oik
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Post by oik on May 20, 2017 19:52:22 GMT
In a related vein, I see the SM has (probably temporarily) lost its sales liquidity, at least for a few of the loans. I'm doing my best but taking a fair while to get money in, about two hours so far. Could be because there's a wall of payments coming in or because the things want bit of a life on a Saturday evening. Or could be my bank thinks I've transfered too much today already and need their care and protection.
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oik
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MoneyThing (MT) in Administration
MTAU712
May 17, 2017 18:02:11 GMT
Post by oik on May 17, 2017 18:02:11 GMT
Edinburgh Valuation Report.pdf now uploaded.
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oik
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MoneyThing (MT) in Administration
MTAU712
May 17, 2017 15:25:55 GMT
Post by oik on May 17, 2017 15:25:55 GMT
Hi Ed, Is it a case of the valuation having been done but is still being typed up? Have you been made aware of the contents in some detail?
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oik
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Post by oik on May 13, 2017 18:30:07 GMT
This post and replies may throw some light on it for you (although I'd recommend reading the whole thread). I saw that but, as I'd assumed valuations should be done in the same way, was interested in how their valuation was so much higher than that of MT - which may have been still lower had the problem of the cellars been known at the time. My instinct at the moment is it may have been the reason why MT let the deal walk away and I'll probably do the same especially as Collateral see the need to pay 12% plus 4% cashback to get the bigger loans in.
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oik
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Post by oik on May 13, 2017 17:10:31 GMT
MT show the asset value for this loan as being £1,600,000.00. On "the other" site their valuation report also gives the market value of the site as £1,600,000 or (£1,400,000 subject to 90 day marketing constraint).
But they then describe the offer as having a security value of £2,440,000.00 including projected freehold ground rents, which they say is an LTV of 69% and the loan is to be for £1,600,000. The rate offered is the same 12% as with MT but with up to 4% cashback for anyone putting in £100k plus. (Which might be seen as an opportunity to grab the 4% then try to dump it on the SM, perhaps causing problems when selling for those who got less or no cashback.)
My understanding was that not a vast amount of progress has been made apart from back-filling the cellars that were not known about at the time of the first valuation so causing unforseen costs. Their VR describes the "site as marginal if works were not already implemented". I haven't had a chance to look hard andcompare reports but saw no mention of finding a cache of gold bars in one of those cellars. Would someone wiser than me care to comment on how we get from £1.6m to £2.44m when not a lot seems to have changed?
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oik
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Collateral (COL) in Liquidation
Oh dear
May 12, 2017 13:34:46 GMT
Post by oik on May 12, 2017 13:34:46 GMT
I think it asked for 5 characters and the word is much longer than that. Presumable it also should ask for 3 characters for the 3 fields.
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oik
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Collateral (COL) in Liquidation
Oh dear
May 12, 2017 13:19:38 GMT
Post by oik on May 12, 2017 13:19:38 GMT
So far it isn't going too well. Finished the registration bit and was asked (as copied): " Please enter characters 1, 0 and from your memorable word Please remember this is case sensitive". Is that English, and if so which characters are likely to be 1, 0 and what am I supposed to put in the third field? Refreshed and now it's asking for " characters 0,1" instead. Which doesn't help much. Using Firefox on a windows laptop so I assume I'm not unique. Whether it's a case of me not being smart enough to know what character 0 would be or Collateral having a rubbish website, my confidence is dented. Just thought I'd see if I can log in despite not knowing what character 0 is. I can't so don't know if I'm registered or not.
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oik
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Post by oik on May 6, 2017 13:19:55 GMT
It's a balance. I like the bid limit that lets everyone have a bite. I think that is a strong feature of MoneyThing. Turning up to bid and finding it's all gone before I can get any would be a turn off! I agree with that. It's a difficult balance. The impossible ideal for most of us would be to have a limit that always lets "us" easily invest as much as we want but blocks the greedy "others" who want to invest more than us and might snaffle everything before we get a look in. From what I've seen MT seem to judge it quite well given the size of the loans. The point I make though is that for everyone the limits need to be high enough to justify the time required to fully scrutinise the proposition. For me that means a gross return of £60 or less at the end of 6 months doesn't really cut it. Diversification is important but then it probably doesn't benefit anyone if the sums involved are so small that it's not worth taking the time to check what you're investing in. So I'd guess the only way to square that, as you suggest, is if possible to have bigger deals that allow more worthwhile involvement and returns.
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oik
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Post by oik on May 5, 2017 17:57:19 GMT
Feedback gratefully received. Many thanks, Ed Just seen this thread. I registered with MT a while back but haven't invested as much as I intended despite being more than impressed by the company. For that reason I've limited knowledge of MT so my opinion of whether a loan of £3.3m could be filled or not probably isn't worth much. I can say though that I really hope it could, because the only reason I haven't invested much has been the very low bid restrictions. Doing a bit of DD then turning up at 4pm knowing I'll often be able to invest just £1k or so for 6 months, all for a max of £60 of interest at the end, just hasn't seemed worth the time involved. My guess is that there could be a lot like me, perhaps including a chunk of that third you mentioned who register then never invest. Bigger deals with reasonable bid limits could be just what's needed to get them lending. I'd add that it's not of prime concern to me whether the rate offered is 12% or a tad less provided I can have confidence in the the proposition and the valuation.
