jamesc
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Post by jamesc on Aug 23, 2017 17:13:05 GMT
Probably fine as long as you are well diversified as there will be defaults (i would say min 50 loans). Main thing about this that would worry me is if you decide to withdraw some of your money you don't know what FC will sell for you so you may well be left with a less diversified portfolio than you would like (unless they sell down in a clever way) You would think that, given this is a compulsory process, the sale of part of a portfolio would be managed to maintain max diversity. With Autobid buying more than one part in a loan, max £100, they should plan to keep at least one part in as many loans as possible. Given the new autobid will only buy £100 max size pieces what happens to all the older £100+ size pieces if the owner want to sell their portfolio ? Are FC going to cut up all the £100+ parts into smaller chunks ?
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jamesc
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Lendy (L) in Administration
July interest
Aug 7, 2017 17:13:14 GMT
Post by jamesc on Aug 7, 2017 17:13:14 GMT
My balance has just increased by a tiny bit, but in the transactions the balance was what I expected on 30 July and not what I expected after the last transaction on 31 July. I don't buy & sell on a daily basis and like to keep my balance at a whole number of 100s, hence it sticks out like a saw thumb. It is only pence so I don't really care but it would be interesting to know what changed. I had the same thing in my case it was interest on 089 that was repaid during the month.
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jamesc
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Post by jamesc on Jul 27, 2017 14:32:42 GMT
You need a Bank Account to set up an LY A/C, so that is your proof (a bank statement)Actually that's not true of the past, although it is true now.
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jamesc
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Post by jamesc on Jul 27, 2017 14:30:42 GMT
Some people are 'temporary residents' around the world. What does Lendy have in place for these such clients?? The rules are clear, clients must prove their address. Paul is right in that no company can ignore this. For the OP, I can't decide if he has no address or no UK address. But surely the point is up until recently LY did not require proof of address to set up an account and given they have set up an account and taken funds it seems inequitable that when that same person wants to withdraw funds they want proof and will refuse to repay. If that same person cant prove a permanent address say they live out of hotels all year there must me a mechanism to be able to return funds, after all this problem only arisen from lendy's slack procedures in the past.
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jamesc
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Post by jamesc on May 29, 2017 12:46:56 GMT
The AE stocking loans will remain but grouped assets will end. My favourite loans on the platform. 80% of my loan holdings in MT coming to an end? A large 5 figure sum. Nothing similar on the horizon to replace them with. How many others are in the same position? Impact on the platform? Until recently I very much shared your concerns, with the AE loans coming to an end, losing Bolton and Prestbury repaying and few new loans. However I like to trust Ed who if I remember correctly stated that most of their recent efforts have focused on getting FCA permission. Now that's been achieved full efforts will be on new business and if the last two weeks is anything to go by I think my worries are hopefully short lived.
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jamesc
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Post by jamesc on May 26, 2017 15:49:05 GMT
Are we still expecting these Bolton loans to repay today as will be nice to have some money to spend on tomorrows loan ? I have just checked in with our solicitors and they have not heard anything today on the repayment so would imagine it is unlikely now until at least Tuesday. Will keep everyone informed as soon as I hear anything. Regards, Ed That's a real bummer as I think you are going to struggle with this coming hot on heels of so many new loans and with the SM on some of your competitor sites in gridlock.
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jamesc
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Post by jamesc on May 26, 2017 15:22:43 GMT
Are we still expecting these Bolton loans to repay today as will be nice to have some money to spend on tomorrows loan ?
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jamesc
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Post by jamesc on May 24, 2017 14:25:38 GMT
Nearly £2mln funded in less than 24 hours congrats MT (Its amazing what difference what that extra 1% makes !).
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jamesc
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Post by jamesc on May 3, 2017 7:43:43 GMT
I was that 'one investor' had my £1 worth of loan and then it disappeared from my loans still shows in my activity as a £1 purchase, but not got my £1 back yet ! James, does this mean you are now returning to Saving Stream?
Or did Saving Stream return the £1 to you?
C&P from the thread 'WHY I AM LEAVING SAVING STREAM';
When I first joined SS over two years ago when they were first getting in to property backed lending it had a number of unique USP'S 1/ It was simple all loans at 12% so it did not price risk. 2/ INPL which was great and allowed one to invest quickly. 3/ A provision fund. 4/ A very liquid SM so if you needed funds quickly you could sell almost instantly.
