dawn
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Post by dawn on Jan 27, 2016 14:18:21 GMT
Then you need to go back to school and resit your maths O level/GCSE It's those zeros that get tricky... How do you know there will £9920 available in the renewal this afternoon? I can't find that information anywhere.
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dawn
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Post by dawn on Dec 15, 2015 8:06:08 GMT
I am very glad they have not introduced a '10% of lenders portfolio size' as a limit to pre-funding as this would make it very difficult for small investors to increase their holdings at a reasonable rate (£50-£100 per loan is going to take me a very long time to invest a reasonable amount unless the number of loans going through the pipeline increases substantially). dawn : Didn't SS solve the problem you describe when they allowed everyone to put in a pre-fund bid of up to £10k to accommodate new and small investors? That should allow investors to be given four-figure allocations in every new loan, which should allow a portfolio to be built up reasonably quickly. I think that's a good feature of the SS proposal. As for the rest of the SS proposal, combined with the above £10k minimum bidding capacity for everyone, IMHO 100% of portfolio is far too high a limit. While I can easily imagine that a small investor might have put in a bid of more than 100% of their holding, I doubt that there would have been many with a £10k portfolio who would have pre-bid much more than that. How many people want to double their portfolio with a single loan? So I can't imagine that the SS proposal really would have much effect in reducing excessive pre-bidding. IMHO, a limit of more than 25% wouldn't make a significant impact. If SS have data that say it would, then they can give a high percentage limit a try and see if it has the desired effect -- and reduce the percentage limit later if necessary. mikes1531 : That is what I was saying - I am glad SS didn't go with the 10% proposed by many people on the forum over the previous few days. A lot of people seemed to favour the 10% limit - and I am pleased that SS didn't go with it. I think the 10K (which is way over anything I would be bidding) will help diversification. Sorry if I wasn't clear - it was late at night when I typed my previous message.
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dawn
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Post by dawn on Dec 14, 2015 22:32:40 GMT
Dear All, Following various discussions on this forum, we have come up with a possible solution but in the spirit of P2P we thought we should float it on here first for discussion, so nothing is yet decided! Pre-funding limits will be variable for all depending on: Existing portfolio of loans; plus Cash on account at time of loan going live (we will need to get better at letting you know when they are going live so you can plan accordingly). E.g - £2m loan - 1: current portfolio of £100k, cash of £15k, they can bid £115k. 2: current portfolio of £20k, cash of £1k, they can bid £21k etc. We will let everyone have a guaranteed £10k bid in every loan which should accomodate new and small investors plus they can increase their bids by depositing cash to any amount. We will still have bid limits depending on loan size i.e This is the fairest solution that we can think of to keep as many people as possible happy. Appreciate thoughts and comments. I would like SavingStream to go with this proposal and to review / tweak it later if necessary. They obviously have a much clearer picture of what has been happening with pre-funding as they can see where and how the over-funding has been happening. I assume therefore that their proposals have been suggested to counter issues they can see but which we lenders can only guess at. I trust them when they say they believe this is the fairest solution they can think of. I believe they want to keep the system as simple as possible whilst being as fair as possible to lenders. I am very glad they have not introduced a '10% of lenders portfolio size' as a limit to pre-funding as this would make it very difficult for small investors to increase their holdings at a reasonable rate (£50-£100 per loan is going to take me a very long time to invest a reasonable amount unless the number of loans going through the pipeline increases substantially).
