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Post by capricorn on Sept 19, 2018 0:10:48 GMT
The cut-off does unfortunately mean that it is unlikely any ISA transfers would make it in time. AC could solve this problem for investors by extending the offer to ISA transfers where the form is received by 30 Sept. This would also increase the likely take up of their promotion.
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puddleduck
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Post by puddleduck on Sept 19, 2018 10:38:45 GMT
Regarding ISA transfers, I hoped they would accept the .pdf e-mail rather then physically sent via Royal Mail, but they won't accept it.
We do require the actually printed form with a hand written signature and therefore will not be able to accept an email with a scanned copy attached. This is one of the reasons why we have a 2 week minimum time frame for transferring a cash ISA and approx. 4 weeks to transfer an IFISA or stocks and shares ISA
Seems utterly bizarre a internet based fintech would 'acutally require' a mailed in copy.
Transfer request cancelled my side, really no point in even attempting to get in before the cut off if reliant on doing things via paper.
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angrysaveruk
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Say No To T.D.S
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Post by angrysaveruk on Sept 19, 2018 11:24:35 GMT
You seem to focus more on the return, I am more concerned about the risk-return trade off - I like making money but I would prefer not to lose it, and I know what it feels like to lose not insignificant sums of money on failed investments! One of the biggest risks in P2P in my opinion is being invested in a platform in decline, as far as I am concerned if AC can increase the amount they have lent on the platform and continue to expand their business it benefits me, even if I dont personally take advantage of these promotions.
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ilmoro
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Post by ilmoro on Sept 19, 2018 11:27:50 GMT
Regarding ISA transfers, I hoped they would accept the .pdf e-mail rather then physically sent via Royal Mail, but they won't accept it. We do require the actually printed form with a hand written signature and therefore will not be able to accept an email with a scanned copy attached. This is one of the reasons why we have a 2 week minimum time frame for transferring a cash ISA and approx. 4 weeks to transfer an IFISA or stocks and shares ISASeems utterly bizarre a internet based fintech would 'acutally require' a mailed in copy. Transfer request cancelled my side, really no point in even attempting to get in before the cut off if reliant on doing things via paper. Yes, indeed, especially as it isnt an HMRC requirement but totally dependent on the provider that is sending the transfer. That said fairly typical of AC to take the most conservative interpretation of the rules and I guess it eliminates any paperwork being bounced. LLI, Welendus also are paper only IIRC, not looked at others.
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IFISAcava
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Post by IFISAcava on Sept 19, 2018 12:24:52 GMT
Anyone else wonder whether having been sucked in until June for the 2% bonus, the rates on the 30-day and QAA may be due for a reduction during that period cancelling out some of the overall benefit?
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bigfoot12
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Post by bigfoot12 on Sept 19, 2018 12:42:40 GMT
Anyone else wonder whether having been sucked in until June for the 2% bonus, the rates on the 30-day and QAA may be due for a reduction during that period cancelling out some of the overall benefit? I doubt it, because you aren't actually locked in. If the bonus plus the rate doesn't work you can withdraw, or easily buy a diversified portfolio of 150+ loans on the MLIA.
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cb25
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Post by cb25 on Sept 19, 2018 13:36:38 GMT
Anyone else wonder whether having been sucked in until June for the 2% bonus, the rates on the 30-day and QAA may be due for a reduction during that period cancelling out some of the overall benefit?
"It is unlikely that changing a target rate downwards would be treating customers fairly without giving the 30 days notice for such a change on the 30 Day Access Account as otherwise people would be locked in for 30 days on a lower target rate. So we are always likely to give that 30 days notice on any downwards move on that account. In any case the feedback you have had is correct - there is no current planned date to reduce that rate. I hope that helps."
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Post by Harland Kearney on Sept 19, 2018 16:15:35 GMT
How do we enter this promotion. I don't see it advertised (nor got a email.) Sorry if a stupid question, actually cannot see it?
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cb25
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Post by cb25 on Sept 19, 2018 16:44:13 GMT
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Post by honda2ner on Sept 19, 2018 19:57:09 GMT
These repeated cashback offers are simply depleting investors reserves outside AC, slowing down any future investments. Surely this becomes self defeating as we end up with an endless stream of offers chasing less and less money. Oh, we're already there.
