dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Nov 14, 2018 12:33:25 GMT
Moneything are well within their rights to take their platform in whatever direction they decide, and I am sure of the likely change of demographic secondary market trading will take them. I just think it is folly to suggest it can be reversed.If we start with the objective of "clearing the log-jam" of loans offered for sale on the secondary market, would it make sense for MT to take small and easily-reversible steps on the way to full-scale "trader-friendly" discounts and premiums? If much of what's in the sale queue is simply folks reserving a place in the queue, would measures such as stopping interest payments for loan parts held in the queue or imposing a sale fee be effective? I suggest that such measures, if successful, could be reversed (and re-introduced if queues became a problem again). I believe Moneything have stated in the past they do not agree with suspending interest payments for loans waiting to be sold. If I am taking the risk on my loan part then I should continue to be paid the interest. If Moneything did decide to do this I would immediately start withdrawing my funds. I know Lendy (and Collateral) do that but that is why I was running them down (until I became stuck like others). I don't like the idea of a fee either but that at least makes more sense.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Nov 12, 2018 10:33:21 GMT
Credit to MT for asking what the lenders want. But I think they would have had a different result if they had polled lenders for a vote, possibly weighted by account holdings, rather than asking the forum. The forum is full of investors with a lot of time on their hand and interest and expertise, compared to the average retail investor. At present returns on our capital earn us interest, but once premiums are introduced some of the profits earned on the platform will go to traders and the rest will remain as interest. Whilst some investors have the cash on hand, time and most importantly expertise, to trade, and may find that worthwhile, the reduction in effective returns for the non-trading retail market will certainly limit the appeal to those providing the capital. For MT to be a success it needs to make an acceptable margin of profit, charging borrowers a fair amount of interest/fees for access to capital, and offering lenders sufficient interest to attract their capital. Introducing premiums will facilitate trading and reduce the return of capital from lending, so undermines MT's basic business model. Moneything sent out the survey via email so all lenders should have received it. They didn't ask here on the forum - although it has been discussed in depth here. Whether they weighted the responses by account holdings - only they know. Edit - crossed with andy1
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Nov 9, 2018 18:03:29 GMT
I can't find the last 3 claimants listed at Companies House. You won't, they are overseas entities Ahh - thank you - that would explain it.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Nov 9, 2018 17:47:39 GMT
I don't recognise the names, although the numbering is odd - I would have thought that Lendy should be numbered as (1) - being the first defendant, or even (6) to continue numbering all parties in one sequence. Instead Lendy are not numbered, and one of the further three parties below them shares the number (5), which is a claimant above. Very confusing. The three names are connected to the receivers I can't find the last 3 claimants listed at Companies House.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 29, 2018 8:05:52 GMT
My User checks all completed successfully:
All screens accessible
CSV downloads
Data integrity 100% (Pre-Post upgrade comparison)
Deposit receipt (Barclays-Assetz) pre upgrade 8 minutes, post upgrade 5 minutes
ISA processing
Sales
Purchases
Total success.
CSV download of repaid loans is still not working for me - hasn't done for many weeks now. Chris I reported it through the on-line chat and they said to wait for the upgrade as the servers were struggling. I was hoping this migration would solve it.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 22, 2018 6:58:10 GMT
My understanding is that it is 1% per annum - so for 7 weeks investment that would be 7/52 of 1% (~0.13%), so for £10k invested you should get a payment of ~£13 for the 7 weeks. No I am expecting 1% cash back. Look at Chris's post (about 5 above mine). This offer was originally meant to finish in September, but was extended to October because Barclays had 'routine' maintenance on the deadline day. I might be a couple of years out of date, but historically there aren't many new loans over the second half of December and early January. I would very much like you to be right and me to be wrong, however for now I'm sticking with my interpretation. If I am wrong then I should get a very nice surprise in December, if I am right I won't be disappointed.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 22, 2018 6:49:34 GMT
Well, you're not alone. I've been with UB for about 7 months and have 8.5% overdue/defaulted. I have assumed that overdue means exactly that, I.e. The loan should have been repaid but hasn't been and that UB are in discussion with the borrower. I have assumed that defaulted means that UB have given up trying to get the borrower to pay and are in the process of recovering the amount due by selling the security item(s). Does anyone know whether these assumptions are correct? I have made the same assumptions. Many of my overdue loans have repaid in the past up to a few weeks late, some have comments that give a date when the late repayment is expected. Those that have defaulted have all gone on to either be disposed of (and then repaid) or are currently waiting, or are being prepared, for disposal. Disposal can take time depending on the item - one of mine currently still has 3 months to wait for the auction.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 22, 2018 6:39:49 GMT
Sorry if this sounds a bit of a stupid question, but if I invest an additional GBP10,000 by 31st October, I will get GBP100 cashback on 17th December, and I can then withdraw all my funds? That's 1% for less than 7 weeks investment, or over 7%/year just in the bonus.
