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Post by eascogo on Nov 21, 2018 19:24:56 GMT
Loan filled at 19:24h
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Post by MoneyThing on Nov 21, 2018 19:31:01 GMT
Fair enough... bid limit set a little too high in this instance. GSV3MIaC - what would you suggest by way of a bid limit for the next loan (£135k Aventador), with a 24hr limit? Regards, Ed In Edit - big choccy bar if you can get it to a position where the loan is between 90% and <100% filled at 23:59 hrs from launch.
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Post by GSV3MIaC on Nov 21, 2018 19:36:14 GMT
Ooo, fame (and lots of hate mail) .. I'd probably say something like £400, but if you (still) have the two-bites-limit code then something like £300 for 24 hours and then £400 for the next 24? Some lenders are going to have had their fill of this borrower, eventually, but maybe not quite yet.
At least the website didn't lock up and die, but it must have been pretty hectic for the first few minutes.
edit:
Just saw the choccy bar offer, but I wasn't tempted to fire up the difference engine and P-I-D loop algorithms, so I'll stick with £400.
IMO having it 100% filled at 24:05 is just as good as aiming for 23:59, and MUCH easier to achieve (even with two limit periods).
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Post by MoneyThing on Nov 21, 2018 19:41:25 GMT
Ooo, fame (and lots of hate mail) .. I'd probably say something like £400, but if you (still) have the two-bites-limit code then something like £300 for 24 hours and then £400 for the next 24? Some lenders are going to have had their fill of this borrower, eventually, but maybe not quite yet.
At least the website didn't lock up and die, but it must have been pretty hectic for the first few minutes.
Final answer...ask a friend/audience? (Whilst we do have the code for bid limit per 24hr period, I would rather it was filled at just after 24hrs to give the borrower certainty when we can send over the funds.)
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scraggs
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Post by scraggs on Nov 21, 2018 20:36:48 GMT
Fair enough... bid limit set a little too high in this instance. GSV3MIaC - what would you suggest by way of a bid limit for the next loan (£135k Aventador), with a 24hr limit? Regards, Ed In Edit - big choccy bar if you can get it to a position where the loan is between 90% and <100% filled at 23:59 hrs from launch. Personaly I think the bid limit was fine. I got a slice of this one, but there have been others that I haven't because I couldn't get to a PC, it's swings and roundabouts.
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mason
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Post by mason on Nov 21, 2018 20:42:18 GMT
I wonder if the ability of those with ISAs to have 2 bites of the cherry could have thrown off estimates? That said, £800 is way more than I wanted to invest.
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cedarcourtcapital
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Post by cedarcourtcapital on Nov 21, 2018 20:53:18 GMT
Ooo, fame (and lots of hate mail) .. I'd probably say something like £400, but if you (still) have the two-bites-limit code then something like £300 for 24 hours and then £400 for the next 24? Some lenders are going to have had their fill of this borrower, eventually, but maybe not quite yet. At least the website didn't lock up and die, but it must have been pretty hectic for the first few minutes.
Final answer...ask a friend/audience? (Whilst we do have the code for bid limit per 24hr period, I would rather it was filled at just after 24hrs to give the borrower certainty when we can send over the funds.) Ed.... I appreciate you would like certainty to allow immediate drawdown, but would an additional 24 hours, needed to use the two stage approach, really make that much difference? Using a two period approach would be fairer to all, rather than being beneficial to those with deep pockets and FFF access after 24 hours. This has been the case more than once in the past when you erred on the low side, rather than the high side as in this case. If there is no technical reason why the two period approach cannot be used, I would urge it to be considered in future because of it's equity. With the active lender base dwindling (my assumption), I think the more lenders that can be kept involved, the better.
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cedarcourtcapital
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Post by cedarcourtcapital on Nov 21, 2018 20:56:58 GMT
I wonder if the ability of those with ISAs to have 2 bites of the cherry could have thrown off estimates? That said, £800 is way more than I wanted to invest. What an excellent point, and one I wonder if has been considered. With the introduction of ISAs some people now get 'two bites at the cherry', making the car for small limits stronger. As I wrote earlier I fail to see how an extra 24 hours can really make much difference.