It's a bit like drilling wells for water, drill enough and the water level drops and everything becomes a lifeless desert.
Wouldn't it be more sustainable in the long term to allow rates to rise very slightly?
This new offer will prompt me to put a little more money in but will make my reserves outside AC uncomfortably low, this means I won't be able to make any more investments into AC for several months. I'm sure I'm not the only investor in this situation so this "Now, Now, Now" dash for cash is just going to cause bigger problems later. This isn't sensible and if it carries on the fact that AC can't see they are shooting themselves in the foot will make me think of investing with someone that can see the long term view from an investors perspective and not just fixated on growing the company today whatever the cost.
Investors are in this for interest, not fleeting and increasingly desperate looking cashback offers. The reality is rates are rising but on the MLIA (the only pure investors market) there is very little sign of it, not allowing rates to rise is like trying to hold back the tide. You are going to get wet!
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cb25
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Post by cb25 on Sept 20, 2018 9:38:04 GMT
These repeated cashback offers are simply depleting investors reserves outside AC, slowing down any future investments. Surely this becomes self defeating as we end up with an endless stream of offers chasing less and less money. Oh, we're already there. It's a bit like drilling wells for water, drill enough and the water level drops and everything becomes a lifeless desert. Wouldn't it be more sustainable in the long term to allow rates to rise very slightly? This new offer will prompt me to put a little more money in but will make my reserves outside AC uncomfortably low, this means I won't be able to make any more investments into AC for several months. I'm sure I'm not the only investor in this situation so this "Now, Now, Now" dash for cash is just going to cause bigger problems later. This isn't sensible and if it carries on the fact that AC can't see they are shooting themselves in the foot will make me think of investing with someone that can see the long term view from an investors perspective and not just fixated on growing the company today whatever the cost. Investors are in this for interest, not fleeting and increasingly desperate looking cashback offers. The reality is rates are rising but on the MLIA (the only pure investors market) there is very little sign of it, not allowing rates to rise is like trying to hold back the tide. You are going to get wet! Rather depends on the investor. Many people have money in multiple P2P platforms and offers like this cause money to come out of other platforms into AC with little/no impact on the lender's cash reserves. Anyway, down to the individual as to whether they want to benefit from the offer now or continue with their intended P2P investment plan.
Regardless of the offer, I haven't seen any new loans in AC so far this week, so not sure why the need for new money (unless there's a ton of loans in the pipeline)
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Post by Harland Kearney on Sept 20, 2018 10:31:36 GMT
A bit confusing, I read terms of service. I don't see the normal amount eligibility they like to flash on the dashboard, only my 0.5 percent earning bonus.
So all the funds I add new (after 14th September total balance) is eligible for the cashback; if I remain invested for both periods?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 20, 2018 10:46:59 GMT
A bit confusing, I read terms of service. I don't see the normal amount eligibility they like to flash on the dashboard, only my 0.5 percent earning bonus. So all the funds I add new (after 14th September total balance) is eligible for the cashback; if I remain invested for both periods? Someone posted earlier in the thread that the dashboard display is coming.
All the funds added after the 14th but before £10m new funds or 30th September whichever is later will qualify. So might run longer than 30th or be more than £10m total
Those funds must remain invested until the calculation date of 17/12, 17/6. The level of funds will be established at 1s to midnight each day so if you withdraw funds and dont replace them the same day the sum qualifying will reduce and cannot be raised back to the original level
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ilmoro
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Post by ilmoro on Sept 20, 2018 10:51:34 GMT
Rather depends on the investor. Many people have money in multiple P2P platforms and offers like this cause money to come out of other platforms into AC with little/no impact on the lender's cash reserves. Anyway, down to the individual as to whether they want to benefit from the offer now or continue with their intended P2P investment plan.
Regardless of the offer, I haven't seen any new loans in AC so far this week, so not sure why the need for new money (unless there's a ton of loans in the pipeline)
Dont forget all the development tranche drawdowns which have to be funded, thats potentially where most of the money is required, numerous ones this week. There are also loads of loans in the pipeline expected to drawdown in Sept though underwriters have recently been funding much of that but QAA/30DAA has still be taking a few percent.
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cb25
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Post by cb25 on Sept 20, 2018 10:56:41 GMT
chris Is there an ETA for the dashboard update on this offer?
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