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Post by Ace on Jun 28, 2019 18:07:57 GMT
Not necessarily, in my view. 😀 If you add funds to an old investment it behaves as if it was invested at the old investment date. I tested this by adding to my Aug 2018 investment last week and it was all lent out in a couple of days. My Dec 2018 investments are 70% pooled, and the pool is still deepening. Unfortunately these shenanigans don't work for me, as only the Dec investments are in ISAs, which is where I really wanted to add. I didn't think you can add to an old investment, except PF bonuses (which I do add). I meant any new money My dilemma is whether to be patient in hope that borrowing will pick up as promised or find another home for this money (UB keeps getting "greedy" ). The main reason I still keep these increasingly "pooled" investments is a thought that everything might get back to normal and in future my post-Sept investments will enjoy the privilege of being "old". I share your dilemma, but yes, you can add new funds to existing investments.
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Post by df on Jun 28, 2019 20:58:22 GMT
I didn't think you can add to an old investment, except PF bonuses (which I do add). I meant any new money My dilemma is whether to be patient in hope that borrowing will pick up as promised or find another home for this money (UB keeps getting "greedy" ). The main reason I still keep these increasingly "pooled" investments is a thought that everything might get back to normal and in future my post-Sept investments will enjoy the privilege of being "old". I share your dilemma, but yes, you can add new funds to existing investments. How do you do this? Last time I've deposited new funds I didn't see this option. Can you withdraw investment, click reinvest and add into an old one? By the way, my pre-Sept lot is getting more and more "pooled" - looks like the "pool" is overflowing into my "charming" part of portfolio.
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ilmoro
Member of DD Central
'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 Jun 28, 2019 21:16:55 GMT
I share your dilemma, but yes, you can add new funds to existing investments. How do you do this? Last time I've deposited new funds I didn't see this option. Can you withdraw investment, click reinvest and add into an old one? By the way, my pre-Sept lot is getting more and more "pooled" - looks like the "pool" is overflowing into my "charming" part of portfolio. Just add cash and then add it to the investment you want using modify
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Post by Ace on Jun 29, 2019 7:27:04 GMT
Looks like FO (still can't believe they're going with that name, presumably they forgot to consult native English speakers) have tweaked the lending algorithm. My Dec 2018 investments got a couple of loans last night (First for 97 days), despite the Aug 2018 investments getting none and having growing cash drag.
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markyg61
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Post by markyg61 on Jun 29, 2019 11:04:21 GMT
After seeing my "pooled" investments drop to 77% I lost patience.
I'm out or at least in the process of withdrawing - Estimated date for complete withdrawal 27/7/19 !
The silence from FO has been deafening.
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zlb
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Post by zlb on Jun 29, 2019 13:18:26 GMT
I still have no movement on Nov 18 investments. Not sure about algorithm change. Maybe it's because I haven't written to them. Yes...and where is the news given that they can meet previous end June date for the system to recover.
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Post by df on Jun 29, 2019 22:30:58 GMT
How do you do this? Last time I've deposited new funds I didn't see this option. Can you withdraw investment, click reinvest and add into an old one? By the way, my pre-Sept lot is getting more and more "pooled" - looks like the "pool" is overflowing into my "charming" part of portfolio. Just add cash and then add it to the investment you want using modify Done this - withdrew the youngest one and added this cash to the oldest (19/12/17). Reset the rate to 5%-15%. In theory this cash should be at around the top of the ladder, it will be interesting to see the result.
