arbster
Member of DD Central
Posts: 810
Likes: 426
|
Lendy (L) in Administration
PBL46
Jul 24, 2015 8:12:07 GMT
Post by arbster on Jul 24, 2015 8:12:07 GMT
Beat you to it, but Ill remove mine to avoid duplicates Edit: And gone. about 15mins, barely a ripple in the loan-time continium, even the over funding cleared within minutes *continuum
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 24, 2015 6:49:17 GMT
[NB. Ideally, good form dictates that you should restrict your selling premium to a level at which the loan parts will quickly be snaffled by a greedy faceless bot rather than a sweet innocent granny] And what do we know about bots' appetite for premiums?
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 23, 2015 13:55:24 GMT
[cynicism] A brand new member makes an account just to ask some apparently difficult questions about your new loan originator - what are the chances?! [/cynicism]
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 23, 2015 13:18:42 GMT
There's a new E up if you're interested in that sort of thing. And it's filling fast! I do wonder what a "niece marketing platform" is and whether that's strictly legal...
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 22, 2015 16:45:02 GMT
The latest E loan filled in 6 minutes. Only £20k, but the flippers are still leaping on them. I'm looking at you goldservice...
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 22, 2015 16:21:54 GMT
I don't see how this thread is specific to MT. It is relevant to all the P2P companies and should be on the general forum. OP, I do not see what competitive advantage MT has over any other P2P company. Please explain your 1st post. According to the current legislation, all providers of "Yearly" loans (loans of one year or longer) should deduct Income Tax at source. MoneyThing's loans are all "Short" loans, which would exempt them from needing to do this, thus giving lenders a greater compounding opportunity. However, HMRC appears to be advising P2P companies to ignore the current legislation, and none of them is deducting Income Tax at source, regardless of loan duration.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 17:16:31 GMT
I don't wish to sound overly negative, but I wasn't bowled over by the update email.
I'm presuming that the 8% is an annual figure, with interest paid quarterly, rather than 32% per annum. As such, 8% over seven years is a very long commitment, especially given the ready availability of 12% elsewhere, any constant stream of 9-12% loans on FC. The implication of explicitly stating that the second product will be eligible for the SM is that this one will not be, which makes the 7 year term even less attractive.
Personally, I would prefer individual loans associated with individual assets, to a "basket" of assets one step removed from the platform where I have invested my money. However, I will reserve judgement on this until I've seen the details of the product.
I really want these products to be good, to succeed, and mark an upturn in ABL's prospects, but in addition to not resolving the ATR question, this update didn't do it for me. Sorry.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 15:01:27 GMT
I hate to spoil a good conspiracy... Perhaps some lenders are just setting a rate they're happy with and want to be lent instantly. But perhaps that's to simplistic.... Spoilsport. We'd barely got started.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 14:55:20 GMT
Hi Jonno, I don't know if I'm missing something, but the loan goes live for initial bids tomorrow, Wednesday 22nd July, at 4pm. Kind Regards, Aoife Pesky pedant Jonno is picking Ed up on the typo in the email which asks us to start "biding" tomorrow at 4pm... which literally means to wait, presumably until the bidding starts some time later.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 10:38:36 GMT
EDIT : Oh, I see second tranche of 6-month "A" has launched with 1% CB again. Wonder if it will fill... Seems to be filling up quite slowly, so far.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 8:30:45 GMT
Once again there's a discrepancy in my investment total, which is currently c. £80 down on yesterday. Probably connected to the slowness of the site.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 7:58:09 GMT
Thanks pikestaff. From my initial perusal, that whole area appears to be an anachronistic mess, so hopefully the consultation will lead to wider rationalisation and a more efficient system for all of us.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 7:20:21 GMT
I think that where the HMRC's paper refers to "current legislation", it means the "currently scheduled legislation that has been previously announced and will take effect from April 2017 unless the outcome of this consultation is that we reverse the decision". Hence, from April 2017 all those bullet points will become law and it will be incumbent upon P2P borrowers, or platforms, to deduct income tax, exactly 1 year after it stopped being a requirement for banks to do it.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 7:12:05 GMT
Do lower risk borrowers not need their money at any particular time so sit and wait for a 2 week very short notice period to get a lower rate. or is it more likely that people borrow when the need arises and so the same borrowers would have borrowed over the last 2 weeks regardless of whether it was .5 to 1 percent cheaper? It means that those low risk credit worthy customers might have gone somewhere else for their loan, if RateSetter wasn't the best deal on offer to them (depending on different lenders risk policy). That 1% makes a huge difference in terms of being the best deal in town. When rates are higher it just means we have to work harder to find the gems as credit scoring alone never tells a full borrower story. @ westonkevRSPutting my cynicism to one side for a moment, it's just possible that such people, who would usually always go to a bank for their borrowing, will now possibly have discovered the wonders of P2P through RateSetter's recent low rates, thus permanently broadening the potential borrower-base. Even if they come back and the rates aren't quite so low, it's possible that the other aspects of RS's service will be suitably attractive to encourage them to borrow again. Possibly.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 21, 2015 7:08:28 GMT
Looking at all these daily snapshots is far too tedious a process, and like others I am not sure of the value over and above looking at the live data on the site. What would be useful is if the relevent data was put into a spreadsheet and a graph plotted so we could easily see any interesting trends. I agree that all these contextless screenshot are somewhat supernumerary, which may not be coincidental, and no doubt are using valuable storage space on the forum's servers. supernumerary: why don't you heed others' suggestions and create a public Google spreadsheet with key numbers extracted and charted? It does rather feel like you're storing the screenshots here for your own benefit, rather than for the good of others.
|
|