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dawn
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Post by dawn on Dec 8, 2015 20:56:07 GMT
That seems eminently fair and feasible... Comments please. I am not sure this is fair on small investors. I have only a relatively small amount invested so 10% of that is tiny. If I can only pre-fund a tiny amount and then get only a small percentage of that for each new loan then it will take me a very long time to increase my holdings in SS (as trying to buy on the SM now is a joke for me due to very, very poor broadband links). So far I have transferred in all the money required for pre-funds when they've gone live - I have not had to sell any of my current holdings to pay for the pre-funds, although I plan to sell some bits of my older ones soon (which I bought on the SM several months ago before it became too difficult to use) just to diversify and reduce risk. If this proposed change had been in place before I would have far less invested in SS then I currently do. I think the main problem is the recent lack of loans - I think things will get better both for pre-funding and on the SM now there seems to be a healthy pipeline. I would like to leave things as they are for now and not do any knee-jerk changes just because things have been difficult over the last month. Also are people suggesting that this 10% cap applies only to small loans or to all loans - and what/where is the proposed cutoff between the different sizes of loan? We have several loans in the pipeline for several million pounds each - how will they be filled if the many small investors are limited to 10% of their total investment? Answer = the majority of the loan going to the big guys again and preventing the small guys from building their portfolios. As I said before the SM is not currently a viable option for sensible diversification for many of us so pre-funding is our best option at present. Maybe some-one will suggest 10% for small loans, 50% for middle size loans and no limits for large loans - but at what loan value do those divides happen and they would have to vary depending on how many loans were going live that day, how much was waiting in the pipeline, etc. The whole thing is going to get very messy and complicated if SS go down this route. Please leave things as they are for now - a healthy pipeline will probably sort out these recent short-term issues.
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dawn
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Post by dawn on Dec 8, 2015 19:18:29 GMT
I don't think the ability to fund afterward is the real problem and i would also hate to see to go. A percentage cap could probably work. Limit the per funding amount to 10 % of you total investment plus any cash balance. This will mean people who want more than 10% will have to transfer money into their accounts but everyone else will be restricted to a fairly decent chunk. That seems eminently fair and feasible... Comments please. I am not sure this is fair on small investors. I have only a relatively small amount invested so 10% of that is tiny. If I can only pre-fund a tiny amount and then get only a small percentage of that for each new loan then it will take me a very long time to increase my holdings in SS (as trying to buy on the SM now is a joke for me due to very, very poor broadband links). So far I have transferred in all the money required for pre-funds when they've gone live - I have not had to sell any of my current holdings to pay for the pre-funds, although I plan to sell some bits of my older ones soon (which I bought on the SM several months ago before it became too difficult to use) just to diversify and reduce risk. If this proposed change had been in place before I would have far less invested in SS then I currently do. I think the main problem is the recent lack of loans - I think things will get better both for pre-funding and on the SM now there seems to be a healthy pipeline. I would like to leave things as they are for now and not do any knee-jerk changes just because things have been difficult over the last month.
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dawn
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Post by dawn on Nov 26, 2015 16:45:23 GMT
Was thinking the same but didn't want to speak too soon. Hope you haven't put the kybosh on it! Hasn't been a clean sheet since the 'improved' system where you don't get individual emails. The emails used to be sent at 6pm, presumably so you couldn't ring them up and shout down the phone and by the morning had calmed down a bit. Interesting (but meaningless) fact. My recoveries make up almost exactly 10% of my net earnings. Ah those unwelcome eMails....My recovery rate is 20%. and will get a boost if we ever get 7079, an A+ who has allegedly sold a property and promised to clear what will be another 10% for me. Fingers are crossed. Do you still get emails telling you something has defaulted? - I haven't had any emails for several months (despite still having the defaults - 3 more today November is my worst month so far )
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dawn
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Post by dawn on Nov 26, 2015 15:26:10 GMT
What's wrong with extending prefunding to the SM? Are you suggesting that we effectively produce a list of people who would like to buy x amount in PBLxxx whenever it comes up for sale. Would this be on a first come first serve basis? For example I don't have anything on PBL048 yet but would like to diversify - if I understand your suggestion I could post, say, £100 pre-fund so that the next time £100 comes up for sale I would get it (assuming I was top of the list of those waiting for a slice). Is that what you are suggesting? Interesting idea. I like it from the point of view of being able to diversify since the SM is currently always empty when I look and when anything does appear it goes far too fast for me to buy.
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dawn
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Post by dawn on Nov 20, 2015 17:07:06 GMT
I haven't had any fees deducted from my repayments on either of those loans! That's a good point!!! Neither have I......
