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Post by jevans4949 on Feb 4, 2014 15:30:45 GMT
I noticed from the SavingStream board that they charge an upfront fee of 4% to cover setup costs. Different sort of market, of course, but would make the borrower think twice.
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Post by jevans4949 on Feb 3, 2014 22:50:10 GMT
Just noticed that horseshoe thingies on some of the older bids are showing less than 100% full - in one case 99.9%, in another 98.9%. Shome mishtake, shurely?
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Post by jevans4949 on Jan 29, 2014 10:40:26 GMT
Just noticed a bug on the Dentist's and the Boilerman's drawdowns. On the first I had a bid for £100, and the other had 2 * £200 bids. The first has split into loan units of £80 and £20, the others have split into £100 + £80 + £20. I thought this split was only supposed to happen if the last unit was not exactly £100. Not worth a re-run (IMO), but would be handy to fix this for the future. Thanks for pointing that out, I've made a change that should fix this in future. It was a < that should have been a <=. Thought it might be something like that. Easy mistake to make, as I know as an ex-programmer.
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Post by jevans4949 on Jan 29, 2014 10:20:58 GMT
Just noticed a bug on the Dentist's and the Boilerman's drawdowns. On the first I had a bid for £100, and the other had 2 * £200 bids. The first has split into loan units of £80 and £20, the others have split into £100 + £80 + £20. I thought this split was only supposed to happen if the last unit was not exactly £100.
Not worth a re-run (IMO), but would be handy to fix this for the future.
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Post by jevans4949 on Jan 26, 2014 21:31:22 GMT
One can't help feeling that people who have walked away from their debts once will not worry about doing it again.
And how do you lose 2 million quid on a burger joint?
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Post by jevans4949 on Jan 25, 2014 17:26:04 GMT
The valuation fee is part of the 4% fee so shouldn't affect the APR. I thought that under EU law all fees charged to the borrower counted towards the APR. But maybe this doesn't apply if the fee is payable whether the loan is made or not? If the loan is not made, then the APR must be infinity - I guess, though I haven't check the formula. One would have to make a reasonable assumption about the time delay between the fee being paid and the drawdown.
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Post by jevans4949 on Jan 25, 2014 16:59:05 GMT
Back in the 1960's and 1970's when I worked for Nat West they didn't allow you to have accounts with their competitors. I think they had to relax that with equal opportunities, with more spouses working.
However, they didn't prevent you from making other investments.
Probably now it would be contrary to your Human Rights.
But then Americans don't have Human Rights.
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Post by jevans4949 on Jan 24, 2014 11:44:27 GMT
This sounds good.
Assetz is probably now in a position where it can predict whether it will be able to fill a loan - possibly with the help of underwriters.
To assist in this, perhaps Assetz could introduce an "expession of interest" bid system for use whilst Assetz are processing the paperwork - like the pre-bid, but with no defined auction date.
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Post by jevans4949 on Jan 22, 2014 22:52:46 GMT
I was chatting this afternoon with a friend who works in business lending. He made the point that many people who come to "alternative" lenders have already been to banks and been turned down, and often that was for a good reason.
I emailed to AC something I found on the internet about somebody with the same name as the fish farmer; if it was the same guy then the loan would have become (IMHO) a complete non-starter anyway.
It's unlikely that AC will give us the full story behind why these loans have been pulled; there could be risks of legal action if they did. And of course it's possible that the mega-loan may be resurrected when punters' questions are answered.
Meanwhile, it's fastest finger first for the boiler man tomorrow!
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Post by jevans4949 on Jan 18, 2014 21:04:41 GMT
I believe there tends to be a dearth of applications for loans in December - everybody thinking about Xmas Parties. Given that AC have to put in a lot of leg-work before auctions get posted, a lack of auctions in January should not be unexpected.
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Post by jevans4949 on Jan 12, 2014 2:32:27 GMT
Well nobody ever went wrong relying on bricks and mortar. One of the reasons why Northern Rock ran into trouble was that it made loans on commercial properties based on valuations which at the time were OK, but as the economy faltered the value of the developments collapsed. Several other building societies, or ex-building societies, also hit this problem. In Ireland a couple of years after the crash, there was at least one builder attempting to sell houses on the basis of "buy one, get one free". Indeed, the main basis of the crash was American lending institutions selling on loans to other institutions with inflated house valuations and optimistic borrower risk assessments.
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Post by jevans4949 on Jan 12, 2014 2:09:38 GMT
If you look at other recent large loans, the total of bids by the non-underwriters have tended to top out at around £300K. Assetz probably have a better handle on this, but it is probably down to the number of lenders we have, and the average amount they are disposed to put into any single loan. A low-end investor probably wouldn't want to put in more than a few hundred, for higher-end investors tens of thousands are no problem. (It would be interesting to have CSV's of the bids to analyse, although probably not in Assetz's interest to supply it) So to have raised £500k on this one (including somebody who put in £160k) is not bad.
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Post by jevans4949 on Jan 6, 2014 2:13:04 GMT
Thanks for the info, elljay. I will look at this later after some sleep. It may also be because I quite often cancel the browser (due to slow loading on other sites), and maybe I'm losing updates to cookies, if Opera doesn't do that in flight ...
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Post by jevans4949 on Jan 5, 2014 2:50:56 GMT
I recently set on the "remember me" flag. I frequently navigate away, or close my browser (Opera 12.16, running on latest Windows XP) and I find when I return to the board that some of the threads I have read then still appear as New, even though no new posts have been added. Anybody else experiencing this problem?
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Post by jevans4949 on Jan 2, 2014 13:16:15 GMT
Regarding the number of companies, most of the currently significant ones do have different business propositions - unsecured personal loans, secured business loans, pawnbroking, for example; whether or not they have bad debt compensation schemes; sizes of loan parts; who sets interest rates; "ownership" of the loan parts.
Some of these will fall by the wayside because the business model doesn't work, or doesn't appeal to the lender or the borrower, some because of poor management or poor marketing. Also inevitably some will be taken over.
We will probably end up with most of the business being with a few big fish, but there will probably always be room for niche lenders - such as yacht pawnbrokers. In fact, one could probably devise a "p2p" backend (whether true p2p or not) for any business involved in raising or providing finance - e.g., The House Crowd.
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