markr
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Post by markr on Feb 24, 2014 12:57:09 GMT
if you re-lend say this minute then when does your money start earning interest? Thanks. Interest accrues from the day the loan is formed, so funds on the market or in your holding account pay no interest.
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markr
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Post by markr on Feb 21, 2014 0:51:38 GMT
Some users would have seen an intermittent error message saying something along the lines of "Bad Gateway". I didn't see it, but if I had, I'd probably have thought I'd accidentally logged into Funding Circle...
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markr
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Post by markr on Feb 20, 2014 9:44:39 GMT
I agree with oldgrumpy, RS does need a bit of management if you aren't going to lose out on a few tenths of a percent. Using the monthly market as a buffer to hold funds during troughs in the 5 year rate is a good idea given the speed (or lack of) that funds can be transferred in, but it does need (ideally) daily visits to re-lend returned capital.
Winner of the "Most Boring P2P Product (Where Boring Is Good)" surely has to be Wellesley's 5 year capital market. Log in, lend, 5 years later log in again and collect your money!
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markr
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Post by markr on Feb 19, 2014 11:39:58 GMT
Sure, it's Pla****m W***th C******n LLP.
It was due to make a payment on the 7th which was missed. An email last night stated that ReSoc had been notified that they weren't going to continue to service the debt, so novation of the loan parts into Amueri is scheduled for 4th March and then recovery procedures against the guarantors will begin.
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markr
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Post by markr on Feb 18, 2014 21:00:08 GMT
Looks like ReSoc has its first default It has to happen sometime but somehow it's quite sad!
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markr
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Post by markr on Feb 18, 2014 19:07:49 GMT
It's too early to say whether the auto fill has reduced rates, but 5.7% seems harder to achieve now than it was!
My beef with it is that it is selling new or naive investors short. We know, for example, that on the 5 year market it is better to wait several days to get 0.1% better rate, so by knocking 0.1% off to get an instant match is a false economy unless you believe rates are on a permanent decline. The users most likely to just accept the suggested rate are new or less experienced investors who won't realise this. I have seen single lumps of up to £10000 on the "lowest rung", these people are blindly accepting worse rates as well as delaying matches for those of us sat waiting at higher rates.
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markr
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Post by markr on Feb 13, 2014 22:46:39 GMT
It's a real event, held in London. Any plans for one in Stockport for us oop north?
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markr
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Post by markr on Feb 12, 2014 9:48:05 GMT
Ratesetter should stop this business of filling in "my selected rate" completely. Agreed! I'm not against filling it in but please at least at the minimum rate, or 0.1% above it, NOT 0.1% below it! Even better would be to make a sensible calculation based on lending volumes and market volumes to predict the best rate that will be reasonably certain to be lent in, say, a few days.
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markr
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Post by markr on Feb 12, 2014 9:16:49 GMT
I've got a load of mainly A's at sub-MBR on at the moment, all £20 parts (originally) and overnight a handful of them will trickle away, so autobid is still running but there's not much spare cash around at the moment with the primary market being so full. What we need is a juicy cashback offer to tempt in some new money and get the churners churning again.
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markr
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Post by markr on Feb 11, 2014 19:40:42 GMT
...and more bad news. T** N** T***** - ID1296 has gone into "dissolution". This was a large loan at £250k and has "specific asset security" and is "Director Guaranteed". It will be interesting to see how much is recovered. I'm in this one too, but I'm not going to lose too much sleep over my £15.01!
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markr
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Post by markr on Feb 11, 2014 13:34:57 GMT
Hmm, maybe I should amend my above comment to say I have been lucky in that all of my tiny handful of early repayments have been around average rates. But on the flipside, I am generally unlucky with spikes and don't seem to get my funds transferred in time!
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markr
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Post by markr on Feb 11, 2014 13:12:42 GMT
More bad news, Whole**** And Web**** Exp****** 1364, a flawless performer so far, has been downgraded.
But good news, Cap**** Expend**** For Exp****** 1373 has just cleared 3 months arrears in one fell swoop and is up to date, and even better an autobidder has just bought the lot.
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markr
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Post by markr on Feb 11, 2014 12:56:04 GMT
I do wonder just how many Funding Circle lenders are using Autobid, and have the feeling it's probably somewhere between 80 - 90%. I appreciate this probably seems high at first glance. However, according to the recent official communications from Funding Circle, just under 6000 people have managed to take advantage of the recent double digit interest rates. Given there are now over 67,000 people lending on the platform, and that I cannot understand why anybody manually bidding wouldn't have been able to secure themselves the double digit rates in recent weeks, I can only deduce that less than 10% of platform users are in fact manually bidding. You have forgotten to account for the proportion of the 67,000 who are lending but not bidding at all. I'm sure there's plenty of lenders who are withdrawing funds as they are returned, and a few zombie toe-dipper accounts where the user logs in once every Preston Guild if that.
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markr
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Post by markr on Feb 11, 2014 10:29:56 GMT
You were a little unlucky, I think, most loans aren't repaid that quickly even when they were formed during a spike; most borrowers get a rate they are happy with an probably never check again. One way to avoid this is to split your funds into smaller bids. I know this is tricky when you want to capture a spike, but if you bid in say £200 chunks and wait until there's a couple of thousand above you before you bid again (or bid at another percentage) you should split your funds over a few loans. As repayments come in and are relent, your funds get "churned up" into much smaller lumps anyway, so this should become less of a problem as your portfolio matures.
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markr
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Post by markr on Feb 11, 2014 10:03:02 GMT
Moderators... B**tl*oc* is a trademark of the company in question so it should probably be redacted (or we could call it a throttleknock!)
OG, it's a thing that lets you buy bottled water at festivals 'n' stuff.
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