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Post by kristjan on Jul 18, 2017 8:40:49 GMT
The starting rate for that auction was 17%. We allow the auction rate to drop a maximum of 6 percentage points. If enough bids are made, the rate for that auction should have dropped to 11%, which it did. Your minimum rate was set at 9%, in which case the autobidder will try to make a bid on your behalf at 11% (the minimum for that auction). It cannot, however, make a bid at 9% if the minimum rate set for that auction was 11%.
It was a relatively small invoice (funding target € 2375) and a number of other investors' autobidders competed to make a bid as well. With larger invoices, most investors fit it, but with smaller invoices it is just an inescapable fact that not all bids can fit. The bids are listed according to the rate and the time of the bid. In case of the autobidder, all bids are made at the same time, with only rates differing. To level the playing field, we have set the autobidder to make bids on a rotating basis - ie. if your autobidder did not place a competing bid this time, you will be bumped up the queue for the auctions that follow, thus increasing your chances of making a competing bid in the future.
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Post by kristjan on Jul 14, 2017 13:39:21 GMT
Please contact me via kristjan@investly.co and provide information about the specific auction and your autobidder settings. It is difficult to tell what is going on without context. Thank you!
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Post by kristjan on Jun 12, 2017 7:50:57 GMT
I know that this probably isn't as easy as it sounds but it would be great if you could somehow implement a feature that would prevent the autobidder from investing in multiple invoices, where the seller and the buyer are the same. My autobidder managed to pick up 2 out of 3 above mentioned invoices... This is a good suggestion, thank you.
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Post by kristjan on Jun 6, 2017 12:38:41 GMT
The claims have been bundled, I'm sorry if the other two invoice collection histories were not updated. I will make sure the other invoices get updated as well.
For specifics, please turn to support@investly.co and the collection history feature on our website. We cannot comment further than what is available in the collection history. Updates are going to follow as we receive them.
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Investly
Defaults
May 23, 2017 13:14:40 GMT
Post by kristjan on May 23, 2017 13:14:40 GMT
In other words the next payment is due in 11 days... In my opinion investly seems to care less and less about their (old) loan portfolio and concentrates on invoices. This is perfectly fine and makes sense - let's face it, you would be out of business if you had not redirected into invoices. But at the end of the day investly is responsible for settlement of the loan portfolio. And this is the criticism from my side, I doubt that you are active enough in this matter. To me it seems as you send an update each month, and that's it. With newer late loans like momo nature (which paid perfectly until 20 days ago) I had expected to be updated quickly. I might be wrong, just m gut feeling. I'm sorry if we've made you feel this way. We keep track of all debts, loans and invoices. We are in contact with all debtors and remind them of their debts in case they are late. Reminders are an important part of any debt collection process and we take this seriously. Some loans have defaulted and we've handed these over to bailiffs where it's needed (they have more legal power to arrest accounts etc). Legal proceedings do take time, however. We are covering the legal expenses ourselves, unlike a number of other P2P platforms. The fastest way to get a response is to contact the people handling collection. I am perfectly happy to provide the data myself, but it might take a bit longer than turning to support. That's why I suggested you turn to them. Hope that's fine.
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Investly
Defaults
May 23, 2017 12:33:51 GMT
Post by kristjan on May 23, 2017 12:33:51 GMT
What about the momo nature loan? The latest payment is overdue 20 days. Otherwise they are on schedule - ie. only the May payment is late. To get the details on business loans, please contact support@investly.co.
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Post by kristjan on May 22, 2017 11:36:13 GMT
Hello everyone, I'm glad to announce that our new autobidder is now live! It allows you to specify different bid sizes and interest rates for different debtor credit groups. You can now set different conditions for euro and pound portfolios. To read the details about how the new autobidder works, please head over to our website (visit app.investly.co/#/autobidder while logged in). If something is unclear on the page, please let me know so we can improve the communication. Thank you!
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Post by kristjan on Apr 27, 2017 12:28:07 GMT
You are saying that this company has insurance covering up to 1.2m of it's invoices? Meaning that once they get 1.2m of invoices defaulted, the rest is not insured? In such a case would be good to know what is their total invoice portfolio. A big difference if that is around 1.2m, or 12m:)
Who is the beneficiary of this insurance policy? Is it Investly or the company itself, which reduce its usability in case of insolvency?
1. The beneficiary is Investly 2. The insurance covers 1.2 million in invoices that have been assigned to us. The insurance policy was bought to cover this and future invoices that they plan to finance using Investly. Once the 1.2 million limit has been used up, it's possible to extend the contract. This depends on the seasonal cash flow needs of our customer, of course. This is a large project and ties up a lot of capital, hence the need for financing. 3. pauls, we are working to make sure we recover as much as possible from defaulted invoices. Legal processes take a bit of time.
