niceguy37
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Post by niceguy37 on Apr 9, 2018 14:25:01 GMT
I can only imagine the volume of transactions grinding through the system, particularly with all the rebalancing exchanges going on, judging by the size of my transaction logs.
I wonder if the rebalancing algorithm should be set to do just one or two passes per day, perhaps set to run at 1am, when the system is hopefully quieter.
I'm sure Chris and his team have their plans to increase resources, and I'm almost as sure that expanding volumes will continue to put pressure on the system.
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niceguy37
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Post by niceguy37 on Apr 5, 2018 9:50:47 GMT
It's so slow at the moment that it took 13 minutes between receiving interest at 10:17am, until it was swept into the QAA.
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niceguy37
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Post by niceguy37 on Apr 5, 2018 9:48:52 GMT
chris May I suggest that you consider adding a user-configurable maximum percentage of a single loan that the GBBA will buy or exchange? I appreciate that this may slow down investment of new funds, but I think that many lenders would be much happier being able to set maximums loan holdings. I imagine ranges of 0.5 to 2% would be popular. Then it would be up to individual lenders to set the maximum proportion of their loan holdings in any given account, and if they really want high levels of diversification then it will take longer to get fully invested. The lender could either just leave their idle funds swept into the QAA, or else drip feed in chunks of cash to keep a supply of ready money for when loan parts become available. I realise that this change would mean that for existing lenders it will initially take slightly longer for our larger holdings to be diluted by sales to new lenders, but I think it would be very popular overall, bringing in a lot more money, which in turn will facilitate AC making more loans and thus enabling better diversification.
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niceguy37
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Post by niceguy37 on Mar 29, 2018 14:35:04 GMT
Lendy have put some of their own cash in to try to get the asset to as good a state as can reasonably be achieved. Their experienced experts know the fine details and advise accepting the offer. We get back two thirds of our capital soonish. There's hope for further recoveries. Definitely we should vote YES!
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niceguy37
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Post by niceguy37 on Mar 16, 2018 16:29:09 GMT
chris could we please have a section in our account set up where we can opt for emails in the event of a loan repayment greater than £x or x% of account holding, or if our cash / QAA balance goes above a certain level please? Then we'd know we need to log on and deploy our funds.
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niceguy37
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Post by niceguy37 on Mar 14, 2018 15:28:16 GMT
I've not invested any new funds but it is showing "£3.07" as eligible.
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niceguy37
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Post by niceguy37 on Mar 12, 2018 14:05:58 GMT
Hi all, We're looking into allowing repayments to be sent to an account other than the cash account, e.g. from GBBA 1 straight into GBBA 2 (or any other destination account). Historically all movements of funds between accounts have gone via the cash account, so from GBBA 1 to the cash account and then manually to GBBA 2. There's no technological reason for involving the cash account in the movement so I would propose that in the above example you would see the repayment on the GBBA 1 statement and then a withdrawal from GBBA 1 and a credit to GBBA 2 without any transactions appearing on your cash statement. However before we implement this I wanted to make sure there weren't any reasons lenders would expect transactions to have to go via the cash account, such as due to the way you are reconciling your accounts. Any (constructive) objections to the direct transfer? Chris This will be a useful improvement. Thanks.
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niceguy37
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Post by niceguy37 on Mar 2, 2018 10:32:07 GMT
I just opened an GBBA2 within an IFISA three days ago. I'm happy to report £7600 invested in 3 days, which I think is a very decent rate of investment. I am also overweight on #441, having 10.4% in this one loan. But the rest of the investment is well diversified, particularly considering the short period of investment. I think the issue with #441 is that it is a very large loan so there's a lot of availability, and almost all GBBA lenders will have significant holdings so the Exchange algorithm has no one to swap your #441 with. Hopefully, as new lenders come in, particularly now the IFISA is available, then loan #441 can be shared out between more lenders. Certainly 10.4% or 13% is very much improved on before the Exchange algorithm started, so I think it's working well. Well done chris and the team.
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niceguy37
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Post by niceguy37 on Mar 2, 2018 10:04:06 GMT
I noticed that after a steady flow of transactions the day before, on Thursday from 9:30am to 15:30 there were no transactions. But overnight the buy / sell algorithm started up again.
Perhaps the buy / sell algorithm was deferred to allow month-end interest processing.
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Mar 1, 2018 12:59:45 GMT
Post by niceguy37 on Mar 1, 2018 12:59:45 GMT
If MT were to offer their IFISA right now it would probably clear the secondary market, and they'd likely avoid the need to offer cashbacks. Obviously this would all help with platform confidence.
I would have preferred an MT IFISA as they are my preferred platform of late, but sadly I doubt we'll see it in time for this tax year, especially if you're thinking of investing £20K with the current loan flow.
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niceguy37
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Post by niceguy37 on Feb 7, 2018 14:50:46 GMT
I can entirely see MT's need to change to a more sustainable model.
However, at least with AC's model investors get to vote on proposals by the borrower, meaning the borrower may need to offer a little extra interest to get an extension granted.
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niceguy37
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Post by niceguy37 on Jan 25, 2018 11:29:14 GMT
You cannot claim until you have the EIS3 in your hand. The lengthy EIS3 creation period will not start until the shares have been issued - ie the Conversion Event completing. I am not expecting the Assetz Capital EIS3's till at least near the end of 2016. Which tax years they can be applied to will depend on the mythical Conversion Event You can claim your tax relief for the TY the shares were issued or the previous tax Year. Or split across these two tax years I have found that the best process is to complete my Tax Return online even if I haven't yet got any or all EIS3. Completing the EIS & SEIS section with what I actually do have certs for. This results in a Tax owed statement or a refund. As each (S)EIS3 comes in, it is a simple task to modify my online tax return. Within a few weeks I get the tax refund credited which either reduces the tax owed figure or produces a tax refund. So I have my Assetz Capital share certificate downloaded from Seedrs in July 2017. Is this the EIS3 I need to have in my hand or do I have to apply for something else?
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Dec 6, 2017 16:42:41 GMT
Post by niceguy37 on Dec 6, 2017 16:42:41 GMT
I agree. It's probably going to be difficult to invest £20K in MT loans between now and the end of March 2018, as bidding limits will likely be lower with the expected flood of IFISA investments.
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niceguy37
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Assetz Capital (AC)
IFISA
Dec 5, 2017 15:16:51 GMT
Post by niceguy37 on Dec 5, 2017 15:16:51 GMT
I cannot see what they need to tell us about transferring between accounts. They are not allowed to let you transfer your own loans between your ISA and non-ISA account. The way the Assetz market is structured, you would need to sell your loans from your non ISA account and wait in the queue to buy the loans in your ISA account. Exactly - for this one there is no way to buy a specific loan part. so just sell your funds in non-ISA account B, set the ISA account A to buy the same amount, and wait a few days or weeks. In any case, the MLIA isn't coming straight away, so you wont even be able to specify what loans to invest in, just which account. Even so, 7% tax free (GBBA/GEIA) beats the current 8.7% or so I get in the MLIA hands down. I wonder how long it will take to get £20K into a GBBA IFISA, bearing in mind the current rate of investment, and that there will probably be a large increase in demand once the IFISA is open.
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niceguy37
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Post by niceguy37 on Dec 4, 2017 11:27:39 GMT
Sceptic that I am, my first thought was to take 4th Way's reporting with even more of a pinch of salt. But hopefully the PF will pay out at least once so we can see what actually happens.
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