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oik
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Post by oik on Mar 10, 2017 12:16:02 GMT
I'd guess that only a fraction of those 50,000 have yet noticed there's been a change in the terms, fewer still who know what it was, and most of those only because they read it here rather than because they spotted it at the bottom of an email or in a blog. More used to banks and building societies who spell out every change of a dot or comma by letter.
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oik
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Post by oik on Mar 8, 2017 12:14:32 GMT
Despite making this generous offer and many forumites taking advantage (oh you disloyal, fickle, impudent bunch! #EveryPenny), you have to admire the platform's resilience.... This process has proven the strength of RateSetter's liquidity and should be very reassuring to its lender customers left. Call me all of those but I tend to think they're quite useful qualities to have when investing. Even a touch of paranoia is better that than complacency. Had they introduced the new terms, that now permit appropriation of money from investors to keep the company afloat, when the provision fund was relatively strong then there may have been less suspicion. To introduce it now at a point when the pf coverage appears to be falling by the day despite other, some might say questionable, recent changes in the way it's calculated could look a bit desperate. In reality, I don't think they had much choice but to allow free exits, to do otherwise would have launched an expensive and very public flood of official complaints. I wish them well but will pull the last money I have in rolling unless they can do something positive to improve the risk/return equation.
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oik
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Post by oik on Feb 25, 2017 17:36:35 GMT
Based on feedback we’ve received, the process has been reviewed. In a forthcoming update we will reintroduce the auto-fill function for the email address part of the login page, but not the password. Thanks for update. I don't save passwords for anywhere I have dosh so they've listened and, without the silliness of being forced to not save the email address, that'll be fine for me. Doubt it will satisfy those who have their own ways of keeping pws secure and don't want to nannied though.
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oik
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Post by oik on Feb 20, 2017 12:26:59 GMT
My best guess would be it's an alternative to having money in holding for a short period, perhaps with an optimistic hope for a fluke spike to hoover it up. Yep, that really is my best guess, other than that...
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oik
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Post by oik on Feb 19, 2017 15:59:00 GMT
Tesco Current account is not avaliable at moment due to volume of applicants after they guarenteed rates until 2019, can still open the savings account for the DD generation. I hadn't spotted that. Just in last week or so I see. Possibly not unconnected with Martin Lewis keeping pumping it on his TV show. It's being suggested that when applications reopen it could be at a lower rate for new customers. Should add that the TSB account pays 5% on contactless debit card transaction (max £5pm) which actually boosts the return to £105pa or 7% (little less if you only top up account once each month. Ends December I think for customers opening an account now. Mine ended last year and I was fairly relieved when it did - it was bit of a pain. Sainsbury's don't do contactless, nor Asda I think, and £30 was too little for a weekly shop anyway or to fill a tank. Was even more peeved when it regularly demanded a PIN, so no cashback, or the bill was £30.25p. (I see Tesco are to give an extra 'clubcard point' from 1 April when using a Tesco debit card at their stores. So worth another £1 off a £100 spend. I haven't decided what to fritter my extra pound on yet.)
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oik
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Post by oik on Feb 19, 2017 13:48:45 GMT
Have tried, many involve low limits (1000-2500) and most require current accounts with the selected bank or at least 2 direct debits. If you have any bank account suggestions it would be appreciated Thanks You could start by opening 2 Tesco current accounts and one or two Tesco Internet Savers for generating direct debits. The current accounts have no DD or minimum pay-in requirement and you can hold £3000 in each at 3%. The Internet Savers (or the Tesco Instant Access Savings accounts) will let you set up as many DDs to them as you require from any of your new current accounts. You could just DD current account monthly interest split between two DDs for example. Then you can look at Bank of Scotland allowing £5000 per account at 3%, and TSB also paying 3% but only on £1500 per account now. Nationwide FlexDirect pays 5% on £2500, for first 12 months but can be 'renewed'. Nationwide also pay a £200 "refer a friend" bonus if you transfer your account to them (half each to referee and referrer though most people would be happy to split it 75/25 I'd expect). Santander allows £20k per account but recently dropped their rate to 1.5% and has an account fee (though does pay up to 3% cashback on some DDs). Lloyds has dropped its rate to 2% on £5000 so goes to the end of list unless you want one of its various small perks (such as 6 Vue cinema tickets per account holder per year etc.). Most of the current accounts require a minimum monthly pay-in but not Tesco. If required, just set up a daisy-chain of standing orders all for the same day - say £1000 from A to B to C to D... and back to A. Sounds complicated but if it takes you more than 20 minutes you aren't trying. Once set up you'll only notice from your statements. Then there are the regular savers if you want them. Lots of them and also paying 2-5%.
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