amphoria
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Post by amphoria on Jun 4, 2018 22:03:38 GMT
So have I got this right?
The 'Rolling' Market is now exactly the same as the 5 year market except that you don't get a proportion of your capital back each month.
Also when you invest in Rolling you will no longer know how long you will be investing for - 'Fixed' Term takes on a whole new meaning! It is believed that the contracts are amortising, ie. you do get a proportion of your capital back each month. Also they differ from the 5 year in that you can sell fee free subject to buyers being available. However, you are right in that you do not know the length of the contract.
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amphoria
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Post by amphoria on Jun 4, 2018 21:59:08 GMT
According to the revised terms published yesterday:
So it seems that there won't be an option to have Rolling Market capital repayments sent to the Holding Account. They'll be re-invested in perpetuity at Market Rate, unless a withdrawal request is made (which would then trigger the 14-day 'fair usage' clause).
I'm presuming - perhaps incorrectly - that Rolling Market interest payments sent to the Holding Account first are deemed to be 'new funds' i.e. they can then be lent via the Rolling Market at a user-set rate.
Well, I eventually found the new Investor terms, but it was a struggle - they aren't under the Ts & Cs where you might expect, and I had quite a trek thru the RS site before I located them hidden under about 5 pages of Key Information! Does anyone know a direct link on the site, or do I need a bookmark?!? I am intrigued to know how small repayments will be dealt with for reinvestment, because para 4.12 says the minimum loan size remains at £10. Whilst that allays some of my concerns regarding smaller and smaller miniscule loans, it isn't stated how these small amounts are aggregated - RateSetter ? The same paragraph also says 1 year repayments will be directed to Rolling - does this signal the beginning of the end for that product? In my account they can be accessed from the left hand menu under Investor Terms from most (if not all) pages. The full Investor Terms appear below the Key Information.
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amphoria
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Post by amphoria on May 8, 2018 21:07:29 GMT
Despite what I said in my post yesterday, I now believe that only money invested after 5th June will be subject to the new Ts & Cs. This was reinforced by a response in the Q&As below the blog entry. Also they are saying that the new Ts & Cs will not be sent to investors until 1st June. I made a small investment in the rolling market today hoping to shed some more light, but the loan repays on 5th June (ie. after 28 days rather than 30). I don't know whether this is deliberate or just a coincidence. Does anyone have a loan made today that repays after 5th June? 8th June is the latest I have. Ok it was obviously just a coincidence. The reason why I believe that money invested prior to 6th June will not be subject to the new Ts & Cs (apart from the fact that they have not been published yet) is the Ratesetter response to your question "Will I be able to see how long the individual contracts are on the rolling market after the change as I can on the 5 year market?". Their response is "Investors can already access this information for the Rolling market. In the member area select the “Rolling” link which appears under “your Portfolio” in the menu on the left hand side of the page. Then click on the plus sign next to “On Loan”, then select “Your money on loan”. From there you can see all the contracts you are matched to and their duration." Up until now this has always shown a date up to 30 days from the date that the investment was made for the Rolling market. The response implies that this will change to the end date of the underlying loan. This change would not appear to have happened yet.
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amphoria
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Post by amphoria on May 8, 2018 18:31:03 GMT
I am fearful that this new regime started TODAY because anything going into the rolling market today will mature under the new rules. Is this true? Have I missed something? If you go to the 'Your Portfolio' tab in the left-hand menu and set your 'current' repayments screen to 'Jun 2018' you will see all loan repayments due in that date range. Currently, all the 'Rolling' loans created up to today's date are showing as repayable in full for me. I don't think these 'Rolling' loans will cease immediately tomorrow (current Terms and Conditions anyone?) but at the ealiest on 8th June itself. Despite what I said in my post yesterday, I now believe that only money invested after 5th June will be subject to the new Ts & Cs. This was reinforced by a response in the Q&As below the blog entry. Also they are saying that the new Ts & Cs will not be sent to investors until 1st June. I made a small investment in the rolling market today hoping to shed some more light, but the loan repays on 5th June (ie. after 28 days rather than 30). I don't know whether this is deliberate or just a coincidence. Does anyone have a loan made today that repays after 5th June?
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amphoria
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Post by amphoria on May 7, 2018 21:42:07 GMT
One solution to this decision by Ratesetters to remove the ability of customer / investors to "set the rate"?
Divert all sums becoming due by way of capital and interest on this months Rolling Market to your Holding account, thus reducing the amount available to RS to lend. If enough of us did this it might just start to make rates increase.
If rates continue to decline cash can be removed without any delay from Holding.
I have no intention of lending cash under the heading of a Rolling market only to find I am in fact locked in to a 5 year loan without being told.
Absurd business decision by RS and takes away their unique selling point which brought me to their p2p site in the first place. According to the post from jlend above you won't be able to divert repaid capital to the holding account, only interest. This effectively means that all capital invested in rolling from tomorrow will be automatically re-invested at market rate as the repayments will be after 6th June.
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amphoria
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Post by amphoria on Apr 20, 2018 11:05:28 GMT
When you go into the investments page do you have button called "Dashboard" at top right of the page? Do you mean the top right or the top left? The top rights says "Manage Funds". The top left says "Standard Accounts" which from memory was the button that used to say "Dashboard". I have been with AC since early 2016 and was transferred to the new website when it went live.
