gt94sss2
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Post by gt94sss2 on Oct 11, 2015 17:55:23 GMT
The email from RS made me laugh. "There's a lot we legally have to put in the terms and conditions but we have managed to more than half the length and where possible explain terms in plain English. They are still a long way off being a great read but hopefully they are a little more accessible." Should everyone have received this e-mail by now? I haven't - so would be grateful if someone could post the full contents here. westonkevRS as a sidenote, I haven't been reliably receiving RS emails for a while. For instance, the last lending summary I got was for June - and when I asked RS CS earlier this month, they said that the option had been deselected in my account preferences and they would change it back (looking now, its still deselected and I can't reactivate it - so have sent CS another email) - its not a change I would have made..
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gt94sss2
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Post by gt94sss2 on Oct 10, 2015 17:24:48 GMT
Negative time means the loan has gone past its original redemption (or current extended) date without repayment often because of delays in refinancing/legals. Not an issue currently as SS continues to pay interest. Generally they either repay or get an extension making time positive again. Under new structure unless borrower stumps up for extension interest then no guarentee interest will be paid until redemption. No current loans are under this structure however. I must have missed the bit in bold somewhere - are you sure? If so, that just adds another reason to the list I had for wishing SS hadn't changed their structure..
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gt94sss2
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Post by gt94sss2 on Oct 1, 2015 12:26:59 GMT
I note I have been paid interest on PBL 60 and 61 today - so presume they have now gone into drawdown, even if that's not reflected on the loans page yet..
Cash back to follow soon?
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gt94sss2
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Lendy (L) in Administration
Cashback
Sept 29, 2015 0:04:39 GMT
Post by gt94sss2 on Sept 29, 2015 0:04:39 GMT
As its fill your tax return season - it occurs to me to ask if SS Cashback is taxable?
I assume not - and note its listed separately on the SS tax statements, but grateful for confirmation..
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gt94sss2
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Post by gt94sss2 on Sept 28, 2015 23:57:42 GMT
Some other platforms would and have opted for the 1 person when faced with a similar scenario - simply as that individual is more likely to invest more in the longer run than 20 smaller ones.. It would be interesting if ablrateandy could publish how much each of the 17 investors was allocated (in ranges i.e. 0-500. 501-1000 etc). I don't think this information is available on the website (MoneyThing and SS both allow you to see recent transactions in a loan)
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gt94sss2
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Post by gt94sss2 on Sept 28, 2015 23:51:07 GMT
Rather than secondary market, would it be possible to do one of these things: 1. Check who made a bid but was declined and deliver pro-rated loan amounts to them provided they put sufficient money in their account by a specified date. 2. Check who looked at the new loans page in say a five minute time window and pro-rate allocations to them based on total funds in their account at the time. And you don't think either of those things would be erm. rather complex? I believe there is no need for ablrateandy to have woken the borrower to get them to agree to increase the size of this loan and put it on the secondary market - just save it for the next container load.. What is disappointing for me is that about 5% of the loan is currently being offered on the secondary market - perhaps implementing a rule that new holders can't sell on the market (or at a premium) for a set amount of time would prevent some from over bidding, allowing more for others.
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gt94sss2
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Post by gt94sss2 on Sept 28, 2015 19:16:38 GMT
I've secured some this time - though I didn't realise originally I had and was trying again - as I got an error message saying I couldn't invest more than I had available (though I was just bidding for what available funds I had). Turns out it registered the investment. Must have been lucky with me being on the page/refreshing at the right time etc. I know I got the last (small) tranche available on the first lot of containers and none of the second lot.
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gt94sss2
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Post by gt94sss2 on Sept 26, 2015 18:10:40 GMT
A couple of people spoke up but in general the feeling imparted was one that it wasn't how people wanted it to work. Hopefully with the changes we can accommodate both groups. We always do our best to listen. Chris, Like others, I am glad the functionality is coming back - but you really need to stop listening to those who were previously grumbling (or go out and shoot them! ) As someone who uses the MLIA as well as the other AC investment accounts - I can tell you that until I read the comments in this thread - I as tempted to empty the MLIA accounts of my family and move all the funds elsewhere(though could I suggest not removing functionalility rather than taking it away and then having to re-add it). The MLIA has become to complex to use - I know you want to attract 'power users' but you have to do this in a way which doesn't lose the mainstream customer base who want a bit more control than a fully automated account (i.e. GEIA) but won't want to spend hours playing with settings and monitoring accounts. Its fine to have the more advanced options but hide them somewhere - clicking on the 'Invest' button and facing a new screen with up to 6 options to pick from is the way to lose customers and put them off - as is frankly the selling of units at a discount/allowing multiple buying/selling orders and introducing an API - these are all fine for those who want them and you may well have the IT capacity to do all these but they will be pandering to a **very** small (if apparently vocal) base. Instead, AC need to devote more time on 'mainstream' clients - and don't get me started on the other aspects of the platform such as rounding or <.01p or .xxxxxxxxxxxxxxxxxxxxx1 of a unit being purchased - these may all be 'technically' correct but will put off mainstream customers. Hope you take the above in the spirit that its intended from someone who is a shareholder and wants the best for AC.
