pickles
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Post by pickles on Dec 18, 2018 18:25:30 GMT
99.1%
As all of the 100% bids have been taken.
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pickles
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Post by pickles on Dec 18, 2018 18:20:19 GMT
Someone just put 15K into the 16% loan. It will probably be all gone by the morning. Not sure about tranche A though.
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pickles
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Post by pickles on Dec 18, 2018 18:06:04 GMT
Oh Bo11ocks. Just spent the afternoon selling stuff to raise cash for corp tax payment, forgot this one was imminent. Now have cash surplus/drag.
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pickles
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Post by pickles on Oct 27, 2018 6:59:21 GMT
All the Wigan parts vanished from the listing at about midnight. Seems a preparation for the repayment. Or the loan has expired again as it has twice before when it vanished and needs extending tomorrow. Hopefully it will be eggshells & avian numeration tomorrow but I doubt it. They don't vanish, they automatically move to the completed loans tab when they hit the end date. Presumably the Things will reset the end date soon and they will reappear on the live loans tab.
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pickles
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Post by pickles on Oct 21, 2018 13:53:31 GMT
At a guess, someone put a few K on the SM earlier which spooked a few people to join the queue. Which worried some others.
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pickles
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Post by pickles on Jul 3, 2018 20:09:17 GMT
... and take 5 days to appear on the website (so might be no reason to panic yet!) Given the latest update, it looks like they probably haven't been filed, but the striking-off has also been averted for the time being.
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pickles
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Post by pickles on Jun 26, 2018 20:26:04 GMT
COL Lessons learnt for other P2P portals
1) I'd hope that other Directors do not "take home" assets
2) Core data files have been recovered but not from the IT consultant but from his subcontractor which might have been wiped due to non payment of fees. It would seem that something needs to change for all portals with all data being safely held in house not subcontracted by a subcontractor.
3) It seems like many of the borrowers have just walked away from paying their dues, again something needs to be done to ensure that does not happen in any other P2P failure
the FCA needs to change its rules to sort this out and I hope that other, live P2P portals can confirm that they would not be in this mess
2) Reading between the lines, the contractor (a) hasn't been paid; (b) has lost his best income stream; and (c) knows he is sitting on something worth a lot. Unless he's a complete idiot nothing has been "wiped". The lawyers have threatened him and he's provided the raw data, but the full transactional history cannot be extracted without the code. The code is his IP and he's not going to give it up lightly (cheaply) but BDO are not in a position to pay for it. BDO will be deciding whether they can achieve a "satisfactory" outcome with the data they've got. All supposition of course. 3) Most of them can't just walk away, there are charges on the property or bling in storage. They might take the opportunity for a payment holiday (I'm not sure if these loans were upfront loaded/monthly/bullet).
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pickles
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Post by pickles on Jun 26, 2018 20:00:18 GMT
I'm in a loan on TC where the can has been kicked down the road so many times that it has worn out and they've had to get a new one. Road or can? TC itself
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pickles
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Post by pickles on Jun 26, 2018 19:57:20 GMT
Agreed. There's barely a few quid been put into the tranches with long queues over the last week, but if you were to put up for sale any parts in the tranches with no queue they would be gone within minutes. Simply because they are liquid and can be sold out of without waiting at the back of the queue. It makes sense on one level, but as you say there's no material difference between the tranches.
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pickles
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Post by pickles on Jun 21, 2018 17:46:58 GMT
Today's big default was clearly coming* but now it's crystallised it puts my return this FY at 3.86% - about a third of last year's but still not charity and substantially better than premium bonds (and with just as much excitement every Thursday)
* they took the loan, immediately cancelled the direct debit, giving them 120 days to scarper in the full knowledge that FC don't do anything whatsoever for 90 days after the first missed payment. And not a lot after that.
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pickles
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Post by pickles on Jun 18, 2018 17:25:42 GMT
It's the "since I started lending" that's the issue. It's far more useful to have YTD & rolling 12 month figures.
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pickles
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Post by pickles on Jun 16, 2018 6:51:42 GMT
It moved to "Completed Loans" this morning ... then back to Live with an end date 21/6
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pickles
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Post by pickles on Jun 8, 2018 17:20:51 GMT
53210 now downgraded before the first payment! I could be dreaming but was there not a discretionary refund for a loan that went pop before repaying a penny, or was that another platform? It was downgraded back in April, a week *after* the first payment was missed (the borrower having cancelled the direct debit). It is now defaulted. It's very fishy that the credit rating jumped, giving them an A grade loan when it should have been a D or E. But as they clearly had no intention of paying anything back, why would they care what rating they had? I have to be circumspect about this - I signed up for random selection so am happy to expect loans that I would not have touched under self-selection. However, this one does look as if it's likely to be deliberate fraud on one side, and either negligence or collusion on the other..
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pickles
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Post by pickles on Jun 1, 2018 20:20:31 GMT
Surely 0.5% diversification is adequate? If you’re happy lending £1000 in £5 chunks why would you hesitate about lending £100000 in £500 chunks? The mind is wired in weird ways I guess... Exactly. Once you get below about 1% diversification it makes no difference. You are being allocated the loans randomly, and a few will default. If you have 10,000 loans the only difference will be that you have a larger number of small defaults, but the total monetary amount will be virtually the same. Also, bear in mind that the vast majority of FC loans are amortising, so you will always be more diversified than the maximum percentage allocated to a new loan (unless you withdraw a lot). I sold my whole portfolio in January and put it back up for autobid. Already I have 400 loans (700 parts) so on average twice as diversified as the headline 0.5%, and as time goes on this will apply even more.
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pickles
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Post by pickles on May 28, 2018 6:39:02 GMT
Two tranches now processing, or 'retry' on the tab. Do we think just an admin error, or perhaps it's going late?
Late "Processing" is when it's lined up for payment. You used to see this status quite a lot as the payment engine was quite slow, it picks up the "processing" loans, matches the incoming payment and makes the outgoing payment. If it can't make a match the payment stays as processing and is tried again on the next round. You don't see it very often nowadays as the process is a lot more efficient, so it basically means the money has not arrived (unless you get up very early). The next day it goes to "retry" to pick up incoming payments that are a day or so late. Only after that is it classed as "late".
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