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ptr120
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Post by ptr120 on Nov 21, 2018 21:50:11 GMT
I think I might have taken the last slice of this loan at £308. I would have taken the full bid limit because I have cash on account at the moment. Unfortunately at the moment I'm not able to buy / sell unless i'm at home so this was the earliest I could bid. I would suggest that MoneyThing should also consider participation amongst the active lender base with the aim of encouraging wide participation - and I know that you can never please all of the people all of the time, but my ability to place bids with a 12 noon launch is going to be limited in the short-term.
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Post by GSV3MIaC on Nov 22, 2018 8:17:19 GMT
I think the two-bite limit is the right answer too. MoneyThing (ed) it is still going to fill the loan in 24:05, if the second bid limit is 'just a bit too high' because you'd have a raft of fff bidders trying to top up when the limit comes off. Right now it just takes one BH to mop up any excess at 24 hour limit, but i am sure a couple of dozen would work equally well (MT presumably know how many would be left unsatisfied with the initial limit, roughly).
Maybe limit2 could even be reset during the first 24 hours if needed.
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SteveT
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Post by SteveT on Nov 22, 2018 8:44:33 GMT
Agreed. Setting a 2nd bid limit shouldn't slow the loan filling by more than an hour or two at most if the 1st 24 hours has filled 80%+ of it. But it means that whatever's left is shared amongst more of those wanting to add more, rather than the 1 or 2 with very fast fingers / broadband connections.
(To be very sure of it filling on the 2nd afternoon, in time for funds transfer, how about setting the 2nd bid limit window at just an hour or two? It's unlikely to last that long anyway)
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Post by MoneyThing on Nov 22, 2018 8:59:58 GMT
Morning,
I will look to set a lower £X bid limit per 24hr period for these loans going forwards. (At the moment in the system, X has to be the same amount for each 24hr).
The Aventador is being delivered today, however they already have a customer interested in it who is going to see it on Saturday. If they don't buy it, it will be launched early next week.
Regards,
Ed
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Post by GSV3MIaC on Nov 22, 2018 13:03:42 GMT
Great (well not the fact the loan might not appear, thereby bypassing my sure fire chocolate win. 8>.) .. setting the 24 hour limit at 50% of what you expected (£400 for the lambo for instance) would, as Steve says, still sell it out not long after the 24 hours is up, assuming most people would bother to show up for a second bite (gets more people looking at the site more often too .. maybe they'd even buy some of the other loans while they were there). I'd be quite happy with two bites at £400 (assuming there is any left for desserts), rather than one of £800 .. save me selling out £800 of something only to discover I couldn't get that much reinvested.
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boundah
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Post by boundah on Nov 22, 2018 16:03:45 GMT
...making the car for small limits stronger... I don't think this is a car for small limits, tbh.
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Post by MoneyThing on Dec 17, 2018 10:53:07 GMT
Great (well not the fact the loan might not appear, thereby bypassing my sure fire chocolate win. 8>.) .. setting the 24 hour limit at 50% of what you expected (£400 for the lambo for instance) would, as Steve says, still sell it out not long after the 24 hours is up, assuming most people would bother to show up for a second bite (gets more people looking at the site more often too .. maybe they'd even buy some of the other loans while they were there). I'd be quite happy with two bites at £400 (assuming there is any left for desserts), rather than one of £800 .. save me selling out £800 of something only to discover I couldn't get that much reinvested. Morning GSV3MIaC, We are looking to announce a new car loan today with this borrower and wondered if you would like a chance to win some chocolate? Loan Amount: £115,500 (70% LTV) on a 2018 Mercedes G63.
Would look to do £X amount per 24hrs for 48hrs with a view of achieving >80% to <100% filled by the 24th hr. (£x has to be the same amount for each 24hr).
If you are happy to set the limit, I will then ask others if they would like to predict what percentage the loan is filled at the 24hr mark with the closest three earning a choccy bar.
Kind regards,
Ed
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