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Post by kristjan on Dec 8, 2016 12:51:44 GMT
I've started work on the architecture of Autobidder 1.0. I've received a lot of feedback from investors. If you haven't sent in yours, I welcome you to give us suggestions as to what you would like to see in the final version. We've already decided to add credit rating to the options, plus we have a few other things on the table. All ideas are welcome!
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Post by kristjan on Dec 8, 2016 12:30:32 GMT
Invoice discounting (Estonia)
month volume: €802,000 total volume: €3,206,000 net return per 30 days: 1.06% net annualised return: 12.95% average duration: 32 days repaid: 165 (out of 210 sold) default rate: 0.02%*
Invoice discounting (United Kingdom)
month volume: £104,000 total volume: £271,000 net return per 30 days: 1.07% net annualised return: 12.96% average duration: 34 days repaid: 39 (out of 64 sold) default rate: 0.00%
*The defaulted invoice was paid off at the beginning of December (along with overdue fees). Investors have not lost principal or interest on any invoices to date.
An invoice is considered defaulted when more than 120 days have passed since the original payment date or we have reason to believe the debt will not be repaid. An invoice will be counted as overdue when it's been more than 45 days since the original payment date. The website flags an invoice as being overdue as soon as one day has passed from the payment date. In these cases, the invoice is usually cleared in a few days to two weeks.
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Post by kristjan on Nov 22, 2016 8:20:33 GMT
There are a couple of late running invoices. Ive read the collection history but is there anything else going on we should know about .... Look at 1-7 and 20160909. I'm sorry about the delay in communication. I've asked the collection team to provide an update.
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Post by kristjan on Nov 7, 2016 13:09:24 GMT
Hi Kristjan, Thanks but what happend if the debtor after your recource will not be able/ willing .. etc pay the invoice ? Thanks Regards The recourse is against the seller: if the debtor cannot/will not pay, we ask for payment from the company that sold the invoice. Each and every invoice seller agrees to this when they sign up as a customer of ours. This arrangement also means that invoice sellers are motivated to list only the strongest debtors' invoices on our platform. Before agreeing to sell an invoice from a new buyer, we run credit checks on our own and set a credit limit based on our findings. If the seller company does not pay, we ask for payment from the guarantor. Before the funds are paid out, we ask the debtor company to confirm they've received the goods/services (this means we don't finance future deliverables) and that they're happy with them. We also ask them to confirm the payment will be made to an Investly bank account.
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Post by kristjan on Nov 7, 2016 8:43:11 GMT
Hi, Im intererested in Investly to invest, but what happend if the invoice is in default, do they have these invoices secured ? or eventually is there something like in the others p2p sites , buyback or its covered by Investly ? Thanks Hi, If the debtor cannot make the payment, we will do a recourse - i.e. ask the invoice seller to repurchase the invoice with interest (and late fees). Most of the debtors are many times larger than the smaller companies selling the invoices which means that the risk of payment difficulties is rather low. Sellers also sign a director's guaranty, which means we can ask for payment from the seller company's director as a last resort. To help investors assess the risks involved, we display a credit rating and insolvency probability (these are provided by credit agencies) in addition to the description of the companies sent via email (this information will be displayed on the new website as well). Our credit team analyses both the seller and debtor company before selling any invoices. From the seller we receive bank statements dating back 6 months, which allows us to assess the creditworthiness of young and small companies as well as larger ones. These and other questions are covered in our investor support knowledge base: investors.investly.co/hc/en-gb
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Post by kristjan on Nov 3, 2016 15:21:31 GMT
Invoice discounting (Estonia) month volume: €655,000 total volume: €2,403,000 net return per 30 days: 1.10% net annualised return: 13.4% average duration: 29 days repaid: 122 (out of 164 sold) default rate: 0.00%* overdue rate: 0.05%* Invoice discounting (United Kingdom) month volume: £26,000 total volume: £167,000 net return per 30 days: 1.13% net annualised return: 13.7% average duration: 33 days repaid: 28 (out of 39 sold) default rate: 0.00%* overdue rate: 0.00%* *If you take our current definitions, then the overdue rate is 0.05%. If you take the definitions supplied by P2PFA, then the overdue rate is 0.02% and the default rate 0.03% (the defaulted invoice is in recourse status, we expect payment next week from the invoice seller). P2PFA specifies that a loan should be counted as defaulted if it's 120 days overdue regardless of the payment status or agreement in place (i.e. new payback schedule) for repayment. Going forward we will be implementing P2PFA definitions to overdue and defaulted invoices in order to make our platform comparable to other platforms (the rules are available here: p2pfa.info/data). When we communicate the overdue and default rates, we want to make sure the definitions are applied to invoices in the portfolio view as well. Currently the portfolio view and the report supplied above takes into account old definitions. We should have P2PFA definitions applied to our data within a month. The figures for UK are the same according to our and P2PFA definitions.
