMT
Out of curiosity, can a bid be removed on a loan that has not yet closed? I.E The two loans that are still open? As they cannot be sold on the SM yet for obvious reasons should there be the option to revoke a bid until such time as the loan closes? No. FAQ
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james
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Post by james on Feb 5, 2017 13:13:58 GMT
Not automatically. Contact them if you need to do this and I expect that they will do it unless a loan is about to complete, at which point the secondary market will soon take over. You may well sacrifice any instant returns that you would have been eligible for by holding to completion or withdrawing of an unfunded loan.
For loans with instant returns it's worth considering the risk picture: the money has to be left in a client money account but we're still getting the instant return, which isn't taxable as interest but rather as a potential capital price discount if the loan does get funded. Not risk and tax free but pretty good.
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Post by wickedxuk on Feb 5, 2017 14:00:44 GMT
Thanks gents, I'm still happy with the loans, just curious. Didn't spot it on the FAQ so thank you for linking for me. VMT
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blender
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Post by blender on Feb 5, 2017 14:04:14 GMT
You probably know more than I do, James, but I think I would need a very good reason to have a bid released. Not just a change of mind. The rules are clear enough. For example, Ablrate would probably not be keen to release bids on these current loans at 10% for someone who has found a better offer on another platform, or for someone who wants to move to one of the new Ablrate loans which we have just been told are coming. The more devious among us might say that the spurious zero, still in the bid field, made us bid ten times more than we intended.
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stevio
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Post by stevio on Feb 5, 2017 15:12:11 GMT
You probably know more than I do, James, but I think I would need a very good reason to have a bid released. Not just a change of mind. The rules are clear enough. For example, Ablrate would probably not be keen to release bids on these current loans at 10% for someone who has found a better offer on another platform, or for someone who wants to move to one of the new Ablrate loans which we have just been told are coming. The more devious among us might say that the spurious zero, still in the bid field, made us bid ten times more than we intended. What new loans?
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archie
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Post by archie on Feb 5, 2017 15:18:51 GMT
You probably know more than I do, James, but I think I would need a very good reason to have a bid released. Not just a change of mind. The rules are clear enough. For example, Ablrate would probably not be keen to release bids on these current loans at 10% for someone who has found a better offer on another platform, or for someone who wants to move to one of the new Ablrate loans which we have just been told are coming. The more devious among us might say that the spurious zero, still in the bid field, made us bid ten times more than we intended. What new loans? 3rd Feb post :- Here
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james
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Post by james on Feb 5, 2017 19:45:04 GMT
You probably know more than I do, James, but I think I would need a very good reason to have a bid released. Not just a change of mind. The rules are clear enough. I know that Ablrate try to be helpful and that it's up to them to decide on the threshold for "need". No harm in asking them. If they think that it's not going to make a material difference they may go with being helpful for even quite low thresholds of need.
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blender
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Post by blender on Feb 5, 2017 20:52:19 GMT
I agree completely with that, James. Ablrate do try to be flexible and to support their lenders as individuals. It certainly is worth asking customer services if you have a difficulty with a bid made. It was just the wording 'Contact them if you need to do this and I expect that they will do it unless a loan is about to complete' which I thought was raising expectations rather high - because I have never heard Ablrate say they will do that. It is probably just best to repeat the FAQ here, as linked to above, which is generous, I feel: 'Can I cancel a bid?
No, once a bid is made it is final. We do this because it would be very hard to close a transaction if outstanding bids were able to be canceled. If you have a situation where you really need to cancel we will look to help wherever we can. In these exceptional circumstances, please contact customerservices@ablrate.com '
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