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Post by kristjan on Apr 26, 2017 7:56:30 GMT
Yes, future invoices will be insured against credit losses as well. The insurance covers up to 1.2 million in invoices. The company has said some of their invoices are larger, but they expect most to be around 100k.
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Post by kristjan on Apr 25, 2017 14:08:24 GMT
Thanks! Here's a short summary of the invoice: The invoice was issued by an Estonian company that helps build museums and exhibition centres. They offer a full service from exhibition design, user-journey planning and engineering to building. They've completed numerous projects on time and in budget in Sweden, Finland and Estonia. The debtor is a Polish company that is listed on the Warsaw stock exchange. - The funding target is €343,900
- Maximum bid rate is 12% (min 10%)
- The funding period is 26 days
Risk management: - The invoice has been insured by KredEx Credit Insurance (KredEx Krediidikindlustuse AS), Estonia's state-owned insurance company that helps Estonian companies manage credit risks. The insurance covers 90% of the invoice.
- Investly also holds a personal guarantee from the seller company's owner in the amount of €360,000 (he owns several profitable businesses and four apartments).
For more information on the seller and debtor, please log in to Investly as I cannot mention the names here in public. The company has said they are interested in long-term cooperation. This means they will be bringing large, 100k+, invoices to Investly every month (or every other month).
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Post by kristjan on Apr 17, 2017 10:03:55 GMT
Is it just my impression or are there a large number of overdue invoices? easter vacations? Hello, Easter holidays definitely play a role. Please note that some invoices have been paid, but were paid a few days late and the penalties (for not paying on time) are still waiting to be paid. They usually amount to a few pounds/euros per invoice. Overall, you would expect to see a slight increase in the number of overdue invoices as the number of total invoices sold in a month increases, which is exactly what has happened. The share of invoices overdue/invoices sold is not showing any signs to be concerned about.
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Post by kristjan on Apr 11, 2017 17:04:14 GMT
The London Gazette records a petition to wind the company up in February by HMRC, but also that this petition was dismissed on 22nd March 2017. Great to see that we have some sharp investors! It's good that you brought this up, as it allows us to clarify a few things. As you know, Investly checks companies' records before allowing invoices to auction. This includes checking their bank statements. Based on the information gathered for credit analysis, we decided to proceed because the company has a good history, is an ongoing concern and their business is growing. Unfortunately, we didn't realize the order would bring up so many questions. We contacted the seller for clarification. To bring clarity to the issue at hand, here is a summary of the events:The wind up order was due to their previous factor freezing their account and not paying out an invoice which had been financed. It left the company temporarily short on funds to pay VAT. The HMRC was extremely harsh in handling this matter. JS was aware the wind up order was to be published unless they paid the bill on time. They settled the VAT bill on time, but the order was nonetheless published. It took two weeks for the court to dismiss the order. The courts did not erase the original order, even though according to expert opinion the HMRC didn't have a legal basis for publishing it. The company has been operating for 14 years and this is their best year so far - business is growing and they have a long term contract with the council (this information is available on the council's website*) with an option to extend. *Since this is a public forum, I cannot provide a link as it would disclose the name of the seller and debtor. If you're an investor you already know the names, but you can e-mail me (kristjan(at)investly.co) for the link.
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Post by kristjan on Apr 10, 2017 12:22:06 GMT
Hello, Once your bid has been accepted, you cannot withdraw it. As for the insolvency claim - the company is an ongoing concern and we have no reason to doubt the solvency. We review the bank statements for every seller on the platform. We have also reviewed the statement for this particular company. In addition, the debtor, in this case a local council, has confirmed the invoice and the payment terms (ie. paying straight to our bank account).
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Post by kristjan on Apr 7, 2017 7:53:22 GMT
All the invoices in the portfolio were erroneously attached a "paid" status, which moved them from the top of the portfolio page (invoices in payment) to the bottom (paid invoices), thus giving the impression that there were no open investments. This was a front-end error (meaning no data was corrupted, just the display was wrong) that is now fixed. It was probably the results of an update. I apologize for the confusion.
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Post by kristjan on Mar 3, 2017 13:58:21 GMT
That's completely fine. It is up to each investor to tailor the bid size and the bid rate according to their risk appetite. The reason we set the rates based on more information than just what is on offer from credit agencies is because credit ratings for small companies with a short history are based on a small amount of data. For small and new companies, the bank account statement often offers more insight into what is really going on than just the annual accounts (which are very thin in the UK anyway, at least until you reach 5 million in annual sales)
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