puddleduck
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Post by puddleduck on Jun 28, 2018 17:38:23 GMT
I really don't see the point in issuing loans parts in such microscopically small portions, you'd have to live for 1000 years to gain 1p interest! The mind boggles on those.
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agent69
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Post by agent69 on Jun 28, 2018 17:45:22 GMT
The auto allocation for GBBA2 seems, now, to work much better. I think it works fine once it has had time to weave its magic.
The problem is that in the short term if you invest a wadge of cash it dumps it in any qualifying loans it can find (many reports on here of 20% in individual loans). If you were unfortunate enough to deposit cash when the wind turbines were available you could in the short tern get 20% in each. Shortly thereafter they are suspended, and hey presto you have some very unlucky (and very unhappy) investor.
For me GBBA 2 is fine provided you only put small amounts in at a time.
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agent69
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Post by agent69 on Jun 28, 2018 17:52:29 GMT
The package accounts have been around for a shorter period (perhaps a couple of years). Ah, I remember back in the good old days before packaged accounts and the PF:
- a new loan on offer every couple of months
- virtually nil availability on the sm
- interest rates on offer were 11 - 13%
- if you wanted to buy into a new loan you had to deposit your cash and wait without any interest for up to 3 months for the loan to draw down
Think I'm coming over all nostalgic
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mary
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Post by mary on Jun 28, 2018 18:04:03 GMT
... My main grip is that over 20 loans have <1p invested, which just creates a huge number of transactions for interest measured in 0.0001p. Also, it hugely increases the risk (irritating rather than catastrophic) that one of them will go bad, meaning that you won't be able to close off the account when you want to move on one day... Completely correct. Attempting to close off my first try proved this. Yes, I did get all my Capital and most Interest, but found that 0.02015p was stuck, and still is. My second attempt and I'm trying to ignore the 0.00001p's, and the diversification is fine. Yes I'm putting money in chunks, not all at once.
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