nush
Member of DD Central
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Post by nush on Sept 17, 2017 8:15:23 GMT
hi, is it worth adding small chunks at a time to the new account, say up to £300/£400 or would £5000 easily be soaked up without too much cash drag. TIA
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Post by grahamreeds on Sept 17, 2017 9:16:36 GMT
It took a while for £3000 I seeded my account with to be soaked up a year ago. Autobid was going too slow so I went manual. You won't have that luxury.
However, there maybe a massive churn when everyone on the secondary market selling at .5% dumps at par to get rid of their CDE loans.
I am going to put another £2.5k in to soak up some of those loans people are dumping.
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nush
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Post by nush on Sept 17, 2017 9:35:52 GMT
thanks, i am withdrawing from another P2P so have a fair bit to put in here, just dont want it sat idle. i think i will go with £2k first then see how it goes
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Post by GSV3MIaC on Sept 17, 2017 18:24:56 GMT
The new autobodge will clearly be a 'completely different animal' to the current one - new shiny (quite likely broken!) code and everything. Plus a lot of the current manual bidding/selling/buying processes (including the back office stuff you can't see) will just plain go away, so it is really hard to guess 'how long to get invested' under the new regime. I mean with sensible coding, and the current deal flow, and SM state, you ought (i.e. I could, lots of you here could too, if you were writing it) to be able to sink £1m (in 0.5% pieces) in less than a week. Possibly less than an hour. However with similar sane coding you ought be able to sell out Zopa loans to the queue of willing buyers in minutes too, and look at the mess there.
Will be very interesting to see the wheels going round (or not) come Monday.
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al
Posts: 49
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Post by al on Sept 18, 2017 19:42:32 GMT
It took a while for £3000 I seeded my account with to be soaked up a year ago. Autobid was going too slow so I went manual. You won't have that luxury. However, there maybe a massive churn when everyone on the secondary market selling at .5% dumps at par to get rid of their CDE loans. I am going to put another £2.5k in to soak up some of those loans people are dumping. Did it work? I got one D.
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Post by GSV3MIaC on Sept 18, 2017 20:14:29 GMT
As sort of expected, the wheels came off, rather than going round. The totally experience design team are probably working on it even as we type ...
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al
Posts: 49
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Post by al on Sept 18, 2017 20:35:14 GMT
As sort of expected, the wheels came off, rather than going round. The totally experience design team are probably working on it even as we type ... Yeah ... full disclosure, I work in IT. My stuff's brilliant, though ...
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nush
Member of DD Central
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Post by nush on Sept 18, 2017 20:50:37 GMT
well i ended up with 2 loans today and 1 of those was for £2. lol
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Post by thunderchild on Sept 18, 2017 20:54:27 GMT
I don't think my money has gone anywhere.
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blender
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Post by blender on Sept 18, 2017 21:07:29 GMT
I don't think my money has gone anywhere. I would sell you a loan part, but FC will not allow it.
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cash drag
Sept 18, 2017 21:45:54 GMT
via mobile
Post by grahamreeds on Sept 18, 2017 21:45:54 GMT
It took a while for £3000 I seeded my account with to be soaked up a year ago. Autobid was going too slow so I went manual. You won't have that luxury. However, there maybe a massive churn when everyone on the secondary market selling at .5% dumps at par to get rid of their CDE loans. I am going to put another £2.5k in to soak up some of those loans people are dumping. Did it work? I got one D. I put £500 in over the 200 I had and got a couple of C loans.
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adrian77
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Post by adrian77 on Sept 19, 2017 8:16:08 GMT
This point about "cash drag" is very salient. If my maths are correct this can make a big difference to the actual interest returned. I think FC conveniently ignore this fact when calculating their returns?
Also after having worked for one of the big banks I am very cynical about all financial institutions.
The bank I worked for used to "borrow" money from clients accounts (e.g. when money was designated for credit card repayments) and then return it the next day.
Wonder if FC would ever be tempted to put dormant client money onto the overnight money markets - surely not! With the lack of lender control how would we know they weren't doing this?
Just a thought!
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jayjay
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Post by jayjay on Sept 19, 2017 10:38:29 GMT
Wonder if FC would ever be tempted to put dormant client money onto the overnight money markets - surely not! With the lack of lender control how would we know they weren't doing this? Just a thought! Mishandling client money in this way would get pretty rapid FCA retaliation, I imagine. I dont think lender control has much to do with it...
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Post by preacherman100 on Sept 19, 2017 12:18:54 GMT
Bit confused.
I have selected one of the investment options and lending is not paused but I have cash in account (from interest and capital repaid on existing loans) not buying any loans.
Pre 18th September as soon as I had £10 in my account paid from existing loans I used to re-invest manually into another loan hence maximising my investment.
So potentially my account balance could just sit stagnant and build up for weeks not invested?
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savernake
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Post by savernake on Sept 19, 2017 12:38:05 GMT
Bit confused.
I have selected one of the investment options and lending is not paused but I have cash in account (from interest and capital repaid on existing loans) not buying any loans.
Pre 18th September as soon as I had £10 in my account paid from existing loans I used to re-invest manually into another loan hence maximising my investment.
So potentially my account balance could just sit stagnant and build up for weeks not invested? Welcome to the world of P2P auto lending. Cash drag is a real problem on the majority of platforms with auto-lending at the moment. Too many lenders chasing too few borrowers.
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