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Post by Ton ⓉⓞⓃ on Sept 10, 2014 17:06:46 GMT
Hello Ton
Yesterday we did settle shadow bids on NWBL where we could. If there was cash on the account we settled the open bids.
Off the back of the lender update on the loan, we thought this would be okay. I realise some people might not have liked this.
I know not everyone checks the site daily to look for lender updates.
The standard policy will be to inform lenders by e-mail going forward (for the short amount of time remaining, where shadow bids come in to play, before we launch the new site).
Stephen Thanks for your answer. Gratefully received.
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mikes1531
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Post by mikes1531 on Sept 10, 2014 20:33:52 GMT
I think you may've sent out the shad-bid call email for North Wales Bridge, a very polite email too I might say. Can I ask what happened yesterday when some of those bids were drawn and remain so? Two fifths of mine drawn. Yesterday we did settle shadow bids on NWBL where we could. If there was cash on the account we settled the open bids. : The above would make perfect sense if it wasn't for the fact that, IIRC, some lenders reported that they had only part of their NWBL shadow bids settled despite having enough cash available in their accounts to settle all of their shadow NWBL bids. Is there an explanation for that? Or am I -- or other lenders -- misremembering? The standard policy will be to inform lenders by e-mail going forward (for the short amount of time remaining, where shadow bids come in to play, before we launch the new site).
Is this the first time AC have confirmed that there will be no shadow bidding on the new website? Or am I misinterpreting the above comment?
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Post by Ton ⓉⓞⓃ on Sept 10, 2014 20:42:46 GMT
I think you may've sent out the shad-bid call email for North Wales Bridge, a very polite email too I might say. Can I ask what happened yesterday when some of those bids were drawn and remain so? Two fifths of mine drawn. Yesterday we did settle shadow bids on NWBL where we could. If there was cash on the account we settled the open bids. : The above would make perfect sense if it wasn't for the fact that, IIRC, some lenders reported that they had only part of their NWBL shadow bids settled despite having enough cash available in their accounts to settle all of their shadow NWBL bids. Is there an explanation for that? Or am I -- or other lenders -- misremembering? The standard policy will be to inform lenders by e-mail going forward (for the short amount of time remaining, where shadow bids come in to play, before we launch the new site).
Is this the first time AC have confirmed that there will be no shadow bidding on the new website? Or am I misinterpreting the above comment? That's always the problem you ask one question and when answered it only raises another. I took Stephen's shad-bid comment to mean for those who have shad-bid before the New Site kicks off (i.e. emailing the calling in of shad-bids will be automatic or be texted or some other notification possibility), rather than they would be going. I'll be surprised if they do. But perhaps they have a better idea... OR mikes1531 are you saying that you know they're thinking of getting rid of shad-bids? IN EDIT On NWBL I definitely have 2/5th drawn according to my statement and memory of money being drawn off my balance.
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mikes1531
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Post by mikes1531 on Sept 10, 2014 21:05:30 GMT
OR mikes1531 are you saying that you know they're thinking of getting rid of shad-bids? I confess to knowing absolutely nothing!  But I have had the feeling that the reluctance of lenders without a shadow bidding privilege -- and even some with one -- to bid in auctions, and wait for units to appear on the Aftermarket instead, was something AC were going to address with the new mode/websitel. At one point, IIRC, there was speculation that perhaps all AC loans on the new website would be completely underwritten and not offered to lenders until they were drawn down -- and thus eliminating the dreaded 'dead money' problem and the need for shadow bidding -- but I haven't a clue whether there was any substance to such speculation. On NWBL I definitely have 2/5th drawn according to my statement and memory of money being drawn off my balance. The critical question here is whether the cash left in Ton ⓉⓞⓃ's account after part of her shadow bids were settled automatically was enough to settle any of her remaining shadow bids. If so, why weren't they settled as well? PS. I've found the message I was remembering... defo some sort of muck up here. I have a bunch of NW which appear to have been settled, but a bunch outstanding as well, and cash in there that would cover the outstanding. Me thinks some assessment and update from AC in order.
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Post by Ton ⓉⓞⓃ on Sept 10, 2014 22:04:04 GMT
On NWBL I definitely have 2/5th drawn according to my statement and memory of money being drawn off my balance. The critical question here is whether the cash left in Ton ⓉⓞⓃ's account after part of her shadow bids were settled automatically was enough to settle any of her remaining shadow bids. If so, why weren't they settled as well? PS. I've found the message I was remembering... defo some sort of muck up here. I have a bunch of NW which appear to have been settled, but a bunch outstanding as well, and cash in there that would cover the outstanding. Me thinks some assessment and update from AC in order. I had enough cash to fully settle NWBL but they left 3/5th unsettled for no obvious reason. I think Samford71 implied that it emptied they account. My two settled bids were: 9/09/2014 17:50:58 Loan offer on North Wales Bridging Loan (171:122) £-20.00 09/09/2014 17:49:07 Loan offer on North Wales Bridging Loan (171:122)£-20.00 Almost two minutes apart, some draw down are all in a few seconds and some are long affairs.
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markr
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Post by markr on Sept 11, 2014 8:52:09 GMT
Very sorry to hear that. You seem to be coping quite well... Going back to security questions when they ask for a memorable date I supply a colour. Or my favorite teachers name... Thank you. It's not something you get over but you learn to adapt, and I'm making a new life with a new partner. Unfortunately, my memory isn't good enough to give fake information for security questions!
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Post by stephen on Sept 11, 2014 10:16:53 GMT
OR mikes1531 are you saying that you know they're thinking of getting rid of shad-bids? I confess to knowing absolutely nothing! But I have had the feeling that the reluctance of lenders without a shadow bidding privilege -- and even some with one -- to bid in auctions, and wait for units to appear on the Aftermarket instead, was something AC were going to address with the new mode/websitel. At one point, IIRC, there was speculation that perhaps all AC loans on the new website would be completely underwritten and not offered to lenders until they were drawn down -- and thus eliminating the dreaded 'dead money' problem and the need for shadow bidding -- but I haven't a clue whether there was any substance to such speculation.
I know there's an air of mystery about that, but I don't want to say anything now which might not happen in the future.
As for the shadow bids not being fully settled for the accounts which had enough cash on them, I'm not quite sure what happened there.
Think it's probably best going forward if we leave the actual settling to lenders (unless we get permission from them to do it on their behalf).
Stephen
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 11, 2014 15:47:09 GMT
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j
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Penguins are very misunderstood!
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Post by j on Sept 11, 2014 16:36:55 GMT
.......Or my favorite teachers name... Was she called Cat? (short for Catherine, of course!)
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Post by Ton ⓉⓞⓃ on Sept 11, 2014 16:45:59 GMT
.......Or my favorite teachers name... Was she called Cat? (short for Catherine, of course!) I've noticed that you and mikes1531 have almost the same number of posts.... Are you really the same person with two logins?
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mikes1531
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Post by mikes1531 on Sept 11, 2014 19:22:06 GMT
I've noticed that you and mikes1531 have almost the same number of posts.... Are you really the same person with two logins? And miss an opportunity to have over 2000 posts to my credit? No way! 
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But I have had the feeling that the reluctance of lenders without a shadow bidding privilege -- and even some with one -- to bid in auctions, and wait for units to appear on the Aftermarket instead, was something AC were going to address with the new mode/websitel. At one point, IIRC, there was speculation that perhaps all AC loans on the new website would be completely underwritten and not offered to lenders until they were drawn down -- and thus eliminating the dreaded 'dead money' problem and the need for shadow bidding -- but I haven't a clue whether there was any substance to such speculation.