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Post by kristjan on Oct 19, 2016 10:16:42 GMT
Probably a simple answer to this question.....Where do I find the total amount of my investments? None of the info on my portfolio page seem to add up to about what I have invested. Thanks. That's visible on the portfolio page under receivables. If there is a discrepancy with the amounts please contact us at support@investly.co so we can look up your account.
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Post by kristjan on Oct 6, 2016 9:05:23 GMT
I have over 7% overdue level. The figures I cited are for the whole portfolio and are weighted. Your personal overdue rate depends on your diversification level. The growth in the number of sellers and invoices being sold will definitely help you diversify, thus bringing individual overdue rates closer to the platform average. That is in part contingent on the sophistication of the autobidder. We're aware of the current limitations of the autobidder and will start working on improvements once our new website is ready (should go up within a month).
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Post by kristjan on Oct 6, 2016 8:47:56 GMT
Congrats to the increase. Please let us know the figure of the overdue invoices. Currently the overdue rate is 1.1% for the UK and 1.2% for Estonia. I should mention that this takes into account even one day delays in payment and most invoices that are late are paid within a week (4 out of the 95 repaid invoices have taken more than a week to clear). Investors receive penalties for delays at the same rate as the auction interest rate.
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Post by kristjan on Oct 6, 2016 7:09:43 GMT
Looks like I forgot to post an update for August. Here is August and September in one release.
Invoice discounting (Estonia)
August volume: €347,000 total volume: €1,224,000 net return per 30 days: 1.17% net annualised return: 14.24% average duration: 29 days repaid: 62 (out of 88 sold) default rate: 0.00%
Invoice discounting (United Kingdom)
August volume: £25,000 total volume: £102,000 net return per 30 days: 1.31% net annualised return: 15.95% average duration: 32 days repaid: 16 (out of 27 sold) default rate: 0.00%
SEPTEMBER
Invoice discounting (Estonia)
September volume: €524,000 total volume: €1,748,000 net return per 30 days: 1.13% net annualised return: 13.8% average duration: 30 days repaid: 85 (out of 122 sold) default rate: 0.00%
Invoice discounting (United Kingdom)
September volume: £39,000 total volume: £141,000 net return per 30 days: 1.25% net annualised return: 15.2% average duration: 32 days repaid: 22 (out of 32 sold) default rate: 0.00%
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Post by kristjan on Oct 6, 2016 7:03:33 GMT
I've done some data analysis as well and concluded that the auction close rate is most closely linked to the size of the invoice. Currently we are working on a new version of our website but once that is live (late autumn), we will start work on improving the autobidder (which will allow to use the rating as a filtering agent). All of your comments and improvement suggestions are welcome, of course. You should really improve you autobidder because it seems a lot of users have just configured an 8% rate so they can win the auction. That means that with low value invoices the autobidder will fullfill all the invoice value and it will always be 8%, no matter what the rating is. I agree the autobidder needs improving. We will start working on this once the new website is live and all the bugs have been fixed (we will try to fix all the bugs before the release, of course).
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Post by kristjan on Sept 21, 2016 6:24:12 GMT
I tried opening it, but Excel said it was unrecoverable content (i.e. unreadable). Just by glancing at the recent auction data, though, it is clear there is lots of money in search of yield and this has pushed a lot of auctions to close at 8%. We've also signed up a lot of new customers (8 new customers have sold their invoice this month). The recent increase in available invoices has been larger than the increase in investor funds, which is a positive sign for investors looking for higher yields going forward.
When analysing the bids across insolvency probabilities and credit ratings, it makes more sense to look at the debtors' rates first and only then the sellers' rates. The seller's rate is important for recovery in case of a default and recourse.
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Post by kristjan on Sept 19, 2016 6:40:45 GMT
I'm pleased to announce that the Beta version of automatic bidder is now live. The final version will, of course, have more functionality. The current version will make a bid at exactly the terms you specify, meaning it's not capable of starting from a higher rate and then adjust it downward. The final version will, of course, have that functionality. investly.co/bidder/myBidderWhen will you add the bid high and adjust down feature? The earliest we can start work on the improved autobidder is after we've released the new version of our website (late autumn). Currently all the development resource is busy with that. It's too early to provide a delivery date I'm afraid, but we do see the need for a smarter autobidder, so it's definitely in the plans for this year.
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Post by kristjan on Sept 16, 2016 9:10:40 GMT
I'll have a look at your table in a few days. I've done some data analysis as well and concluded that the auction close rate is most closely linked to the size of the invoice. Currently we are working on a new version of our website but once that is live (late autumn), we will start work on improving the autobidder (which will allow to use the rating as a filtering agent). All of your comments and improvement suggestions are welcome, of course.
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Post by kristjan on Sept 8, 2016 8:01:34 GMT
The first invoice payment to us went missing - left his account but didn't reach ours but didn't return to his. He has paid £4,500 from his money to cover some of the payment and will pay the rest of the outstanding £8,728.74 on Friday.
The second invoice he has paid all of today.
Regarding the button, installing was delayed due to new auctions. An update cannot be applied when there are a lot of visitors logged in and making bids or uploading invoices.
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