As a result well over half of my P2P funds went to SS, however now every one of those USP'S have gone I am getting out but oh no 'I cant' ! Because other than a couple of loans I have no chance of selling unless I sit at the end of an unmoving queue owning no interest, when we complained about not being able to buys loans on the SM some 12 months ago we were told the primary reason for the SM was to provide liquidity to those wishing to sell loans! So much for that idea !!!!
At least on FS where I now have the largest part of my P2P funds if I want out I can discount my loan parts and they WILL sell. Just curiosity, but then you know what curiosity did to the cat !
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jamesc
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Post by jamesc on May 2, 2017 16:12:34 GMT
1 Investors just invested £1 and is the only investor Edit - Thier £1 was returned. Strange I was that 'one investor' had my £1 worth of loan and then it disappeared from my loans still shows in my activity as a £1 purchase, but not got my £1 back yet !
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jamesc
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Post by jamesc on Apr 26, 2017 16:28:31 GMT
MoneyThing Out of interest, could you say why the launch time isn't 4pm? (Though I appreciate different times of day might suit different people) We wanted to be in a position for the borrower to be able to drawdown on Friday and therefore we thought it would be cutting it a little fine if we had launched it at 4pm tomorrow and then the restriction lifting at 4pm Friday to be able to finalise things with the solicitors. Ordinarily I would want to maintain the usual 4pm where possible. Regards, Ed. Just a suggestion but if you really need to drawdown on Friday pm and as you are changing your start date to 10am and given this is a large loan in one tranche, why not have a first £5k limit for the first six hours until 4pm and then a second £5k limit at 4pm until the free for all at 10am on Friday, still leaves plenty of time for people to get involved ?
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jamesc
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Post by jamesc on Apr 26, 2017 10:48:09 GMT
In my recent selling I have noticed two things that I am not aware of being brought up before.
PBL168 now has a stuck part of £115 and the DFL003 stuck part of £20 odd has still not been fixed. So rather than fixing old problems new ones are being created.
When you sell part of a loan part the remaining loan part has a loan life starting from zero, even if you had held the original loan part for a long time and therefore if you need to sell to settle a negative balance you will have to hold the new smaller loan part for another seven days before you can sell, even if the original larger loan part had been purchased months before which seems wholly unfair.
Sorry if I am covering old ground !
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jamesc
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Post by jamesc on Apr 24, 2017 17:05:03 GMT
It's frankly shocking that they are in breach of their own Ts&Cs which clearly state that you have an entitlement to sell any of your loan parts at any time at your discretion. I hope they resolve this promptly (after all, you invested in P2P, the investment that has the most guaranteed liquidity out there and where no one is expected to hold to term if they change their mind) and wish you the best. #tongueincheek Its not a question of changing ones mind its about being able to access ones money if you need this is not term investing, SS did offer that at the start and you received a premium. What I am saying which all of you fail to grasp that because they don't offer the ability to discount parts they have stopped the SM from being a market.
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jamesc
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Post by jamesc on Apr 24, 2017 17:00:39 GMT
No platform should be treated or should be expected to perform like an Instant Access Savings A/C. LY have their faults, and I see genuine reasons to reduce and/ or exit, but liquidity is not one of them; you should invest with the expectation that you will hold your loans to maturity I cant understand that you can say lack of liquidity is not a reason for leaving. There is a mile of difference between an IAS and what we have now which is not wait a few days or a week to sell but basically there is NO prospect of selling over half the loans in a month or more. This is did not start as term investing, yes you should not invest in loans you are not prepared to hold for the term but you should have an expectation of being able to sell if you need funds and currently you do not so I would prefer to invest in sites where I can sell even dear old FC you can sell all you want if you offer at par or a small discount
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jamesc
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Post by jamesc on Apr 24, 2017 16:25:30 GMT
When I first joined SS over two years ago when they were first getting in to property backed lending it had a number of unique USP'S 1/ It was simple all loans at 12% so it did not price risk. 2/ INPL which was great and allowed one to invest quickly. 3/ A provision fund. 4/ A very liquid SM so if you needed funds quickly you could sell almost instantly.
As a result well over half of my P2P funds went to SS, however now every one of those USP'S have gone I am getting out but oh no 'I cant' ! Because other than a couple of loans I have no chance of selling unless I sit at the end of an unmoving queue owning no interest, when we complained about not being able to buys loans on the SM some 12 months ago we were told the primary reason for the SM was to provide liquidity to those wishing to sell loans! So much for that idea !!!!
At least on FS where I now have the largest part of my P2P funds if I want out I can discount my loan parts and they WILL sell.
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