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dawn
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Post by dawn on Nov 20, 2015 15:41:33 GMT
At the risk of doing something similar - has anyone with parts of loans 15499 or 15562 noticed something unusual about the repayments...? I have a little in both and they both seemed to come in on time. I only notice if they are 4 or more days late to allow for weekend mix-ups. What sort of unusual are you referring to?
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dawn
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Post by dawn on Nov 20, 2015 15:32:08 GMT
I joined MoneyThing last night. I transferred in some money at lunchtime today and then did a trial withdrawal to see how long it would take (as the first withdrawal can be quite slow on other P2P sites). I went out for a couple of hours and when I came back the withdrawal was already back in my bank account. That is very impressive (compared to some others).
I have been with MoneyThing for less than 24 hours and am very impressed with the whole setup. Sian was very helpful answering my questions, it has been simple and quick to invest (and withdraw) money, the website is easy to navigate and I like the fact I can easily see what is coming and when. I am really pleased I followed advice on other forums to give MoneyThing a go.
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dawn
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Post by dawn on Nov 19, 2015 18:52:23 GMT
My PBL065 loan part is now showing that it is one day old and shows interest earned, which it didn't a couple of hours ago. So maybe the time of purchase is the important time now, and the midnight interest gain a thing of the past? Just checked mine - I have interest for the pre-funded part but not yet for the part I bought later on last night. I think you could be right about time of purchase now being important for calculating interest. Will that have an effect on lots of people selling just after midnight?
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dawn
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Post by dawn on Nov 19, 2015 14:39:24 GMT
The new website isn't logging me out after only a few minutes of activity - thank you Saving Stream. I haven't timed it but I can go away and do other things and come back and still be logged in. Definitely logged me out when I was away from the laptop for ~ 1 hour so I am staying logged on for up to an hour. A very big improvement on the old website It logged me out earlier when I left it on the Transactions page but when I leave it on the Available Loans page, the auto-refresh functions seems to keep it logged in more or less continuously. Hadn't spotted that subtlety - that would make sense . I have been lurking on the Available loans page quite a bit - not been quick enough to get much on those loans I am still looking to invest in, but it has been interesting to see stuff coming on after a few dry weeks.
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dawn
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Post by dawn on Nov 19, 2015 14:27:28 GMT
Has anyone seen their bank transfers made yesterday to SS credited to their accounts today? Mine hasn't gone in yet but I guess it's linked to the new website processes. Nope - my account is still showing -ve. I've checked and the money has left my bank account so it is somewhere in the ether, just hasn't landed yet. It may be that there were a lot of transfers for SS to process last night after a fairly hectic evening on the SM following the new loan launch.
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dawn
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Post by dawn on Nov 19, 2015 14:21:24 GMT
The new website isn't logging me out after only a few minutes of activity - thank you Saving Stream. I haven't timed it but I can go away and do other things and come back and still be logged in. Definitely logged me out when I was away from the laptop for ~ 1 hour so I am staying logged on for up to an hour. A very big improvement on the old website
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dawn
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Post by dawn on Nov 18, 2015 14:40:33 GMT
Repaid loans - just looked at PBL041 under the repaid loans tab. This one is from before my time on SS so must have repaid before early September. However it has the following errors
1) remaining time 342 days - should be zero 2) amount invested £1,853,234, amount remaining £526,766 - this does add up to the loan value of £2,380,000 but surely amount invested and amount remaining should be zero. 3) not sure whether this is an error - the Q&A tab allows me to type in a question. I can see the need to be able to see questions and answers from before and whilst the loan was live (especially if the borrower is asking for another loan so we can have some idea of their previous borrowings), but should we be able to ask a question for something that has repaid. Not sure it would get an answer anyway.
In addition it would be nice to see the start date for the loan, when it repaid, how long it originally was expected to last (so I can tell if it repaid early or not), etc.
Edit - just noticed that it didn't draw down, but that doesn't affect how the information mentioned above is being displayed.
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