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amphoria
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Post by amphoria on Apr 13, 2018 10:53:10 GMT
MLA, GBBA, PSA and GEA holders all get a vote. 30DAA and QAA holders do not. This is based on recent votes where I only have holdings in the 30DAA/QAA and have not received a vote.
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amphoria
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Post by amphoria on Apr 7, 2018 21:53:51 GMT
Possibly. I have a lot of small holdings in all accounts and am unaware of being asked to vote on anything that I do not have an MLIA holding. My QAA holdings are so transitory it would surprise me that I get a vote with them. Note..Even if the loan is suspended you do have the ability to dispose of holdings if they are held in QAA or 30 day AC (under normal conditions). I had assumed this gave no right to vote.... Perhaps we should be asking who was in the vote pool. I am pretty certain that 30DAA and QAA holders do not get a vote. Anyway based on my holding in these accounts, the 30DAA and QAA only hold about £225,000 of the £5.970m. I have a much bigger exposure via the GBBA.
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amphoria
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Post by amphoria on Apr 4, 2018 18:30:39 GMT
Does anyone know why, if you click the show more button, you can view the total invested in QAA and 30DAA but not any other accounts? It just seems odd. There is a maximum amount that can be invested in the QAA and 30DAA combined (or it might just be the QAA), although it is a long time since it was hit as AC have kept increasing it. When I first joined AC in 2016, there were times when the limit was hit and new investments in to the QAA would join a queue. AC would then announce an increase and you could see from this number whether there was spare capacity before transferring money to AC.
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amphoria
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Post by amphoria on Apr 2, 2018 11:23:18 GMT
Jessica’s email address Any chance of this being posted on that thread started by Stardust TIARA If you have the original letter from Gordon Craig, it can be found on page 2 at the end of the section titled Information request.
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amphoria
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Post by amphoria on Apr 2, 2018 10:19:26 GMT
Good luck with getting a response before 6th April. I sent her an email on 21st March and didn't get a response until 28th March which didn't even answer the question that I had asked. The response consisted of "Good Morning I am hoping to get an update out to all investors in the next two weeks, so everyone will have a better understanding of the current position of the Company. As soon as this is available, all investors will be notified accordingly. Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator" So it looks like she is now sending out boilerplate responses. I note that she is quoting the same two weeks that she had given to another Indy member a week earlier, but from a starting point a week later. The question I had asked was whether I needed to put in a creditor claim for the uninvested cash in the client account as Gordon Craig's original letter sent on 28th Feb only referred to money lent via the platform. TBH I am in the same situation and I think I will put a claim in as a creditor anyway for this , as the information we have been given is very unclear I am thinking along the very same lines as you as it does no harm to play it safe.
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amphoria
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Post by amphoria on Apr 2, 2018 10:11:38 GMT
I have noted that the administrator gives until 6 April to register any dissent regarding his proposals. I have sent an email to Jessica asking why I have not been sent a copy of the report containing those proposals. As far as she is concerned I don't even know about that 6 April deadline, let alone make a decision on responding to it. She can guess whether I have actually seen it. Highly sloppy and unprofessional, in my opinion. Good luck with getting a response before 6th April. I sent her an email on 21st March and didn't get a response until 28th March which didn't even answer the question that I had asked. The response consisted of "Good Morning I am hoping to get an update out to all investors in the next two weeks, so everyone will have a better understanding of the current position of the Company. As soon as this is available, all investors will be notified accordingly. Yours sincerely For Collateral (UK) Limited Jessica Hodgson For Gordon Craig Administrator" So it looks like she is now sending out boilerplate responses. I note that she is quoting the same two weeks that she had given to another Indy member a week earlier, but from a starting point a week later. The question I had asked was whether I needed to put in a creditor claim for the uninvested cash in the client account as Gordon Craig's original letter sent on 28th Feb only referred to money lent via the platform.
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amphoria
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Post by amphoria on Mar 26, 2018 16:40:33 GMT
Yes, although this confused me when the loan holdings were first published as I was under the impression that some of the investment was held as cash. It is my understanding now that the cash element is held within the provision fund and consists of the difference between the interest rate paid by the account and the interest rate paid by the underlying loans. No doubt chris will correct me if I have not understood this correctly. Sorry that is incorrect. A portion of the 30DAA and QAA are held in cash to facilitate liquidity. The rest is invested in loan units which are then traded to maintain that cash buffer, with lender accounts being continually rebalanced to make sure everyone has precisely the same cash buffer and loan holdings. The provision fund is separate to this. Which brings me to my original confusion. Why do I not see my share of the cash in my loan holdings? My assumption at the time was that the loan holdings really represented the percentage that I held in each loan (excluding any cash) rather than at absolute amount of my investment.
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amphoria
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Post by amphoria on Mar 26, 2018 15:03:24 GMT
Should the loan totals on the CSV = the total shown as invested? Or is an amount as it were left in cash to allow for liquidity? Yes, although this confused me when the loan holdings were first published as I was under the impression that some of the investment was held as cash. It is my understanding now that the cash element is held within the provision fund and consists of the difference between the interest rate paid by the account and the interest rate paid by the underlying loans. No doubt chris will correct me if I have not understood this correctly.
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amphoria
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Post by amphoria on Mar 14, 2018 7:50:17 GMT
I had a positive amount yesterday morning equal to new money plus interest reinvestment, but this morning it has gone to zero again, so either there is a problem or possibly the process is currently running.
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