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gt94sss2
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Post by gt94sss2 on Sept 25, 2015 20:16:36 GMT
savingstream recently confirmed that all is on track for them to receive their FCA authorisation However, I was wondering given that SS is now growing as quickly as ever in terms of: - new members; - the size of its loan book; - new T&C; and - a new website (promised!) if SS had given any thought to joining an P2P industry association such as p2pfa.info/ I for one, would welcome such a move or if SS have decided actively not to do so would be interested in to the reasons why (which would be a perfectly legitimate position)
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gt94sss2
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Post by gt94sss2 on Sept 24, 2015 19:24:49 GMT
It would be good if Saving Stream could give us a formal answer to this
I have been making multiple payments (as the instructions say) instead of lump sums on the basis this was probably easier for them.
If it makes no difference, I would of course, be happy to transfer the amount due in one payment..
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gt94sss2
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Post by gt94sss2 on Sept 21, 2015 19:43:46 GMT
@bobo there was an update on invoice factoring from andrewholgate in another thread somewhere last week. The summary was that the new chief of that function is in place, doing stuff and I think a timescale was mentioned. It was clear in what format, if any, we mere lenders would see any output, but options including QAA and another packaged account were there I think. Andrew's reply is here - in response to a question I asked
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gt94sss2
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Post by gt94sss2 on Sept 20, 2015 13:59:56 GMT
Nothing to stop them increasing the global cap, in fact there has been strong hints to that effect, but I guess the account is going to be organically capped by deal flow, more activity/flow can support a bigger cap. One of the touted advantages of it was the ability to earn something on money waiting to be deployed (shrapnelator/drawdowns) but the biggest problem at the current level is more and more money seeing 3.75% with instant access as a good alternative to bank/bs deposit accounts at <2%. This is taking up so much that it's not performing as hoped because there is a growing queue waiting to get in not earning anything and 'waiting to be deployed' money is likely to get deployed before getting in to QAA. (and that's sayin' something) I presume the QAA is 'profitable' for AC - as a shareholder I certainly hope so and that it will increase in size from the current £1m. 3.75% isn't a bad rate of interest but if most can't find enough accounts paying between 3%-5% for instant access on cash - with FSCS protection/no capital risk, they are not trying hard enough. (of course if you have £100,000's spare to play with then you may run out of suitable accounts!) In fact, if AC lower the rate to far (and in my view 3% or below would be too far) then they may encounter the opposite problem where investors just take any uninvested cash and keep it elsewhere - lowering liquidity on the platform. The big problem, as has been said before, is that the loans are just not there at the moment. From before the launch of QAA, I have had cash waiting for investment in both my GEIA and GBBA accounts - and the majority is still not invested. If not for QAA, I would have removed my cash from the platform. A couple of questions come to mind about how QAA works (apols if they have already been answered): 1. If one has uninvested funds in the cash/GEIA/GBBA accounts which are currently in QAA, and moves the funds to a different account- does it remain in the QAA or leave and go back to the queue. 2. As above, if funds are in the cash account and move to a direct investment in the QAA (or vice versa) do they remain in the £1m cap or lose their place. It would be helpful if AC could give an estimate of the amount of queued cash waiting to get into the account or perhaps more usefully, when one's non QAA cash is likely to get in - something like Ratesetter do when showing where your money is in the queue to be lent out..
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gt94sss2
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Post by gt94sss2 on Sept 18, 2015 13:20:48 GMT
Minor typo in the list:
Its the 18th today..
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gt94sss2
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Post by gt94sss2 on Sept 15, 2015 11:01:01 GMT
While it would be nice to know the answer but can't help feeling that AC need to get more loans on their platform first/in drawdown before attracting more customers. I'm more interested in whatever happened to the plans for the invoice/factoring account..
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gt94sss2
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MoneyThing (MT) in Administration
CSP107
Sept 15, 2015 10:53:34 GMT
Post by gt94sss2 on Sept 15, 2015 10:53:34 GMT
The problem with CSP107 was that nearly all original participants in this loan had chosen to roll-over their investment leaving only £471 left at 4pm yesterday. I would imagine therefore that there will be a similar situation for the other £10,000 Managed Portfolio. I should probably know this but is there a gap between a renewal going live for everyone and when the renewal period for existing holders finishes? Just thinking if there was that might give ppl an idea of how much was available and if it was worth trying to get a slice of the action. Though I guess thee are reasons not to have a gap as well..
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