oldgrumpy
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Post by oldgrumpy on Sept 22, 2014 15:58:01 GMT
Well, West London Prop did drawdown today. AC have put in a "manual balance adjustment in lieu of automatic allocation of banking receipt" on my statement so that my whole shadow bid can be honoured. So I'm all right, Jack! Hopefully all other investors had similar treatment if their funds were in the Client Account, even if they hadn't mailed AC to alert them of this.
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mikes1531
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Post by mikes1531 on Sept 22, 2014 16:21:34 GMT
Well, West London Prop did drawdown today. Are you sure? The loan's web page doesn't say that it's drawn down yet. Perhaps AC did what they did so that the funds were available to the conveyancing solicitors in case they were needed, but completion hasn't actually happened yet?
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2014 16:30:31 GMT
Quite right. Maybe not. I assumed that as AC themselves had taken the whole amount from my holding account to settle off the shadow-b, it had actually been drawn down.
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mikeb
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Post by mikeb on Sept 22, 2014 17:43:49 GMT
Doesn't look drawn down from here, my token "real" bid has not moved from "Accepted" to "Live". I don't have a shadow facility, so can't get confused -- by this, at least  |
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Post by gingergent on Sept 22, 2014 18:52:30 GMT
It sounds like there's no real idea when Assetz will be able to pull money from an account again. Have I misunderstood, or am I going to have to walk to a branch and push a transfer whenever I want to move funds in? (t'internet banking? I've heard of it)
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Post by Ton ⓉⓞⓃ on Sept 22, 2014 19:14:18 GMT
Doesn't look drawn down from here, my token "real" bid has not moved from "Accepted" to "Live". I don't have a shadow facility, so can't get confused -- by this, at least Don't you mean "Live" to "accepted"? I always think of the order as being something like this: Live Bid---Auction still running Accepted bid---Auction closed now they fight the war of the paper-work Shadow bids called---emails/phone calls/Lender's sofa attack Shadow bids fulfilled---AC appear to take the money out shadow bidders a/c's Funds Draw---AC appear to take money from the remaining lenders a/c's Funds sit on Solicitors desk for approx a day---No Comment Loan Units created.---interest can start to accrue to Lenders
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mikes1531
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Post by mikes1531 on Sept 22, 2014 19:45:58 GMT
Doesn't look drawn down from here, my token "real" bid has not moved from "Accepted" to "Live". Don't you mean "Live" to "accepted"? I think mikeb means from "Accepted Bids" to "Loan Units". That's what happens when a loan is drawn down.
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Post by chris on Sept 22, 2014 21:26:56 GMT
It sounds like there's no real idea when Assetz will be able to pull money from an account again. Have I misunderstood, or am I going to have to walk to a branch and push a transfer whenever I want to move funds in? (t'internet banking? I've heard of it) A debit card solution is imminent but with the bank so they are dictating the time line.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Sept 23, 2014 9:15:07 GMT
Gingergent, if you don't trust internet banking, I am curious as to why you would trust P2P websites with your money, as both the banks I use have much better security against computer malware logging your actions than most P2P platforms.
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Post by batchoy on Sept 23, 2014 10:16:26 GMT
Doesn't look drawn down from here, my token "real" bid has not moved from "Accepted" to "Live". I don't have a shadow facility, so can't get confused -- by this, at least Don't you mean "Live" to "accepted"? I always think of the order as being something like this: Live Bid---Auction still running Accepted bid---Auction closed now they fight the war of the paper-work Shadow bids called---emails/phone calls/Lender's sofa attack Shadow bids fulfilled---AC appear to take the money out shadow bidders a/c's Funds Draw---AC appear to take money from the remaining lenders a/c's Funds sit on Solicitors desk for approx a day---No Comment Loan Units created.---interest can start to accrue to Lenders You missed one: Pre Bids --- Book your place in the bidding queue before the auction starts Live Bid---Auction still running Accepted bid---Auction closed now they fight the war of the paper-work Shadow bids called---emails/phone calls/Lender's sofa attack Shadow bids fulfilled---AC appear to take the money out shadow bidders a/c's Funds Draw---AC appear to take money from the remaining lenders a/c's Funds sit on Solicitors desk for approx a day---No Comment Loan Units created.---interest can start to accrue to Lenders
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mikeb
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Post by mikeb on Sept 23, 2014 18:38:15 GMT
Don't you mean "Live" to "accepted"? I think mikeb means from "Accepted Bids" to "Loan Units". That's what happens when a loan is drawn down. I did indeed mean that. "Live" means "live auction" around these parts, and not a "live loan unit". Oops.
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Post by mrclondon on Sept 28, 2014 9:51:41 GMT
Beat me to it. Any reason Assetz cant do something similiar chris? Effectively a 72hr shadow account. The new rules effectively prohibit it unfortunately. Edit: I should clarify. The client money regulations brought in by the FCA effectively require 100% cleared funds in the designated client money account before those funds can be made available on the site. Debit cards take several days to settle via the merchant services system. GoCardless could take 6 or more working days. Saving Stream's solution is a breach of those same rules. Bank transfers take a couple of hours usually but the current integration made available by our bank doesn't make that data available to us until the next day. We aren't allowed to give instant deposits for any of those solutions unless we find a way of having cleared funds available. For example we can prefund the account each morning with our own cash but then we have to sweep out the balance each night to make sure that the closing balance reconciles perfectly with lender deposits that are held. With the amounts that are deposited that isn't practical for us, although it may be an option for some sites that are either much smaller or have deeper pockets. We are working on solutions but as ever dealing with the banks takes time and these regulations come into effect on 1st October. Hence having to switch GC off today in order to make sure all funds from them have cleared by the time the new rules come into effect. Doesn't this imply that the shadow bid system as currenty implemented would be against these new regulations ?
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Post by chris on Sept 28, 2014 10:19:08 GMT
The new rules effectively prohibit it unfortunately. Edit: I should clarify. The client money regulations brought in by the FCA effectively require 100% cleared funds in the designated client money account before those funds can be made available on the site. Debit cards take several days to settle via the merchant services system. GoCardless could take 6 or more working days. Saving Stream's solution is a breach of those same rules. Bank transfers take a couple of hours usually but the current integration made available by our bank doesn't make that data available to us until the next day. We aren't allowed to give instant deposits for any of those solutions unless we find a way of having cleared funds available. For example we can prefund the account each morning with our own cash but then we have to sweep out the balance each night to make sure that the closing balance reconciles perfectly with lender deposits that are held. With the amounts that are deposited that isn't practical for us, although it may be an option for some sites that are either much smaller or have deeper pockets. We are working on solutions but as ever dealing with the banks takes time and these regulations come into effect on 1st October. Hence having to switch GC off today in order to make sure all funds from them have cleared by the time the new rules come into effect. Doesn't this imply that the shadow bid system as currenty implemented would be against these new regulations ? My understanding is that shadow bid funds can't be withdrawn from the site until properly settled therefore they don't fall foul of the regulations.
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