Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 9, 2019 21:35:57 GMT
My recent (end Dec/beginning Jan) investments are currently 22% queued cash, with last new loan 16 days ago. Widening the rates range has had no effect. Its looking to me like new investments are put at the front of the queue and invested quickly, but it's reinvestments that are then put in a queue and allocated in order of the original investment date. This explains why; - new money is quickly invested but then seems to grind to a halt when the repayments come in. - older investments remain fully invested with very little if any queued cash (my older trial investments are rarely below 99% invested) This is a bit back-to-front compared to other sites where new money waits at the back of the queue (eg. LW). This may have been done so as not to discourage new lenders but then only leads to frustration when repayments do not get reinvested. However, because you have to withdraw the entire holding of an individual investment lenders are less likely to withdraw cash, or if funds are in an IFISA account, so the site retains a balance of cash to service new loans, which is beneficial to Welendus. Demand for loans was high in the run up to Christmas, hence the emails encouraging lenders to deposit cash - I was one of those who responded and was encouraged by the rapid take-up of cash into loans. However, post-christmas demand appears to have dropped off and we are seeing long queue times for reinvestments. While I can understand the rational for older reinvestments being allocated before newer ones, I do not think it is fair to existing lenders to place new money at the head of the investment queue (sorry Godanubis ) and suggest this policy is changed. Tagging nsiam for comment. A nice new advert say on social media would reach either possible borrowers or their friends and colleagues . If quality borrowers are found then everybody is happy. I’ve decided to shift from Lendy to Welendus. I will probably wait till April and new FISA allowance before I move any great amounts. Which will be in relatively small amounts. (Might be a lot later as I wait for Lendys wayward Loans to repay or not ) I agree that loyal lenders should have their repayments Invested before new money its the fair thing to do. I think the overall performance and risks of the platform make up for the tiny amounts of money not being made by queued funds. For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. Still a growing platform that wisely is not compromising standards to grow too quickly. “Slowly Slowly catchy monkey 🐒 “ We are all aware of some terrible results for imperfect AI’s I’m sure careful upgrading of lending algorithms will see an improved platform throughout 2019.
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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 Feb 9, 2019 23:22:59 GMT
For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. You sure about that? Its interest not cashback so will be taxable under HMRC rules I think. A cursory glance at my tax statement suggests it is included. It might be called bonus but it's effectively the interest foregone being covered by the platform. Edit. In fact it's called bonus interest so almost certainly taxable.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 23:53:52 GMT
For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. You sure about that? Its interest not cashback so will be taxable under HMRC rules I think. A cursory glance at my tax statement suggests it is included. It might be called bonus but it's effectively the interest foregone being covered by the platform. Edit. In fact it's called bonus interest so almost certainly taxable. As it is a discretionary payment not guaranteed it could be classed as an inducement. As HMRC are a sneaky lot I take your point. Since I would expect the sum involved to be small before April it shouldn’t be too much problem for anyone I tend to keep all investments in FISA and can decide to keep taxable income within my allowance.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 23:54:07 GMT
For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. You sure about that? Its interest not cashback so will be taxable under HMRC rules I think. A cursory glance at my tax statement suggests it is included. It might be called bonus but it's effectively the interest foregone being covered by the platform. Edit. In fact it's called bonus interest so almost certainly taxable. As it is a discretionary payment not guaranteed it could be classed as an inducement. As HMRC are a sneaky lot I take your point. Since I would expect the sum involved to be small before April it shouldn’t be too much problem for anyone I tend to keep all investments in FISA and can decide to keep taxable income within my allowance.
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Post by df on Feb 10, 2019 0:55:41 GMT
I had one £10 reinvestment stuck for 3 days, was lowering the rate by 1% daily to see what happens and it was still in the queue. This morning I turned it down to 7% and it was gone immediately. Apart from this, all reinvestments get back to work within 24 hours.
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markyg61
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Post by markyg61 on Feb 10, 2019 13:25:49 GMT
It does appear that if you take your investment range down to 7% that the queue starts moving. I changed 1x investment last night down to 7% and it's cleared by this morning. Changed another one this morning and within the hour £50 was lent out.
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Post by Ace on Feb 10, 2019 14:44:25 GMT
Hasn't worked for me. I opened the range up on an investment with 20% available to 7% 12 hours ago. Still no more loans 😔
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benaj
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Post by benaj on Feb 10, 2019 14:46:45 GMT
Some investors may get money lent out faster with rates < 12%, but all my investments with the default rate settings get none today. 😑
I say W lacks a high demand for higher risk borrowers at the moment and the algorithm doesn't work for most of my investments
Regardless what rates we set, these borrowers pay up to 0.8% interest a day and W and PF get the most of it. Different lender rates for investors, but the same risk for investors. Typical daily interest for borrowers is 0.74% per day regardless investor lending rates.
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Post by failedtheturingtest on Feb 11, 2019 16:45:16 GMT
Just because people tend to complain when something goes wrong, and not to say anything when things go right: I had £1000 queued up waiting to be lent out (that's the 'something goes wrong' part), so I withdrew one of my investments, the loans were transferred to other lenders immediately, and the money was in my bank account in under an hour! I don't actually know exactly how quickly, because I didn't look at my bank account immediately, but it was less than one hour. Well done! (Although I wish you luck in attracting more borrowers, so I can put money back in to the system instead of taking it out.)
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benaj
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Post by benaj on Feb 11, 2019 16:52:58 GMT
I think it will take more time to understand the algorithm. I have just increased my rates back to my normal range, instead of lowering them, and 3 of my investments are now fully lent out after my rates increased. There's 9% repayment unallocated.
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Post by Ace on Feb 11, 2019 17:26:10 GMT
I think it will take more time to understand the algorithm. I have just increased my rates back to my normal range, instead of lowering them, and 3 of my investments are now fully lent out after my rates increased. There's 9% repayment unallocated. I don't think Welendus understand the algorithm! They've certainly ignored multiple requests to explain it.
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Post by sayyestocress on Feb 11, 2019 19:53:23 GMT
I think it will take more time to understand the algorithm. I have just increased my rates back to my normal range, instead of lowering them, and 3 of my investments are now fully lent out after my rates increased. There's 9% repayment unallocated. I don't think Welendus understand the algorithm! They've certainly ignored multiple requests to explain it. Whilst it would be nice to know, I don't believe they're obliged to tell us. I guess they consider it IP?
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benaj
Member of DD Central
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Post by benaj on Feb 12, 2019 19:04:46 GMT
The unallocated cash from repayment is slowly growing in those "idle" investments. The largest unallocated cash in one investment is 39%. May be this investment will have 100% unallocated one day. Overall, I have 10% idle money across 8 investments.
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markyg61
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Post by markyg61 on Feb 12, 2019 19:09:03 GMT
Today, all spare queued money, about 27% of funds, has been allocated. Happy days
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Post by Ace on Feb 12, 2019 22:24:03 GMT
I got quite a few loans today that filled all bar one of my investments. But, one troublesome investment with 31% uninvested cash got nothing, even though it's investment range was wider than all of the others and has had no new loans in 3 weeks! Very strange.
I hope that Welendus read these posts and realize that something isn't quite right, even if they're not prepared to explain or admit it in public.
EDIT: Just did a final check and the troublesome investment has now been allocated one new low rate loan (7.5%) about 6 hours after the others (range is 7 to 15%). Now down to 26% uninvested.
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