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Post by wonder on Jun 15, 2017 10:01:08 GMT
Dear Moneything Experts,
Hi. I'm just trying to get some money onto the Moneything platform. A few naive questions (sorry, I didn't see a pinned FAQ post or anything similar):
1) Are there any browser extensions to help me out? Orisk maintains great software for Lendy. Is anything similar available for Moneything?
2) I can't seem to see any way to get the website to tell me how much I have on the platform in total. Do I really have to add it up myself? This seems like a basic function that should be there.
3) I have noticed some folk saying that, on Moneything, they are not interested in selling up well before the end dates, and buying new loans (as is common on Lendy). Why not? Isn't this strategy likely to avoid some defaults? Isn't it also likely to keep one's holdings relatively liquid?
4) Does anyone have advice about when to check the site for long-dated 12% and 13% loans on the secondary market? Is just after midnight good? Any difference between various days of the week?
Thanks to any of you experienced Moneything folks for any help you can provide with these questions.
Yours, Wonder
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Post by wiseclerk on Jun 15, 2017 10:05:50 GMT
re 2) Look at 'Funds'
re 3) possibly more trust
re 4) check on the day/just before the release of new loans
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mikeh
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Post by mikeh on Jun 15, 2017 10:28:46 GMT
1) None that I know of
2) On the Funds tab, total investment = live loans + Account balance. An accrued interest figure would be nice.
3) Firstly there has never been a default on MT. Secondly you have the choice of repayment on all renewals. Thirdly I have a lot more confidence in MT than in certain other platforms.
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elliotn
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Post by elliotn on Jun 15, 2017 11:17:19 GMT
Dear Moneything Experts, Hi. I'm just trying to get some money onto the Moneything platform. A few naive questions (sorry, I didn't see a pinned FAQ post or anything similar): 1) Are there any browser extensions to help me out? Orisk maintains great software for Lendy. Is anything similar available for Moneything? 2) I can't seem to see any way to get the website to tell me how much I have on the platform in total. Do I really have to add it up myself? This seems like a basic function that should be there. 3) I have noticed some folk saying that, on Moneything, they are not interested in selling up well before the end dates, and buying new loans (as is common on Lendy). Why not? Isn't this strategy likely to avoid some defaults? Isn't it also likely to keep one's holdings relatively liquid? 4) Does anyone have advice about when to check the site for long-dated 12% and 13% loans on the secondary market? Is just after midnight good? Any difference between various days of the week? Thanks to any of you experienced Moneything folks for any help you can provide with these questions. Yours, Wonder 1 None seen on here. 2 Funds -> My Loans Live + Account Balance. 3 Trust in platform; far smaller deal flow. Birkenhead may affect some lenders investments though. 4 Check now, c2M, plenty long dated, after midnight/end of weekend to make withdrawal possibly, before new loans is main churn though that is less possible with a big SM. Overall, less about trying to game the platform and more about investing in a platform that goes out of its way to help take care of investors.
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archie
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Post by archie on Jun 15, 2017 11:59:06 GMT
1) None that I know of 2) On the Funds tab, total investment = live loans + Account balance. An accrued interest figure would be nice. 3) Firstly there has never been a default on MT. Secondly you have the choice of repayment on all renewals. Thirdly I have a lot more confidence in MT than in certain other platforms. 2) Funds>Statement shows 'Interest received' (all interest to date) and 'Interest expected' (this covers expected interest on all held loans assuming retained to end of term). I'd like an interest breakdown by month. Past months shows interest paid. Current month shows interest paid, interest expected and both totalled (3 entries). Future months just interest expected. A list of the next few weeks interest payments by individual loan in date order would be good too (as ABL recently added). 3) Totally agree on trust. I have far too much money on MT (*) * Joking, not selling anything at the moment.
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mikeh
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Post by mikeh on Jun 15, 2017 12:56:30 GMT
1) None that I know of 2) On the Funds tab, total investment = live loans + Account balance. An accrued interest figure would be nice. 3) Firstly there has never been a default on MT. Secondly you have the choice of repayment on all renewals. Thirdly I have a lot more confidence in MT than in certain other platforms. 2) Funds>Statement shows 'Interest received' (all interest to date) and 'Interest expected' (this covers expected interest on all held loans assuming retained to end of term). I'd like an interest breakdown by month. Past months shows interest paid. Current month shows interest paid, interest expected and both totalled (3 entries). Future months just interest expected. A list of the next few weeks interest payments by individual loan in date order would be good too (as ABL recently added). 3) Totally agree on trust. I have far too much money on MT (*) * Joking, not selling anything at the moment. What I meant by accrued interest is interest earned but not yet credited to your account. This figure will average half a month's interest received. FC quote this figure. Live Loans + Account Balance + Interest Accrued would then represent the current total investment on the platform.
