ding
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Post by ding on Aug 5, 2017 15:30:58 GMT
Loan is tagged 'Underwritting called'
Loan then drawndown and received £0.
Happened twice.
Plenty of cash in MLIA.
Is this expected behavior?
I emailed support and got told I would only get units after others accounts sold. Still waiting for my 2nd email to be responded to.
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Post by lynnanthony on Aug 5, 2017 20:20:54 GMT
What seems to happen is the loan draws down and MLIA investors get nothing immediately, but over (usually) the next 24 hours or so some is released and we get some. It can come in dribs and drabs.
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Post by albermarle on Aug 6, 2017 16:10:28 GMT
I had the same with a recent loan but also something strange happened . The money that had been waiting to invest in the new loan ( and failed ) had been returned to my cash account. However my buy instruction stayed valid , now in the live market, presumably in a queue waiting for someone to start selling units ? ( still had enough in my MLIA account to cover it )
My next new loan bid was successful so was not able to check if it happened again.
I assumed that if a bid for a new loan was unsuccessful then the instruction would be automatically cancelled , but it seems not.
Presumably the money going back into my cash account was some kind of glitch to be watched out for in future.
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oldgrumpy
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Post by oldgrumpy on Aug 6, 2017 16:20:29 GMT
I suppose you are on about #519 this time. I've got £0.00 so far. No. It is very possible that when we ask for £500, initially it looks like we have nothing, then a day or so later we get an allocation, annoyingly as low as £20!!!!!, then the remaining £480 request stays as a buy order. AC would by far prefer to be only paying out 3.75% through the QAA, so allocations paying the real rates of 7-8%+ in the MLIA are severely cut back these days. In the good old days (!!!  ) we could get proper sized investments at 10-15%, but nowadays AC prefer 6-8% for nearly everything, then ration us hugely in the MLIA. We are told the borrowers are of a far safer quality than those dodgy ones which did on AC (and still do on other platforms) result in 12-14%. |
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ding
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Post by ding on Aug 6, 2017 22:17:05 GMT
#514 - now received £129
#519 - received £0
If I sell something, there is no queue as such. The buyers will take a chunk of each seller.
Expected the new loans to do something similar.
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Post by lynnanthony on Aug 7, 2017 6:59:31 GMT
I had the same with a recent loan but also something strange happened . The money that had been waiting to invest in the new loan ( and failed ) had been returned to my cash account. However my buy instruction stayed valid , now in the live market, presumably in a queue waiting for someone to start selling units ? ( still had enough in my MLIA account to cover it ) My next new loan bid was successful so was not able to check if it happened again. I assumed that if a bid for a new loan was unsuccessful then the instruction would be automatically cancelled , but it seems not. Presumably the money going back into my cash account was some kind of glitch to be watched out for in future. On AC you do not bid for loans. You enter a buy instruction. It remains valid until it is fulfilled in full or it is cancelled by you.
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Post by many38 on Aug 7, 2017 9:29:35 GMT
I had already registered with AC as I was looking for a home for my recent big payback from MT but I'm certainly not messing about like this.
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oldgrumpy
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Post by oldgrumpy on Aug 7, 2017 10:09:22 GMT
It's easy when you learn how. Just that allocations are sometimes annoyingly low.
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Post by many38 on Aug 7, 2017 10:17:58 GMT
Thanks Old Grumpy but I don't feel like I want to "learn" anything. Still haven't got to grips with the Ablrate SM. I like nice simple sites like MT and Lendy. That's not to say that I endorse Lendy. I'm much more wary than I was. Especially now a lot of it is becoming illiquid.
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Post by albermarle on Aug 7, 2017 11:21:01 GMT
I had the same with a recent loan but also something strange happened . The money that had been waiting to invest in the new loan ( and failed ) had been returned to my cash account. However my buy instruction stayed valid , now in the live market, presumably in a queue waiting for someone to start selling units ? ( still had enough in my MLIA account to cover it ) My next new loan bid was successful so was not able to check if it happened again. I assumed that if a bid for a new loan was unsuccessful then the instruction would be automatically cancelled , but it seems not. Presumably the money going back into my cash account was some kind of glitch to be watched out for in future. On AC you do not bid for loans. You enter a buy instruction. It remains valid until it is fulfilled in full or it is cancelled by you. OK thanks for clarifying this . I knew you did not bid for loans as such but I assumed if you were unsuccessful buying a new loan part then your instruction would be automatically cancelled. For my first few months with AC , almost all my buy instructions for new loans were successful so had not really picked up on this point.
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Post by lynnanthony on Aug 7, 2017 11:47:00 GMT
I wonder how many (if any) prospective lenders AC lose because they can't get their heads round the complexity? We surely see only a small percentage of them here.
Perhaps someone (not me) should create an "Assetz for Dummies", perhaps as an ebook? ISTR someone doing that for Funding Circle in its early days. (I'm not suggesting that people who don't immediately understand Assetz are dummies. Far from it.)
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Post by albermarle on Aug 7, 2017 14:06:46 GMT
Yes for someone not that clued up about financial things could be confusing. Their latest promotion for new customers does not help though . '£50 cashback on £1500 held for one year ' ' Earn up to 15%pa gross/manual investing ' can be seen on third party websites .
Then when you click through to AC website -' only applicable for investments in the QAA or 30DAA......
Also to earn 15%, or even close, with the current loans on offer would be basically impossible anyway.
I guess I have to be careful what I say but that promotional banner ad would seem not to be a fair representation to potential new customers .
As an existing customer of AC , leaves a bit of bad taste....
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ding
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Post by ding on Aug 7, 2017 21:54:06 GMT
Received the highest number of splinters today - i would guess around 20.
I received a single transaction the full ask of #519 (2 days after going live I believe).
#514 just over 50% of my original request.
Still no response from follow up email to assetz.
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ding
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Post by ding on Aug 30, 2017 15:23:27 GMT
To conclude the thread.
Assetz did get back to me, and confirmed what was said here earlier. I did receive my share sometime after drawdown from the QAA.
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) we could get proper sized investments at 10-15%, but nowadays AC prefer 6-8% for nearly everything, then ration us hugely in the MLIA.