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Post by nsiam on Jun 30, 2019 18:45:53 GMT
And here, 71% post Dec. I find the total lack of communication from the platform somewhat disconcerting. I also wonder if the expansion into India has become a priority over maintaining the UK business. Either way I'm afraid my patience and my loyalty may soon be spent and the only option will be to FO. Yes, all we know is that the lending should pick up after May. Well, it's almost the end of June now and nothing has changed. It would be very helpful if nsiam furnish us with an update on the progress on here or by e-mail... people have a lot of dormant cash on the platform and need more info in order to decide what to do with it. I'm planning to stay put until the end of this month and if I'm still in the dark then I will probably withdraw all non-performing investments (38% of my WLU pot). Hi df, I can confirm that volumes started going up again in June. With regards to the updates, we will be sending our monthly update next week (week of 1 July). Best, Nadeem
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Post by df on Jun 30, 2019 23:03:25 GMT
Just add cash and then add it to the investment you want using modify Done this - withdrew the youngest one and added this cash to the oldest (19/12/17). Reset the rate to 5%-15%. In theory this cash should be at around the top of the ladder, it will be interesting to see the result. All gone within 24 hours in 3 segments at 12%, 12.5% and 15%.
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Post by Ace on Jul 1, 2019 6:53:43 GMT
Done this - withdrew the youngest one and added this cash to the oldest (19/12/17). Reset the rate to 5%-15%. In theory this cash should be at around the top of the ladder, it will be interesting to see the result. All gone within 24 hours in 3 segments at 12%, 12.5% and 15%. That's almost identical to my experience about a week ago. Since then the cash drag on that account has risen to be roughly equal to the amount added.
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Post by nooneere on Jul 10, 2019 19:54:31 GMT
The FO 'monthly report' today says "With the release of the new Fund Ourselves branding and the new and improved decisioning engine, we are pleased to confirm that we have started to increase the lending volumes in June. However, please note that it may take some time to go through the investment backlog and bring the cash utilisation to the great levels you are used to with Fund Ourselves."
Seems to imply that lending volumes have been a major part of the problem, and that the rebranding is a marketing exercise to address this. It remains unclear how the 'decisioning engine' impacted lending unless they suspended operations because they lost faith in their previous DD.
I pulled out all my investments in May for the much-discussed reasons, but would be interested to continue receiving updates from site members who stuck with FO.
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Post by sayyestocress on Jul 11, 2019 7:48:35 GMT
Seems to imply that lending volumes have been a major part of the problem, and that the rebranding is a marketing exercise to address this. It remains unclear how the 'decisioning engine' impacted lending unless they suspended operations because they lost faith in their previous DD. I pulled out all my investments in May for the much-discussed reasons, but would be interested to continue receiving updates from site members who stuck with FO. As I understand it the lending pause was orchestrated in order to update the "decisioning" on whether to lend to a prospective borrower or not and not a response to lack of demand. I do see the re-brand as pointless but then I'm not the target borrower. For now I am sticking with them, with the caveat that it depends on how quickly the cash drag dissipates.
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Post by failedtheturingtest on Jul 11, 2019 9:04:53 GMT
I pulled out all my investments in May for the much-discussed reasons, but would be interested to continue receiving updates from site members who stuck with FO. Me too. My last investment tipped over the point of being 25% queued ('pooled') last week so I withdrew it. But I would also like to know whether lending increases and cash drag reduces.
I like FO for being in a distinctive niche market, although unsecured low-value short-term loans is a tough market to be in! If their published statistics are correct, their 'decisioning engine' did indeed need an update, because they are reporting a 23% default rate for last year. I hope their new risk model works better, and that their marketing takes off. I do think they need to engage better* with lenders, though!
* edited to add: by 'engage better' I mean more openness, more responsiveness to questions, more clarity and directness, and less mumbo jumbo.
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zlb
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Post by zlb on Jul 18, 2019 22:18:44 GMT
All gone within 24 hours in 3 segments at 12%, 12.5% and 15%. That's almost identical to my experience about a week ago. Since then the cash drag on that account has risen to be roughly equal to the amount added. I've had barely any movement, like tiny repayments only with any range of interest rate. First invested Nov18. I have a relatively small amount invested. However I wasn't impressed with cs reply to my email saying that investors had to be patient, or similar.
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Post by Ace on Jul 26, 2019 23:11:18 GMT
FO woke up briefly for me today. I got 4 new loans in each of my accounts.
Also, the stats crossed the £3m lent boundary. I wonder if lending is finally picking up, or just another false dawn!
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