I can understand bonuses to incentivise us to stay invested through the Brexit period, but this seems a little too generous.
My understanding is that it is 1% per annum - so for 7 weeks investment that would be 7/52 of 1% (~0.13%), so for £10k invested you should get a payment of ~£13 for the 7 weeks.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 17, 2018 7:47:23 GMT
I also have not received any email.... (and should have done)
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 10, 2018 11:45:56 GMT
Re deposits & withdrawals: they are batch processed 1 working day after the working day on which they are received. Practically, this means if you place an instruction on Monday night, it will not take effect until Wednesday (because it was received after the end of the bank's working day cut off on Monday, so goes in the "received" batch of working day = Tuesday, then is processed one working day later). I can't remember the cut off time for "end of working day" but anything instructed before 4pm seems to be received as part of that day's batch and is sorted the following working day morning. I think they have improved deposits now (I haven't tried a withdrawal yet). I generally deposit during the day and normally my account is credited within 3-4 working hours (sometimes quicker) so if I deposit very late in the day it will appear very early the next morning, otherwise it appears later the same day.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Oct 9, 2018 21:11:11 GMT
Scene one, take one Very much a work in progress, all information currently subject to confirmation. The ambition is to give as much detail as possible on the mechanics of the platform Product Range
Provision Trust and Gold Trust loans benefit from a PF; Bespoke loans to do not. Loans are 6 month duration? Secondary Market
No secondary market (probable 6 months full withdrawal period - unless defaults) Reinvestment
Automatic subject to settings No Option to separate interest from capital on reinvesting settings IFISA Not as far as I know, may be pending? FCA Status Link needed here. when I remember where to look. register.fca.org.uk/shpo_searchresultspage?search=unbolted&TOKEN=3wq1nht7eg7trDeposits and Withdrawals
I have no recent experience, but deposits are bank transfer only? And take a while Withdrawals, My experience is two days but more information needed Initial set up of bank accounts is by uploading documents or a slightly dubious feeling letting them access your bank account Decision after uploading documents (bank statement was all I required) was within a few hours. Loan types
Pawn type Jewellery mainly? Typically fairly small allocations, £5 minimum allocation fairly common and distributed by a lucky dip process Email Notifications
Can become fairly intense, various options are available from the ‘My preference section’ on the home page. Referal scheme
Currently seems no paid version available If anybody wants to throw in some more facts I will add and amend. If anybody wants to throw in some more facts I will add and amend. Loan types - at least for me Lots of jewellery - huge number of very expensive watches Various collections of coins Handbags (!!) (I had no idea that some of these had such value until I joined Unbolted) "Classic"? cars (including several Bentleys, a Delorean and various others) Various collections of Silver (some of it from 17C) Various Art works (including Banksey's) Wine collections Musical Instruments (including Cellos and Guitars) and a few other odd things - eg a medal. Any others?
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Sept 29, 2018 7:45:57 GMT
I have already written down my investment in this by 70%, suggest you do the same. After yesterdays news on DFL017 I have decided to prepare for the worst on my entire portfolio (though I still think a recovery on DFL017/16 will be significant). Lendy have lent our money to a bunch of crooks and chancers. What is yesterdays news on DFL017? i am in this loan but have received no update - I am beginning to think I live on another planet! brightspark - if you have received no emails from Lendy this week about these loans and you are invested in either DFL016 or DFL017 I suggest you contact them about your email settings urgently.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Sept 21, 2018 22:26:42 GMT
Have just logged on to my main account and the Investor Activity tab is showing date and amount only (ie minus who bought it) - I am happy with that - I just like to know how much interest there is in a particular loan before I put anything up for sale - less interested in who buys what (although that can sometimes we useful as well).
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Sept 21, 2018 22:22:53 GMT
Bother - just missed it. After 9 and half hours of driving today (delivering offspring to University) I could do with a chocolate bar to go with the a glass of wine.
|
|
dawn
Member of DD Central
Posts: 308
Likes: 275
|
Post by dawn on Sept 5, 2018 12:50:08 GMT
I believe Moorfields have been appointed administrators for Refresh Recovery. Is this the same Moorfields that offered 'advice' about the collapse of Collateral via the Moneything Forum here on the Indie? Or am I getting muddled....? Not according to companies house REFRESH RECOVERY LIMITED Company number 06314608 Follow this company File for this company • Company Overview for REFRESH RECOVERY LIMITED (06314608) • Filing history for REFRESH RECOVERY LIMITED (06314608) • People for REFRESH RECOVERY LIMITED (06314608) • Charges for REFRESH RECOVERY LIMITED (06314608) • Insolvency for REFRESH RECOVERY LIMITED (06314608) 1 Insolvency case Case number 1 — In administration Administration started 28 June 2018 Practitioner Martin Paul Halligan
Live Recoveries Limited Wentworth House 122 New Road Side, Horsforth, Leeds, West Yorkshire, LS18 4QB
My mistake - thank you for putting me right
|
|