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archie
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Post by archie on Jun 15, 2017 13:00:51 GMT
What I meant by accrued interest is interest earned but not yet credited to your account. This figure will average half a month's interest received. FC quote this figure. Live Loans + Account Balance + Interest Accrued would then represent the current total investment on the platform. Yes I realise that, just thought I'd add what I'd like to see.
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Post by wildlife2 on Jun 15, 2017 13:21:56 GMT
4) I often find stuff on the SM mid-week between midnight and 3am, more for the owls I suppose though.
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david42
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Post by david42 on Jun 17, 2017 22:23:25 GMT
3) I once tried an approach of selling MT loans as they were approaching their end dates. I stopped because I found I was running out of loans! I decided that on MT the different risk/reward means I prefer to hang on to loans in the hope that they may get renewed.
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GeorgeT
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Post by GeorgeT on Jun 18, 2017 15:44:23 GMT
1) None that I know of 2) On the Funds tab, total investment = live loans + Account balance. An accrued interest figure would be nice. 3) Firstly there has never been a default on MT. Secondly you have the choice of repayment on all renewals. Thirdly I have a lot more confidence in MT than in certain other platforms. The bit I've made bold is a highly brilliant feature of MT. Get to 0 days /term end on certain other platforms and you're stuck trying to sell out if you want rid. You can get locked in. On MT they don't let loans over-run indefinitely, they renew/extend them for a further pre-announced period and at that point you can opt out and get your investment back if you wish.
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n
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Yet another Nick
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Post by n on Jun 18, 2017 16:31:38 GMT
1) None that I know of 2) On the Funds tab, total investment = live loans + Account balance. An accrued interest figure would be nice. 3) Firstly there has never been a default on MT. Secondly you have the choice of repayment on all renewals. Thirdly I have a lot more confidence in MT than in certain other platforms. The bit I've made bold is a highly brilliant feature of MT. Get to 0 days /term end on certain other platforms and you're stuck trying to sell out if you want rid. You can get locked in. On MT they don't let loans over-run indefinitely, they renew/extend them for a further pre-announced period and at that point you can opt out and get your investment back if you wish. I wonder what would happen under the new T&C/FCA rules (where MT isn't allowed to own any of the loan) if an extension was needed but not filled. I guess that underwriters would be the only option or am I missing something? I don't think that situation has happened yet, but with the SM as it is at the moment... Of course this might be covered in the T&C but escaped my attention.
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p2pmark
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Post by p2pmark on Jun 18, 2017 16:32:12 GMT
1) None that I know of 2) On the Funds tab, total investment = live loans + Account balance. An accrued interest figure would be nice. 3) Firstly there has never been a default on MT. Secondly you have the choice of repayment on all renewals. Thirdly I have a lot more confidence in MT than in certain other platforms. The bit I've made bold is a highly brilliant feature of MT. Get to 0 days /term end on certain other platforms and you're stuck trying to sell out if you want rid. You can get locked in. On MT they don't let loans over-run indefinitely, they renew/extend them for a further pre-announced period and at that point you can opt out and get your investment back if you wish. Although only if the renewal gets funded I assume? (Certainly seems a better system anyway.) Edit: crossed with n
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n
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Post by n on Jun 18, 2017 16:34:01 GMT
Great minds think alike!
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Post by GSV3MIaC on Jun 18, 2017 19:14:30 GMT
Yes, this has yet to be tested on any real loans (the BPF ones have a guaranteed buyer, as long as Broadoak is solvent .. other loans it is less clear who the 'mopper up' might be.
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elliotn
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Post by elliotn on Jun 19, 2017 4:12:35 GMT
The bit I've made bold is a highly brilliant feature of MT. Get to 0 days /term end on certain other platforms and you're stuck trying to sell out if you want rid. You can get locked in. On MT they don't let loans over-run indefinitely, they renew/extend them for a further pre-announced period and at that point you can opt out and get your investment back if you wish. A fave feature of mine too although please note this is for funded renewals. I pressed Col and they stated renewal/extension would be removed for a loan in default (ie the borrower could not pay for redemption or renewal interest) and we would then go through their recovery process (I did not ask if the SM is locked like on abl/AC or still traded like Ly/MT). This has not yet been tested as Col have had no defaults. It will be interesting to see how this plays out on the development on MT where the administrators have just been called in because of a delay to completion and where the existing loan is to be repaid in 3 months. If this requires an extension, BPF normally guarantee market liquidity for unsold loan parts although they are already taking the first 5% hit in a recovery situation. MoneyThing, what is renewal procedure where a borrower cannot redeem or pay for an extension (and the vr has not been sufficiently obliging in hiking matket value to maintain ltv%)?
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