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 May 19, 2017 9:32:00 GMT
It does lead to a bit of abuse to the platform if investors invest and then put up for sale on the SM before they get the cashback, knowing that they will get the cashback a drawdown. The issue was cashback was still advertised for SM sales and on the purchasing page, you had no idea that you was buying from the PM or SM. Future CB loans will not have this issue. Apart from the statement saying fully funded, secondary market active displayed instead of the percentage available. Its on the small side so easy to miss I guess for the new to site.
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vmail
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Post by vmail on May 19, 2017 9:42:08 GMT
It does lead to a bit of abuse to the platform if investors invest and then put up for sale on the SM before they get the cashback, knowing that they will get the cashback a drawdown. The issue was cashback was still advertised for SM sales and on the purchasing page, you had no idea that you was buying from the PM or SM. Future CB loans will not have this issue. Apart from the statement saying fully funded, secondary market active displayed instead of the percentage available. Its on the small side so easy to miss I guess for the new to site. On the main page yes, but not on the buying page, CB was still advertised for before drawdown and was not stated for PM only. Yes I am new (third day)
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Post by Collateral Rep on May 19, 2017 9:45:04 GMT
Hi keystone, We won't be doing cashback but we are looking at a higher interest rate for the development loans. Many thanks, Gordon
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star dust
Member of DD Central
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Post by star dust on May 19, 2017 10:02:48 GMT
Well you, for one, knew you were buying SM parts since you'd already posted here to register your frustration at missing out on 4%. I didn't, I'm new to Collateral and think the Primary market and SM are not very distinct. I invested about 10mins before the email clarifying the situation was sent. I am an established Collateral investor and I would agree, if you were in a hurry to invest you may well not have spotted the secondary market banner which doesn't appear on the investment page. In addition I think the cash-back information was still on the site (could possibly be wrong there), and the e-mail did not arrive as soon as the loan filled. I also think there was/is a lack of clarity as to whether you needed to still hold the loan at drawdown in order to receive the cash-back. Note: As I was neither a seller nor purchaser on the SM I have no vested interest here other than a desire for clarity.
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elliotn
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Post by elliotn on May 19, 2017 10:05:20 GMT
It does lead to a bit of abuse to the platform if investors invest and then put up for sale on the SM before they get the cashback, knowing that they will get the cashback a drawdown. The issue was cashback was still advertised for SM sales and on the purchasing page, you had no idea that you was buying from the PM or SM. Future CB loans will not have this issue. The website states for each loan the % funded or whether it is 'loan fully funded - secondary market active' which removes all doubt.
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elliotn
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Post by elliotn on May 19, 2017 10:10:13 GMT
Well you, for one, knew you were buying SM parts since you'd already posted here to register your frustration at missing out on 4%. I didn't, I'm new to Collateral and think the Primary market and SM are not very distinct. I invested about 10mins before the email clarifying the situation was sent. A newbie will read the available loans and are clearly told if the loan is still only "XX.XXX% Funded" or "Loan Fully Funded - Secondary Market Active".
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elliotn
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Post by elliotn on May 19, 2017 10:15:49 GMT
Apart from the statement saying fully funded, secondary market active displayed instead of the percentage available. Its on the small side so easy to miss I guess for the new to site. On the main page yes, but not on the buying page, CB was still advertised for before drawdown and was not stated for PM only. Yes I am new (third day) How did you manage to get to the buying page without seeing the main page - impressive for your 3rd day.
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Post by Collateral Rep on May 19, 2017 10:24:57 GMT
Morning,
We've taken on board that we may not have been as clear as we could have been regarding the cashback.
We will learn from this and in the future be a lot clearer to all investors.
Apologies for any inconvenience this may have caused.
Gordon
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madpierre
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Post by madpierre on May 19, 2017 10:44:36 GMT
The principles of common sense would lead me to conclude:
1. I would not expect cashback from a purchase on the SM 2. I would not expect cashback from a sale on the SM 3. I would not expect loan parts to be available on the SM until after the loan drawdown
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ali
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Post by ali on May 19, 2017 10:55:32 GMT
The principles of common sense would lead me to conclude: 1. I would not expect cashback from a purchase on the SM 2. I would not expect cashback from a sale on the SM 3. I would not expect loan parts to be available on the SM until after the loan drawdown I'm not sure I agree with your last point. Is there any platform where that applies? I know it doesn't on MT for example where you can currently trade BPF711 even though it hasn't drawn down yet.
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SteveT
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Post by SteveT on May 19, 2017 10:59:51 GMT
The principles of common sense would lead me to conclude: 1. I would not expect cashback from a purchase on the SM 2. I would not expect cashback from a sale on the SM 3. I would not expect loan parts to be available on the SM until after the loan drawdown I'm not sure I agree with your last point. Is there any platform where that applies? I know it doesn't on MT for example where you can currently trade BPF711 even though it hasn't drawn down yet. I agree. There's no issue with trading parts pre-drawdown where the SM operates on a "par only" basis, such as Collateral / MoneyThing / Lendy.
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vmail
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Post by vmail on May 19, 2017 12:41:09 GMT
It does lead to a bit of abuse to the platform if investors invest and then put up for sale on the SM before they get the cashback, knowing that they will get the cashback a drawdown. The issue was cashback was still advertised for SM sales and on the purchasing page, you had no idea that you was buying from the PM or SM. Future CB loans will not have this issue. The website states for each loan the % funded or whether it is 'loan fully funded - secondary market active' which removes all doubt. Not on the purchasing page.
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vmail
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Posts: 457
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Post by vmail on May 19, 2017 12:44:13 GMT
On the main page yes, but not on the buying page, CB was still advertised for before drawdown and was not stated for PM only. Yes I am new (third day) How did you manage to get to the buying page without seeing the main page - impressive for your 3rd day. I was buying before the SM was available. Still on the buying page I refreshed (I may have pressed back first) the page and saw more was available, it did not state where the extra money came from.
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tarq
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Post by tarq on May 19, 2017 14:28:13 GMT
At least this is a decent amount of time, invest and forget. The new ones are only 3 months!
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micky
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Post by micky on May 21, 2017 13:20:13 GMT
Has CB been paid yet?
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