mikeb
Posts: 1,072 
Likes: 472
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Post by mikeb on Sept 24, 2017 20:16:52 GMT
Bob Marley's 'Exodus' springs to mind.... Great sentiment, but I caution you with Eagles' "Hotel California" "Last thing I remember, I was heading for the door Trying to sell my loan parts out before their credit became too poor 'Relax' said the madman, 'more recoveries you will receive ... You can check out any time you like[1], but you can never leave[2]' " [1] (subject to a buyer willing to buy your used loan parts)
[2] (due to the endless dribble from defaulted loan parts)
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Post by transo on Sept 25, 2017 19:53:46 GMT
Well I managed to sell almost all my remaining book (couple of hundred loan parts) in about an hour this evening, which is far faster than I expected. Of course, being FC not everything could work smoothly, and the promised e-mail when my sell order was completed hasn't materialised.
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jimbo
Posts: 234
Likes: 42
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Post by jimbo on Sept 25, 2017 22:01:58 GMT
Yep. Sold about £500 of loan parts within a couple of hours this morning but never received an email...
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Post by grahamreeds on Sept 25, 2017 22:31:00 GMT
I got one every time I sold a single loan part. I am dismayed that FC thinks that loosing an entire months interest is acceptable. Fortunately some bright soul figured out how to sell a loan part - no choice but down to how the new selection works.
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Post by grahamreeds on Sept 26, 2017 8:46:51 GMT
Additional notes: selling is really quick now. I had confirmation emails at 09:16, 09:22, 09:26 and 09:32 for the 4 remaining blocks I had.
Since I had a 23k invested when the switch occurred I had just blocks of £100. Yesterday I moved in another 2k and now get 1x100 and 1x27 (FC maths...) and started selling the £100 blocks. The original £100 blocks were sold prior to the ones I got yesterday.
Update: Lending is paused while you have parts up for sale so do this in the evening.
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jayjay
Member of DD Central
Posts: 264
Likes: 116
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Post by jayjay on Sept 26, 2017 10:40:10 GMT
Two points. I made some sales today.
1) I am not sure you lose accrued interest - I certainly have it on the few loans I sold.
2) My observation is that the algorithm sells your largest possible loan parts compatible with the amount you request to sell. It does not try to make your portfolio more balanced by selling from your overweight holdings which is good.
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nick
Member of DD Central
Posts: 1,056
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Post by nick on Sept 27, 2017 16:45:21 GMT
Made a test sale today - £5k sold in under 20 seconds so can't complain about speed of execution. Interestingly, of the 100+ loans I have, parts were only selected from 3 loans in a mixture of denominations so definitely not a random sell down. I can't see what was the bias was towards the three loans if there was one - they are a mixture of balances with one being completely sold down.
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Post by thunderchild on Oct 7, 2017 9:38:45 GMT
I have £24, £143 and many sub £20 parts up for sale, no movement!
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Post by mikeyp on Oct 7, 2017 14:28:37 GMT
Having put £500 in last night, I've bought 9 at around £19 each today, 6 in the last couple of hours. Still just over £500 available though.
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pickles
Member of DD Central
Posts: 94
Likes: 57
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Post by pickles on Oct 8, 2017 7:17:26 GMT
This might have been answered already, but I've not seen it.
When you buy the software will purchase a part size exactly 0.5% of your current portfolio. If it's a new loan it will chop it up to produce a loan part of the right size. What happens when it goes on the SM? Do you have to wait until someone with exactly the right size portfolio (ie the same size as yours when you bought the part) has the exact amount of cash ready for a purchase? Or does it re-split the part or combine it with others on the SM?
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Post by den on Oct 8, 2017 8:24:26 GMT
All my PM purchases have been for 0.5%.
All my SM purchases have been for much less (usually about £19-20). So not 0.5%.
Each of your parts on SM will sell at their full price (ie not be split further) - since there should be no parts larger than £100 and looking at PM purchases no problem with liquidity then every thing should sell!
I don't know what happens with all those old £2,000 parts - maybe you are stuck with them or maybe they would be split on SM.
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david42
Member of DD Central
Posts: 419
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Post by david42 on Oct 8, 2017 9:20:16 GMT
I have received some loan parts larger than £100 since the new process started. So Autobid is still trading them.
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pickles
Member of DD Central
Posts: 94
Likes: 57
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Post by pickles on Oct 8, 2017 11:36:34 GMT
Ah I see - I didn't realise there was a £100 maximum, so that means parts will sell to anyone with over £20K. All my existing parts are £20 which should give no problem when the time comes to liquidate early next year - does anyone know if the "two payments remaining" rule is still in force?
In light of the above, I'm not sure why autobid hasn't bought anything for me, I currently have £143 in cash I just assumed it was waiting to exceed the 0.5% (which it did today).
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al
Posts: 49
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Post by al on Oct 9, 2017 8:28:36 GMT
I doubt anyone's getting much liquidity out of me ... Anyone with <4k will not buy anything until the float exceeds £20. Because that happens in daytime, if it's midweek there is always a new loan to purchase, which seems to be preferred. While there's a steady flow of new cash, that will help liquidity, but I wonder what would happen if the investment rate levelled off?
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fasty
Member of DD Central
Posts: 1,038
Likes: 388
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Post by fasty on Oct 9, 2017 13:51:18 GMT
I doubt anyone's getting much liquidity out of me ... Anyone with <4k will not buy anything until the float exceeds £20. Because that happens in daytime, if it's midweek there is always a new loan to purchase, which seems to be preferred. While there's a steady flow of new cash, that will help liquidity, but I wonder what would happen if the investment rate levelled off? They will move the levers to ensure that new loan applications get filled, so no existing loan parts sell. We've seen this at times before. There is distinct potential for a Hotel California scenario.
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