gt94sss2
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Post by gt94sss2 on Dec 3, 2015 15:11:00 GMT
It would be interesting if Ablrate could provide details of:
a) How many registered investors the site now has b) How many bid successfully for this loan c) Some colour on the size of bids (i.e. x% bid <£500, y% £500-1000 etc)
However, like others, I suspect initial bid limits are probably the way to go - at least in the short term until deal flow improves
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gt94sss2
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Post by gt94sss2 on Dec 3, 2015 12:35:19 GMT
Didn't manage to get any - but after less than a minute it was already 21,466.07(21%+) over the loan amount!
Those nanoseconds must last longer than I realised - or one or two people were placing "large" bids..
I didn't even see the loan appear until it was 60%+ filled
It would be good if the loan listings could appear on that page in advance and the invest button only becomes active/visable at 12:30 rather than the current system..
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gt94sss2
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Post by gt94sss2 on Dec 1, 2015 18:58:02 GMT
SS were so keen I see it, they sent it to me twice!
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gt94sss2
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Post by gt94sss2 on Dec 1, 2015 18:09:17 GMT
For all my loans, including parts bought in November, the last day of the month is included in the interest calculations (the interest was posted on the 1st Dec) The accrual formula in use seems to be: No days * Principal * 12% / 365 (i.e. ACT/365 for any finance people out there Well for mine - including those purchased in November, the last day of the month seems not to be included. Would be interested in others views..
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gt94sss2
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Post by gt94sss2 on Dec 1, 2015 16:23:32 GMT
The picture for the students hall looks familiar. Does it come from another loan somewhere? PBL59
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gt94sss2
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Post by gt94sss2 on Dec 1, 2015 16:13:23 GMT
Shouldn't that be 12 days? not according to my fingers. 13 full days from 00.01 on 18th to midnight on 30th. It is one of those fence post and fence panel type puzzles I make it 12 days as well - given that the interest is technically paid on the 30th, you wouldn't include that day in calculating the interest... so it would be for the 18th -29th inclusive. If anyone does have a spreadsheet/template etc which makes it easy to put in SS transaction data to be able to check interest payments, do share - I would certainly be interested in seeing one!
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gt94sss2
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Post by gt94sss2 on Nov 18, 2015 12:28:34 GMT
A secondary market is coming in a couple of weeks. What I would like to see with MT as they make the move to larger loans etc. is some form of provision fund. Have you noticed that provision funds come with a cost and could move us from a 12% to a ~7% rate. I for one am happy that Ed is keeping his website as simple as possible. We've already seen a fair bunch of examples of portals that have gone for complexity and they end up as an IT business with a loans company attached. I very much want MT to stay as a loans company that lets you access it on the web. Other platforms manage 12% and a PF - and a PF has very little to do with the website complexity. I also prefer a KISS approach. A PF wasn't a big concern with relatively small loans and a 50% LTV - but as MT moves to larger loans and 70% LTV I think one would help attract more funds to the platform..
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gt94sss2
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Post by gt94sss2 on Nov 18, 2015 10:05:49 GMT
A secondary market is coming in a couple of weeks.
What I would like to see with MT as they make the move to larger loans etc. is some form of provision fund.
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gt94sss2
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MoneyThing (MT) in Administration
MT282 and MT283
Nov 16, 2015 17:10:07 GMT
Post by gt94sss2 on Nov 16, 2015 17:10:07 GMT
We are just about to send an email out to investors to inform them that they will start earning interest from today. At 5pm investors will see the current listing roll over into a new listing with 12% pa return instead of 0%. Good news - and I'm lad you didn't have a chance to incorporate James idea!
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gt94sss2
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Post by gt94sss2 on Nov 15, 2015 11:47:11 GMT
I am so glad I used the word optional in my original message!
Barring a decision by MT to pay interest once a month for all loans, I would still like the option of an e-mail each time I get an interest payment - it works well for me with other platforms.
I don't maintain spreadsheets as it appears a number of you do - though I will also have 70+ active loans as someone else mentions..
Having the platform support allowing investors the option of choosing what types of emails/alerts each receives sounds like a good idea to me.
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gt94sss2
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MoneyThing (MT) in Administration
MT282 and MT283
Nov 15, 2015 11:35:52 GMT
Post by gt94sss2 on Nov 15, 2015 11:35:52 GMT
I think everyone is different. I can and have in the past invested larger sums with MT but would still prefer it if all investors were offered the same rate of cash back (subject to a minimum investment level as necessary) as I think its fundamentally fairer for investors rather than differing %'s based on when invested or how much..
But yes, instant returns [ideally with cashback] is more attractive than pre-funding..
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gt94sss2
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Post by gt94sss2 on Nov 15, 2015 0:51:39 GMT
Interest is paid (for each loan) on the same day of the month as the end date of that loan. If you eventually invest in a sufficient number of loans, you can have a steady flow of interest payments coming in almost every day. Which can get a bit annoying if you want to stay invested as you get no notification and constant drip feeding of funds I did suggest to MT last week that they consider paying all interest on the same day each month but MoneyThing said it was easier for them to pay it on the anniversary date for each loan which is fair enough. MoneyThing I would support the idea of an (optional?) email notification each time interest is credited to an investors account - several other P2P platforms do this.
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gt94sss2
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Post by gt94sss2 on Nov 4, 2015 17:47:20 GMT
Is two step verification being implemented instead of the security questions? "Devices must be reauthorised every two weeks" ? I am not sure about this. Comments, anyone? Yes that is confirmed. Reauthorised simply means it will send you an SMS with a code that you will have to enter during the login process. It will also use this verification if you attempt to login from an unknown device. I haven't yet looked at the beta site (will do so!) - but you should be aware when some banks changed their internet banking systems to require the use of mobiles/SMS for certain actions - they quickly found that a number of their customers didn't have mobiles and/or (shock) mobile coverage... Regards Sunil
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gt94sss2
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Lendy (L) in Administration
monthly %
Nov 1, 2015 20:39:32 GMT
Post by gt94sss2 on Nov 1, 2015 20:39:32 GMT
No loans tomorrow or for the next few days I think- if only as nothing in the pipeline has any supporting documents attached yet.
I'm personally waiting for some of the existing loans to pay back - PBL 4a/b, 6 and the yacht - before I increase my exposure to SS.. but my pet theory is that they like to launch loans just before interest in due - so they can offset it against BACS deficits - not after its been paid.
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gt94sss2
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Post by gt94sss2 on Nov 1, 2015 16:32:07 GMT
QAA interest will also be calculated slightly differently to other investments where it will be calculated with per second accuracy rather based on holdings at midnight. With the other investments we use this method so that the time of day a loan draws down or makes a payment is unimportant, neither of which apply to the QAA. With the QAA investments are also likely to be more fleeting during periods of high activity so it was felt per second accuracy would be fairer. It may be too late but for the sake of keeping things simple - can AC review this? I suspect most customers would be more than happy with QAA interest calculated at based on holdings at midnight as it is with the other accounts - and allows those so inclined to check the interest they receive. Paying interest with with per second accuracy seems like an unnecessary complication - I am all for following the KISS principle. If AC does get to that stage when there are "periods of high activity" (you have some way to go), then you could revisit the posiiton.. though the proposed system would mean you could get interest twice - once for any seconds its in the QAA and then a whole days interest if its been invested elsewhere by midnight.. - which then doesnt sound fair to someone who say sold out of a loan at 11pm etc.
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